Allianz Life Insurance Co Of North America S-1 14 Apr 17 IPO registration Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2016
Document Information [Line Items]
Document Type	S1
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Entity Registrant Name	ALLIANZ LIFE INSURANCE CO OF NORTH AMERICA
Entity Central Index Key	72,499
Entity Filer Category	Non-accelerated Filer

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Investments:
Available-for-sale, at fair value		$ 87,546,971	$ 80,734,468
At fair value through income		37,051	37,111
Held to maturity, at amortized cost		28	55
Mortgage loans on real estate		10,351,741	8,788,018
Derivative assets		1,059,031	591,609
Loans to affiliates		39,120	33,005
Policy loans		171,012	163,129
Acquired loans		192,380	224,083
Equity securities:
Available-for-sale (cost of $316,541 and $71,005, respectively)		320,166	68,611
Trading (cost of $312,592 and $299,017, respectively)		317,493	292,816
Other invested assets		164,830	97,431
Total investments		100,199,823	91,030,336
Cash and cash equivalents		1,219,984	1,127,182
Accrued investment income		1,095,038	1,043,464
Receivables (net of allowance for uncollectible accounts of $4,959 and $5,560, respectively)		566,088	401,926
Reinsurance recoverables		4,687,918	4,433,499
Deferred acquisition costs		5,246,343	6,283,236
Net deferred tax asset		388,009	542,971
Collateral held from securities lending agreements	[1]	2,561,219	2,480,910
Other assets		1,891,717	2,131,148
Assets, exclusive of separate account assets		117,856,139	109,474,672
Separate account assets		27,733,261	28,243,123
Total assets		145,589,400	137,717,795
Policyholder liabilities:
Account balances and future policy benefit reserves (includes $2,611,562 and $1,055,301 measured at fair value under the fair value option at December 31, 2016 and 2015)		105,354,460	97,314,497
Policy and contract claims		620,743	517,925
Unearned premiums		145,335	154,116
Other policyholder funds		275,262	296,222
Total policyholder liabilities		106,395,800	98,282,760
Derivative liabilities		635,634	350,321
Mortgage notes payable		76,916	84,761
Other liabilities		3,673,122	4,240,504
Liabilities, exclusive of separate account liabilities		110,781,472	102,958,346
Separate account liabilities		27,733,261	28,243,123
Total liabilities		138,514,733	131,201,469
Stockholder's equity:
Common stock		20,000	20,000
Additional paid-in capital		4,053,371	4,053,371
Retained earnings		1,829,115	1,935,102
Accumulated other comprehensive income, net of tax		1,153,278	488,950
Total stockholder's equity		7,074,667	6,516,326
Total liabilities and stockholder's equity		145,589,400	137,717,795
Class A, Series A preferred stock
Stockholder's equity:
Preferred stock, value		8,909	8,909
Class A, Series B preferred stock
Stockholder's equity:
Preferred stock, value		$ 9,994	$ 9,994
[1]	There is no contractual maturity on the loan agreements. The related loaned security could be returned to the Company on the next business day with notice from the counterparty and the Company would be required to return the cash collateral immediately.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Amortized cost of fixed-maturity securities available-for-sale	$ 84,029,645	$ 79,180,533
Fair value through income, amortized cost	36,504	36,474
Held to maturity, fair value	3,630	5,279
Mortgage loans, valuation allowances	48,400	37,400
Available-for-sale equity, at cost	316,541	71,005
Trading securities, at cost	312,592	299,017
Receivables, allowance for uncollectible	4,959	5,560
Account balances and future policy benefit reserves, fair value	$ 2,611,562	$ 1,055,301
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	20,000,001	20,000,001
Common stock, shares outstanding	20,000,001	20,000,001
Class A, Series A preferred stock
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	8,909,195	8,909,195
Preferred stock, shares issued	8,909,195	8,909,195
Preferred stock, shares outstanding	8,909,195	8,909,195
Preferred stock, liquidation preference	$ 2,084	$ 1,560
Class A, Series B preferred stock
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	9,994,289	9,994,289
Preferred stock, shares outstanding	9,994,289	9,994,289
Preferred stock, liquidation preference	$ 4,283	$ 1,750

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Premiums	$ 244,777	$ 244,226	$ 241,704
Policy fees	1,295,485	1,330,651	1,286,614
Premiums and policy fees, ceded	(132,983)	(125,286)	(120,221)
Net premiums and policy fees	1,407,279	1,449,591	1,408,097
Interest and similar income, net	4,325,737	4,175,469	3,955,659
Change in fair value of assets and liabilities	(178,238)	(532,720)	1,841,989
Realized investment (losses) gains, net	(49,325)	94,413	77,762
Fee and commission revenue	274,562	293,333	282,058
Other revenue	35,292	10,066	29,762
Total revenue	5,815,307	5,490,152	7,595,327
Benefits and expenses:
Policyholder benefits	1,000,589	1,031,440	689,319
Change in fair value of annuity and life embedded derivatives	275,808	588,595	4,955,984
Benefit recoveries	(527,978)	(499,825)	(371,608)
Net interest credited to account values	1,634,759	1,482,884	602,130
Net benefits and expenses	2,383,178	2,603,094	5,875,825
Commissions and other agent compensation	1,333,439	1,167,109	1,537,224
General and administrative expenses	695,949	637,328	675,176
Change in deferred acquisition costs, net	259,407	239,259	(673,086)
Total benefits and expenses	4,671,973	4,646,790	7,415,139
Income from operations before income taxes	1,143,334	843,362	180,188
Income tax expense (benefit):
Current	558,016	551,052	265,586
Deferred	(202,860)	(307,986)	(240,863)
Total income tax expense	355,156	243,066	24,723
Net income	788,178	600,296	155,465
Realized investment losses, net:
Total other-than-temporary impairment losses on securities	(174,823)	(58,975)	(6,445)
Portion of loss recognized in other comprehensive income	0	0	0
Net impairment losses recognized in Realized investment losses, net	(174,823)	(58,975)	(6,445)
Other net realized gains	125,498	153,388	84,207
Net realized investment (losses) gains	$ (49,325)	$ 94,413	$ 77,762

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 788,178	$ 600,296	$ 155,465
Net unrealized gain (loss) on investments, net of shadow adjustments and deferred taxes	663,675	(1,284,297)	776,470
Unrealized (loss) gain on postretirement obligation, net of tax	(39)	111	(6)
Foreign currency translation adjustments, net of tax	692	(4,009)	(2,103)
Total other comprehensive income (loss)	664,328	(1,288,195)	774,361
Total comprehensive (loss) income	$ 1,452,506	$ (687,899)	$ 929,826

Consolidated Statements of Stoc

Consolidated Statements of Stockholder's Equity - USD ($) $ in Thousands	Total	Preferred stock	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income
Beginning balance at Dec. 31, 2013	$ 7,096,524	$ 18,903	$ 20,000	$ 4,053,371	$ 2,001,466	$ 1,002,784
Comprehensive income:
Net income	155,465				155,465
Net unrealized gain (loss) on investments, net of shadow adjustments and deferred taxes	776,470					776,470
Net unrealized gain (loss) on postretirement obligation, net of deferred taxes	(6)					(6)
Foreign currency translation adjustment, net of deferred taxes	(2,103)					(2,103)
Total comprehensive (loss) income	929,826
Dividend to parent	(250,000)				(250,000)
Beginning balance at Dec. 31, 2014	7,776,350	18,903	20,000	4,053,371	1,906,931	1,777,145
Comprehensive income:
Net income	600,296				600,296
Net unrealized gain (loss) on investments, net of shadow adjustments and deferred taxes	(1,284,297)					(1,284,297)
Net unrealized gain (loss) on postretirement obligation, net of deferred taxes	111					111
Foreign currency translation adjustment, net of deferred taxes	(4,009)					(4,009)
Total comprehensive (loss) income	(687,899)
Dividend to parent	(572,125)				(572,125)
Beginning balance at Dec. 31, 2015	6,516,326	18,903	20,000	4,053,371	1,935,102	488,950
Comprehensive income:
Net income	788,178				788,178
Net unrealized gain (loss) on investments, net of shadow adjustments and deferred taxes	663,675					663,675
Net unrealized gain (loss) on postretirement obligation, net of deferred taxes	(39)					(39)
Foreign currency translation adjustment, net of deferred taxes	692					692
Total comprehensive (loss) income	1,452,506
Dividend to parent	(894,165)				(894,165)
Beginning balance at Dec. 31, 2016	$ 7,074,667	$ 18,903	$ 20,000	$ 4,053,371	$ 1,829,115	$ 1,153,278

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows provided by operating activities:
Net income	$ 788,178	$ 600,296	$ 155,465
Adjustments to reconcile net income to net cash provided by operating activities:
Realized investment losses (gains)	47,558	(80,225)	(77,209)
Purchase of fixed-maturity securities at fair value through income	(150)	(4,819)	(9,156)
Sale, maturity, and other redemptions of fixed-maturity securities at fair value through income		8,700	8,500
Purchases of trading securities	(1,371,832)	(497,657)	(241,188)
Sale and other redemptions of trading securities	1,355,529	503,912	158,825
Change in annuity-related options, derivatives, and gross reserves	172,780	109,763	1,561,437
Deferred income tax benefit	(202,860)	(307,986)	(240,863)
Charges to policy account balances	(222,131)	(187,637)	(158,401)
Gross interest credited to account balances	1,760,900	1,618,376	829,932
Amortization and depreciation	115,328	60,857	(41,534)
Change in:
Accrued investment income	(51,730)	(124,230)	(87,428)
Receivables	(164,182)	(251,059)	(12,479)
Reinsurance recoverables	(254,419)	(227,639)	(100,782)
Deferred acquisition costs	259,407	239,259	(673,086)
Future policy benefit reserves	328,295	1,218,582	1,826,979
Policy and contract claims	102,818	74,481	27,335
Other policyholder funds	(20,960)	(35,142)	59,155
Unearned premiums	21,540	(20,157)	11,669
Other assets and liabilities	(19,822)	(278,427)	166,689
Other, net	420	(5,924)	745
Total adjustments	1,856,489	1,813,028	3,009,140
Net cash provided by operating activities	2,644,667	2,413,324	3,164,605
Cash flows used in investing activities:
Purchase of fixed-maturity securities	(14,962,344)	(15,028,477)	(15,498,964)
Sale and other redemptions of fixed-maturity securities	8,405,110	7,224,211	4,264,652
Matured fixed-maturity securities	1,585,456	1,767,133	1,121,527
Funding of mortgage loans on real estate	(2,249,020)	(2,281,527)	(1,854,016)
Repayment/disposal of mortgage loans on real estate	674,296	673,278	811,372
Purchase of derivative securities	(423,397)	(512,523)	(397,943)
Sale of derivative securities	415,794	242,298	1,344,736
Purchase of equity securities	(376,145)	(143,684)	(6,163)
Sale of equity securities	152,821	58,858	29,209
Purchase of partnership investments	(53,952)	(19,777)	(2,992)
Sale of real estate		5,929
Net change in short-term securities	4,454	43,443	(40,350)
Purchase of home office property and equipment	(1,794)	(7,486)	(4,882)
Goodwill and intangible acquistion	(7,801)
Other, net	(7,636)	(2,958)	(756)
Net cash used in investing activities	(6,926,348)	(7,144,829)	(9,915,481)
Cash flows provided by financing activities:
Cash (paid to) received from FHLB advance	(500,000)	500,000
Policyholders' deposits to account balances	12,299,879	10,035,234	13,666,314
Policyholders' withdrawals from account balances	(6,601,844)	(6,485,558)	(6,207,879)
Policyholders' net transfers between account balances	56,943	101,897	(98,712)
Change in amounts drawn in excess of bank balances	(11,650)	16,045	(884)
Dividend paid to parent company	(861,000)	(572,125)	(250,000)
Repayment of mortgage notes payable	(7,845)	(7,423)	(7,026)
Net cash provided by financing activities	4,374,483	3,588,070	7,101,813
Net change in cash and cash equivalents	92,802	(1,143,435)	350,937
Cash and cash equivalents at beginning of year	1,127,182	2,270,617	1,919,680
Cash and cash equivalents at end of year	1,219,984	1,127,182	2,270,617
Note: Supplemental disclosure of cash flow information for noncash transactions - non-cash dividend payment
Supplemental disclosure of cash flow information for non-cash distribution - non-cash dividend payment to affiliate (see note 19 for further discussion)	33,165
Affiliates
Cash flows used in investing activities:
Change in loan to related parties	(39,115)	817,110	341,055
Non Affiliates
Cash flows used in investing activities:
Change in loan to related parties	$ (43,075)	$ 19,343	$ (21,966)

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization	(1) Organization Allianz Life Insurance Company of North America (the Company) is a wholly owned subsidiary of Allianz of America, Inc. (AZOA or parent company), which is a wholly owned subsidiary of Allianz Europe, B.V. Allianz Europe, B.V. is a wholly owned subsidiary of Allianz SE. Allianz SE is a European company registered in Munich, Germany, and is the Company’s ultimate parent. The Company is a life insurance company licensed to sell annuity, group and individual life, and group and individual accident and health policies in the United States, Canada, and several U.S. territories. Based on 2016 statutory net premium written, 94%, 5%, and 1% of the Company’s business is annuity, life insurance, and accident and health, respectively. The annuity business comprises fixed-indexed, variable, variable-indexed, and fixed annuities. The fixed-indexed, variable-indexed, and variable business represents 83%, 12% and 5% of 2016 statutory annuity net premium written, respectively. Life business comprises both traditional and group life. Life business includes products with guaranteed premiums and benefits and consists principally of universal life policies, fixed-indexed universal life policies, term insurance policies, and limited payment contracts. Accident and health business is primarily comprised of closed blocks of long-term care (LTC) insurance. The Company’s primary distribution channels are through independent agents, broker-dealers, banks, and third-party marketing organizations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP), which vary in certain respects from accounting practices permitted or prescribed by state insurance regulatory authorities. The accounts of the Company’s primary subsidiary, Allianz Life Insurance Company of New York (AZNY), and all other subsidiaries have been consolidated. All intercompany balances and transactions have been eliminated in consolidation. (b) Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect reported amounts of assets and liabilities, including reporting or disclosure of contingent assets and liabilities as of the balance sheet date, and the reported amounts of revenues and expenses during the reporting period. Future events, including changes in mortality, morbidity, interest rates, capital markets, and asset valuations could cause actual results to differ from the estimates used within the Consolidated Financial Statements. Such changes in estimates are recorded in the period they are determined. (c) Investment Products and Universal Life Business Investment products consist primarily of fixed and variable annuity products. Premium receipts are reported as deposits to the contractholders’ accounts. Policy fees in the Consolidated Statements of Operations represent asset fees, cost of insurance charges, administrative fees, charges for guarantees on investment products, and surrender charges for investment products and universal life insurance. These fees have been earned and assessed against contractholders on a daily or monthly basis throughout the contract period and are recognized as revenue when assessed and earned. Amounts assessed that represent compensation to the Company for services to be provided in future periods are not earned in the period assessed. Such amounts are reported as unearned premiums, which include unearned revenue reserves (URR), and are recognized in operations over the period benefited using the same assumptions and factors used to amortize capitalized acquisition costs. Surrender charges are recognized upon surrender of a contract in accordance with contractual terms. Derivatives embedded in fixed-indexed, variable, and certain life products are recorded at fair value and changes in value are included in Change in fair value of annuity and life embedded derivatives in the Consolidated Statements of Operations. Benefits consist of interest credited to contractholders’ accounts and claims incurred in excess of the contractholders’ account balance and are included in Net interest credited to account values and Policyholder benefits, respectively, within the Consolidated Statements of Operations. The Company offers a variable-indexed annuity product that combines a separate account option with a general account option that is similar to a fixed-indexed annuity. The Company has elected the fair value option to account for the entire insurance contract liability and the variable investment option assets in the separate account. The insurance contracts’ reserves are reported in Account balances and future policy benefit reserves and the variable investment option assets within the separate account are reported in Equity securities, trading on the Consolidated Balance Sheets. Assets backing the general account are primarily reported in Fixed-maturity securities, Available-for-sale on the Consolidated Balance Sheets. Electing the fair value option for an insurance contract liability requires that the Company account for that liability as a financial instrument and also requires that acquisition costs be recognized immediately in expense. (d) Life and Accident and Health Insurance Premiums on traditional life products are recognized as revenue over the premium-paying periods of the contracts when due from contractholders. Premium revenue generally exceeds expected policy benefits in the early years of the contracts and it is necessary to accrue, as premium is recognized, a liability for costs that are expected to be paid in the later years of the contracts. Accident and health premiums are recognized as earned on a pro rata basis over the risk coverage periods. Benefits and expenses are recognized as incurred. (e) Investments Fixed-Maturity Securities and Equity Securities The Company has portfolios of certain fixed-maturity securities and equity securities classified as “available-for-sale.” Accordingly, these securities are carried at fair value, and related unrealized gains and losses are credited or charged directly to accumulated other comprehensive income (AOCI) in stockholder’s equity, net of tax and related shadow adjustments. The adjustments to deferred acquisition costs (DAC), deferred sale inducements (DSI), and value of business acquired (VOBA) represent the change in amortization that would have been required as a charge or credit to operations had such unrealized amounts been realized. The adjustment to reserves represents the increase or decrease in the reserve balance that would have been required as a charge or credit to operations had such unrealized amounts been realized. The Company has portfolios of certain fixed-maturity securities classified as “at fair value through income” and equity securities classified as “trading”. These securities are carried at fair value, and their respective related unrealized gains and losses are reflected in Change in fair value of assets and liabilities, within the Consolidated Statements of Operations. Equity securities, trading includes, but is not limited to, a portfolio of mutual fund seed money investments and restricted stock units (RSU) for which the fair value option was elected. The fair value option was elected for these seed money investments because the portfolio is managed based on the fair values and ultimately sold to other investors at fair value. In addition, the Company has portfolios of certain fixed-maturity securities classified as “held-to-maturity”. Accordingly, these securities are carried at amortized cost on the Consolidated Balance Sheets. The Company has the intent and ability to hold such securities to maturity. Dividends are accrued on the date they are declared and interest is accrued as earned. Premiums or discounts on fixed-maturity securities are amortized using the constant yield method. Realized gains and losses are computed based on the average cost basis of all lots owned of each security. Mortgage-backed securities and structured securities are amortized using, among other assumptions, anticipated prepayments. Prepayment assumptions for loan-backed securities are obtained from various external sources or internal estimates. The Company believes these assumptions are consistent with those a market participant would use. The Company recognizes income using a constant effective yield method based on prepayment assumptions and the estimated economic life of the securities. For all structured securities without expected credit deterioration, when actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments using the retrospective method. Any resulting adjustment is included in Interest and similar income, net in the Consolidated Statements of Operations. For structured securities with expected credit deterioration, when adjustments are anticipated for prepayments and other expected changes in future cash flows, the effective yield is recalculated using the prospective method. The fair value of fixed-maturity securities and equity securities is obtained from third-party pricing sources whenever possible. Management completes its own Independent Price Verification (IPV) process, which ensures security pricing is obtained from a third-party source other than the sources used by the internal and external investment managers managing the investments held by the Company. The IPV process supports the reasonableness of price overrides and challenges by the internal and external investment managers and reviews pricing for appropriateness. Results of the IPV are reviewed by the Company’s Pricing Committee. The Company reviews the available-for-sale and held-to-maturity investment portfolios to determine whether or not declines in fair value are other than temporary. The Company continues to evaluate factors in addition to average cost and fair value, including credit quality, the extent and duration of the decline, market analysis, current events, recent price declines, changes in risk-free interest rates, likelihood of recovery in a reasonable period of time, and management’s judgment, to determine whether fixed-income securities are considered other-than-temporarily impaired. When the fair value of a fixed-maturity security is less than its amortized cost, the Company assesses whether or not (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. The Company evaluates these factors to determine whether the Company or any of its internal and external investment managers have the intent to sell a security or a group of securities. Additionally, the Company performs a cash flow projection for several years into the future to determine whether cash needs would require the sale of any securities in an unrealized loss position. If either of these conditions are met, the Company must recognize an other-than-temporary-impairment (OTTI) for the difference between the investment’s amortized cost basis and its fair value through earnings. For securities that do not meet the above criteria and the Company does not expect to recover a security’s amortized cost basis, the security is considered other-than-temporarily impaired. For these securities, the Company separates the total impairment into the credit loss component and the amount of the loss related to other factors. The amount of the total impairment related to credit loss is considered an OTTI and is recognized in Realized investment (losses) gains, net in the Consolidated Statements of Operations. The amount of the total impairment related to other factors is recognized in other comprehensive income (OCI), net of impacts to DAC, DSI, VOBA, reserves, and deferred income taxes. For available-for-sale and held-to-maturity securities that have recognized an OTTI through earnings, if through subsequent evaluation there is a significant increase in the cash flow expected, the difference between the amortized cost basis and the discounted cash flows expected to be collected is accreted as interest income. Subsequent increases and decreases not related to additional credit losses in the fair value of available-for-sale securities are included in the Consolidated Statements of Comprehensive Income. The Company evaluates whether a credit loss exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security; (b) changes in the financial condition, credit rating, and near-term prospects of the issuer; (c) whether the issuer is current on contractually obligated interest and principal payments; (d) changes in the financial condition of the security’s underlying collateral, if any; and (e) the payment structure of the security. The Company uses a probability-weighted cash flow model for corporate bonds to determine the credit loss amount. This measurement is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and significant judgments regarding the future performance of the security. The Company’s probability-weighted cash flow model involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, and current delinquency rates. For structured securities, the Company selects a probability-weighted or best estimate cash flow model depending on the specifics of the individual security and the information available to measure the expected cash flows of the underlying collateral. In the event that sufficient information is not available to measure the expected cash flows of a structured security in a timely manner due to a lack of available information on the valuation date, the entire decline in fair value is considered to be related to credit loss. The Company provides a supplemental disclosure within the Consolidated Statements of Operations that presents the total OTTI losses recognized during the period less the portion of OTTI losses recognized in OCI to equal the credit-related portion of OTTI that was recognized in earnings during the period. The portion of OTTI losses recognized in OCI includes the portion of OTTI losses related to factors other than credit recognized during the period, offset by reclassifications of OTTI losses previously determined to be related to factors other than credit that are determined to be credit related in the current period. The amount presented in the supplemental disclosure within the Consolidated Statements of Operations represents the portion of OTTI losses recognized in OCI and excludes subsequent increases and decreases in the fair value of these securities. The Company evaluates whether equity securities are other-than-temporarily impaired through a review process which includes, but is not limited to, market analysis, analyzing current events, assessing recent price declines, and management’s judgment related to the likelihood of recovery within a reasonable period of time. All previously impaired equity securities will incur additional OTTI should the fair value fall below the book value. Impairments in the value of securities held by the Company, considered to be other than temporary, are recorded as a reduction of the cost of the security, and a corresponding realized loss is recognized in the Consolidated Statements of Operations. The Company adjusts DAC, DSI, and VOBA for impairments on securities, as discussed in their respective sections of this note. Mortgage Loans on Real Estate Mortgage loans on real estate are reflected at unpaid principal balances adjusted for an allowance for uncollectible balances. Interest on mortgage loans is accrued on a monthly basis and recorded in Interest and similar income, net in the Consolidated Statements of Operations. The Company analyzes loan impairment quarterly when assessing the adequacy of the allowance for uncollectible balances. The Company considers recent trends in the Company’s loan portfolio and information on current loans, such as loan-to-value ratios and debt service coverage, which could impact a loan’s credit quality. The Company also evaluates the mortgage loan reserve to ensure that the estimate is based on appropriate market assumptions to reflect default and loss rates. The Company does not accrue interest on delinquent loans. Loans to Affiliates The Company has a note receivable from a related party and has recorded it in Loans to affiliates on the Consolidated Balance Sheets. Loans to affiliate are carried at amortized cost on the Consolidated Balance Sheets and interest is accrued on a monthly basis. Interest payments are received annually. Policy Loans Policy loans are supported by the underlying cash value of the policies. Policy loans are carried at unpaid principal balances, which approximate fair value, on the Consolidated Balance Sheets. Acquired Loans The Company has a portfolio of assets that have deteriorated credit quality and are recorded as Acquired loans on the Consolidated Balance Sheets. Acquired loans are initially recorded at fair value, and changes in expected cash flows are recorded as adjustments to accretable yield, to the carrying amount, or both. Fair values are obtained using a combination of third-party vendors and cash flow modeling, which is reviewed by the Company’s Pricing Committee. Accretable yield refers to the amount of undiscounted cash flows expected in excess of the carrying amount. This amount is converted into a rate and accreted into Interest and similar income, net in the Consolidated Statements of Operations. Interest is recorded as received on certain acquired loans that do not have reasonably estimable cash flows. Acquired loans are evaluated quarterly for impairment using updated cash flow models. Other Invested Assets Other investments include short-term securities, loans to non-affiliates, equity securities carried at cost, and partnership investments. Short-term securities are carried at amortized cost, which approximates fair value. Loans to non-affiliates are carried at amortized cost, and interest is accrued monthly. The Company invests in low income housing (LIH) partnerships for tax benefits. The LIH partnership investments are carried at cost and amortized in proportion to the total tax credits and other tax benefits to be received over the life of the investments. The investments in the LIH partnerships were $46,727 and $20,167 for the years ended December 31, 2016 and 2015, respectively. In addition, a liability and corresponding asset is recorded as commitment and decreases as the Company provides capital to fund. The tax benefit is recognized within the Current Income tax expense (benefit) in the Consolidated Statements of Operations. The Company has recognized tax credits related to the LIH partnership investments of $7,125, $2,793, and $1,235 for the years ended December 31, 2016, 2015, and 2014, respectively. Investments in partnerships, other than LIH partnerships, are accounted for using the equity method of accounting. Partnership profits and losses are recorded in Interest and similar income, net in the Consolidated Statements of Operations. Distributions in excess of cost and impairments of investments in partnerships are recognized within Realized investment (losses) gains, net in the Consolidated Statements of Operations. The Company is a member of the Federal Home Loan Bank of Des Moines (FHLB), primarily for the purpose of participating in the Bank’s mortgage collateralized loan advance program with short-term and long-term funding facilities. Members are required to purchase and hold a minimum amount of FHLB capital stock plus additional stock based on outstanding advances. The equity security investment is carried at cost, which approximates fair value, and is reported in Other invested assets on the Consolidated Balance Sheets. The Company held FHLB stock of $30,000 and $50,000 at December 31, 2016 and 2015, respectively. Advances received from FHLB are recorded in Other liabilities on the Consolidated Balance Sheets. The investment is evaluated for impairment based on the ultimate recoverability of its par value. The Company has a funding agreement with a balance of $500,000 at December 31, 2016 and 2015. In 2015, the Company obtained an advance from FHLB which had a balance of $500,000 as of December 31, 2015. The FHLB advance was paid off in April 2016. Collateral posted on the FHLB funding agreement and FHLB advance at December 31, 2015 was $1,190,301. The previously issued 2015 financial statements improperly disclosed the pledged amount of collateral as $1,313,443 instead of $1,190,301, the fair value of the collateral related to the FHLB agreement. The December 31, 2015 amounts have been corrected to the proper amount. Collateral posted on the FHLB funding agreement at December 31, 2016 was $0. Variable Interest Entities In the normal course of business, the Company enters into relationships with various entities that are deemed to be a variable interest entity (VIE). A VIE is an entity that either (1) has equity investors that lack certain essential characteristics of a controlling financial interest (including the ability to control activities of the entity, the obligation to absorb the entity’s expected losses, and the right to receive the entity’s expected residual returns) or (2) lacks sufficient equity to finance its own activities without financial support provided by other entities, which in turn would be expected to absorb at least some of the expected losses of the VIE. The Company consolidates a VIE if it is determined to be the primary beneficiary. Those entities which do not meet the requirements to be a VIE are voting interest entities (VOEs). The Company consolidates a VOE if it holds a voting interest that is greater than 50%. (f) Derivatives The Company utilizes derivatives within certain actively managed investment portfolios. Within these portfolios, derivatives can be used for hedging, replication, and income generation only. The financial instruments are valued and carried at fair value and the unrealized gains and losses on the derivatives are reflected in Change in fair value of assets and liabilities in the Consolidated Statements of Operations. Hedge Accounting The Company uses hedge accounting as a risk management strategy to hedge its exposure to various market risks associated with both its products and operations. To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in cash flow of the hedged item. The documentation process involves defining the Company’s risk management objective, strategy for undertaking each hedge transaction, linking specific derivatives to specific assets or liabilities on the Consolidated Balance Sheets, designating the relationship, and defining the effectiveness and ineffectiveness testing methods to be used. The Company also formally assesses, at inception and on a quarterly basis, whether the derivatives used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in cash flows of hedged items. Hedge effectiveness is assessed using quantitative methods. Quantitative methods include analysis of changes in fair value or cash flows associated with the hedge relationship. Hedge effectiveness is measured using the hypothetical derivative and dollar offset methods. The dollar offset method compares changes in cash flows of the hedging instrument with changes in the cash flows of the hedged item attributable to the hedged risk through the use of a hypothetical derivative. Related changes in the cash flows of the hedging instrument are expected to offset the changes in the cash flows of the hedged item as the notional/par amounts, reset dates, interest rate indices, and business day conventions are the same for both the bond and the swap. The cumulative amount of unrealized gains and losses of the hedging instrument is recognized in AOCI, net of tax on the Consolidated Balance Sheets. The ineffective portion of the change in the fair value of the hedging instrument is recognized in Change in fair value of assets and liabilities in the Consolidated Statements of Operations. Interest Rate Swaps and Foreign Currency Swaps The Company utilizes foreign currency swaps to hedge cash flows and applies hedge accounting treatment. Specifically, the Company uses foreign currency swaps to hedge foreign currency fluctuations on certain underlying foreign-denominated fixed-maturity securities. Until January 2015, the Company also utilized interest rate swaps (IRS) to hedge cash flows and applied hedge accounting treatment. The IRS and foreign currency swaps are reported at fair value in Derivative assets and Derivative liabilities on the Consolidated Balance Sheets. The fair value of the OTC IRS and foreign currency swaps are derived using a third-party vendor software program and deemed by management to be reasonable. The Company has a timing difference between the purchase of the derivative and settlement of the bond for foreign currency swaps. Any changes in value of the derivative between the purchase and settlement date are recorded in Change in fair value of assets and liabilities in the Consolidated Statements of Operations. After the bond is settled, the Company completes documentation and designates hedge accounting. Nonqualifying hedging Options and Futures Contracts The Company provides additional benefits through certain life and annuity products, which are linked to the fluctuation of various United States and international stock and bond market indices. In addition, certain variable annuity contracts provide minimum guaranteed benefits. The Company has analyzed the characteristics of these benefits and has entered into over-the-counter (OTC) option contracts, exchange-traded option (ETO) contracts, and exchange-traded futures contracts tied to an appropriate underlying index with similar characteristics with the objective to economically hedge these risks. The Company uses exchange-traded futures contracts with the objective to increase the effectiveness of the economic hedge. Management monitors in-force amounts and option and futures contract values to ensure satisfactory matching and to identify unsatisfactory mismatches. If persistency assumptions were to deviate significantly from anticipated rates, management would purchase or sell option and futures contracts as deemed appropriate or take other actions. The OTC option contracts and ETO contracts are reported at fair value in Derivative assets and Derivative liabilities on the Consolidated Balance Sheets. The fair value of the OTC options is derived internally and deemed by management to be reasonable via performing an IPV process. The process of deriving internal derivative prices requires the Company to calibrate Monte Carlo scenarios to actual market information. The calibrated scenarios are applied to derivative cash flow models to calculate fair value prices for the derivatives. The fair value of the ETOs is based on quoted market prices. Changes in unrealized gains and losses on the OTC option contracts and ETO contracts and incremental gains and losses from expiring contracts are recorded within Change in fair value of assets and liabilities in the Consolidated Statements of Operations. The liability for the benefits is reported in Account balances and future policy benefit reserves on the Consolidated Balance Sheets. Futures contracts do not require an initial cash outlay, and the Company has agreed to daily net settlement based on movements of the representative index. Therefore, no asset or liability is recorded on the Consolidated Balance Sheets. Gains and/or losses on futures contracts are included in Change in fair value of assets and liabilities in the Consolidated Statements of Operations. Interest Rate Swaps, Credit Default Swaps, Total Return Swaps, and To Be Announced Securities The Company utilizes IRS, credit default swaps (CDS), and total return swaps (TRS) to hedge market risks embedded in certain annuities. Beginning in 2015, the Company began transacting To Be Announced (TBA) securities, which do not meet the regular-way security trade scope exception, to economically hedge market risks embedded in certain life and annuity products. The IRS, CDS, TRS, and TBA securities are reported at fair value in Derivative assets and Derivative liabilities on the Consolidated Balance Sheets. The fair value of the OTC IRS, CDS, and TBA securities are derived using a third-party vendor software program and deemed by management to be reasonable. Centrally cleared IRS fair values are obtained from the exchange on which they are traded. The fair value of the TRS is based on counterparty pricing and deemed by management to be reasonable. The unrealized gains and losses on the swaps and TBA securities are recorded in Change in fair value of assets and liabilities in the Consolidated Statements of Operations. (g) Cash and cash equivalents Cash and cash equivalents include cash on hand, demand deposits, overnight commercial paper, and highly liquid debt instruments purchased with an original maturity of three months or less. During 2016, the Company began engaging in overnight reverse repurchase agreements, which is a form of short-term borrowing for dealers in government securities. These investments are classified as Cash and cash equivalents on the Consolidated Balance Sheets. Due to the short-term nature of these investments, the carrying value is deemed to approximate fair value. ( h) Securities Lending and Tri-Party Repurchase Agreements The Company participates in restricted securities lending arrangements whereby specific securities are loaned to other institutions. These loaned securities are reported on the Consolidated Balance Sheets as Available-for-sale fixed-maturity securities. The Company receives collateral from these arrangements including cash and cash equivalents, which is unrestricted and may be used for general purposes, and noncash collateral which may not be sold or re-pledged unless the counterparty is in default. The Company accounts for its securities lending transactions as secured borrowings, in which the cash collateral received and the related obligation to return the cash collateral are recorded on the Consolidated Balance Sheets as Collateral held from securities lending agreements and Other liabilities, respectively. Noncash collateral received is not reflected on the Consolidated Balance Sheets. Securities on loan remain on the Consolidated Balance Sheets, and interest and dividend income earned by the Company on loaned securities is recognized in Interest and similar income, net in the Consolidated Statements of Operations. Company policy requires a minimum of 102% of fair value of securities loaned under securities lending agreements to be maintained as collateral. The Company has entered into a tri-party repurchase facility agreement with an unaffiliated bank, whereby the Company may sell securities with an agreement to repurchase at a later date for a specified price. The facility has not been used since the inception of the agreement. (i) Receivables Receivable balances (contractual amount less allowance for doubtful accounts) are based on pertinent information available to management as of year-end, including the financial condition and creditworthiness of the parties underlying the receivables. Receivable balances are monitored and allowances for doubtful accounts are maintained based on the nature of the receivable, and the Company’s assessment of the ability to collect. The allowance is estimated by aging the balances due from individual parties and generally setting up an allowance for any balances that are more than 90 days old. (j) Reinsurance The Company assumes and cedes business with other insurers. Reinsurance premium and benefits paid or provided are accounted for in a manner consistent with the basis used in accounting for original policies issued and the terms of the reinsurance contracts and are included in Premiums and policy fees, ceded, and Benefit recoveries, respectively, in the Consolidated Statements of Operations. Insurance liabilities are reported before the effects of reinsurance. Account balances and future policy benefit reserves and policy and contract claims covered under reinsurance contracts are recorded in Reinsurance recoverables on the Consolidated Balance Sheets. Amounts paid or deemed to have been paid for claims covered by reinsurance contracts are recorded as Receivables on the Consolidated Balance Sheets. Reinsurance recoverables are recognized in a manner consistent with the liabilities related to the underlying reinsured contracts. Amounts due to other insurers on assumed business are recorded as a reinsurance payable, and are included in Other liabilities on the Consolidated Balance Sheets. A gain recognized when the Company enters into a coinsurance agreement with a third-party reinsurer is deferred and recorded in Other liabilities on the Consolidated Balance Sheets. Such gains are amortized into operations over the revenue-producing period or the claims run-off period of the related reinsured policies. These amortized gains are recorded in Other revenue in the Consolidated Statements of Operations. (k) Deferred Acquisition Costs Acquisition costs consist of commissions and other incremental costs that are directly related to the successful acquisition of insurance contracts. Acquisition costs are deferred to the extent recoverable from future policy revenues and gross profits. However, acquisition costs associated with insurance contracts recorded under the fair value option are

Risk Disclosures

Risk Disclosures	12 Months Ended
	Dec. 31, 2016
Risk Disclosures	(3) Risk Disclosures The following is a description of the significant risks facing the Company and how it attempts to mitigate those risks: (a) Credit Risk Credit risk is the risk that issuers of fixed-rate and variable-rate income securities, mortgages on commercial real estate, or other parties with whom the Company has transactions, such as reinsurers and derivative counterparties, default on their contractual obligations, resulting in unexpected credit losses. The Company mitigates this risk by adhering to investment policies and limits that provide portfolio diversification on an asset class, asset quality, creditor, and geographical basis; and by complying with investment limitations from applicable state insurance laws and regulations. The Company considers all relevant objective information available in estimating the cash flows related to structured securities. The Company actively monitors and manages exposures, and determines whether any securities are impaired. The aggregate credit risk is influenced management’s risk/return preferences, the economic and credit environment, and the ability to manage this risk through liability portfolio management. For derivative counterparties, the Company mitigates credit risk by tracking and limiting exposure to each counterparty through limits that are reported regularly and, once breached, restricts further trades; establishing relationships with counterparties rated BBB+ and higher; and monitoring the CDS of each counterparty as an early warning signal to cease trading when CDS spreads imply severe impairment in credit quality. The Company executes Credit Support Annexes (CSA) with all active and new counterparties which further limit credit risk by requiring counterparties to post collateral to a segregated account to cover any counterparty exposure. (b) Credit Concentration Risk Credit concentration risk is the risk of increased exposure to significant asset defaults (of a single security issuer or class of security issuers); economic conditions (if business is concentrated in a certain industry sector or geographic area); or adverse regulatory or court decisions (if concentrated in a single jurisdiction) affecting credit. Concentration risk exposure is monitored regularly. The Company’s Finance Committee, responsible for asset/liability management (ALM) issues, recommends an investment policy to the Company’s Board of Directors (BOD). The investment policy and accompanying investment mandates specify asset allocation among major asset classes and the degree of asset manager flexibility for each asset class. The investment policy complies, at a minimum, with state statutes. Compliance with the policy is monitored by the Finance Committee who is responsible for implementing internal controls and procedures. Deviations from the policy are monitored and addressed. The Finance Committee and, subsequently, the BOD review the investment policy at least annually. To further mitigate this risk, internal concentration limits based on credit rating and sector are established and are monitored regularly. Any ultimate obligor group exceeding these limits is placed on a restricted list to prevent further purchases, and the excess exposure may be actively sold down to comply with concentration limit guidelines. Any exceptions require Chief Risk Officer approval and monitoring by the Risk Committee. Further, the Company performs a quarterly concentration risk calculation to ensure compliance with certain state insurance regulations. (c) Liquidity Risk Liquidity risk is the risk that unexpected timing or amounts of cash needed will require liquidation of assets in a market that will result in a realized loss or an inability to sell certain classes of assets such that an insurer will be unable to meet its obligations and contractual guarantees. Liquidity risk also includes the risk that in the event of a company liquidity crisis refinancing is only possible at higher interest rates. Liquidity risk can be affected by the maturity of liabilities, the presence of withdrawal penalties, the breadth of funding sources, and terms of funding sources. It can also be affected by counterparty collateral triggers as well as whether anticipated liquidity sources such as credit agreements are cancelable. The Company manages liquidity within four specific domains: (1) monitoring product development, product management, business operations, and the investment portfolio; (2) setting ALM strategies; (3) managing the cash requirements stemming from the Company’s derivative dynamic hedging activities; and (4) establishing liquidity facilities to provide additional liquidity. The Company has established liquidity risk limits, which are approved by the Company’s Risk Committee, and the Company monitors its liquidity risk regularly. The Company also sets target levels for the liquid securities in its investment portfolio. (d) Interest Rate Risk Interest rate risk is the risk that movements in interest rates or interest rate volatility will cause a decrease in the value of an insurer’s assets relative to the value of its liabilities and/or an unfavorable change in prepayment activity resulting in compressed interest margins. The Company has an ALM strategy to align cash flows and duration of the investment portfolio with policyholder liability cash flows and duration. The Company further limits interest rate risk on variable annuity guarantees through interest rate hedges. (e) Equity Market Risk Equity market risk is the risk that movements in equity prices or equity volatility will cause a decrease in the value of an insurer’s assets relative to the value of its liabilities. The policy value of the fixed-indexed annuity and fixed-indexed universal life products is linked to equity market indices. The Company economically hedges this exposure with derivatives. Variable annuity products may provide a minimum guaranteed level of benefits irrespective of market movements. The Company has adopted an economic hedging program to manage the equity risk of these products. The Company monitors the economic and accounting impacts of equity stress scenarios on assets and liabilities regularly. Basis risk is the risk that the variable annuity hedge asset value changes unexpectedly relative to the value of the underlying separate account funds of the variable annuity contracts. Basis risk may arise from the Company’s inability to directly hedge the underlying investment options of the variable annuity contracts. The Company mitigates this risk through regular review and synchronization of fund mappings, product design features, and hedge design. (f) Operational Risk Operational risk is the risk of loss resulting from inadequate or failed internal processes and systems, from human misbehavior or error, or from external events. Operational risk is comprised of the following seven risk categories: (1) external fraud; (2) internal fraud; (3) employment practices and workplace safety; (4) clients/third party, products and business practices; (5) damage to physical assets; (6) business disruption and system failure; and (7) execution, delivery, and process management. Operational risk is comprehensively managed through a combination of core qualitative and quantitative activities. The Operational Risk Management framework includes the following key activities: (1) loss data capture identifies historical operational events that meet a designated threshold to ensure transparency and remediation of each event; (2) risk-based integrated control system is performed to proactively manage significant operational risk scenarios throughout the organization; and (3) scenario analyses are conducted to quantify operational risk capital. (g) Legal/Regulatory Risk Legal/regulatory risk is the risk that changes in the legal or regulatory environment in which the Company operates may result in reduced demand for its products or additional expenses not assumed in product pricing. Additionally, the Company is exposed to risk related to how the Company conducts itself in the market and the suitability of its product sales to contractholders. The Company mitigates this risk by offering a broad range of products and by operating throughout the United States. The Company actively monitors all market-related exposure and participates in national and international discussions relating to legal, regulatory, and accounting changes that may impact the business. A formal process exists to assess the Company’s risk exposure to changes in regulation including monitoring by the Compliance and Legal departments and regular reporting to the BOD of all known compliance risks and the effectiveness of the approach used to mitigate such risks. In addition, the Company has implemented suitability standards to mitigate suitability risk. On April 6, 2016, the Department of Labor (DOL) issued a final rule that will significantly expand the definition of “investment advice” and increase the circumstances in which companies and broker-dealers, insurance agencies, and other financial institutions that sell the Company’s products could be deemed a fiduciary when providing investment advice with respect to plans under the Employee Retirement Income Security Act of 1974 (ERISA) or individual retirement accounts (IRAs). It is not yet certain how, if at all, the implementation of this rule will change the Company’s business, results of operations, or financial condition. The DOL has extended the implementation of the rule until April 2017. The DOL also introduced amendments to longstanding exemptions from the prohibited transaction provisions under ERISA that would increase fiduciary requirements in connection with transactions involving ERISA plans, plan participants and IRAs, and that would apply more onerous disclosure and contract requirements to such transactions. The DOL has introduced an additional transition period for these amendments until January 2018. It may be necessary to change sales representative and/or broker compensation, limit the assistance or advice provided to owners of Company annuities, or otherwise change the manner of design and sales support of the annuities. These changes could have an adverse impact on the level and type of services provided and compliance with the rule could also increase the overall operational costs for the services currently provided. (h) Ratings Risk Ratings risk is the risk that rating agencies change their outlook or rating of the Company or a subsidiary of the Company. The rating agencies generally utilize proprietary capital adequacy models in the process of establishing ratings for the Company. The Company is at risk of changes in these models and the impact that changes in the underlying business that it is engaged in can have on such models. To mitigate this risk, the Company maintains regular communications with the rating agencies and evaluates the impact of significant transactions on such capital adequacy models and considers the same in the design of transactions to minimize the adverse impact of this risk. Rating agency capital is calculated and analyzed regularly. Stress tests are performed regularly to assess how rating agency capital adequacy models would be impacted by severe economic events. (i) Mortality/Longevity Risk Mortality/Longevity risk is the risk that mortality experience is different than the life expectancy assumptions used by the Company to price its products. The Company mitigates mortality risk primarily through reinsurance, whereby the Company cedes a significant portion of its mortality risk to third parties. The Company also manages mortality risk through the underwriting process. Both mortality and longevity risks are managed through the review of life expectancy assumptions and experience in conjunction with active product management. (j) Lapse Risk Lapse risk is the risk that actual lapse experience evolves differently than the assumptions used for pricing and valuation exercises leading to a significant loss in Company value and/or income. The Company mitigates this risk by performing sensitivity analysis at the time of pricing to affect product design, regular ALM analysis, and exercising management levers at issue, as well as post-issue as experience evolves. The Company quantifies lapse risk regularly. (k) Cyber Security Risk Cyber security risk is the risk of losses due to external and/or internal attacks impacting the confidentiality, integrity, and/or availability of key systems, data, and processes reliant on digital technology. The Company has implemented preventative, detective, response, and recovery measures including advanced malware detection, spyware and anti-virus software, phishing filters, email and laptop encryption, web content filtering, and regular scanning of all servers and network devices to identify vulnerabilities. Controls are implemented to prevent and review unauthorized access. (l) Reinsurance Risk Reinsurance risk is the risk that reinsurance companies default on their obligation where the Company has ceded a portion of its insurance risk. The Company uses reinsurance to limit its risk exposure to certain business lines and to enable better capital management. Reinsurance contracts do not relieve the Company from its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company mitigates this risk by requiring certain counterparties to meet thresholds related to the counterparty’s credit rating, exposure, or other factors. If the thresholds are not met by those counterparties, they are required to establish a trust or letter of credit backed by assets meeting certain quality criteria. All arrangements are regularly monitored to determine whether trusts or letters of credit are sufficient to support the ceded liabilities and that their terms are being met. Also, the Company reviews the financial standings and ratings of its reinsurance counterparties and monitors concentrations of credit risk to minimize its exposure to significant losses from reinsurer insolvencies regularly.

Investments

Investments	12 Months Ended
	Dec. 31, 2016
Investments	(4) Investments (a) Fixed-Maturity Securities and Equity Securities At December 31, 2016 and 2015, the amortized cost or cost, gross unrealized gains, gross unrealized losses, and fair values of available-for-sale and held-to-maturity securities are as shown in the following tables: Amortized cost Gross Gross Fair value 2016: Fixed-maturity securities,available-for-sale: U.S. government $ 1,712,400 41,003 16,880 1,736,523 Agencies not backed by the full faith and credit of the U.S. government 8,766 113 22 8,857 States and political subdivisions 9,379,273 612,248 36,908 9,954,613 Foreign government 426,724 21,006 8,803 438,927 Corporate securities 60,668,745 3,489,117 617,795 63,540,067 Mortgage-backed securities 11,615,711 188,528 153,975 11,650,264 Collateralized mortgage obligations 209,165 491 11,867 197,789 CDOs 8,861 11,070 — 19,931 Total fixed-maturity securities, available-for-sale 84,029,645 4,363,576 846,250 87,546,971 Fixed-maturity securities, held-to-maturity: Corporate securities 28 5 — 33 CDOs — 3,597 — 3,597 Total fixed-maturity securities held-to-maturity 28 3,602 — 3,630 Equity securities, available-for-sale: Common stock 316,541 3,625 — 320,166 Total available-for-sale and held-to-maturity securities $ 84,346,214 4,370,803 846,250 87,870,767 Amortized cost Gross Gross Fair value 2015: Fixed-maturity securities, available-for-sale: U.S. government $ 1,682,642 78,089 5,407 1,755,324 Agencies not backed by the full faith and credit of the U.S. government 10,474 91 51 10,514 States and political subdivisions 8,533,503 514,459 49,428 8,998,534 Foreign government 269,608 9,675 7,116 272,167 Corporate securities 56,402,323 2,756,065 1,989,705 57,168,683 Mortgage-backed securities 12,263,037 296,408 61,646 12,497,799 Collateralized mortgage obligations 9,208 1,075 — 10,283 CDOs 9,738 11,573 147 21,164 Total fixed-maturity securities, available-for-sale 79,180,533 3,667,435 2,113,500 80,734,468 Fixed-maturity securities, held-to-maturity: Corporate securities 55 10 — 65 CDOs — 5,214 — 5,214 Total fixed-maturity securities held-to-maturity 55 5,224 — 5,279 Equity securities, available-for-sale: Common stock 71,005 — 2,394 68,611 Total available-for-sale and held-to-maturity securities $ 79,251,593 3,672,659 2,115,894 80,808,358 At December 31, 2016 and 2015, the Company did not have any OTTI losses in AOCI. The net unrealized gains on available-for-sale securities, held-for-sale securities and effective portion of cash flow hedges consist of the following at December 31: 2016 2015 2014 Available-for-sale securities: Fixed maturity $ 3,517,326 1,553,935 6,258,406 Equity 3,625 (2,394 ) 46 Held-for-sale securities 614 798 — Cash flow hedges (29,547 ) 16,013 2,269 Adjustments for: Shadow adjustments (1,728,234 ) (825,607 ) (3,542,160 ) Deferred taxes (617,324 ) (259,961 ) (951,480 ) Net unrealized gains $ 1,146,460 482,784 1,767,081 The unrealized gain on held-for-sale securities in 2016 and 2015 relates to fixed maturity securities that were transferred from available-for-sale due to the expected sale of a subsidiary. See note 2 for further details. The amortized cost and fair value of available-for-sale and held-to-maturity fixed-maturity securities at December 31, 2016, by contractual maturity, are shown below: Amortized Fair value Available-for-sale fixed-maturity securities: Due in one year or less $ 1,546,150 1,578,807 Due after one year through five years 13,572,313 14,342,672 Due after five years through ten years 19,833,072 20,189,034 Due after ten years 36,284,633 38,581,463 Structured securities 12,793,477 12,854,995 Total available-for-sale fixed-maturity securities $ 84,029,645 87,546,971 Held-to-maturity fixed-maturity securities: Due after one year through five years $ 28 33 Structured securities — 3,597 Total held-to-maturity fixed-maturity securities $ 28 3,630 Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed-maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. Structured securities (which include mortgage-backed securities, collateralized mortgage obligations (CMOs), CDOs, and asset-backed securities) are shown separately, as they are not due at a single maturity. As of December 31, 2016 and 2015, investments with a fair value of $28,098 and $45,393, respectively, were held on deposit with various insurance departments and in other trusts as required by statutory regulations. The Company’s available-for-sale and trading fixed-maturity security portfolios include mortgage-backed securities and CMOs. Due to the high quality of these investments and the lack of subprime loans within the securities, the Company does not have a material exposure to subprime mortgages. (b) Unrealized Investment Losses The following table summarizes the fair value and related unrealized losses on available-for-sale securities that have been in a continuous loss position for the respective years ended December 31 are shown below: 12 months or less Greater than 12 months Total Fair value Unrealized Fair value Unrealized Fair value Unrealized 2016: Fixed-maturity securities, available-for-sale: U.S. government $ 691,559 16,880 — — 691,559 16,880 U.S. government agency 3,332 22 — — 3,332 22 States and political subdivisions 1,587,063 30,524 103,316 6,384 1,690,379 36,908 Foreign government 99,527 6,634 10,383 2,169 109,910 8,803 Corporate securities 12,637,792 433,682 2,000,338 184,113 14,638,130 617,795 Mortgage-backed securities 4,811,364 152,501 31,040 1,474 4,842,404 153,975 CMOs 192,564 11,867 — — 192,564 11,867 Total temporarily impaired securities $ 20,023,201 652,110 2,145,077 194,140 22,168,278 846,250 12 months or less Greater than 12 months Total Fair value Unrealized Fair value Unrealized Fair value Unrealized 2015: Fixed-maturity securities, available-for-sale: U.S. government $ 600,970 5,395 4,959 12 605,929 5,407 U.S. government agency 4,536 51 — — 4,536 51 States and political subdivisions 1,873,125 48,306 28,015 1,122 1,901,140 49,428 Foreign government 42,338 1,787 32,219 5,329 74,557 7,116 Corporate securities 17,688,481 1,315,632 1,659,827 674,073 19,348,308 1,989,705 Mortgage-backed securities 3,066,569 61,030 15,433 616 3,082,002 61,646 CDOs — — 730 147 730 147 Total temporarily impaired securities $ 23,276,019 1,432,201 1,741,183 681,299 25,017,202 2,113,500 As of December 31, 2016 and 2015, there were 1,088 and 1,294 available-for-sale fixed-maturity security holdings that were in an unrealized loss position, respectively. As of December 31, 2016 and 2015, of the total amount of unrealized losses, $763,051 or 90.2% and $1,773,647 or 83.9%, respectively, are related to unrealized losses on investment grade securities. Investment grade is defined as a security having a credit rating of Aaa, Aa, A, or Baa from Moody’s or a rating of AAA, AA, A, or BBB from Standards and Poor’s (S&P), or a NAIC rating of 1 or 2 if a Moody’s or S&P rating is not available. Unrealized losses on securities are principally related to changes in interest rates or changes in sector spreads from the date of purchase. As contractual payments continue to be met, management continues to expect all contractual cash flows to be received. As mentioned in note 2, the Company reviews these securities regularly to determine whether or not declines in fair value are other-than-temporary. Further, as the Company neither has an intention to sell, nor does it expect to be required to sell the securities outlined above, the Company does not consider these investments to be other-than-temporarily impaired. (c) OTTI Losses The following table presents a rollforward of the Company’s cumulative credit impairments on fixed-maturity securities held at December 31: 2016 2015 Balance as of January 1 $ 59,365 36,948 Additions for credit impariments recognized on: Securities not previously impaired 174,823 57,889 Securities previously impaired — 1,086 Reductions for credit impairments previously on: Securities that matured, were sold, or were liquidated during the period (118,758 ) (36,558 ) Balance as of December 31 $ 115,430 59,365 (d) Realized Investment (Losses) Gains Gross and net realized investment (losses) gains for the years ended December 31 are summarized as follows: 2016 2015 2014 Available-for-sale: Fixed-maturity securities: Gross gains on sales and exchanges $ 198,851 108,094 96,698 Gross losses on sales and exchanges (71,002 ) (15,272 ) (11,114 ) OTTI (172,530 ) (57,598 ) (6,445 ) Net (losses) gains on fixed-maturity securities (44,681 ) 35,224 79,139 Equity securities: Gross gains on sales 3,109 2 113 Gross losses on sales (897 ) (184 ) (1 ) Net gains (losses) on equity securities 2,212 (182 ) 112 Net (losses) gains on available-for-sale securities (42,469 ) 35,042 79,251 Held-to-maturity: Gross gains on exchanges — 31,832 — Gross losses on exchanges (11 ) (11 ) (84 ) Net (losses) gains on held-to-maturity securities (11 ) 31,821 (84 ) (Provision) benefit for mortgage loans on real estate (11,000 ) (2,400 ) 5,000 Investment in affiliates — — (6,500 ) Gain on real estate sales — 5,929 — Investment in limited partnerships 2,150 — — Net gains on sales of acquired loans 2,005 24,027 95 Other — (6 ) — Net realized investment (losses) gains $ (49,325 ) 94,413 77,762 The 2016 realized gain on investment in limited partnerships is related to distributions received from the various limited partnership investments held by the Company. The 2015 realized gain on real estate sales is related to the recognition of a contingent gain as part of the terms of the 2011 sale of the Company’s real estate portfolio. The gross gain in held-to-maturity securities relates primarily to the impact of consolidating a CDO investment in 2015, as discussed in note 4(h). The 2014 realized loss on investment in affiliates is related to the disposal of an investment in an affiliate, as discussed in note 19. Proceeds from sales of available-for-sale securities for the years ended December 31 are presented in the following table: 2016 2015 2014 Available-for-sale: Fixed-maturity securities proceeds from sales $ 2,177,408 996,801 1,479,188 Equity securities proceeds from sales 152,821 58,858 29,209 (e) Interest and Similar Income Major categories of Interest and similar income, net, for the respective years ended December 31 are shown below: 2016 2015 2014 Interest and similar income: Available-for-sale fixed-maturity securities $ 3,847,272 3,752,867 3,552,896 Available-for-sale equity securities 11,314 1,416 26 Mortgage loans on real estate 470,547 413,103 377,917 Acquired loans 24,461 28,122 27,548 Trading securities 6,814 11,838 10,006 Policy loans 10,015 9,834 9,981 Short-term securities, includes cash and cash equivalents 13,896 8,761 7,864 Held-to-maturity fixed-maturity securities 1,012 5,746 15,894 Derivative assets 11,121 5,197 1,867 Other invested assets 5,898 1,870 2,057 Assets held by reinsurers 2,498 2,626 2,798 Loans to affiliates 384 516 980 Total 4,405,232 4,241,896 4,009,834 Less investment expenses 79,495 66,427 54,175 Total interest and similar income, net $ 4,325,737 4,175,469 3,955,659 (f) Mortgage Loans At December 31, 2016, mortgage loans on real estate in California and Illinois exceeded the 10% concentration levels by state with a concentration of 28.1% or $2,925,356 and 10.4% or $1,085,445, respectively. At December 31, 2015, mortgage loans on real estate in California and Illinois exceeded the 10% concentration levels by state with a concentration of 27.7% or $2,448,008 and 11.6% or $1,025,605, respectively. Interest rates on investments in new mortgage loans ranged from a minimum of 3.0% to a maximum of 4.6%. Credit quality indicators and allowance for loan loss for mortgage loans on real estate is discussed further at note 7. (g) Securities Lending and Reverse Repurchase Agreements The Company had fair value of securities on loan of $2,798,597 and $2,392,657 with associated collateral received of $2,888,157 and $2,480,910, as of December 31, 2016 and 2015, respectively. Of the total collateral received from the respective counterparties, noncash collateral was $326,938 and $0 as of December 31, 2016 and 2015. The cash collateral liability by loaned security type was as follows: December 31, 2016 December 31, 2015 Remaining Remaining Contractual Contractual Maturity of the Maturity of the Agreements Agreements Open (1) Open (1) U.S. government — 2,038 Foreign government 9,429 13,984 Corporate securities 2,551,790 2,464,888 Total 2,561,219 2,480,910 (1) There is no contractual maturity on the loan agreements. The related loaned security could be returned to the Company on the next business day with notice from the counterparty and the Company would be required to return the cash collateral immediately. Liquidity risk exists in that the Company may be required to return significant amounts of cash collateral on short notice. The Company only reinvests cash collateral in cash and cash equivalents and short-term investments and has established reinvestment guidelines around approved investments, credit quality, concentration, maturity, and liquidity to mitigate risks. The Company’s reinvested collateral is recorded in Collateral held from securities lending agreements on the Consolidated Balance Sheets and held $1,445,249 and $2,480,910 in cash and cash equivalents and $1,115,970 and $0 in short-term investments as of December 31, 2016 and 2015. In the normal course of business, the Company enters into overnight reverse repurchase agreements which are used to earn spread income. As part of the reverse repurchase agreements, the Company lends cash and receives U.S. Government securities as collateral. The Company had fair value of reverse repurchase agreements of $100,000 and $0 on the Consolidated Balance Sheets with associated collateral received of $100,000 and $0 as of December 31, 2016 and 2015, respectively. (h) Variable Interest Entities The Company invests in structured securities and limited partnerships which represent interests in VIEs. The Company has carefully analyzed the VIEs to determine whether the Company is the primary beneficiary, taking into consideration whether the Company, or the Company together with its affiliates, has the power to direct the activities of the VIE, that most affect its economic performance and whether the Company has the right to benefits from the VIE. Based on that analysis, the Company has concluded that it is not the primary beneficiary for all but one of the Company’s VIEs and, as such, only one VIE was consolidated in the Consolidated Financial Statements. In 2015, the triggering event for consolidation occurred when the Company entered into an agreement with the collateral manager to liquidate some or all of the collateral underlying several classes of notes within one of the CDOs. Creditors of the consolidated VIE do not have any recourse on the Company. The Company does not have any implicit or explicit arrangements to provide financial support to the consolidated VIE. Upon initial consolidation, the Company recorded the underlying assets at fair value, generating a gain of $31,832 in Realized investment (losses) gains, net in the Consolidated Statements of Operations. In October 2015, at the Company’s direction, the collateral manager liquidated $163,389 of assets at auction, of which $96,046 were purchased by the Company. The assets purchased at auction are reported at amortized cost as Acquired loans and at fair value as Fixed-maturity securities, Available-for-sale on the Consolidated Balance Sheets. As of December 31, 2016 and 2015, the Company held $43,640 and $44,527, respectively, as Acquired loans and $10,604 and $12,611, respectively, as Fixed-maturity securities, Available-for-sale. As of December 31, 2016 and 2015, the Company also held $19,833 and $26,941, respectively, of consolidated assets that are reported at fair value as Fixed-maturity securities, Available-for-sale on the Consolidated Balance Sheets. In addition, the Company has recorded liabilities of $565 and $2,789 as of December 31, 2016 and 2015, respectively, related to the consolidation of this entity. The liabilities are reported in Other liabilities on the Consolidated Balance Sheets. The carrying amount and maximum exposure to loss relating to the VIEs which the Company holds a variable interest but is not the primary beneficiary and which have not been consolidated were as follows: December 31, 2016 December 31, 2015 Maximum Maximum Carrying exposure Carrying exposure amount to loss (1) amount to loss (1) Fixed-maturity securities, available-for-sale: Corporate securities $ 981,066 981,066 913,857 913,857 Mortgage-backed securities 11,625,772 11,625,772 12,466,036 12,466,036 Collateralized mortgage obligations 197,789 197,789 10,283 10,283 CDOs 19,931 19,931 21,164 21,164 Total fixed-maturity securities, available-for-sale $ 12,824,558 12,824,558 13,411,340 13,411,340 Other investments Acquired loans $ 148,740 148,740 179,556 179,556 Other invested assets 56,562 338,971 15,628 116,485 Total other investments $ 205,302 487,711 195,184 296,041 Total investments $ 13,029,860 13,312,269 13,606,524 13,707,381 (1) The maximum exposure to loss is equal to the carrying amount for Fixed-maturity securities, Available-for-sale and Acquired loans. The maximum exposure to loss related to Other invested assets is equal to the carrying amount plus any unfunded commitments. (i) Redeemable Preferred Stock AZL PF Investments, Inc. (AZLPF), a wholly owned subsidiary of the Company, issued redeemable preferred stock as a result of a prepaid forward agreement settled in 2012. The preferred stock liability of $32,195 was recorded at December 31, 2016 and 2015 and is reported in Other liabilities on the Consolidated Balance Sheets. The preferred stock is mandatorily redeemable on January 9, 2017. AZLPF’s BOD approved the redemption of the preferred stock in November 2016. See further discussion over the redemption of the preferred stock in note 25.

Derivatives and Hedging Instrum

Derivatives and Hedging Instruments	12 Months Ended
	Dec. 31, 2016
Derivatives and Hedging Instruments	(5) Derivatives and Hedging Instruments Each derivative is designated by the Company as either a cash flow hedging instrument (cash flow hedge) or not qualified as a hedging instrument (nonqualifying strategies). Cash Flow Hedges IRS were used by the Company to hedge against the changes in cash flows associated with variable interest rates on certain underlying fixed-maturity securities until January 2015. The Company uses foreign currency swaps to hedge against foreign currency fluctuations on certain foreign denominated fixed-maturity securities. IRS and foreign currency swaps have notional amounts and maturity dates equal to the underlying fixed-maturity securities and are determined to be highly effective as of December 31, 2016 and 2015. The following table presents the components of the unrealized gains or losses on the effective portion of the derivatives that qualify as cash flow hedges and are recorded as a component of Total other comprehensive income within the Consolidated Statements of Comprehensive Income: Derivatives designated as Amount of gains (losses) cash flow hedging instruments 2016 2015 2014 Interest rate swaps, net of tax benefit of $0, ($332), and ($217),at December 31, 2016, 2015, and 2014, respectively $ — (617 ) (403 ) Foreign currency swaps, net of tax expense of $12,355, $15,550, and $4,683 at December 31, 2016, 2015, and 2014, respectively 22,945 28,879 8,698 Total $ 22,945 28,262 8,295 At December 31, 2016, the Company does not expect to reclassify any pretax gains or losses on cash flow hedges into earnings during the next 12 months. Recurring interest income earned is recorded in Interest and similar income, net in the Consolidated Statements of Operations. In the event that cash flow hedge accounting is no longer applied, because the derivatives are no longer designated as a hedge, or the hedge is not considered to be highly effective, the reclassification from AOCI into earnings may be accelerated. Nonqualifying Strategies Option Contracts The Company utilizes OTC options and ETOs with the objective to economically hedge certain fixed-indexed annuity and life products tied to certain indices as well as certain variable annuity guaranteed benefits. These OTC options and ETOs are not used for speculative or income generating purposes. The ETOs provide the Company flexibility to use instruments, which are exchange-cleared and allow the Company to mitigate counterparty credit risk. The ETOs are cleared through the Options Clearing Corporation (OCC), which operates under the jurisdiction of both the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission. The credit rating on the OCC is currently AA+ from S&P. The fair values of the collateral posted for OTC options and ETOs are discussed in the derivative collateral management section below. Futures The Company utilizes exchange-traded futures to economically hedge fixed-indexed annuity, life, and variable annuity guarantees. The futures contracts do not require an initial investment except for the initial margin described below and the Company is required to settle cash daily based on movements of the representative index. Therefore, no asset or liability is recorded as of December 31, 2016 and 2015. Futures contracts are also utilized to hedge the investment risk associated with seed money. The fair value of the collateral posted for exchange-traded derivatives is discussed in the derivative collateral management section below. Interest Rate Swaps The Company utilizes OTC and exchange-traded IRS to economically hedge certain variable annuity and fixed-index annuity guarantees. The Company can receive the fixed or variable rate. The IRS are traded in varying maturities. The Company only enters into OTC IRS contracts with counterparties rated BBB+ or better. IRS are centrally cleared through an exchange. The fair values of the collateral posted and variation margin for OTC and exchange-traded IRS are discussed in the derivative collateral management section below. Total Return Swaps The Company engages in the use of OTC TRS, which allow the parties to exchange cash flows based on a variable reference rate such as the three-month London Interbank Offered Rate (LIBOR) and the return of an underlying index. The Company uses the OTC TRS with the intent to economically hedge fixed-indexed annuity and variable annuity guarantees. The fair value of the collateral posted for OTC TRS is discussed in the derivative collateral management section below. To Be Announced Securities Beginning in 2015, the Company began transacting OTC TBA securities to economically hedge market risks embedded in certain life and annuity products. The Company uses the OTC TBA forward contracts to gain exposure to the investment risk and return of mortgage-backed securities. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date. The Company is exposed to market risk to the extent the Company is over or under-hedged from an economic perspective. To mitigate counterparty credit risk, the Company establishes relationships with only counterparties rated BBB+ and higher. The fair value of the collateral posted for OTC TBA securities is discussed in the derivative collateral management section below. Stock Appreciation Rights The Company enters into contracts with Allianz SE with the objective to economically hedge risk associated with the Allianz SE stock-based compensation plan, which awards certain employees stock appreciation rights (SAR). The contracts are recorded at fair value within Derivative assets on the Consolidated Balance Sheets. The change in fair value for SAR are recorded in Change in fair value of assets and liabilities and General and administrative expenses within the Consolidated Statements of Operations, respectively. See further discussion of the stock-based compensation plan in note 18. Credit Default Swaps The Company utilizes exchange-traded CDS to economically hedge certain fixed-indexed annuity guarantees. The CDS within the investment portfolios assume credit risk from a single entity or referenced index for the purpose of synthetically replicating investment transactions. The Company can be required to pay or be the net receiver on the contract depending on the net position. Credit events include bankruptcy of the reference and failure to pay by the reference. The notional amount is equal to the maximum potential future loss amount. The fair value of the collateral posted for exchange-traded CDS is discussed in the derivative collateral management section below. The following table presents the notional amount, fair value, weighted average years to maturity, underlying referenced credit obligation type, and average credit ratings for the credit derivatives in which the Company was assuming credit risk as of December 31, 2016 and 2015: Credit Derivative type by derivative risk exposure and reference type Notional Fair Value Weighted Average 2016: Basket credit default swaps Investment grade risk exposure U.S. corporate credit $ 331,400 367 6 BBB+ Total $ 331,400 367 2015: Basket credit default swaps Investment grade risk exposure U.S. corporate credit $ 150,900 1,569 7 BBB+ Total $ 150,900 1,569 The following table presents a summary of the aggregate notional amounts and fair values of the Company’s freestanding derivative instruments as of December 31: 2016 2015 Gross Fair Value Gross Fair Value Notional (1) Assets Liabilities Notional (1) Assets Liabilities Cash flow hedging instruments Foreign currency swaps $ 676,000 96,975 (11,731 ) 426,000 53,794 — Total cash flow hedging instruments $ 96,975 (11,731 ) 53,794 — Nonqualifying hedging instruments OTC options $ 77,973,809 766,205 (514,758 ) 52,623,290 359,335 (226,761 ) ETO 11,109,074 42,400 (27,345 ) — — — Futures 17,574,373 — — 6,288,033 — — SAR 7,422 * 545 — 7,422 * 614 — TRS 7,154,000 5,826 (3,702 ) 4,574,296 2,350 (33,812 ) IRS 7,227,500 144,384 (77,799 ) 7,802,500 172,187 (89,482 ) TBA securities 693,900 833 (299 ) 426,300 232 (266 ) Total nonqualifying hedging instruments $ 960,193 (623,903 ) 534,718 (350,321 ) Total freestanding derivative instruments 1,057,168 (635,634 ) 588,512 (350,321 ) (1) Notional amounts are presented on a gross basis. * The notional amount for SAR is equal to the number of contracts outstanding. Derivative Collateral Management The Company manages separate collateral for exchange-traded and OTC derivatives. The total collateral posted for exchange-traded derivatives at December 31, 2016 and 2015, had a fair value of $1,447,970 and $1,019,112, respectively, and is included in Fixed-maturity securities on the Consolidated Balance Sheets. The Company retains ownership of the exchange-traded collateral, but the collateral resides in an account designated by the exchange. The collateral is subject to specific exchange rules regarding rehypothecation. The total collateral posted for OTC derivatives at December 31, 2016 and 2015, had a fair value of $49,133 and $13,939, respectively, and is included in Fixed-maturity securities on the Consolidated Balance Sheets. The Company posts collateral to OTC counterparties based upon exposure amounts. The Company retains ownership of the OTC collateral. Embedded Derivatives The Company issues certain variable annuity products with guaranteed minimum benefit riders, including GMWB and GMAB, which are measured at fair value separately from the host variable annuity contract, with changes in fair value reported in Change in fair value of annuity and life embedded derivatives within the Consolidated Statements of Operations. These embedded derivatives are classified within Account balances and future policy benefit reserves on the Consolidated Balance Sheets. Certain fixed-indexed annuity products, variable annuity riders, and universal life policies include a market value liability option (MVLO), which is essentially an embedded derivative with equity-indexed features. This embedded derivative is reported within Account balances and future policy benefit reserves on the Consolidated Balance Sheets with changes in fair value reported in Change in fair value of annuity and life embedded derivatives within the Consolidated Statements of Operations. The Company bifurcated and separately recorded an embedded derivative related to certain CDOs. The last of these CDOs has been consolidated since 2015. See note 4 for further detail relating to the consolidation of this CDO. The embedded derivative was recorded within Derivative assets on the Consolidated Balance Sheets, with changes in fair value reported in Change in fair value of assets and liabilities within the Consolidated Statements of Operations. Additionally, the Company bifurcated and separately recorded an embedded derivative related to modified coinsurance reinsurance agreements. The embedded derivative was recorded within Derivative assets on the Consolidated Balance Sheets, with changes in fair value reported in Change in fair value of assets and liabilities within the Consolidated Statements of Operations. The following table presents a summary of the fair values of the Company’s embedded derivative instruments as of December 31: 2016 2015 GMWB $ (2,156,234 ) (2,170,539 ) GMAB (243,363 ) (374,857 ) MVLO (15,141,482 ) (14,495,312 ) Other embedded derivative 1,863 3,097 Total embedded derivative instruments $ (17,539,216 ) (17,037,611 ) The following table presents the gains or losses recognized in income on the various nonqualifying freestanding derivative instruments and embedded derivatives: Location in Consolidated Amount of (losses) gains on Statements of Operations 2016 2015 2014 MVLO Policy fees $ (398,942 ) 79,951 194,229 MVLO Policyholder benefits 139,481 115,737 2,159 MVLO Change in fair value of annuity and life embedded derivatives (386,709 ) 212,758 (3,344,049 ) GMWB Change in fair value of annuity and life embedded derivatives 14,235 (679,259 ) (1,445,524 ) GMAB Change in fair value of annuity and life embedded derivatives 96,666 (122,094 ) (166,411 ) Total change in fair value of annuity and life embedded derivatives (275,808 ) (588,595 ) (4,955,984) OTC options Change in fair value of assets and liabilities 182,882 (361,419 ) 862,097 ETOs Change in fair value of assets and liabilities 13,055 291 66,855 Futures Change in fair value of assets and liabilities (287,724 ) (423,134 ) (267,628 ) SAR Change in fair value of assets and liabilities (54 ) 630 69 CDO embedded Change in fair value of assets and liabilities — (188 ) (150 ) Other embedded Change in fair value of assets and liabilities (1,234 ) 1,423 (230 ) TBA securities Change in fair value of assets and liabilities (2,837 ) 330 — IRS Change in fair value of assets and liabilities 87,380 279,158 1,085,355 TRS Change in fair value of assets and liabilities (37,143 ) 4,093 113,236 CDS Change in fair value of assets and liabilities 4,689 (2,220 ) (626 ) Total change in fair value of assets and liabilities (40,986 ) (501,036 ) 1,858,978 Total derivative loss, net $ (576,255 ) (893,943 ) (2,900,618) Offsetting Assets and Liabilities Certain financial instruments and derivative instruments are eligible for offset on the Consolidated Balance Sheets under GAAP. The Company’s derivative instruments are subject to master netting arrangements and collateral arrangements. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis on the Consolidated Balance Sheets. The following tables present additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated: December 31, 2016 Gross amounts not offset in the Balance Sheet Gross Gross Net amounts in the Financial (1) Collateral Net Derivative assets $ 1,056,623 — 1,056,623 (615,349 ) (395,913 ) 45,361 Derivative liabilities $ (635,634 ) — (635,634 ) 615,349 37,092 16,807 Net derivatives $ 420,989 — 420,989 — (358,821 ) 62,168 December 31, 2015 Gross amounts not offset in Gross Gross Net amounts Balance Sheet Financial (1) Collateral Net Derivative assets $ 587,898 — 587,898 (346,116 ) (216,659 ) 25,123 Derivative liabilities $ (350,276 ) — (350,276 ) 346,116 4,160 — Net derivatives $ 237,622 — 237,622 — (212,499 ) 25,123 (1) Represents the amount of assets or liabilities that could be offset by liabilities or assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. In the tables above, the gross amounts of assets or liabilities as presented on the Consolidated Balance Sheets are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Measurements	(6) Fair Value Measurements The Fair Value Measurements and Disclosures Topic of the Codification establishes a fair value hierarchy that prioritizes the inputs used in the valuation techniques to measure fair value. Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 2 – Valuations derived from techniques that utilize observable inputs, other than quoted prices included in Level 1, which are observable for the asset or liability either directly or indirectly, such as: (a) Quoted prices for similar assets or liabilities in active markets. (b) Quoted prices for identical or similar assets or liabilities in markets that are not active. (c) Inputs other than quoted prices that are observable. (d) Inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 – Valuations derived from techniques in which the significant inputs are unobservable. Level 3 fair values reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The Company has analyzed the valuation techniques and related inputs, evaluated its assets and liabilities reported at fair value, and determined an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Based on the results of this evaluation and investment class analysis, each valuation was classified into Level 1, 2, or 3. The following tables present the assets and liabilities measured at fair value on a recurring basis and their corresponding level in the fair value hierarchy at December 31: Total Level 1 Level 2 Level 3 2016: Assets Fixed-maturity securities, available-for-sale: U.S. government $ 1,736,523 1,736,523 — — Agencies not backed by the full faith and credit of the U.S. government 8,857 — 8,857 — States and political subdivisions 9,954,613 — 9,925,338 29,275 Foreign government 438,927 — 404,687 34,240 Corporate securities 63,540,067 — 54,990,599 8,549,468 Mortgage-backed securities 11,650,264 — 11,609,060 41,204 CMOs 197,789 — 197,789 — CDOs 19,931 — — 19,931 Fixed-maturity securities, at fair value through income 37,051 36,901 — 150 Derivative assets 1,059,031 42,400 1,010,805 5,826 Equity securities, available-for-sale 320,166 320,166 — — Equity securities, trading 317,493 298,481 19,012 — Corporate-owned life insurance 338,092 — 338,092 — Separate account assets 27,733,261 27,733,261 — — Total assets $ 117,352,065 30,167,732 78,504,239 8,680,094 Liabilities Derivative liabilities $ 635,634 27,345 604,587 3,702 Separate account liabilities 27,733,261 27,733,261 — — Reserves at fair value (1) 20,152,641 — — 20,152,641 Total liabilities $ 48,521,536 27,760,606 604,587 20,156,343 Total Level 1 Level 2 Level 3 2015: Assets Fixed-maturity securities, available-for-sale: U.S. government $ 1,755,324 1,755,324 — — Agencies not backed by the full faith and credit of the U.S. government 10,514 — 10,514 — States and political subdivisions 8,998,534 — 8,998,035 499 Foreign government 272,167 — 238,794 33,373 Corporate securities 57,168,683 — 50,147,086 7,021,597 Mortgage-backed securities 12,497,799 — 12,442,893 54,906 CMOs 10,283 — 10,283 — CDOs 21,164 — — 21,164 Fixed-maturity securities, at fair value through income 37,111 37,111 — — Derivative assets 591,609 — 589,259 2,350 Equity securities, available-for-sale 68,611 68,611 — — Equity securities, trading 292,816 269,956 22,860 — Corporate-owned life insurance 316,926 — 316,926 — Separate account assets 28,243,123 28,243,123 — — Total assets $ 110,284,664 30,374,125 72,776,650 7,133,889 Liabilities Derivative liabilities $ 350,0321 — 316,509 33,812 Separate account liabilities 28,243,123 28,243,123 — — Reserves at fair value (1) 18,096,009 — — 18,096,009 Total liabilities $ 46,689,453 28,243,123 316,509 18,129,821 (1) Reserves at fair value are reported in Account balances and future policy benefit reserves on the Consolidated Balance Sheets. The following is a discussion of the methodologies used to determine fair values for the assets and liabilities listed in the above table. These fair values represent an exit price (i.e., what a buyer in the marketplace would pay for an asset in a current sale or charge to transfer a liability). (a) Valuation of Fixed-Maturity Securities and Equity Securities The fair value of fixed-maturity securities and equity securities is based on quoted market prices in active markets when available. Based on the market data, the securities are categorized into asset class, and based on the asset class of the security, appropriate pricing applications, models and related methodology, and standard inputs are utilized to determine what a buyer in the marketplace would pay for the security in a current sale. When quoted prices are not readily available or in an inactive market, standard inputs used in the valuation models, listed in approximate order of priority, include, but are not limited to, benchmark yields, reported trades, Municipal Securities Rulemaking Board reported trades, Nationally Recognized Municipal Securities Information Repository material event notices, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. In some cases, including private placement securities and certain difficult-to-price securities, internal pricing models may be used that are based on market proxies. Generally, U.S. Treasury securities and exchange-traded stocks are included in Level 1. Most bonds for which prices are provided by third-party pricing sources are included in Level 2, because the inputs used are market observable. Bonds for which prices were obtained from broker quotes, certain bonds without active trading markets and private placement securities that are internally priced are included in Level 3. The Company is responsible for establishing and maintaining an adequate internal control structure to prevent or detect material misstatements related to fair value measurements and disclosures. This responsibility is especially important when using third parties to provide valuation services. The Company’s control framework around third-party valuations begins with obtaining an understanding of the pricing vendor’s methodologies. A Pricing Committee is in place that meets quarterly to establish and review a pricing policy, which includes approving any changes to pricing sources, assessing reasonableness of pricing services, and addressing any ad hoc valuation issues that arise. The pricing methodologies used by the service providers and internal control reports provided by the service providers are reviewed by management. In addition to monitoring the third-party vendor’s policies, the Company is also responsible for monitoring the valuation results. Controls are in place to monitor the reasonableness of the valuations received. These controls include price analytic reports that monitor significant fluctuations in price as well as an IPV process by which the Company obtains prices from vendors other than the primary source and compares them for reasonableness. Results of the independent price verification are also reviewed by the Pricing Committee. There are limited instances in which the primary third-party vendor is not used to obtain prices for fixed-maturity securities. These instances include private placement securities and certain other immaterial portfolios priced by a secondary external vendor or internal models. At December 31, 2016 and 2015, private placement securities of $8,509,548 and $6,685,280, respectively, were included in Level 3. Internal pricing models based on market proxy spread and U.S. Treasury rates, which are monitored by the investment manager for reasonableness, are used to value these holdings. This includes ensuring the spreads used are still reasonable based on issuer specific credit development. The portfolios of securities received as a result of liquidating or consolidating CDOs are priced using a combination of third-party vendors and cash flow modeling. The methodology used is dependent on the availability of observable inputs. Prices are reviewed for reasonableness by reviewing cash flow projections, related yields on similar securities, and comparison to auction prices and other expectations. The securities are reviewed by Management via the Pricing Committee. (b) Valuation of Derivatives Active markets for OTC option assets and liabilities do not exist. The fair value of OTC option assets and liabilities is derived internally, by calculating their expected discounted cash flows, using a set of calibrated, risk-neutral stochastic scenarios, including a market data monitor, a market data model generator, a stochastic scenario calibrator, and the actual asset pricing calculator. The valuation results are reviewed by Management via the Pricing Committee. OTC options that are internally priced, foreign swaps, CDS, TBA securities, and IRS are included in Level 2, because they use market observable inputs. TRS are included in Level 3 because they use valuation techniques in which significant inputs are unobservable. The fair value of ETOs and futures are based on quoted market prices and are generally included in Level 1. Certain derivatives are priced using external third-party vendors. The Company has controls in place to monitor the valuations of these derivatives. Using market observable inputs, IRS prices are derived from a third-party source and are independently recalculated internally and reviewed for reasonableness at the position level on a monthly basis. TRS prices are obtained from the respective counterparties. These prices are also internally recalculated and reviewed for reasonableness at the position level on a monthly basis. (c) Valuation of Corporate-Owned Life Insurance The Company holds COLI policies with unrelated third parties. The cash surrender value of the policies is based on the value of the underlying assets, which are regularly priced. The cash surrender value approximates fair value for these policies and is considered Level 2 based on the use of observable inputs. (d) Valuation of Separate Account Assets and Liabilities Separate account assets are carried at fair value, which is based on the fair value of the underlying assets. Separate account assets consist primarily of variable investment option funds with the following investment types: bond, domestic equity, international equity, or specialty. Variable investment option funds are included in Level 1 because their fair value is based on net asset values that are quoted as prices (unadjusted) in an active, observable market. Additionally, the separate account assets hold certain money market funds which are also included in Level 1 because their fair value is based on quoted prices (unadjusted) in an active, observable market. In accordance with the Financial Services – Insurance Topic of the Codification, the fair value of separate account liabilities is set to equal the fair value of separate account assets. (e) Valuation of Reserves at Fair Value Reserves at fair value principally include the equity-indexed features contained in fixed-indexed annuity and life products, certain variable annuity riders and variable-indexed annuity products. Fair values of the embedded derivative liabilities are calculated based on internally developed models, because active, observable markets do not exist for these liabilities. The fair value is derived from techniques in which one or more significant inputs are unobservable and are included in Level 3. These fair values represent the Company’s best estimate of an amount that could be realized in a current market exchange absent actual market exchanges. The fair value of the embedded derivative contained in the fixed-indexed annuity products is the sum of the current year’s option value projected stochastically, the projection of future index growth at the option budget, and the historical interest/equity-indexed credits. The valuation of the embedded derivative includes an adjustment for the Company’s own credit standing and a risk margin for noncapital market inputs. The Company’s own credit adjustment is determined by taking into consideration publicly available information on industry default risk with considerations for the Company’s own credit profile. Risk margin is incorporated into the valuation model to capture the noncapital market risks of the instrument, which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of certain actuarial assumptions including surrenders, annuitization, and future equity index caps or participation rates. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility, changes in the Company’s own credit standing, and variations in actuarial assumptions regarding contractholder behavior and risk margin related to noncapital market inputs may result in significant fluctuations in the fair value of these embedded derivatives that could materially affect net income. The Company issues certain variable annuity products with guaranteed minimum benefit riders, including GMWB and GMAB riders. The fair value for these riders is estimated using the present value of future benefits minus the present value of future fees using actuarial and capital market assumptions related to the projected cash flows over the expected lives of the contracts. A risk neutral valuation methodology is used under which the cash flows from the riders are projected under multiple capital market scenarios using observable overnight index swap rates (OIS) plus funding valuation adjustments, as approximated by LIBOR. These cash flows are then discounted using the current month’s LIBOR plus a company specific spread. The expected life-contingent GMWB payments are discounted using a blend of short and long term rates to the date the account value is expected to be exhausted. These obligations are then discounted to the current date using LIBOR plus a spread for the Company’s own nonperformance risk. The valuation of these riders includes an adjustment for the Company’s own credit standing and a risk margin for noncapital market inputs. The Company’s own credit adjustment is determined taking into consideration publicly available information relating to the Company’s claims paying ability. Risk margin is established to capture the noncapital market risks of the instrument, which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of certain actuarial assumptions including surrenders, annuitization, and premium persistency. The establishment of the risk margin requires the use of significant management judgment. These riders may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility, changes in the Company’s own credit standing, and variations in actuarial assumptions regarding contractholder behavior and risk margins related to noncapital market inputs may result in significant fluctuations in the fair value of the riders that could materially affect net income. The Company elected the fair value option for certain insurance contracts related to the variable-indexed annuity product. The fair value is calculated internally using the present value of future expected cash flows, floored at the current contract value. Future expected cash flows are generated using contractual features, actuarial assumptions, and market emergence over a complete set of market consistent scenarios. Cash flows are then averaged over the scenario set and discounted back to the valuation date using the appropriate discount factors adjusted for nonperformance risk on the noncollateralized portions of the contract. The Company also has an embedded derivative asset related to a modified coinsurance agreement with an unrelated third party, which is reported within Derivative assets on the Consolidated Balance Sheets. This agreement results in a credit derivative, with a fair value based on the difference between the LIBOR and Corporate A- spread as of an average portfolio purchase date. The asset is included in Level 2 as the valuation uses market observable inputs. This derivative is on a closed block of business and is not significant to the ongoing results of the Company. (f) Level 3 Rollforward The following table provides a reconciliation of the beginning and ending balances for the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis: Fixed-maturity securities Available-for-sale Trading States and Mortgage- political Foreign Corporate backed Corporate Derivative Derivative Reserves at subdivisions government securities securities CDOs securities assets liabilities fair value 2016: Balance, beginning of year $ 499 33,373 7,021,597 54,906 21,164 — 2,350 (33,812 ) (18,096,009 ) Total realized/unrealized gains (losses) included in: Net income — — (86,539 ) 1,393 — — 553,778 (583,731 ) (649,516 ) Other comprehensive income (loss) 790 867 272,556 302 (503 ) — — — — Purchases and issuances 27,986 — 2,054,111 730 — 150 — — (2,805,725 ) Sales and settlements — — (428,407 ) (16,127 ) (730 ) — (550,302 ) 613,841 1,398,609 Transfer into Level 3 — — — — — — — — — Transfer out of Level 3 — — (283,850 ) — — — — — — Balance, end of year 29,275 34,240 8,549,468 41,204 19,931 150 5,826 (3,702 ) (20,152,641 ) (Losses) gains included in net income related to financial instruments still held at December 31, 2016 (1) — — (80,134 ) — — — 3,476 (30,111 ) (649,516 ) Fixed-maturity securities Available-for-sale Trading States and Mortgage- political Foreign Corporate backed Corporate Derivative Derivative Reserves at subdivisions government securities securities CDOs securities assets liabilities fair value 2015: Balance, beginning of year $ — 34,147 5,733,760 1,332 45,229 — 11,583 (757 ) (17,052,283 ) Total realized/unrealized gains (losses) included in: Net income — — (20,453 ) 30 516 — 182,923 (179,854 ) 273,778 Other comprehensive income (loss) (1 ) (774 ) (339,441 ) (2 ) (167 ) — — — — Purchases and issuances 500 — 1,982,406 — — — — — (2,687,078 ) Sales and settlements — — (335,492 ) (1,314 ) (24,414 ) — (192,156 ) 146,799 1,369,574 Transfer into Level 3 — — 817 54,860 — — — — — Transfer out of Level 3 — — — — — — — — — Balance, end of year 499 33,373 7,021,597 54,906 21,164 — 2,350 (33,812 ) (18,096,009 ) (Losses) gains included in net income related to financial instruments still held at December 31, 2015 (1) (2) — — (27,526 ) — 36 — 2,917 (28,494 ) 273,778 (1) The Company classifies realized and unrealized gains (losses) on Reserves at fair value as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track the realized gains (losses) on a contract-by-contract basis. (2) The previously issued 2015 financial statements improperly disclosed losses included in net income related to Reserves at fair value still held at December 31, 2015 by including issuances of $2,687,078. The December 31, 2015 amount has been corrected to conform with current year presentation. (g) Transfers The Company reviews its fair value hierarchy classifications annually. This review could reveal that previously observable inputs for specific assets or liabilities are no longer available or reliable. For example, the market for a Level 1 asset becomes inactive. In this case, the Company may need to adopt a valuation technique that relies on observable or unobservable components causing the asset to be transferred to Level 2 or Level 3. Alternatively, if the market for a Level 3 asset or liability becomes active, the Company will report a transfer out of Level 3. Transfers into and/or out of Levels 1, 2, and 3 are reported as of the end of the period in which the change occurs. In 2016, transfers into Level 3 were $0 and transfers out of Level 3 were $283,850. All transfers out of Level 3 were recategorized as Level 2 as quoted market prices for similar securities became available, were considered reliable, and could be validated against an alternative source. In 2015, transfers into Level 3 were $55,677 and transfers out of Level 3 were $0. All transfers into Level 3 were a result of observable inputs no longer being considered reliable or could no longer be validated against an alternative source. There were no transfers between Level 1 and Level 2 for the years ended December 31, 2016 and 2015. (h) Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs The following table provides a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities on a recurring basis at December 31, 2016: Fair value Valuation Technique Unobservable input Range (weighted Fixed-maturity securities: Available-for-sale: States and political subdivisions $ 29,275 Discounted cash flow Option adjusted spread* 166 (166) Foreign government 34,240 Discounted cash flow Option adjusted spread 62-75 (70) Corporate securities 8,549,468 Discounted cash flow Option adjusted spread -214-2,112 (147) CDOs 19,931 Third-Party Vendor Default and discount rates ** Mortgage-backed securities 41,204 Third-Party Vendor Default and discount rates ** Trading: Corporate securities 150 Cost N/A N/A Derivative assets: TRS $ 5,826 Third-Party Vendor Spread and discount rates ** Derivative liabilities: TRS $ (3,702) Third-Party Vendor Spread and discount rates ** Reserves at Fair Value: MVLO $ (15,141,482) Discounted cash flow Annuitizations 0–25% Surrenders 0–25% Mortality*** 0–100% Withdrawal Benefit Election 0–50% GMWB and GMAB (2,399,597) Discounted cash flow Surrenders 0.5–35% Mortality*** 0–100% Variable-indexed annuity (2,611,562) Contract value N/A**** N/A**** * No range is applicable due to only one security within classification. ** Management does not have insight into the specific assumptions used. See narrative below for qualitative discussion. *** Mortality assumptions are derived by applying management determined factors to the Annuity 2000 Mortality Table. **** Unobservable inputs are not applicable as the fair value of the variable-indexed annuity reserve is held at contract value. (i) Sensitivity of Fair Value Measurements to Changes in Unobservable Inputs Fixed-maturity securities: CDOs and mortgage-backed securities are priced by a third-party vendor and the Company internally reviews the valuation for reasonableness. The Company does not have insight into the specific inputs used; however, the key unobservable inputs would generally include default rates. A significant decrease (increase) in default rates could result in an increase (decrease) in fair value. Derivative assets and liabilities: Reserves at fair value: (j) Nonrecurring Fair Value Measurements Occasionally, certain assets and liabilities are measured at fair value on a nonrecurring basis. There were no nonrecurring fair value adjustments recorded in 2016, 2015, or 2014. (k) Fair Value of Financial Assets and Liabilities The following table presents the carrying amounts and fair values of financial assets and liabilities carried at book value at December 31: 2016 Carrying amount Fair value Level 1 Level 2 Level 3 Total Financial assets: Held-to-maturity fixed-maturity securities $ 28 — — 3,630 3,630 Mortgage loans on real estate 10,351,741 — — 10,900,205 10,900,205 Loans to affiliates 39,120 — — 39,120 39,120 Policy loans 171,012 — 171,012 — 171,012 Acquired loans 192,380 — — 261,307 261,307 Other invested assets 164,830 — — 164,830 164,830 Collateral held from securities lending agreements 2,561,219 — 2,561,985 — 2,561,985 Financial liabilities: Investment contracts $ 77,305,738 — — 78,018,770 78,018,770 Mortgage notes payable 76,916 — — 87,981 87,981 2015 Carrying amount Fair value Level 1 Level 2 Level 3 Total Financial assets: Held-to-maturity fixed-maturity securities $ 55 — — 5,279 5,279 Mortgage loans on real estate 8,788,018 — — 9,042,293 9,042,293 Loans to affiliates 33,005 — — 32,733 32,733 Policy loans 163,129 — 163,129 — 163,129 Acquired loans 224,083 — — 271,927 271,927 Other invested assets 92,977 — — 92,977 92,977 Collateral held from securities lending agreements 2,480,910 — 2,480,911 — 2,480,911 Financial liabilities: Investment contracts $ 72,088,078 — — 72,832,319 72,832,319 Other liabilities 500,000 — — 499,079 499,079 Mortgage notes payable 84,761 — — 98,890 98,890 The fair value of certain fixed-maturity securities classified as “held-to-maturity” is calculated internally with cash flow models using unobservable inputs and is categorized as Level 3. The fair value of mortgage loans on real estate is calculated by analyzing individual loans and assigning ratings to each loan based on a combination of loan-to-value ratios and debt service coverage ratios. Default rates and loss severities are then applied to each loan and a fair value is determined based on these factors as well as the contractual cash flows of each loan and the current market interest rates for similar loans. The inputs used are unobservable and the fair value is classified as Level 3. Loans to affiliates are carried at cost, which approximates fair value. Loans to affiliates are classified as Level 3 due to transfer restrictions and lack of liquidity. Policy loans are supported by the underlying cash value of the policies and are carried at unpaid principal balances, which approximate fair value. Therefore, fair value is classified as Level 2. Acquired loans are initially recorded at fair value, and changes in expected cash flows are recorded as adjustments to accretable yield, to the carrying amount, or both. Fair values are obtained using a combination of third-party vendors cash flow modeling and matrix pricing with unobservable inputs. Due to lack of an active market and uncertainty on receiving contractual cash flows, acquired loans are classified as Level 3. Other invested assets relate to an investment in FHLB stock, loans to non-affiliates, and miscellaneous partnership investments. The investment in FHLB stock and loans to non-affiliates are carried at cost, which approximate fair value, and are classified as Level 3 due to transfer restrictions and lack of liquidity. The partnership investments are valued utilizing the equity method of accounting, and are classified as Level 3 because there is no active market and the fair value is determined by valuation techniques in which significant inputs are unobservable. Collateral held from securities lending agreements is primarily comprised of short-term, highly liquid, fixed maturity securities. Fair values are determined and classified within the fair value hierarchy in a manner consistent with the method utilized to determine the fair value of similar securities (fixed-income securities, equity securities, cash and cash equivalents) held within the Company’s General Account investment portfolio. Therefore, the fair value is classified as Level 2. Investment contracts include certain reserves related to annuity products. These reserves are included in the Account balances and future policy benefit reserves on the Consolidated Balance Sheets. The fair values of the investment contracts are determined by testing amounts payable on demand against discounted cash flows using market interest rates commensurate with the risks involved, including consideration of the Company’s own credit standing and a risk margin for noncapital market inputs. Therefore, fair value is classified as Level 3. The previously issued 2015 financial statements improperly disclosed the carrying amount and fair value of investment contracts as $89,282,957 and $90,027,198, respectively. Investment contracts previously included reserves that are held at fair value on a recurring basis and reserves that do not meet the definition of a financial liability with a total carrying amount and fair value of $17,194,879. The December 31, 2015 amounts have been corrected to conform with current year presentation. The fair value of mortgage notes payable is the sum of the outstanding balance of the note payable plus the expected prepayment penalty due to the lender if the Company were to prepay the mortgage. The Company believes this approximates fair value, as the calculation of the prepayment penalty is based on current market interest rates and represents lost interest to the lender and is an exit price. The penalty is based on specific provisions provided by the lender, which is an unobservable input. Therefore, the liability is classified as Level 3. Changes in market conditions subsequent to year-end may cause fair values calculated subsequent to year-end to differ from the amounts presented herein.

Financing Receivables

Financing Receivables	12 Months Ended
	Dec. 31, 2016
Financing Receivables	(7) Financing Receivables The Company’s financing receivables are comprised of mortgage loans, nontrade receivables, loans to affiliates, and loans to non-affiliates. Mortgage loans consist of the unpaid balance of mortgage loans on real estate. Nontrade receivables are amounts for policy or contract premiums due from the agents and broker-dealers, or amounts due from reinsurers. Loans to affiliate include loans to related parties to fund certain companywide projects. Loans to non-affiliates are loans that are intended to meet certain financial objectives of the Company, AZOA, and Allianz SE. The mortgage loans and nontrade receivables are evaluated on a collective basis for impairment unless circumstances arise that warrant individual evaluation. The loans to affiliates and loans to non-affiliates are evaluated individually and do not require an allowance as of December 31, 2016 and 2015. For additional information, see note 2 for nontrade receivables, note 4 for mortgage loans, and note 19 for loans to affiliates. Credit Quality Indicators The Company analyzes certain financing receivables for credit risk by using specific credit quality indicators. The Company has determined the loan-to-value ratio and the debt service coverage ratio are the most reliable indicators in analyzing the credit risk of its mortgage loan portfolio. The loan-to-value ratio is based on the Company’s internal valuation methodologies, including discounted cash flow analysis and comparative sales, depending on the characteristics of the property being evaluated. The debt service coverage ratio analysis is normalized to reflect a 25 year amortization schedule. The credit quality as of December 31 is shown below: Debt Service Coverage Ratios 2016: Greater than 1.4x 1.2x – 1.4x 1.0x – 1.2x Less than 1.0x Total Percent of Total Loan-to-value ratios: Less than 50% $ 3,694,757 133,289 53,761 — 3,881,807 37.3 % 50% – 60% 3,740,956 173,453 23,378 18,930 3,956,717 38.0 60% – 70% 1,442,783 502,746 26,005 43,607 2,015,141 19.4 70% – 80% 198,103 153,481 24,086 — 375,670 3.6 80% – 90% 57,439 83,046 27,384 2,937 170,806 1.7 90% – 100% — — — — — — Greater than 100% — — — — — — Total $ 9,134,038 1,046,015 154,614 65,474 10,400,141 100.0 % Debt Service Coverage Ratios 2015: Greater than 1.4x 1.2x – 1.4x 1.0x – 1.2x Less than 1.0x Total Percent of Total Loan-to-value ratios: Less than 50% 3,310,857 134,224 117,417 76 3,562,574 40.4 % 50% – 60% 2,056,466 492,618 99,041 2,834 2,650,959 30.0 60% – 70% 1,347,641 633,125 51,113 66,702 2,098,581 23.8 70% – 80% 72,551 107,527 50,712 87,160 317,950 3.6 80% – 90% 96,548 51,230 27,874 6,460 182,112 2.0 90% – 100% — — 13,242 — 13,242 0.2 Greater than 100% — — — — — — Total 6,884,063 1,418,724 359,399 163,232 8,825,418 100.0 % The Company’s nontrade receivables are analyzed for credit risk based upon the customer classification of agent or reinsurer. The nontrade receivable and allowance for credit losses by customer classification as of December 31 are shown below: 2016 2015 Agent Reinsurer Total Agent Reinsurer Total Nontrade receivables $ 11,860 20,963 32,823 6,976 23,581 30,557 Allowance for credit losses (4,876 ) — (4,876 ) (5,525 ) — (5,525 ) Net nontrade receivables $ 6,984 20,963 27,947 1,451 23,581 25,032 Rollforward of Allowance for Credit Losses The allowances for credit losses and recorded investment in financing receivables as of December 31 are shown below: Mortgage Nontrade Loans to Loans to non-affiliates Total 2016: Financing receivables, gross $ 10,400,141 32,823 39,120 10,145 10,482,229 Allowance for credit losses: Beginning balance $ 37,400 5,525 — — 42,925 Provision/(benefit) 11,000 (649 ) — — 10,351 Ending balance 48,400 4,876 — — 53,276 Financing receivables ending balance net of valuation allowance $ 10,351,741 27,947 39,120 10,145 10,428,953 Mortgage Nontrade Loans to Loans to non-affiliates Total 2015: Financing receivables, gross $ 8,825,418 30,557 33,000 11,341 8,900,316 Allowance for credit losses: Beginning balance $ 35,000 6,486 — — 41,486 Provision/(benefit) 2,400 (961 ) — — 1,439 Ending balance 37,400 5,525 — — 42,925 Financing receivables ending balance net of valuation allowance $ 8,788,018 25,032 33,000 11,341 8,857,391 The Company evaluates the mortgage loan allowance for loan loss quarterly, which resulted in an increase of the provision of $11,000 and $2,400 for the years ended December 31, 2016 and 2015, respectively. The increase to the allowance for loan loss is a result of the growing asset base of the mortgage loan portfolio partially offset by improving quality indicators. Past-Due Aging Analysis Aging analysis of past-due financing receivables as of December 31 is shown below: 31–60 days past due 61–90 days past due Greater than past due Total Current Total 2016: Mortgage loans $ — — — — 10,400,141 10,400,141 Nontrade receivables 7,590 1,662 6,712 15,964 16,859 32,823 Loans to affiliates — — — — 39,120 39,120 Loans to non-affiliates 109 10 71 190 9,955 10,145 Total $ 7,699 1,672 6,783 16,154 10,466,075 10,482,229 31–60 days past due 61–90 days past due Greater than past due Total Current Total 2015: Mortgage loans $ — — — — 8,825,418 8,825,418 Nontrade receivables 6,893 1,796 5,629 14,318 16,239 30,557 Loans to affiliates — — — — 33,000 33,000 Loans to non-affiliates 60 — — 60 11,281 11,341 Total $ 6,953 1,796 5,629 14,378 8,885,938 8,900,316 As of December 31, 2016 and 2015, the Company’s financing receivables did not include any balances which are on a nonaccrual status, classified as a troubled debt restructuring, or impaired without a corresponding allowance for credit loss.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2016
Reinsurance	(8) Reinsurance The Company primarily enters into reinsurance agreements to manage risk resulting from its life, annuity, and accident and health businesses, as well as businesses the Company has chosen to exit. In the normal course of business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding risks under excess yearly renewal term (YRT) coverage. The Company may also enter into coinsurance agreements for the purpose of preserving capital. The Company generally retained between $1,000 and $5,000 coverage per individual life depending on the type of policy for the years ended December 31, 2016 and 2015. The Company monitors the financial exposure to the reinsurers, as well as evaluates the financial strength of the reinsurers on an ongoing basis. The Company attempts to mitigate risk by arranging trust accounts or letters of credit with certain reinsurers. Reinsurance recoverables at December 31, 2016 and 2015 are covered by collateral of $3,419,252 and $3,485,810, respectively. The effect of reinsurance on premiums is disclosed in Schedule IV in the Consolidated Financial Statements.

Deferred Acquisition Costs

Deferred Acquisition Costs	12 Months Ended
	Dec. 31, 2016
Deferred Acquisition Costs	(9) Deferred Acquisition Costs DAC at December 31 and the changes in the balance for the years then ended are as follows: 2016 2015 2014 Balance, beginning of year $ 6,283,236 4,362,771 4,820,215 Capitalization 1,006,773 911,425 1,349,236 Interest 172,195 181,239 177,754 Amortization (1,438,375 ) (1,331,923 ) (853,904 ) Change in shadow DAC (777,486 ) 2,159,724 (1,130,530 ) Balance, end of year $ 5,246,343 6,283,236 4,362,771 The Company reviews its best estimate assumptions each year and records “unlocking” as appropriate. These reviews are based on recent changes in the organization and businesses of the Company and actual and expected performance of in-force policies. The reviews include all assumptions, including mortality, lapses, expenses, and separate account returns. The revised best estimate assumptions were applied to the current in-force policies to project future gross profits. The pretax impact on the Company’s assets and liabilities as a result of the unlocking during the years ended December 31 is as follows: 2016 2015 2014 Assets: DAC $ (246,669 ) (109,797 ) (5,294 ) DSI (51,156 ) (32,400 ) (8,673 ) VOBA (212 ) (180 ) (120 ) Reinsurance recoverables 2,934 5,471 117 Total decrease in assets (295,103 ) (136,906 ) (13,970 ) Liabilities: Account balances and future policy benefit reserves (412,959 ) (154,064 ) (38,177 ) Unearned premiums (1,787 ) (48,369 ) (1,968 ) Total decrease in liabilities (414,746 ) (202,433 ) (40,145 ) Net increase before tax 119,643 65,527 26,175 Deferred income tax expense 41,875 22,934 9,161 Net increase after tax $ 77,768 42,593 17,014

Deferred Sales Inducements

Deferred Sales Inducements	12 Months Ended
	Dec. 31, 2016
Deferred Sales Inducements	(10) Deferred Sales Inducements DSI at December 31 and the changes in the balance for years then ended are as follows: 2016 2015 2014 Balance, beginning of year $ 1,110,192 847,000 1,076,530 Capitalization 29,176 48,546 143,717 Amortization (277,616 ) (284,883 ) (183,504 ) Interest 28,569 33,927 35,528 Change in shadow DSI (125,767 ) 465,602 (225,271 ) Balance, end of year $ 764,554 1,110,192 847,000 The change in shadow DSI balances are impacted by movements in unrealized gains and losses as a result of market conditions. See note 9 for impacts of unlocking relating to DSI.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes	(11) Income Taxes (a) Income Tax Expense (Benefit) Total income tax expense for the years ended December 31 is as follows: 2016 2015 2014 Income tax expense attributable to operations: Current tax expense $ 558,016 551,052 265,586 Deferred tax (benefit) (202,860 ) (307,986 ) (240,863 ) Total income tax expense attributable to net income 355,156 243,066 24,723 Income tax effect on equity: Income tax expense allocated to stockholder’s equity: Attributable to unrealized gains (losses) on investments 357,363 (691,519 ) 418,073 Attributable to unrealized gains on 36 — — Attributable to unrealized gains (losses) 373 (2,159 ) (1,132 ) Total income tax effect on equity $ 712,928 (450,612 ) 441,664 (b) Components of Income Tax Expense Income tax expense computed at the statutory rate of 35% varies from Income tax expense reported in the Consolidated Statements of Operations for the respective years ended December 31 as follows: 2016 2015 2014 Income tax expense computed at the statutory rate $ 400,167 295,177 63,066 Dividends-received deductions and tax-exempt interest (40,326 ) (40,687 ) (27,849 ) State income tax 11,266 4,642 4,106 (Release) accrual of LIH tax credits (5,819 ) (1,284 ) 321 Accrual (release) of tax contingency reserve 373 (10,701 ) 2,180 Foreign tax, net (3,587 ) (3,143 ) (3,202 ) Corporate-owned life insurance (7,833 ) (2,285 ) (7,806 ) Penalties (47 ) 529 (6,174 ) Other 962 818 81 Income tax expense as reported $ 355,156 243,066 24,723 (c) Components of Deferred Tax Assets and Liabilities on the Consolidated Balance Sheets Tax effects of temporary differences giving rise to the significant components of the net deferred tax asset (liability). The net deferred tax asset (liability) on the Consolidated Balance Sheets at December 31 is as follows: 2016 2015 Deferred tax assets: Policy reserves $ 3,326,409 3,219,849 Expense accruals 40,792 47,412 Other-than-temporarily impaired assets 40,821 20,961 Provision for postretirement benefits 49,437 34,072 Other 3,267 6,898 Total deferred tax assets 3,460,726 3,329,192 Deferred tax liabilities: Deferred acquisition costs (1,533,188 ) (1,948,643 ) Investment income (253,987 ) (230,228 ) Depreciation and amortization (59,822 ) (55,351 ) Net unrealized gains on investments and foreign exchange (1,225,720 ) (551,999 ) Total deferred tax liabilities (3,072,717 ) (2,786,221 ) Net deferred tax asset $ 388,009 542,971 Although realization is not assured, the Company believes it is not necessary to establish a valuation allowance for ordinary deferred tax assets, as it is more likely than not the deferred tax assets will be realized principally through future reversals of existing ordinary taxable temporary differences and future ordinary taxable income. For deferred tax assets that are capital in nature, considering all objective evidence and the available tax planning strategy, it is more likely than not the deferred tax assets that are capital in nature will be realized and no valuation allowance is required. The amount of the ordinary and capital deferred tax assets considered realizable could be reduced in the near term if estimates of future reversals of existing taxable temporary differences and future ordinary and capital taxable income are reduced. Income taxes paid by the Company were $914,413, $329,563, and $250,127 in 2016, 2015, and 2014, respectively. At December 31, 2016 and 2015, respectively, the Company had a tax (receivable from)/payable to AZOA of ($89,111) and $291,948, reported in Other assets and Other liabilities, respectively, on the Consolidated Balance Sheets. At December 31, 2016 and 2015, the Company had a tax payable separate from the agreement with AZOA in the amount of $18 and $119, respectively. These amounts are for foreign taxes. The Company is included in the consolidated group for which AZOA files a federal income tax return on behalf of all group members. As a member of the AZOA consolidated group, the Company is no longer subject to U.S. federal and non-U.S. income tax examinations for years prior to 2013, though examinations of combined returns filed by AZOA, which include the Company by certain U.S. state and local tax authorities, may still be conducted for 2008 and subsequent years. The last Internal Revenue Service examination of AZOA involved amended returns filed by AZOA for the 2008 and 2009 tax years. These amended returns were accepted by the Internal Revenue Service as filed. The IRS has initiated an examination for AZOA’s 2011 tax return. While 2011 is closed to assessment, AZOA did file an amended tax return on which it claimed income tax refunds. Under federal tax law, the amount claimed is subject to offsetting assessments even though the statute of limitations for the year is closed. In accordance with the Income Taxes Topic of the Codification, the Company recognizes liabilities for certain unrecognized tax benefits. Reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2016 2015 Balance at January 1 $ 1,367 59,103 Additions based on tax positions related to the current year 330 359 Amounts released related to tax positions taken in prior years — (58,095 ) Balance at December 31 $ 1,697 1,367 The balance at December 31, 2016, consists of tax positions for which the deductibility is more likely than not. The disallowance would affect the annual effective tax rate. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in federal income tax expense. During the years ended December 31, 2016, 2015, and 2014, the Company recognized expenses/(benefit) of $373, ($10,701), and $2,180, respectively, in interest and penalties. The Company had $1,805 and $1,431 for the payment of interest and penalties accrued at December 31, 2016 and 2015, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets	(12) Goodwill and Intangible Assets Goodwill at December 31, 2016 and 2015, and the changes in the balance for the years then ended are as follows: 2016 2015 Balance, beginning of year $ 482,905 482,905 Increase in goodwill due to acquisition (1) 4,929 — Balance, end of year $ 487,834 482,905 The goodwill balance at December 31, 2016 and 2015, relates to the Individual Annuity segment. See note 24 for further discussion regarding the operating segments. Intangible assets at December 31, 2016 and 2015, and the changes in the balance for the years then ended are as follows: 2016 2015 Balance, beginning of year $ — 2,050 Increase in intangibles due to acquisition (1) 2,872 — Amortization (376 ) — Transfer to held-for-sale — (2,050 ) Balance, end of year $ 2,496 — (1) The increase in goodwill and intangible assets relates to the acquisition of a Field Marketing Office (FMO). See note 19 for further details regarding the acquisition. During 2015, intangible assets of $2,050 were transferred to held-for-sale assets, and recorded in Other assets on the Consolidated Balance Sheets. See note 2 for further details. The net amortization of the intangible assets in each of the next five years is as follows: 2017 $ 410 2018 410 2019 410 2020 410 2021 410 2022 and beyond 446 Accumulated amortization of intangible assets is $14,869 and $14,493 as of December 31, 2016 and 2015, respectively. Goodwill and intangible assets are reviewed on an annual basis and impairment considerations are made depending on economic market conditions. There were no impairments to goodwill or intangible assets in 2016 or 2015.

Value of Business Acquired

Value of Business Acquired	12 Months Ended
	Dec. 31, 2016
Value of Business Acquired	(13) Value of Business Acquired VOBA at December 31 and the changes in the balance for the years then ended are as follows: 2016 2015 2014 Balance, beginning of year $ — — — Interest 127 210 314 Amortization (1,619 ) (2,950 ) (3,479 ) Change in shadow VOBA 1,492 2,740 3,165 Balance, end of year $ — — — The net amortization of the VOBA in each of the next five years is expected to be as follows: 2017 $ 2,059 2018 1,731 2019 711 2020 and beyond — Accumulated amortization of VOBA is $242,835 and $241,216 as of December 31, 2016 and 2015, respectively.

Separate Accounts and Annuity P

Separate Accounts and Annuity Product Guarantees	12 Months Ended
	Dec. 31, 2016
Separate Accounts and Annuity Product Guarantees	(14) Separate Accounts and Annuity Product Guarantees The following assumptions were used to determine the GMDB and GMIB liabilities as of December 31, 2016 and 2015: • 100 stochastically generated investment performance scenarios. • Mean investment performance assumption of 6.5% in 2016 and 2015. • Volatility assumption of 13.4% in 2016 and 2015. • For 2016 mortality assumption is based on the Annuity 2000 mortality table for all variable products. The 2016 past mortality improvement is based on gender distinct mortality loads varying by attained age, and future mortality improvement factors are based on gender distinct projection scales varying by attained age and subject to grading factors. The 2015 mortality assumption was 87% of the Annuity 2000 mortality table with a constant mortality improvement. • Lapse rates vary by contract type and duration. Spike rates could approach 40% with an ultimate rate around 15%. • Discount rates vary by contract type and equal an assumed long-term investment return (6.5%), less the applicable mortality and expense rate. • GMIB contracts contain a dynamic lapse assumption. For example, if the contract is projected to have a large additional benefit, then it becomes less likely to lapse. The following assumptions were used to determine the GMAB and GMWB liabilities as of December 31, 2016 and 2015: • 1000 stochastically generated investment performance scenarios. • Market volatility assumption varies by fund type and grades from a current volatility number to a long-term assumption over one year as shown below: 2016 Fund index type Current volatility Long-term volatility Large cap 16.3 % 18.1 % Bond 3.4 3.9 International 16.8 21.4 Small cap 20.3 21.5 2015 Fund index type Current volatility Long-term volatility Large cap 17.6 % 18.1 % Bond 3.4 3.9 International 17.9 23.1 Small cap 20.8 21.3 • For 2016 mortality assumption is based on the Annuity 2000 mortality table for all variable products. The 2016 past mortality improvement is based on gender distinct mortality loads varying by attained age, and future mortality improvement factors are based on gender distinct projection scales varying by attained age and subject to grading factors. The 2015 mortality assumption was 87% of the Annuity 2000 mortality table with a constant mortality improvement. • Lapse rates vary by contract type and duration. Spike rates could approach 40% with an ultimate rate around 15%. Guaranteed minimums for the respective years ended December 31 are summarized as follows (note that the amounts listed are not mutually exclusive, as many products contain multiple guarantees): 2016 2015 Account value Net amount at risk Weighted Account value Net amount Weighted age GMDB: Return of premium $ 23,400,820 73,163 63.9 $ 22,106,973 144,789 63.4 Ratchet and return of premium 4,602,792 142,357 67.8 4,799,853 265,614 67.1 Ratchet and rollup 3,602,988 484,301 71.0 3,756,726 590,255 70.2 Ratchet and earnings protection rider 3,072 885 84.4 3,006 1,105 83.2 Reset 84,191 692 76.1 88,037 1,422 75.7 Earnings protection rider 235,360 22,383 68.8 244,262 21,146 68.1 Total $ 31,929,223 723,781 $ 30,998,857 1,024,331 GMIB: Return of premium $ 92,121 325 72.9 $ 103,455 390 71.7 Ratchet and return of premium 1,885,185 4,526 70.3 2,128,810 39,990 69.4 Ratchet and rollup 4,653,568 723,893 67.5 4,921,715 894,936 66.7 Total $ 6,630,874 728,744 $ 7,153,980 935,316 GMAB: Five years $ 2,738,307 10,160 69.9 $ 3,125,235 75,278 68.8 Ten years 3,212 1 82.2 3,144 1 81.2 Target date retirement-7 year 613,746 1,218 63.9 685,742 26,416 63.2 Target date retirement-10 year 250,033 4,559 60.5 271,947 17,557 59.8 Target date with management levers 3,332,790 73,070 61.9 3,361,471 189,196 61.3 Total $ 6,938,088 89,008 $ 7,447,539 308,449 GMWB: No living benefit $ 707,212 — 69.0 $ 689,570 — 68.5 Life benefit with optional reset 921,876 171,135 68.7 951,084 182,920 68.1 Life benefit with automatic reset 1,471,419 194,438 65.2 1,498,005 205,492 64.4 Life benefit with 8% rollup 28,562 6,286 70.2 30,070 6,520 69.1 Life benefit with 10% rollup 1,109,985 348,423 64.6 1,138,409 338,886 63.8 Life benefit with management levers 11,579,110 2,307,239 61.3 11,283,267 2,054,036 60.7 Total $ 15,818,164 3,027,521 $ 15,590,405 2,787,854 The growth in account values has outpaced the growth in the net amount at risk in 2016 due to the increased market performance of the separate accounts. At December 31, variable annuity account balances were invested in separate account funds with the following investment objectives. Balances are presented at fair value: Investment type 2016 2015 Bond $ 3,484,805 3,447,255 Domestic equity 13,959,524 14,225,576 International equity 1,308,840 1,473,393 Specialty 8,320,880 8,362,991 Money market 585,039 655,648 Other 74,173 78,260 Total $ 27,733,261 28,243,123 The following table summarizes the liabilities for variable contract guarantees that are reflected in the general account and shown in Account balances and future policy benefit reserves on the Consolidated Balance Sheets: GMDB GMIB GMAB GMWB Totals Balance as of December 31, 2014 $ 86,422 152,779 264,857 1,491,280 1,995,338 Incurred guaranteed benefits 24,238 34,835 122,095 679,259 860,427 Paid guaranteed benefits (13,633 ) (11,149 ) (12,095 ) — (36,877 ) Balance as of December 31, 2015 97,027 176,465 374,857 2,170,539 2,818,888 Incurred guaranteed benefits 9,845 (17,290 ) (96,596 ) (14,236 ) (118,277 ) Paid guaranteed benefits (17,598 ) (13,942 ) (34,898 ) (69 ) (66,507 ) Balance as of December 31, 2016 $ 89,274 145,233 243,363 2,156,234 2,634,104

Accident and Health Claim Reser

Accident and Health Claim Reserves	12 Months Ended
	Dec. 31, 2016
Accident and Health Claim Reserves	(15) Accident and Health Claim Reserves Accident and health claim reserves are based on estimates that are subject to uncertainty. Uncertainty regarding reserves of a given accident year is gradually reduced as new information emerges each succeeding year, thereby allowing more reliable reevaluations of such reserves. While management believes that reserves as of December 31, 2016, are appropriate, uncertainties in the reserving process could cause such reserves to develop favorably or unfavorably in the near term as new or additional information emerges. Any adjustments to reserves are reflected in the operating results of the periods in which they are made. Movements in reserves could significantly impact the Company’s future reported earnings. Activity in the accident and health claim reserves is summarized as follows: 2016 2015 2014 Balance at January 1, net of reinsurance recoverables of $340,048, $283,252, and 259,829, respectively $ 157,321 135,168 127,405 Adjustment primarily related to commutation and assumption reinsurance on blocks of business 34 323 (35 ) Incurred related to: Current year 93,844 71,378 60,474 Prior years 789 (4,275 ) (11,243 ) Total incurred 94,633 67,103 49,231 Paid related to: Current year 5,829 4,331 3,677 Prior years 49,556 40,942 37,756 Total paid 55,385 45,273 41,433 Balance at December 31, net of reinsurance recoverables of $396,850, $340,048, and $283,252, respectively $ 196,603 157,321 135,168 Prior year incurred claim reserves for 2016 were unfavorable as a result of re-estimation of unpaid claims and claim adjustment expenses, principally on individual LTC and group health lines of business. Prior year incurred claim reserves for 2015 and 2014 reflect favorable claim development primarily within the individual LTC line of business. This favorable development is partially due to an update to claim continuance assumptions.

Mortgage Notes Payable

Mortgage Notes Payable	12 Months Ended
	Dec. 31, 2016
Mortgage Notes Payable	(16) Mortgage Notes Payable In 2004, the Company obtained an $80,000 mortgage loan from an unrelated third party for the Company’s headquarters. In 2005, the Company agreed to enter into a separate loan agreement with the same counterparty in conjunction with the construction of an addition to the Company’s headquarters of $65,000. This loan was funded in 2006 and combined with the existing mortgage. As of December 31, 2016 and 2015, the combined loan had a balance of $76,916 and $84,761, respectively. This 20 year, fully amortizing loan has an interest rate of 5.52%, with a maturity date of August 1, 2024. The level principal and interest payments are made monthly. The loan allows for prepayment; however, it is accompanied by a make-whole provision. The proceeds of this mortgage were used to pay off a floating rate construction loan that the Company used to finance the acquisition of property for, and construction of, the Company’s headquarters. Interest expense for all loans is $4,449, $4,871, and $5,271 in 2016, 2015, and 2014, respectively, and is presented in General and administrative expenses in the Consolidated Statements of Operations. The future principal payments required under the loan are as follows: 2017 $ 8,288 2018 8,758 2019 9,254 2020 9,778 2021 and beyond 40,839 Total $ 76,917

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies	(17) Commitments and Contingencies The Company and its subsidiaries are named as defendants in various pending or threatened legal proceedings on an ongoing basis, including three putative class action proceedings, arising from the conduct of business: Sanchez v. Allianz Life Ins. Co. of North America (Superior Court of California, L.A. County, BC594715) was filed in 2015, Berthiaume et al. v. Allianz Life Ins. Co. of North America et al (Minnesota District Court, Henn. County) was commenced in 2016, and Thompson v. Allianz Life Ins. Co. of North America (United Stated District Court, District of Minnesota, Case No. 0:17-cv00096) was filed in 2016. None of these putative class actions has been certified. The Company generally intends to vigorously contest the lawsuits, but is or may pursue settlement negotiations in some cases, if appropriate. The outcome of the cases is uncertain at this time, and there can be no assurance that such litigation, or any future litigation, will not have a material adverse effect on the Company and/or its subsidiaries. The Company recognizes legal costs for defending itself as incurred. The Company is contingently liable for possible future assessments under regulatory requirements pertaining to insolvencies and impairments of unaffiliated insurance companies. Provision has been made for assessments currently received and assessments anticipated for known insolvencies. The financial services industry, including mutual funds, variable and fixed annuities, life insurance, distribution companies, and broker-dealers, is subject to close scrutiny by regulators, legislators, and the media. Federal and state regulators, such as state insurance departments, state securities departments, the SEC, the Financial Industry Regulatory Authority, and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning various selling practices, including suitability reviews, product exchanges, sales to seniors, and compliance with, among other things, insurance laws and securities laws. The Company is subject to ongoing market conduct examinations and investigations by regulators, which may have a material adverse effect on the Company. It can be expected that annuity product design and sales practices will be an ongoing source of regulatory scrutiny and enforcement actions, litigation, and rulemaking. Similarly, private litigation regarding sales practices is ongoing against a number of insurance companies. These matters could result in legal precedents and new industry-wide legislation, rules, and regulations that could significantly affect the financial services industry, including life insurance and annuity companies. It is unclear at this time whether any such litigation or regulatory actions will have a material adverse effect on the Company in the future. When evaluating litigation, claims, and assessments, management considers the nature of the litigation, progress of the case, opinions or views of legal counsel, as well as prior experience in similar cases. Management uses this information to assess whether a loss is probable and if the amount of loss can be reasonably estimated prior to making any accruals. The Company has the following investments that require a commitment of capital for the years ended December 31, 2016 and 2015: 2016 2015 Limited partnerships $ 187,484 26,000 Private placement debt 127,438 103,200 Infrastructure debt 320,913 37,990 Mortgage loans 414,360 332,773 $ 1,050,195 499,963 The Company has LIH limited partnership investments that require a commitment of Capital. The Company has open capital commitments of $153,887 and $93,180 at December 31, 2016 and 2015, respectively. The Company has recorded an unfunded commitment liability of $144,180 and $87,928, as of December 31, 2016 and 2015, respectively, within Other liabilities on the Consolidated Balance Sheets. The liability represents the discounted present value of the expected payments. The Company leases office space and certain furniture and equipment pursuant to operating leases with some leases containing renewal options and escalation clauses. Expense for all operating leases was $3,729, $3,155, and $2,828 in 2016, 2015, and 2014, respectively. The future minimum lease payments required under operating leases are as follows: 2017 $ 2,302 2018 1,946 2019 1,435 2020 1,041 2021 892 2022 and beyond $ 7,616 The Company had capital leases to finance furniture and equipment for the Company’s headquarters. The financed assets were fully depreciated as of December 31, 2015 with a cost and accumulated depreciation of $2,976 and $2,976 at December 31, 2015, respectively, and are included in Other assets on the Consolidated Balance Sheets. Depreciation on the financed assets was $619 and $744 in 2015 and 2014. The Company has a service agreement (the agreement) with certain unrelated broker-dealers for a marketing support program related to the distribution of select variable insurance products. Under the agreement, the Company pays a base service fee of 0.10% on the amount of variable insurance products under management at the commencement of the agreement. An additional service fee of 0.15% is calculated on the total variable insurance products under management held in excess of this base amount. The fee is calculated on a monthly basis and is paid quarterly. Either party may terminate the agreement with a 90-day notice. Upon termination, the service fee continues to be paid from the date of termination for a period of ten years provided that the broker-dealer is not in material breach of the contract. In the event of termination, the Company has calculated its total commitment at December 31, 2016, to be $5,509 annually with a total commitment of $55,086. The calculation was based on the total variable insurance products under management as of December 31, 2016, due to the variability in estimating future assets under management (such as sales, lapse rate, and fund performance). Total expense under the agreement amounted to $6,641, $6,677, and $7,734 in 2016, 2015, and 2014, respectively.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2016
Employee Benefit Plans	(18) Employee Benefit Plans The Company participates in the Allianz Asset Accumulation Plan (AAAP), a defined contribution plan sponsored by Allianz of America Corporation (AZOAC). Eligible employees are immediately enrolled in the AAAP on their first day of employment. The AAAP will accept participants’ pretax, Roth 401(k), and/or after-tax contributions up to 80% of the participants’ eligible compensation, although contributions remain subject to annual limitations set by the Internal Revenue Service. The Company matches up to a maximum of 7.5% of the employees’ eligible compensation. Participants are 100% vested in the Company’s matching contribution after three years of service. The AAAP administration expenses and the trust fund, including trustee fees, investment manager fees, and audit fees, are payable from the trust fund but may, at the Company’s discretion, be paid by the Company. Any legal fees are not paid from the trust fund, but are instead paid by the Company. It is the Company’s policy to fund the AAAP costs as incurred. The Company has expensed $15,044, $14,204, and $13,242, in 2016, 2015, and 2014, respectively, toward the AAAP matching contributions and administration expenses. A defined group of highly compensated employees is eligible to participate in the AZOAC Deferred Compensation Plan. The purpose of the plan is to provide tax planning opportunities, as well as supplemental funds upon retirement. The plan is unfunded, meaning no assets of the Company have been segregated or defined to represent the liability for accrued assets under the plan. Employees are 100% vested upon enrollment in the plan for funds they have deferred. Employees’ funds are invested on a pay period basis and are immediately vested. Participants and the Company share the administrative fee. The accrued liability of $26,358 and $20,108 as of December 31, 2016 and 2015, respectively, is recorded in Other liabilities on the Consolidated Balance Sheets. The Company sponsors a nonqualified deferred compensation plan for a defined group of agents. The Company may decide to make discretionary contributions to the plan in the form and manner the Company determines. Discretionary contributions are currently determined based on production. The accrued liability of $64,738 and $45,171 as of December 31, 2016 and 2015, respectively, is recorded in Other liabilities on the Consolidated Balance Sheets. The Company participates in a stock-based compensation plan sponsored by Allianz SE, which awards certain employees SAR and RSU that are tied to Allianz SE stock. Allianz SE determines the number of SAR and RSU granted to each participant. The Company records expense equal to the change in fair value of the units during the reporting period. A change in value of $3,983, $9,820, and $8,429 was recorded in 2016, 2015, and 2014, respectively, and is included in General and administrative expenses in the Consolidated Statements of Operations. The related liability of $13,983 and $17,553 as of December 31, 2016 and 2015, respectively, is recorded in Other liabilities on the Consolidated Balance Sheets. The Company participates in the Employee Stock Purchase Plan sponsored by AZOAC that is designed to provide eligible employees with an opportunity to purchase American Depository Shares of Allianz SE at a discounted price. An aggregate amount of 250,000 Ordinary Shares is reserved for this plan. Allianz SE determines the purchase price of the share-based on the closing price of an Ordinary Share of Allianz SE on the Frankfurt stock exchange on the date of each purchase. Employees are given the opportunity to purchase these shares quarterly on predetermined dates set by Allianz SE. Employees are not allowed to sell or transfer the shares for a one-year period following the purchase settlement date. The difference between the market price and the discount price, or the discount, is paid by the Company and amounted to $946, $754, and $654 in 2016, 2015, and 2014, respectively, and is recorded in General and administrative expenses in the Consolidated Statements of Operations. The discount is reflected as taxable income in the year of purchase to employees. The Company participates in the AZOAC Severance Allowance Plan. Under the AZOAC Severance Allowance Plan, all employees who are involuntarily terminated due to job elimination or reduction in force are eligible to receive benefits. The Company expensed $983, $1,079, and $501 in 2016, 2015, and 2014, respectively, toward severance payments. The Company offers a life insurance benefit to eligible employees hired prior to January 1, 1993, who retire under the Employer sponsored retirement program provided they are age 65 or age 55 with 10 or more years of service. The Company’s plan obligation at December 31, 2016 and 2015, was $1,105 and $1,057, respectively. This liability is included in Other liabilities on the Consolidated Balance Sheets. The Company intends to close the Welfare Benefit Trust (Trust) in 2017. The Trust’s assets were used to prefund the Company’s self-insured medical plan. The balance was $0 and $160 at December 31, 2016 and 2015, respectively.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2016
Related-Party Transactions	(19) Related-Party Transactions (a) Loans to Affiliates The Company held related-party Cash Pool investments of $0 and $5 at December 31, 2016 and 2015, respectively. The Company does not foresee a credit risk with these investments given the financial strength of Allianz SE, which currently has an A.M. Best rating of A+ and a S&P rating of AA. In 2015, the Company entered into an agreement to lend Allianz Managed Operations and Services of America (AMOSA) $33,000. The remaining loan balance was $33,000 as of December 31, 2015. In March 2016, the $33,000 loan and accrued interest of $165 was assigned to AZOA through a dividend and removed from the Company’s Loans to affiliates account on the Consolidated Balance Sheets. The interest rate is a fixed rate of 2.03%. Interest of $165 and $488 was earned during 2016 and 2015 and is included in Interest and similar income, net in the Consolidated Statements of Operations. In 2016, the Company entered into an agreement to lend AZOA $39,120. The remaining loan balance was $39,120 as of December 31, 2016 and is included in Loans to affiliates on the Consolidated Balance Sheets. Repayment is due in August 2021 which is the maturity date of this loan. The interest rate is a fixed rate of 1.61%. Interest of $214 was earned during 2016 and is included in Interest and similar income, net in the Consolidated Statement of Operations. (b) Investments in Limited Partnerships In 2016, the Company made an investment in a limited partnership that is managed by its affiliate Pacific Investment Management Company (PIMCO). The Company committed capital of $50,114 of which $44,000 is unfunded as of December 31, 2016. During 2016, the Company received distributions in excess of cost of $413 which is included in Realized investment (losses) gains, net in the Consolidated Statements of Operations. As of December 31, 2016, the fair value of the investment is $6,365 and is recorded in Other invested assets on the Consolidated Balance Sheets. (c) Real Estate The Company has agreements to sublease office space to related parties, wholly owned by the same parent company, AZOA. The Company earned rental income of $909, $1,065, and $1,281 in 2016, 2015, and 2014, respectively, which is included in Other revenue on the Consolidated Statements of Operations. Related to this agreement, the Company had a receivable balance of $152 and $76 at December 31, 2016 and 2015, respectively. In addition, the Company leases office space from Allianz Global Corporate and Specialty pursuant to a sublease agreement. In connection with this subleasing arrangement, the Company has incurred rent expense of $27, $27, and $32, in 2016, 2015, and 2014, respectively, which is included in General and administrative expenses within the Consolidated Statements of Operations. (d) Service Fees The Company incurred fees for services provided by affiliated companies of $100,689, $63,530, and $40,985 in 2016, 2015, and 2014, respectively. The Company’s liability for these expenses was $40,267 and $12,312 at December 31, 2016 and 2015, respectively, and is included in Other liabilities on the Consolidated Balance Sheets. On a quarterly basis, the Company pays the amount due through cash settlement. The Company earned revenues for various services provided to affiliated companies of $21,568, $6,305, and $4,711, in 2016, 2015, and 2014, respectively. The receivable for these revenues was $8,260 and $1,400 at December 31, 2016 and 2015, respectively, and is included in Receivables on the Consolidated Balance Sheets. On a quarterly basis, the Company receives payment through cash settlement. The Company has agreements with its affiliates PIMCO, Oppenheimer Capital LLC (OpCap), and with certain other related parties whereby (1) specific investment options managed by PIMCO and OpCap are made available through the Company’s separate accounts to holders of the Company’s variable annuity products, (2) the Company receives compensation for providing administrative and recordkeeping services relating to the investment options managed by PIMCO and OpCap. Income recognized by the Company from these affiliates for distribution and in-force related costs as a result of providing investment options to the contractholders was $12,771, $14,102, and $16,260 during 2016, 2015, and 2014, respectively, which is included in Fee and commission revenue in the Consolidated Statements of Operations. At December 31, 2016 and 2015, $2,022 and $2,217, respectively, were included for these fees in Receivables on the Consolidated Balance Sheets. Expenses incurred to these affiliates for management of sub-advised investment options were $441, $732, and $848 during 2016, 2015, and 2014, respectively, which are included in General and administrative expenses in the Consolidated Statements of Operations. The related payable to these affiliates was $0 and $50 at December 31, 2016 and 2015, respectively, and is included in Other policyholder funds on the Consolidated Balance Sheets. (e) Dividends to parent The Company paid dividends to AZOA of $894,165 in 2016, which represented $861,000 cash and $33,165 related to the AMOSA loan and accrued interest. The Company paid dividends to AZOA of $572,125 and $250,000 in 2015 and 2014, respectively. (f) Subsidiary Transactions In July 2015, The Annuity Store (TAS), a wholly owned subsidiary of the Company, purchased a 100% interest in a FMO, from Fireman’s Fund Insurance Company (FFIC), a subsidiary of AZOA for $2,617. TAS recorded the assets and liabilities of the entity at the historical cost recorded by FFIC. An excess of $2,125 was paid over the basis and charged to equity as a dividend paid to AZOA. The dividend paid as the result of the sale is included in the dividend paid to parent listed above. On February 1, 2016, Allegiance Marketing Group, LLC, a wholly-owned subsidiary of Allianz Individual Insurance Group LLC (AIIG), which is a wholly owned subsidiary of the Company, merged with and into GamePlan Financial Marketing (GamePlan), another wholly-owned subsidiary of AIIG. GamePlan was the surviving entity. On February 2, 2016, GamePlan purchased a 100% interest in an independent FMO for a purchase price of $7,710. GamePlan recorded these assets and liabilities of the entity at fair value. As a result of the purchase, Goodwill in the amount of $4,929 and Intangible assets of $2,872 were recorded in Other assets on the Consolidated Balance Sheets. The intangible assets will be amortized over a period of seven years. During 2016, the Company recorded amortization expense of $376 for the intangible assets acquired. On November 1, 2016, Roster Financial LLC, a wholly owned subsidiary of AIIG, merged with and into GamePlan. GamePlan was the surviving entity. The Company held a minority equity interest in a certain FMO. A put option within the stockholders agreement was exercised, which required the Company to purchase all of the remaining stock in the FMO. In lieu of purchasing the remaining stock, the Company purchased a put option for $6,500 on December 3, 2014, and subsequently cancelled it. Simultaneously, the FMO purchased the minority interest for $500. The Company recorded a loss of $6,500 related to the purchase of the put option. As part of the sale of the minority equity interest, goodwill of $1,496 was eliminated. (g) Reinsurance On October 1, 2010, the Company created a subsidiary named Allianz Annuity Company of Missouri (AAMO), a captive reinsurance entity domiciled in Missouri with a $250 capital contribution. On December 22, 2010, an additional capital contribution was made for $288,234 to AAMO. Prior to December 1, 2015, the Company ceded to AAMO, and AAMO provided indemnity reinsurance on a combined funds withheld coinsurance and modified coinsurance basis, a 20% quota share of the Company’s net liability of variable annuity policies written directly by the Company starting with 2010 policies for a particular product. The impact of this reinsurance agreement is eliminated through consolidation. On December 1, 2015, the Company recaptured all risks ceded to AAMO under the reinsurance agreement and terminated the reinsurance agreement. Following the recapture and termination, AAMO maintained its license to act as a Missouri Special Purpose Life Reinsurance Captive Insurance Company (SPLRC) under Missouri SPLRC Law. Upon recapture, the liabilities were incorporated into the Company’s general account liabilities and the modified coinsurance and funds withheld trust agreements were terminated. As part of the recapture, bonds and IRS were sold by AAMO which generated realized gains of $3,806. After intercompany balances were settled, AAMO paid a dividend to the Company in the amount of $455,843. The Company received approval from the Missouri Department for all transactions noted above. On September 29, 2009, the Company created a subsidiary named AZMO, a captive reinsurance entity domiciled in Missouri with a $250 capital contribution. On December 31, 2009, the Company ceded to AZMO, on a coinsurance basis and modified coinsurance basis, a 100% quota share of the Company’s net liability of level term life insurance policies and certain universal life insurance policies written directly by the Company. A letter of credit was issued under an existing letter of credit facility in which Allianz SE is the applicant and the face amount of the letter of credit is in a qualifying trust established by AZMO. On December 31, 2009, an additional capital contribution was made for $282,000 to AZMO. The impact of this reinsurance agreement is eliminated through consolidation. The Company has reinsurance recoverables and payables due to or from reinsurance agreements with other affiliated entities. Total affiliated net reinsurance payable was $79 as of December 31, 2016 and is included in Other Liabilities on the Consolidated Balance Sheets. Total affiliated net reinsurance recoverable was $128 as of December 31, 2015, and is included in Reinsurance recoverables on the Consolidated Balance Sheets. (h) Line of Credit Agreement The Company has a line of credit agreement with its subsidiary, AZNY, to provide liquidity, as needed. The Company’s lending capacity under the agreement is limited to 5% of the General Account admitted assets of AZNY as of the preceding year-end. There are no amounts outstanding under the line of credit agreement as of December 31, 2016 and 2015. No amounts have been borrowed during the years ended December 31, 2016 and 2015.

Statutory Financial Data and Di

Statutory Financial Data and Dividend Restrictions	12 Months Ended
	Dec. 31, 2016
Statutory Financial Data and Dividend Restrictions	(20) Statutory Financial Data and Dividend Restrictions Statutory accounting practices prescribed or permitted by the Company’s state of domicile are directed toward insurer solvency and protection of policyholders. Accordingly, certain items recorded in financial statements prepared under GAAP are excluded or vary in calculation in determining statutory policyholders’ surplus and gain from operations. Currently, these items include, among others, DAC, deferred taxes, receivables (which are more than 90 days past due), reinsurance, and certain investments. Additionally, account balances and future policy benefit reserves calculated for statutory reporting do not include provisions for withdrawals. The Company’s statutory capital and surplus reported in the statutory annual statement filed with the State of Minnesota as of December 31, 2016 and 2015, was $6,165,279 and $5,822,117, respectively. The Company’s net gain from operations reported in the statutory annual statement filed with the State of Minnesota as of December 31, 2016 and 2015, was $1,497,192 and $2,103,975, respectively. The Company is required to meet minimum statutory capital and surplus requirements. The Company’s statutory capital and surplus as of December 31, 2016 and 2015, were in compliance with these requirements. The maximum amount of dividends that can be paid by Minnesota insurance companies to stockholders without prior approval of the Department is subject to restrictions relating to statutory earned surplus, also known as unassigned funds. Unassigned funds are determined in accordance with the accounting procedures and practices governing preparation of the statutory annual statement. In accordance with Minnesota Statutes, the Company may declare and pay from its surplus cash dividends of not more than the greater of 10% of its beginning-of-the-year statutory surplus, or the net gain from operations of the insurer, not including realized gains, for the 12-month period ending the 31st day of the next preceding year. Based on these limitations, ordinary dividends of $1,497,192 can be paid in 2017 without prior approval of the Commissioner of Commerce. Regulatory Risk-Based Capital An insurance enterprise’s state of domicile imposes minimum risk-based capital requirements that were developed by the NAIC. The formulas for determining the amount of risk-based capital specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of an enterprise’s regulatory total adjusted capital to its authorized control level risk-based capital, as defined by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. This ratio for the Company significantly exceeds required minimum thresholds as of December 31, 2015 and 2016.

Capital Structure

Capital Structure	12 Months Ended
	Dec. 31, 2016
Capital Structure	(21) Capital Structure The Company is authorized to issue three types of capital stock, as outlined in the table below: Authorized, Voluntary or issued, and Par value, involuntary outstanding per share Redemption rights liquidation rights Common stock 40,000,000 $ 1.00 None None 20,000,001 20,000,001 Preferred stock: Class A 200,000,000 $ 1.00 Designated by Board Designated by Board 18,903,484 for each series issued for each series issued 18,903,484 Class A, Series A 8,909,195 1.00 $35.02 per share plus $35.02 per share plus 8,909,195 an amount to yield a an amount to yield a 8,909,195 compounded annual compounded annual return of 6%, after return of 6%, after actual dividends paid actual dividends paid Class A, Series B 10,000,000 1.00 $35.02 per share plus $35.02 per share plus 9,994,289 an amount to yield a an amount to yield a 9,994,289 compounded annual compounded annual return of 6%, after return of 6%, after actual dividends paid actual dividends paid Class B 400,000,000 1.00 Designated by Board Designated by Board for each series issued for each series issued Holders of Class A preferred stock and of common stock are entitled to one vote per share with respect to all matters presented to or subject to the vote of shareholders. Holders of Class B preferred stock have no voting rights. All issued and outstanding shares are owned by AZOA. See note 1 for further discussion. Each share of Class A preferred stock is convertible into one share of the Company’s common stock. The Company may redeem any or all of the Class A preferred stock at any time. Dividends will be paid to each class of stock only when declared by the BOD. In the event a dividend is declared, dividends must be paid to holders of Class A preferred stock, Class B preferred stock, and common stock, each in that order. As discussed in notes 2 and 19, the Company carried out various capital transactions with related parties during 2016, 2015, and 2014.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2016
Accumulated Other Comprehensive Income	(22) Accumulated Other Comprehensive Income Changes in AOCI, net of tax, by component consist of the following: Year ended December 31, 2016 Net unrealized Net gain Foreign Pension and Total AOCI Beginning balance $ 472,376 10,408 6,231 (65 ) 488,950 OCI before reclassifications 667,048 (29,614 ) 692 (42 ) 638,084 Amounts reclassified from AOCI 26,241 — — 3 26,244 Net OCI 693,289 (29,614 ) 692 (39 ) 664,328 Ending balance $ 1,165,665 (19,206 ) 6,923 (104 ) 1,153,278 Year ended December 31, 2015 Net unrealized Net gain Foreign Pension and Total AOCI Beginning balance $ 1,765,606 1,475 10,240 (176 ) 1,777,145 OCI before reclassifications (1,263,867 ) 8,933 (4,009 ) 95 (1,258,848 ) Amounts reclassified from AOCI (29,363 ) — — 16 (29,347 ) Net OCI (1,293,230 ) 8,933 (4,009 ) 111 (1,288,195 ) Ending balance $ 472,376 10,408 6,231 (65 ) 488,950 Reclassifications from AOCI, net of tax, consist of the following: Amount Reclassified from AOCI Affected line item December 31, in the Consolidated AOCI 2016 2015 Statements of Operations Net unrealized (loss) gain on securities: Available-for-sale securities $ (40,370 ) 45,174 Realized investment (loss) gains, net Income tax (benefit) expense (14,129 ) 15,811 Income tax expense (benefit) Total (26,241 ) 29,363 Pension and other postretirement plan adjustments: Amortization of actuarial losses (5 ) (25 ) General and administrative expenses Income tax benefit (2 ) (9 ) Income tax expense (benefit) Total (3 ) (16 ) Total amounts reclassified from AOCI $ (26,244 ) 29,347 Net income

Foreign Currency Translation

Foreign Currency Translation	12 Months Ended
	Dec. 31, 2016
Foreign Currency Translation	(23) Foreign Currency Translation An analysis of foreign currency translation, net of tax for the respective years ended December 31 is as follows: 2016 2015 2014 Beginning amount of cumulative translation adjustments $ 6,231 10,240 12,343 Aggregate adjustment for the period resulting from translation adjustments 1,065 (6,168 ) (3,235 ) Amount of income tax expense for the period related to aggregate adjustment (373 ) 2,159 1,132 Net aggregate translation included in equity 692 (4,009 ) (2,103 ) Ending amount of cumulative translation adjustments $ 6,923 6,231 10,240 Canadian foreign exchange rate at end of year 0.74568 0.71989 0.86337

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2016
Segment Information	(24) Segment Information The Company has organized its principal operations into the following segments: Individual Annuities, Life, Questar, and Legacy products. The Individual Annuities segment consists of fixed, fixed-indexed, variable, and variable-indexed annuities that are provided through independent distribution channels made up of agents and registered representatives. Revenues for the Company’s fixed annuity products are primarily earned as net investment income on invested assets supporting fixed account balances, with profitability driven by the spread between net investment income earned and interest credited to account balances. Revenues for the Company’s variable annuity products are primarily earned as management and expense fees charged on underlying account balances. The Life segment issues fixed-indexed universal life insurance products, as well as maintains term and whole life in-force blocks that the Company no longer sells or distributes. The primary sources for revenue for this segment are premiums, fees, and charges that the Company receives to assume insurance related risk, in addition to earning a spread on net investment income on invested assets. The Questar segment consists of two wholly owned subsidiaries, Questar Capital Corporation (Questar Capital) and Questar Asset Management, Inc. (QAM). Questar Capital is registered as a broker-dealer under the Securities Exchange Act of 1934 and operates as a retail broker-dealer. Questar Capital distributes a full range of securities products, including mutual funds and variable life insurance and annuity contracts. Questar Capital also processes general securities transactions through a clearing arrangement with a third party provider. QAM provides portfolio management for clients and revenue is driven by fees received based on assets under management. The Legacy business consists of closed blocks of LTC and Special Markets products. The Special Markets products include individual and group annuity and life products, including universal life and term life insurance. Although Legacy products are part of the consolidated results, the Company does not allocate additional resources to these areas other than to maintain the operational support to its current customers. The Company does not maintain segregated investment portfolios for each segment. All Interest and similar income, net and Realized investment (losses) gains, net are allocated to the segments. Assets are only monitored at the individual company level, and as such, asset disclosures by segment are not included herein. Income and expense related to assets backing policyholder reserves are allocated to the segments based on policyholder reserve levels. The results of the Individual Annuity, Life, and Legacy segments also reflect allocation of income and expense related to assets backing surplus. Income and expense related to assets backing surplus are allocated to the segments based on required capital levels for each segment and are excluded from EGP used in reserve and DAC model projections. Unconsolidated segment results are reconciled to the Consolidated Statements of Operations amounts in the tables below: Year ended December 31, 2016 Individual Legacy annuities Life Questar products Eliminations Consolidated Revenue: Net premiums and policy fees $ 1,117,580 147,013 — 142,686 — 1,407,279 Interest and similar income, net 4,133,359 113,465 32 78,881 — 4,325,737 Change in fair value of assets and liabilities (218,922 ) 40,600 2 82 — (178,238 ) Realized investment (losses) gains, net (49,126 ) 623 — (822 ) — (49,325 ) Fee, commission, and other revenue 243,789 747 101,432 1,191 (37,305 ) 309,854 Total revenue (loss) 5,226,680 302,448 101,466 222,018 (37,305 ) 5,815,307 Benefits and expenses: Net benefits and expenses 1,982,879 194,667 — 205,632 — 2,383,178 General and administrative and commission 1,774,740 159,455 114,009 18,489 (37,305 ) 2,029,388 Change in deferred acquisition costs, net 315,760 (69,477 ) — 13,124 — 259,407 Total benefits and expenses 4,073,379 284,645 114,009 237,245 (37,305 ) 4,671,973 Pretax income (loss) $ 1,153,301 17,803 (12,543) (15,227 ) — 1,143,334 Year ended December 31, 2015 Individual Legacy annuities Life Questar products Eliminations Consolidated Revenue: Net premiums and policy fees $ 1,133,285 172,660 — 143,646 — 1,449,591 Interest and similar income, net 3,999,693 103,326 3 72,447 — 4,175,469 Change in fair value of assets and liabilities (492,479 ) (38,553 ) — (1,688 ) — (532,720 ) Realized investment gains, net 90,948 1,597 — 1,868 — 94,413 Fee, commission, and other revenue 236,454 186 105,830 253 (39,324 ) 303,399 Total revenue (loss) 4,967,901 239,216 105,833 216,526 (39,324) 5,490,152 Benefits and expenses: Net benefits and expenses 2,296,057 114,377 — 192,660 — 2,603,094 General and administrative and commission 1,549,692 165,386 110,624 18,059 (39,324 ) 1,804,437 Change in deferred acquisition costs, net 279,582 (53,642 ) — 13,319 — 239,259 Total benefits and expenses 4,125,331 226,121 110,624 224,038 (39,324 ) 4,646,790 Pretax income (loss) $ 842,570 13,095 (4,791) (7,512 ) — 843,362 Year ended December 31, 2014 Individual Legacy annuities Life Questar products Eliminations Consolidated Revenue: Net premiums and policy fees $ 1,148,803 117,950 — 141,344 — 1,408,097 Interest and similar income, net 3,798,284 90,057 (17 ) 67,335 — 3,955,659 Change in fair value of assets and liabilities 1,805,611 41,292 — (4,914 ) — 1,841,989 Realized investment gains, net 74,926 1,579 1 1,256 — 77,762 Fee, commission, and other revenue 246,021 474 102,234 6,217 (43,126 ) 311,820 Total revenue (loss) 7,073,645 251,352 102,218 211,238 (43,126 ) 7,595,327 Benefits and expenses: Net benefits and expenses 5,582,740 147,348 — 145,737 — 5,875,825 General and administrative and commission 1,963,032 162,942 111,967 17,585 (43,126 ) 2,212,400 Change in deferred acquisition costs, net (615,902 ) (72,109 ) — 14,925 — (673,086 ) Total benefits and expenses 6,929,870 238,181 111,967 178,247 (43,126 ) 7,415,139 Pretax income (loss) $ 143,775 13,171 (9,749 ) 32,991 — 180,188

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events	(25) Subsequent Events No material subsequent events have occurred since December 31, 2016 through March 29, 2017, the date at which the financial statements were issued, that would require adjustment to the financial statements. On January 9, 2017, the Company redeemed preferred stock and related accrued interest previously issued as part of a prepaid forward agreement by AZLPF in the amount of $32,244. See note 4 for further details. On February 22, 2017, the Company declared a cash dividend payable to the parent company, AZOA. The dividend of $342,000 was paid on March 8, 2017. On March 3, 2017, a stock purchase agreement was signed for the subsidiary recorded as held-for-sale. The sale of the subsidiary will be executed on or around March 31, 2017. In addition, the subsidiary entered into a modified coinsurance reinsurance agreement with the Company effective February 1, 2017. Under the reinsurance agreement, all liabilities and risk associated with subsidiary’s contract holders will be assumed by the Company.

Summary of Investments - Other

Summary of Investments - Other than Investments in Related Parties	12 Months Ended
	Dec. 31, 2016
Summary of Investments - Other than Investments in Related Parties	Type of investment Cost (1) Fair value Amount at Fixed-maturity securities: Fixed-maturity securities, available-for-sale U.S. government $ 1,712,400 1,736,523 1,736,523 Agencies not backed by the full faith and credit of the U.S. government 8,766 8,857 8,857 States and political subdivisions 9,379,273 9,954,613 9,954,613 Foreign government 426,724 438,927 438,927 Corporate securities 60,668,745 63,540,067 63,540,067 Mortgage-backed securities 11,615,711 11,650,264 11,650,264 Collateralized mortgage obligations 209,165 197,789 197,789 Collateralized debt obligations 8,861 19,931 19,931 Total fixed-maturity securities, available-for-sale 84,029,645 87,546,971 87,546,971 Fixed-maturity securities, at fair value through income: U.S. government 36,504 37,051 37,051 Total fixed-maturity securities, trading 36,504 37,051 37,051 Fixed-maturity securities, held-to-maturity: Corporate securities 28 33 28 Collateralized debt obligations — 3,597 — Total fixed-maturity securities, held-to-maturity 28 3,630 28 Total fixed-maturity securities 84,066,177 87,587,652 87,584,050 Equity securities: Equity securities, available-for-sale: Common stocks: Industrial and miscellaneous 316,541 320,166 320,166 Equity securities, trading: Common stocks: Industrial and miscellaneous 312,592 317,493 317,493 Total equity securities 629,133 637,659 637,659 Other investments: Mortgage loans on real estate, net 10,351,741 10,900,205 10,351,741 Derivative assets 1,059,031 1,059,031 1,059,031 Loans to affiliates 39,120 39,120 39,120 Policy loans 171,012 171,012 171,012 Acquired loans 192,380 261,307 192,380 Other invested assets 164,830 164,830 164,830 Total other investments 11,978,114 12,595,505 11,978,114 Total investments $ 96,673,424 100,820,816 100,199,823 (1) Original cost of equity securities and, as to fixed-maturities, original cost reduced by repayments and adjusted for amortization of premiums, accrual discounts, or impairments.

Supplementary Insurance Informa

Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2016
Supplementary Insurance Information	See accompanying report of independent registered public accounting firm. Schedule III ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA AND SUBSIDIARIES Supplementary Insurance Information As of and for the years ended December 31, 2016, 2015, and 2014 (In thousands) As of December 31 Year ended December 31 Deferred Deferred sales Account and future policy benefit reserves Unearned Policy and contract Net premium and policy fees Interest and similar income, net Net benefits (2) Net change in deferred sales inducements* Net change in acquisition costs** Other operating expenses 2016: Annuities $ 4,704,646 763,386 97,927,975 5,864 1,731 1,117,580 4,133,359 1,763,154 219,725 315,760 1,737,434 Life 523,701 1,168 3,172,139 77,790 4,438 147,013 113,465 194,521 146 (69,477 ) 159,455 Questar — — — — — — 32 — — — 114,009 Legacy 17,996 — 4,254,346 61,681 614,574 142,686 78,881 205,632 — 13,124 18,490 $ 5,246,343 764,554 105,354,460 145,335 620,743 1,407,279 4,325,737 2,163,307 219,871 259,407 2,029,388 2015: Annuities $ 5,766,176 1,108,877 90,734,164 25,620 — 1,133,285 3,999,693 2,095,788 200,269 279,582 1,510,369 Life 486,195 1,315 2,678,431 70,621 3,335 172,660 103,326 112,236 2,141 (53,642 ) 165,385 Questar — — — — — — 3 — — — 110,624 Legacy 30,865 — 3,901,902 57,875 514,590 143,646 72,447 192,660 — 13,319 18,059 $ 6,283,236 1,110,192 97,314,497 154,116 517,925 1,449,591 4,175,469 2,400,684 202,410 239,259 1,804,437 2014: Annuities $ 3,934,701 843,545 85,548,020 1,164 — 1,148,803 3,798,284 5,578,815 3,925 (615,902 ) 1,928,506 Life 384,073 3,455 2,255,751 74,207 4,187 117,950 90,057 147,014 334 (72,109 ) 154,952 Questar — — — — — — (17 ) — — — 111,967 Legacy 43,997 — 3,554,990 55,330 439,257 141,344 67,335 145,737 — 14,925 16,975 $ 4,362,771 847,000 91,358,761 130,701 443,444 1,408,097 3,955,659 5,871,566 4,259 (673,086 ) 2,212,400 (1) Deferred sales inducements is located in Other assets on the Consolidated Balance Sheets. (2) Excludes net change in deferred sales inducements. * See note 10 for aggregate gross amortization of deferred sales inducements. ** See note 9 for aggregate gross amortization of deferred acquisition costs. See accompanying report of independent registered public accounting firm.

Reinsurance35

Reinsurance	12 Months Ended
	Dec. 31, 2016
Reinsurance	Years ended Direct amount Ceded to other companies Assumed from other companies Net amount Percentage of amount assumed to net December 31, 2016: Life insurance in force $ 33,748,978 23,377,514 23,086 10,394,550 0.2 % Premiums and policy fees: Life $ 207,771 59,071 746 149,446 0.5 % Annuities 1,111,894 (4,514 ) (425 ) 1,115,983 — Accident and health 184,915 78,426 35,361 141,850 24.9 Total premiums and policy fees $ 1,504,580 132,983 35,682 1,407,279 2.5 % December 31, 2015: Life insurance in force $ 30,774,840 21,809,292 60,469 9,026,017 0.7 % Premiums and policy fees: Life $ 219,959 45,746 683 174,896 0.4 % Annuities 1,130,514 (1,447 ) (442 ) 1,131,519 — Accident and health 188,885 80,987 35,278 143,176 24.6 Total premiums and policy fees $ 1,539,358 125,286 35,519 1,449,591 2.5 % December 31, 2014: Life insurance in force $ 28,518,136 19,851,269 67,484 8,734,351 0.8 % Premiums and policy fees: Life $ 162,098 41,659 779 121,218 0.6 % Annuities 1,145,637 (1,445 ) (153 ) 1,146,929 — Accident and health 189,981 80,007 29,976 139,950 21.4 Total premiums and policy fees $ 1,497,716 120,221 30,602 1,408,097 2.2 % The Life and Annuities categories above are prescribed splits based on product and will differ from the results of the Life and Individual Annuity segments. See accompanying report of independent registered public accounting firm.

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Basis of Presentation	(a) Basis of Presentation The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP), which vary in certain respects from accounting practices permitted or prescribed by state insurance regulatory authorities. The accounts of the Company’s primary subsidiary, Allianz Life Insurance Company of New York (AZNY), and all other subsidiaries have been consolidated. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	(b) Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect reported amounts of assets and liabilities, including reporting or disclosure of contingent assets and liabilities as of the balance sheet date, and the reported amounts of revenues and expenses during the reporting period. Future events, including changes in mortality, morbidity, interest rates, capital markets, and asset valuations could cause actual results to differ from the estimates used within the Consolidated Financial Statements. Such changes in estimates are recorded in the period they are determined.
Investment Products and Universal Life Business	(c) Investment Products and Universal Life Business Investment products consist primarily of fixed and variable annuity products. Premium receipts are reported as deposits to the contractholders’ accounts. Policy fees in the Consolidated Statements of Operations represent asset fees, cost of insurance charges, administrative fees, charges for guarantees on investment products, and surrender charges for investment products and universal life insurance. These fees have been earned and assessed against contractholders on a daily or monthly basis throughout the contract period and are recognized as revenue when assessed and earned. Amounts assessed that represent compensation to the Company for services to be provided in future periods are not earned in the period assessed. Such amounts are reported as unearned premiums, which include unearned revenue reserves (URR), and are recognized in operations over the period benefited using the same assumptions and factors used to amortize capitalized acquisition costs. Surrender charges are recognized upon surrender of a contract in accordance with contractual terms. Derivatives embedded in fixed-indexed, variable, and certain life products are recorded at fair value and changes in value are included in Change in fair value of annuity and life embedded derivatives in the Consolidated Statements of Operations. Benefits consist of interest credited to contractholders’ accounts and claims incurred in excess of the contractholders’ account balance and are included in Net interest credited to account values and Policyholder benefits, respectively, within the Consolidated Statements of Operations. The Company offers a variable-indexed annuity product that combines a separate account option with a general account option that is similar to a fixed-indexed annuity. The Company has elected the fair value option to account for the entire insurance contract liability and the variable investment option assets in the separate account. The insurance contracts’ reserves are reported in Account balances and future policy benefit reserves and the variable investment option assets within the separate account are reported in Equity securities, trading on the Consolidated Balance Sheets. Assets backing the general account are primarily reported in Fixed-maturity securities, Available-for-sale on the Consolidated Balance Sheets. Electing the fair value option for an insurance contract liability requires that the Company account for that liability as a financial instrument and also requires that acquisition costs be recognized immediately in expense.
Life and Accident and Health Insurance	(d) Life and Accident and Health Insurance Premiums on traditional life products are recognized as revenue over the premium-paying periods of the contracts when due from contractholders. Premium revenue generally exceeds expected policy benefits in the early years of the contracts and it is necessary to accrue, as premium is recognized, a liability for costs that are expected to be paid in the later years of the contracts. Accident and health premiums are recognized as earned on a pro rata basis over the risk coverage periods. Benefits and expenses are recognized as incurred.
Investments	(e) Investments Fixed-Maturity Securities and Equity Securities The Company has portfolios of certain fixed-maturity securities and equity securities classified as “available-for-sale.” Accordingly, these securities are carried at fair value, and related unrealized gains and losses are credited or charged directly to accumulated other comprehensive income (AOCI) in stockholder’s equity, net of tax and related shadow adjustments. The adjustments to deferred acquisition costs (DAC), deferred sale inducements (DSI), and value of business acquired (VOBA) represent the change in amortization that would have been required as a charge or credit to operations had such unrealized amounts been realized. The adjustment to reserves represents the increase or decrease in the reserve balance that would have been required as a charge or credit to operations had such unrealized amounts been realized. The Company has portfolios of certain fixed-maturity securities classified as “at fair value through income” and equity securities classified as “trading”. These securities are carried at fair value, and their respective related unrealized gains and losses are reflected in Change in fair value of assets and liabilities, within the Consolidated Statements of Operations. Equity securities, trading includes, but is not limited to, a portfolio of mutual fund seed money investments and restricted stock units (RSU) for which the fair value option was elected. The fair value option was elected for these seed money investments because the portfolio is managed based on the fair values and ultimately sold to other investors at fair value. In addition, the Company has portfolios of certain fixed-maturity securities classified as “held-to-maturity”. Accordingly, these securities are carried at amortized cost on the Consolidated Balance Sheets. The Company has the intent and ability to hold such securities to maturity. Dividends are accrued on the date they are declared and interest is accrued as earned. Premiums or discounts on fixed-maturity securities are amortized using the constant yield method. Realized gains and losses are computed based on the average cost basis of all lots owned of each security. Mortgage-backed securities and structured securities are amortized using, among other assumptions, anticipated prepayments. Prepayment assumptions for loan-backed securities are obtained from various external sources or internal estimates. The Company believes these assumptions are consistent with those a market participant would use. The Company recognizes income using a constant effective yield method based on prepayment assumptions and the estimated economic life of the securities. For all structured securities without expected credit deterioration, when actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments using the retrospective method. Any resulting adjustment is included in Interest and similar income, net in the Consolidated Statements of Operations. For structured securities with expected credit deterioration, when adjustments are anticipated for prepayments and other expected changes in future cash flows, the effective yield is recalculated using the prospective method. The fair value of fixed-maturity securities and equity securities is obtained from third-party pricing sources whenever possible. Management completes its own Independent Price Verification (IPV) process, which ensures security pricing is obtained from a third-party source other than the sources used by the internal and external investment managers managing the investments held by the Company. The IPV process supports the reasonableness of price overrides and challenges by the internal and external investment managers and reviews pricing for appropriateness. Results of the IPV are reviewed by the Company’s Pricing Committee. The Company reviews the available-for-sale and held-to-maturity investment portfolios to determine whether or not declines in fair value are other than temporary. The Company continues to evaluate factors in addition to average cost and fair value, including credit quality, the extent and duration of the decline, market analysis, current events, recent price declines, changes in risk-free interest rates, likelihood of recovery in a reasonable period of time, and management’s judgment, to determine whether fixed-income securities are considered other-than-temporarily impaired. When the fair value of a fixed-maturity security is less than its amortized cost, the Company assesses whether or not (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. The Company evaluates these factors to determine whether the Company or any of its internal and external investment managers have the intent to sell a security or a group of securities. Additionally, the Company performs a cash flow projection for several years into the future to determine whether cash needs would require the sale of any securities in an unrealized loss position. If either of these conditions are met, the Company must recognize an other-than-temporary-impairment (OTTI) for the difference between the investment’s amortized cost basis and its fair value through earnings. For securities that do not meet the above criteria and the Company does not expect to recover a security’s amortized cost basis, the security is considered other-than-temporarily impaired. For these securities, the Company separates the total impairment into the credit loss component and the amount of the loss related to other factors. The amount of the total impairment related to credit loss is considered an OTTI and is recognized in Realized investment (losses) gains, net in the Consolidated Statements of Operations. The amount of the total impairment related to other factors is recognized in other comprehensive income (OCI), net of impacts to DAC, DSI, VOBA, reserves, and deferred income taxes. For available-for-sale and held-to-maturity securities that have recognized an OTTI through earnings, if through subsequent evaluation there is a significant increase in the cash flow expected, the difference between the amortized cost basis and the discounted cash flows expected to be collected is accreted as interest income. Subsequent increases and decreases not related to additional credit losses in the fair value of available-for-sale securities are included in the Consolidated Statements of Comprehensive Income. The Company evaluates whether a credit loss exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security; (b) changes in the financial condition, credit rating, and near-term prospects of the issuer; (c) whether the issuer is current on contractually obligated interest and principal payments; (d) changes in the financial condition of the security’s underlying collateral, if any; and (e) the payment structure of the security. The Company uses a probability-weighted cash flow model for corporate bonds to determine the credit loss amount. This measurement is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and significant judgments regarding the future performance of the security. The Company’s probability-weighted cash flow model involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, and current delinquency rates. For structured securities, the Company selects a probability-weighted or best estimate cash flow model depending on the specifics of the individual security and the information available to measure the expected cash flows of the underlying collateral. In the event that sufficient information is not available to measure the expected cash flows of a structured security in a timely manner due to a lack of available information on the valuation date, the entire decline in fair value is considered to be related to credit loss. The Company provides a supplemental disclosure within the Consolidated Statements of Operations that presents the total OTTI losses recognized during the period less the portion of OTTI losses recognized in OCI to equal the credit-related portion of OTTI that was recognized in earnings during the period. The portion of OTTI losses recognized in OCI includes the portion of OTTI losses related to factors other than credit recognized during the period, offset by reclassifications of OTTI losses previously determined to be related to factors other than credit that are determined to be credit related in the current period. The amount presented in the supplemental disclosure within the Consolidated Statements of Operations represents the portion of OTTI losses recognized in OCI and excludes subsequent increases and decreases in the fair value of these securities. The Company evaluates whether equity securities are other-than-temporarily impaired through a review process which includes, but is not limited to, market analysis, analyzing current events, assessing recent price declines, and management’s judgment related to the likelihood of recovery within a reasonable period of time. All previously impaired equity securities will incur additional OTTI should the fair value fall below the book value. Impairments in the value of securities held by the Company, considered to be other than temporary, are recorded as a reduction of the cost of the security, and a corresponding realized loss is recognized in the Consolidated Statements of Operations. The Company adjusts DAC, DSI, and VOBA for impairments on securities, as discussed in their respective sections of this note. Mortgage Loans on Real Estate Mortgage loans on real estate are reflected at unpaid principal balances adjusted for an allowance for uncollectible balances. Interest on mortgage loans is accrued on a monthly basis and recorded in Interest and similar income, net in the Consolidated Statements of Operations. The Company analyzes loan impairment quarterly when assessing the adequacy of the allowance for uncollectible balances. The Company considers recent trends in the Company’s loan portfolio and information on current loans, such as loan-to-value ratios and debt service coverage, which could impact a loan’s credit quality. The Company also evaluates the mortgage loan reserve to ensure that the estimate is based on appropriate market assumptions to reflect default and loss rates. The Company does not accrue interest on delinquent loans. Loans to Affiliates The Company has a note receivable from a related party and has recorded it in Loans to affiliates on the Consolidated Balance Sheets. Loans to affiliate are carried at amortized cost on the Consolidated Balance Sheets and interest is accrued on a monthly basis. Interest payments are received annually. Policy Loans Policy loans are supported by the underlying cash value of the policies. Policy loans are carried at unpaid principal balances, which approximate fair value, on the Consolidated Balance Sheets. Acquired Loans The Company has a portfolio of assets that have deteriorated credit quality and are recorded as Acquired loans on the Consolidated Balance Sheets. Acquired loans are initially recorded at fair value, and changes in expected cash flows are recorded as adjustments to accretable yield, to the carrying amount, or both. Fair values are obtained using a combination of third-party vendors and cash flow modeling, which is reviewed by the Company’s Pricing Committee. Accretable yield refers to the amount of undiscounted cash flows expected in excess of the carrying amount. This amount is converted into a rate and accreted into Interest and similar income, net in the Consolidated Statements of Operations. Interest is recorded as received on certain acquired loans that do not have reasonably estimable cash flows. Acquired loans are evaluated quarterly for impairment using updated cash flow models. Other Invested Assets Other investments include short-term securities, loans to non-affiliates, equity securities carried at cost, and partnership investments. Short-term securities are carried at amortized cost, which approximates fair value. Loans to non-affiliates are carried at amortized cost, and interest is accrued monthly. The Company invests in low income housing (LIH) partnerships for tax benefits. The LIH partnership investments are carried at cost and amortized in proportion to the total tax credits and other tax benefits to be received over the life of the investments. The investments in the LIH partnerships were $46,727 and $20,167 for the years ended December 31, 2016 and 2015, respectively. In addition, a liability and corresponding asset is recorded as commitment and decreases as the Company provides capital to fund. The tax benefit is recognized within the Current Income tax expense (benefit) in the Consolidated Statements of Operations. The Company has recognized tax credits related to the LIH partnership investments of $7,125, $2,793, and $1,235 for the years ended December 31, 2016, 2015, and 2014, respectively. Investments in partnerships, other than LIH partnerships, are accounted for using the equity method of accounting. Partnership profits and losses are recorded in Interest and similar income, net in the Consolidated Statements of Operations. Distributions in excess of cost and impairments of investments in partnerships are recognized within Realized investment (losses) gains, net in the Consolidated Statements of Operations. The Company is a member of the Federal Home Loan Bank of Des Moines (FHLB), primarily for the purpose of participating in the Bank’s mortgage collateralized loan advance program with short-term and long-term funding facilities. Members are required to purchase and hold a minimum amount of FHLB capital stock plus additional stock based on outstanding advances. The equity security investment is carried at cost, which approximates fair value, and is reported in Other invested assets on the Consolidated Balance Sheets. The Company held FHLB stock of $30,000 and $50,000 at December 31, 2016 and 2015, respectively. Advances received from FHLB are recorded in Other liabilities on the Consolidated Balance Sheets. The investment is evaluated for impairment based on the ultimate recoverability of its par value. The Company has a funding agreement with a balance of $500,000 at December 31, 2016 and 2015. In 2015, the Company obtained an advance from FHLB which had a balance of $500,000 as of December 31, 2015. The FHLB advance was paid off in April 2016. Collateral posted on the FHLB funding agreement and FHLB advance at December 31, 2015 was $1,190,301. The previously issued 2015 financial statements improperly disclosed the pledged amount of collateral as $1,313,443 instead of $1,190,301, the fair value of the collateral related to the FHLB agreement. The December 31, 2015 amounts have been corrected to the proper amount. Collateral posted on the FHLB funding agreement at December 31, 2016 was $0. Variable Interest Entities In the normal course of business, the Company enters into relationships with various entities that are deemed to be a variable interest entity (VIE). A VIE is an entity that either (1) has equity investors that lack certain essential characteristics of a controlling financial interest (including the ability to control activities of the entity, the obligation to absorb the entity’s expected losses, and the right to receive the entity’s expected residual returns) or (2) lacks sufficient equity to finance its own activities without financial support provided by other entities, which in turn would be expected to absorb at least some of the expected losses of the VIE. The Company consolidates a VIE if it is determined to be the primary beneficiary. Those entities which do not meet the requirements to be a VIE are voting interest entities (VOEs). The Company consolidates a VOE if it holds a voting interest that is greater than 50%.
Derivatives	(f) Derivatives The Company utilizes derivatives within certain actively managed investment portfolios. Within these portfolios, derivatives can be used for hedging, replication, and income generation only. The financial instruments are valued and carried at fair value and the unrealized gains and losses on the derivatives are reflected in Change in fair value of assets and liabilities in the Consolidated Statements of Operations. Hedge Accounting The Company uses hedge accounting as a risk management strategy to hedge its exposure to various market risks associated with both its products and operations. To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in cash flow of the hedged item. The documentation process involves defining the Company’s risk management objective, strategy for undertaking each hedge transaction, linking specific derivatives to specific assets or liabilities on the Consolidated Balance Sheets, designating the relationship, and defining the effectiveness and ineffectiveness testing methods to be used. The Company also formally assesses, at inception and on a quarterly basis, whether the derivatives used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in cash flows of hedged items. Hedge effectiveness is assessed using quantitative methods. Quantitative methods include analysis of changes in fair value or cash flows associated with the hedge relationship. Hedge effectiveness is measured using the hypothetical derivative and dollar offset methods. The dollar offset method compares changes in cash flows of the hedging instrument with changes in the cash flows of the hedged item attributable to the hedged risk through the use of a hypothetical derivative. Related changes in the cash flows of the hedging instrument are expected to offset the changes in the cash flows of the hedged item as the notional/par amounts, reset dates, interest rate indices, and business day conventions are the same for both the bond and the swap. The cumulative amount of unrealized gains and losses of the hedging instrument is recognized in AOCI, net of tax on the Consolidated Balance Sheets. The ineffective portion of the change in the fair value of the hedging instrument is recognized in Change in fair value of assets and liabilities in the Consolidated Statements of Operations. Interest Rate Swaps and Foreign Currency Swaps The Company utilizes foreign currency swaps to hedge cash flows and applies hedge accounting treatment. Specifically, the Company uses foreign currency swaps to hedge foreign currency fluctuations on certain underlying foreign-denominated fixed-maturity securities. Until January 2015, the Company also utilized interest rate swaps (IRS) to hedge cash flows and applied hedge accounting treatment. The IRS and foreign currency swaps are reported at fair value in Derivative assets and Derivative liabilities on the Consolidated Balance Sheets. The fair value of the OTC IRS and foreign currency swaps are derived using a third-party vendor software program and deemed by management to be reasonable. The Company has a timing difference between the purchase of the derivative and settlement of the bond for foreign currency swaps. Any changes in value of the derivative between the purchase and settlement date are recorded in Change in fair value of assets and liabilities in the Consolidated Statements of Operations. After the bond is settled, the Company completes documentation and designates hedge accounting. Nonqualifying hedging Options and Futures Contracts The Company provides additional benefits through certain life and annuity products, which are linked to the fluctuation of various United States and international stock and bond market indices. In addition, certain variable annuity contracts provide minimum guaranteed benefits. The Company has analyzed the characteristics of these benefits and has entered into over-the-counter (OTC) option contracts, exchange-traded option (ETO) contracts, and exchange-traded futures contracts tied to an appropriate underlying index with similar characteristics with the objective to economically hedge these risks. The Company uses exchange-traded futures contracts with the objective to increase the effectiveness of the economic hedge. Management monitors in-force amounts and option and futures contract values to ensure satisfactory matching and to identify unsatisfactory mismatches. If persistency assumptions were to deviate significantly from anticipated rates, management would purchase or sell option and futures contracts as deemed appropriate or take other actions. The OTC option contracts and ETO contracts are reported at fair value in Derivative assets and Derivative liabilities on the Consolidated Balance Sheets. The fair value of the OTC options is derived internally and deemed by management to be reasonable via performing an IPV process. The process of deriving internal derivative prices requires the Company to calibrate Monte Carlo scenarios to actual market information. The calibrated scenarios are applied to derivative cash flow models to calculate fair value prices for the derivatives. The fair value of the ETOs is based on quoted market prices. Changes in unrealized gains and losses on the OTC option contracts and ETO contracts and incremental gains and losses from expiring contracts are recorded within Change in fair value of assets and liabilities in the Consolidated Statements of Operations. The liability for the benefits is reported in Account balances and future policy benefit reserves on the Consolidated Balance Sheets. Futures contracts do not require an initial cash outlay, and the Company has agreed to daily net settlement based on movements of the representative index. Therefore, no asset or liability is recorded on the Consolidated Balance Sheets. Gains and/or losses on futures contracts are included in Change in fair value of assets and liabilities in the Consolidated Statements of Operations. Interest Rate Swaps, Credit Default Swaps, Total Return Swaps, and To Be Announced Securities The Company utilizes IRS, credit default swaps (CDS), and total return swaps (TRS) to hedge market risks embedded in certain annuities. Beginning in 2015, the Company began transacting To Be Announced (TBA) securities, which do not meet the regular-way security trade scope exception, to economically hedge market risks embedded in certain life and annuity products. The IRS, CDS, TRS, and TBA securities are reported at fair value in Derivative assets and Derivative liabilities on the Consolidated Balance Sheets. The fair value of the OTC IRS, CDS, and TBA securities are derived using a third-party vendor software program and deemed by management to be reasonable. Centrally cleared IRS fair values are obtained from the exchange on which they are traded. The fair value of the TRS is based on counterparty pricing and deemed by management to be reasonable. The unrealized gains and losses on the swaps and TBA securities are recorded in Change in fair value of assets and liabilities in the Consolidated Statements of Operations.
Cash and cash equivalents	(g) Cash and cash equivalents Cash and cash equivalents include cash on hand, demand deposits, overnight commercial paper, and highly liquid debt instruments purchased with an original maturity of three months or less. During 2016, the Company began engaging in overnight reverse repurchase agreements, which is a form of short-term borrowing for dealers in government securities. These investments are classified as Cash and cash equivalents on the Consolidated Balance Sheets. Due to the short-term nature of these investments, the carrying value is deemed to approximate fair value.
Securities Lending	( h) Securities Lending and Tri-Party Repurchase Agreements The Company participates in restricted securities lending arrangements whereby specific securities are loaned to other institutions. These loaned securities are reported on the Consolidated Balance Sheets as Available-for-sale fixed-maturity securities. The Company receives collateral from these arrangements including cash and cash equivalents, which is unrestricted and may be used for general purposes, and noncash collateral which may not be sold or re-pledged unless the counterparty is in default. The Company accounts for its securities lending transactions as secured borrowings, in which the cash collateral received and the related obligation to return the cash collateral are recorded on the Consolidated Balance Sheets as Collateral held from securities lending agreements and Other liabilities, respectively. Noncash collateral received is not reflected on the Consolidated Balance Sheets. Securities on loan remain on the Consolidated Balance Sheets, and interest and dividend income earned by the Company on loaned securities is recognized in Interest and similar income, net in the Consolidated Statements of Operations. Company policy requires a minimum of 102% of fair value of securities loaned under securities lending agreements to be maintained as collateral. The Company has entered into a tri-party repurchase facility agreement with an unaffiliated bank, whereby the Company may sell securities with an agreement to repurchase at a later date for a specified price. The facility has not been used since the inception of the agreement.
Receivables	(i) Receivables Receivable balances (contractual amount less allowance for doubtful accounts) are based on pertinent information available to management as of year-end, including the financial condition and creditworthiness of the parties underlying the receivables. Receivable balances are monitored and allowances for doubtful accounts are maintained based on the nature of the receivable, and the Company’s assessment of the ability to collect. The allowance is estimated by aging the balances due from individual parties and generally setting up an allowance for any balances that are more than 90 days old.
Reinsurance	(j) Reinsurance The Company assumes and cedes business with other insurers. Reinsurance premium and benefits paid or provided are accounted for in a manner consistent with the basis used in accounting for original policies issued and the terms of the reinsurance contracts and are included in Premiums and policy fees, ceded, and Benefit recoveries, respectively, in the Consolidated Statements of Operations. Insurance liabilities are reported before the effects of reinsurance. Account balances and future policy benefit reserves and policy and contract claims covered under reinsurance contracts are recorded in Reinsurance recoverables on the Consolidated Balance Sheets. Amounts paid or deemed to have been paid for claims covered by reinsurance contracts are recorded as Receivables on the Consolidated Balance Sheets. Reinsurance recoverables are recognized in a manner consistent with the liabilities related to the underlying reinsured contracts. Amounts due to other insurers on assumed business are recorded as a reinsurance payable, and are included in Other liabilities on the Consolidated Balance Sheets. A gain recognized when the Company enters into a coinsurance agreement with a third-party reinsurer is deferred and recorded in Other liabilities on the Consolidated Balance Sheets. Such gains are amortized into operations over the revenue-producing period or the claims run-off period of the related reinsured policies. These amortized gains are recorded in Other revenue in the Consolidated Statements of Operations.
Deferred Acquisition Costs	(k) Deferred Acquisition Costs Acquisition costs consist of commissions and other incremental costs that are directly related to the successful acquisition of insurance contracts. Acquisition costs are deferred to the extent recoverable from future policy revenues and gross profits. However, acquisition costs associated with insurance contracts recorded under the fair value option are not deferred as guidance related to the fair value option requires that transaction costs are recorded immediately as an expense. For interest-sensitive products (all issue years) and variable annuity contracts (issued in 2010 and after), acquisition costs are amortized in relation to the present value of expected future gross profits from investments and mortality, morbidity, and expense charges. For variable annuity contracts issued prior to 2010, acquisition costs are amortized in relation to the present value of estimated gross revenues from investments and mortality, morbidity, and expense charges. Acquisition costs for accident and health insurance policies are deferred and amortized over the lives of the policies in the same manner as premiums are earned. For traditional life and group life products, such costs are amortized over the projected earnings pattern of the related policies using the same actuarial assumptions used in computing future policy benefit reserves. DAC are reviewed for recoverability and loss recognition, at least annually, and adjusted when necessary. The evaluation is a two-step process where current policy year issues are evaluated for recoverability, and then in-force policies are evaluated for loss recognition. Before assessing recoverability and loss recognition, DAC are capped, if necessary, such that the balance cannot exceed the original capitalized costs plus interest. Changes in assumptions can have an impact on the amount of DAC reported for annuity and life insurance products and their related amortization patterns. In the event experience differs from assumptions or assumptions are revised, the Company is required to record an increase or decrease in DAC amortization expense, which is referred to as DAC unlocking. In general, increases in the estimated investment spreads and fees result in increased expected future profitability and may decrease the rate of DAC amortization, while increases in costs of product guarantees, and lapse/surrender and mortality assumptions reduce the expected future profitability of the underlying business and may increase the rate of DAC amortization. The Company formally evaluates the appropriateness of the best-estimate assumptions on an annual basis. If the economic environment or policyholder behavior changes quickly and substantially, assumptions will be reviewed more frequently to affirm best estimates. Any resulting DAC unlocking is reflected prospectively in Change in DAC, net in the Consolidated Statements of Operations. Adjustments to DAC are made to reflect the corresponding impact on the present value of expected future gross profits and revenues from unrealized gains and losses on available-for-sale investments used to support policyholder liabilities (commonly known as shadow DAC). These adjustments are included in AOCI and are explained further in the Investments section of this note. Adjustments may also be made to the estimated gross profits (EGP) or estimated gross revenues related to DAC that correspond to deferred annuities and universal life products for investment activity, such as write-downs on other-than-temporarily impaired fixed-maturity securities, and realized gains and losses. Management action may result in assumption changes in the DAC models, such as adjustments to expected future gross profits or revenues used, as well as in-force management action such as crediting rate changes or index rate cap adjustments. This approach applies to fixed-maturity securities purchased at investment grade only and not noninvestment-grade items that were purchased with other yield considerations. See further discussion of DAC unlocking in note 9. The Company assesses internal replacements on insurance contracts to determine whether such modifications significantly change the contract terms. An internal replacement represents a modification in product benefits, features, rights, or coverages that occurs by the exchange of an in-force insurance contract for a new insurance contract, or by amendment, endorsement, or rider to a contract. If the modification substantially changes the contract, the remaining DAC on the original contract is immediately expensed and any new DAC on the replacement contract are deferred. If the contract modification does not substantially change the contract, DAC amortization on the original contract continues and any new acquisition costs associated with the modification are immediately expensed.
Deferred Sales Inducements	(l) Deferred Sales Inducements Sales inducements are product features that enhance the investment yield to the contractholder on the contract. The Company offers two types of sales inducements on certain universal life and annuity contracts. The first type, an immediate bonus, increases the account value at inception, and the second type, a persistency bonus, increases the account value at the end of a specified period. Annuity sales inducements are deferred when credited to contractholders and life sales inducements are deferred and recognized as part of the liability for policy benefits. DSI are reported in Other assets on the Consolidated Balance Sheets. They are amortized over the expected life of the contract in a manner similar to DAC and are reviewed annually for recoverability. DSI capitalization and amortization are recorded in Policyholder benefits within the Consolidated Statements of Operations. Adjustments to DSI are made to reflect the estimated corresponding impact on the present value of expected future gross profits and revenues from unrealized gains and losses on available-for-sale investments used to support policyholder liabilities (commonly known as shadow DSI). These adjustments are included in AOCI and are explained further in the Investments section of this note. Adjustments may also be made to DSI related to deferred annuities for investment activity, such as write-downs on other-than-temporarily impaired fixed-maturity securities, and realized gains and losses. Management action may result in assumption changes in the DSI models, such as adjustments to expected future gross profits used, as well as policyholder changes, such as credited rate changes. This approach applies to fixed-maturity securities purchased at investment grade only and not noninvestment grade items that were purchased with other yield considerations.
Income Taxes	(m) Income Taxes The Company and its subsidiaries file a consolidated federal income tax return with AZOA and all of its wholly owned subsidiaries. The consolidated tax allocation agreement stipulates that each company participating in the return will bear its share of the tax liability pursuant to certain tax allocation elections under the Internal Revenue Code and its related regulations and reimbursement will be in accordance with an intercompany tax reimbursement arrangement. The Company, and its insurance subsidiaries generally will be paid for the tax benefit on their losses and any other tax attributes to the extent they could have obtained a benefit against their post-1990 separate return tax liability. The Company provides for federal income taxes based on amounts the Company believes it ultimately will owe. Inherent in the provision for federal income taxes are estimates regarding the deductibility of certain items and the realization of certain tax credits. In the event the ultimate deductibility of certain items or the realization of certain tax credits differs from estimates, the Company may be required to significantly change the provision for federal income taxes recorded on the Consolidated Balance Sheets. Any such change could significantly affect the amounts reported within the Consolidated Statements of Operations. Management uses best estimates to establish reserves based on current facts and circumstances regarding tax exposure items where the ultimate deductibility is open to interpretation. Quarterly, management evaluates the appropriateness of such reserves based on any new developments specific to their fact patterns. Information considered includes results of completed tax examinations, Technical Advice Memorandums, and other rulings issued by the Internal Revenue Service or the tax courts. The Company utilizes the asset and liability method of accounting for income tax. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when it is determined that it is more likely than not that the deferred tax asset will not be fully realized or that the related temporary differences will not reverse over time (see further discussion in note 11).
Goodwill and Intangible Assets	(n) Goodwill and Intangible Assets Goodwill is the excess of the amount paid to acquire a company over the fair value of its tangible net assets, VOBA, other identifiable intangible assets, and valuation adjustments (such as impairments), if any. Goodwill is reported in Other assets on the Consolidated Balance Sheets. Goodwill is evaluated annually for impairment at the reporting unit level, which is one level below an operating segment. Goodwill of a reporting unit is also tested for impairment on an interim basis if a triggering event occurs, such as a significant adverse change in the business climate or a decision to sell or dispose of a business unit. Intangible assets are required to be recognized apart from goodwill when they arise from contractual or legal rights or are capable of being separated and valued when sold, transferred, licensed, rented, or exchanged. The Company determines the useful life and amortization period for each intangible asset identified at acquisition, and continually monitors these assumptions. An intangible asset with a determinable life is amortized over that period, while an intangible asset with an indefinite useful life is not amortized. The Company’s intangible assets include trademarks, trade names, service marks, agent lists, noncompete agreements, and state insurance licenses, and are reported in Other assets on the Consolidated Balance Sheets. These intangible assets were assigned values using the present value of projected future cash flows and are generally amortized over five years using the straight-line method. Recoverability of the value of the determinable life intangible assets is assessed whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Recoverability of the value of the indefinite life intangible assets is assessed annually or earlier if events or changes in circumstances indicate the carrying amount may not be recoverable.
Value of Business Acquired	(o) Value of Business Acquired The value of insurance in-force purchased is recorded as the VOBA and is reported in Other assets on the Consolidated Balance Sheets. The initial value was determined by an actuarial study using the present value of future profits in calculating the value of the insurance purchased. An accrual of interest is added to the unamortized balance using the rates credited to the policyholder accounts. The balance is amortized in relation to the present value of expected future gross profits in the same manner as DAC. The amortization period is expected to be approximately 20 years from the date the business was acquired; however, the Company continually monitors this assumption. If EGP differ from expectations, the amortization of VOBA is adjusted on a retrospective or prospective basis, as appropriate. Adjustments to VOBA are made to reflect the estimated corresponding impact on the present value of expected future gross profits from unrealized gains and losses on available-for-sale investments used to support policyholder liabilities (commonly known as shadow VOBA). These adjustments are included in AOCI and are explained further in the Investments section of this note. The recoverability of VOBA is evaluated annually, or earlier if factors warrant, based on estimates of future earnings related to the insurance in-force purchased. If the existing insurance liabilities, together with the present value of future net cash flows from the blocks of business acquired, are not sufficient to recover VOBA, the difference, if any, is charged to expense through General and administrative expenses in the Consolidated Statements of Operations.
Held-for-sale Assets and Liabilities	(p) Held-for-sale Assets and Liabilities The Company has reported a subsidiary as held-for-sale. A buyer has been identified and a letter of intent has been signed. The Company reclassified assets of $13,615 and $12,436 as of December 31, 2016 and 2015, respectively, to held-for-sale and are recorded in Other assets on the Consolidated Balance Sheets. The Company reclassified liabilities of $2,754 and $3,223 as of December 31, 2016 and 2015, respectively, to held-for-sale and are recorded in Other liabilities on the Consolidated Balance Sheets. Income and expenses were reclassified as a result of the signed letter of intent and are recorded in Other revenue in the Consolidated Statements of Operations. See note 25 for further details regarding the sale of the subsidiary.
Home Office Property and Equipment	(q) Home Office Property and Equipment Home office property consists of buildings and land. Equipment consists of furniture, office equipment, leasehold improvements, and computer hardware and software. Both are reported at cost, net of accumulated depreciation, in Other assets on the Consolidated Balance Sheets. Major upgrades and improvements are capitalized, while maintenance and repairs are expensed when incurred. Depreciation is computed over the estimated useful lives (3 – 7 years, depending on the asset) of depreciable assets using the straight-line method. The cost and accumulated depreciation for home office property and equipment sold, retired, or otherwise disposed of are relieved from the accounts, and resulting gains or losses are reflected in General and administrative expenses within the Consolidated Statements of Operations. The property and equipment balance was $180,328, net of accumulated depreciation of $94,395 as of December 31, 2016 and $189,065 net of accumulated depreciation of $85,899 as of December 31, 2015. During 2015, the Company disposed $80,289 of assets with an accumulated depreciation of $80,289 that were no longer in service. There was no gain or loss as a result of this transaction. Pre-operating and start-up costs incurred in connection with the construction of the Company’s headquarters were capitalized until the facility became operational. Interest was also capitalized in connection with the construction and recorded as part of the asset. These costs are being amortized, using the straight-line method, over a 39-year period. The amounts of capitalized costs amortized, including interest was $4,394, $4,393, and $4,390 during 2016, 2015, and 2014, respectively.
Corporate-Owned Life Insurance	(r) Corporate-Owned Life Insurance Corporate-owned life insurance (COLI) is recognized as the amount that could be realized assuming the surrender of an individual-life policy (or certificate in a group policy), otherwise known as the cash surrender value. Subsequent measurement of the contract is also at the cash surrender value with changes in cash surrender value recognized in Other revenue in the Consolidated Statements of Operations. The COLI policies are reported in Other assets on the Consolidated Balance Sheets.
Separate Accounts and Annuity Product Guarantees	(s) Separate Accounts and Annuity Product Guarantees The Company issues variable annuity and life contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. The Company also issues variable-indexed annuity contracts to its customers. These products have investment options similar to fixed-indexed annuities, but allow contractholders to invest in a variety of variable separate account investment options. The Company recognizes gains or losses on transfers from the general account to the separate accounts at fair value to the extent of contractholder interests in separate accounts, which are offset by changes in contractholder liabilities. The Company also issues variable annuity and life contracts through its separate accounts where the Company provides certain contractual guarantees to the contractholder. These guarantees are in the form of a guaranteed minimum death benefit (GMDB), a guaranteed minimum income benefit (GMIB), a guaranteed minimum accumulation benefit (GMAB), and a guaranteed minimum withdrawal benefit (GMWB). The investments backing the guarantees are held in the general account. These guarantees provide for benefits that are payable to the contractholder in the event of death, annuitization, exercise of the living withdrawal benefit, or at specified dates during the accumulation period. Separate account assets supporting variable annuity contracts represent funds for which investment income and investment gains and losses accrue directly to contractholders. Each fund has specific investment objectives and the assets are carried at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Separate account assets and liabilities are reported as summary totals on the Consolidated Balance Sheets. Amounts charged to the contractholders for mortality and contract maintenance are included in Policy fees in the Consolidated Statements of Operations. Administrative and other services are included in Fee and commission revenue in the Consolidated Statements of Operations. These fees have been earned and assessed against contractholders on a daily or monthly basis throughout the contract period and are recognized as revenue when assessed and earned. Changes in GMDB and GMIB are calculated in accordance with the Financial Services – Insurance Topic of the Accounting Standards Codification (Codification) and are included in Policyholder benefits in the Consolidated Statements of Operations. GMAB and GMWB are considered to be embedded derivatives under the Derivatives and Hedging Topic of the Codification, and the changes in these embedded derivatives are included in Change in fair value of annuity and life embedded derivatives in the Consolidated Statements of Operations. The GMDB net amount at risk is defined as the guaranteed amount that would be paid upon death, less the current accumulated contractholder account value. The GMIB net amount at risk is defined as the current amount that would be needed to fund expected future guaranteed payments less the current contractholder account value, assuming that all benefit selections occur as of the valuation date. The GMAB net amount at risk is defined as the current guaranteed value amount that would be added to the contracts less the current contractholder account value. The GMWB net amount at risk is defined as the current accumulated benefit base amount less the current contractholder account value. The GMDB provides a specified minimum return upon death. The survivor has the option to terminate the contract or continue it and have the death benefit paid into the contract. The Company’s GMDB options have the following features: • Return of Premium • Reset • Ratchet • Rollup • Earnings Protection Rider The GMIB is a living benefit that provides the contractholder with a guaranteed annuitization value. The GMIB features are: • Return of Premium • Ratchet • Rollup The GMDB and GMIB liabilities are determined each period by estimating the expected future claims in excess of the associated account balances. The Company regularly evaluates estimates used and adjusts the additional liability balance, with a related charge or credit to Policyholder benefits in the Consolidated Statements of Operations, if actual experience or other evidence suggests that earlier assumptions should be revised. The GMAB is a living benefit that provides the contractholder with a guaranteed value that was established at least five years prior at each contract anniversary. This benefit is first available at the fifth contract anniversary, seventh contract anniversary, or tenth contract anniversary depending on the type of contract. Depending on the contractholder’s selection at issue, this value may be either a return of premium or may reflect market gains, adjusted at least proportionately for withdrawals. The contractholder also has the option to reset this benefit. The GMWB is a living benefit that provides the contractholder with a guaranteed amount of income in the form of partial withdrawals. The benefit is payable provided the covered person is between the specified ages in the contract. The benefit is a fixed rate (depending on the age of the covered person) multiplied by the benefit base in the first year the benefit is taken and contract value in following years. The benefit does not decrease if the contract value decreases due to market losses. The benefit can decrease if the contract value is reduced by withdrawals. The benefit base used to calculate the initial benefit is the maximum of the contract value, the quarterly anniversary value, or the guaranteed annual increase of purchase payments (either simple or compound interest, depending on the contract). Additionally, there is a GMWB living benefit where the benefit is an initial payment percentage established at issue, based on issue age. For each year there is a year-over-year contract value increase, the payment percentage will increase by 1.0% (up to age 91). This payment percentage is applied against total purchase payments instead of a benefit base value. The GMAB and GMWB liabilities are determined each period as the difference between expected future claims and the expected future profits. One result of this calculation is that these liabilities can be negative (contra liability). If the sum of the total embedded derivative balance is negative, the Company will reclassify the balance as an asset on the Consolidated Balance Sheets. The Company regularly evaluates estimates used and adjusts the additional liability balance, with a related charge or credit to Change in fair value of annuity and life embedded derivatives in the Consolidated Statements of Operations, if actual experience or other evidence suggests that earlier assumptions should be revised. In the calendar year that a product launches, the reserves are set to zero, until the policy’s first anniversary date. GMAB cash flows are discounted using a rate equal to current month’s LIBOR plus a Company specific spread. The expected life-contingent GMWB payments are discounted using a blend of short and long term rates to the date the account value is expected to be exhausted. These obligations and all cash flows are then discounted to the current date using LIBOR plus a spread for the Company’s own nonperformance risk. The Company issues fixed-indexed annuities with a GMWB as an optional rider. The GMWB has a roll-up feature. The net amount at risk is partially limited, because the contractholder account value has an annual credit that is floored at zero. Since the account value cannot decrease, in contrast to a variable annuity, the difference between the withdrawal value and the account value will not diverge to the degree that is possible in a variable annuity.
Account Balances and Future Policy Benefit Reserves	(t) Account Balances and Future Policy Benefit Reserves The Company establishes liabilities for amounts payable to policyholders associated with annuity, life insurance, and LTC policies sold. Policy and contract account balances for interest-sensitive products, which include universal life and fixed deferred annuities, are generally carried at accumulated contract values. For fixed-indexed annuity products, the policyholder obligation is divided into two parts – one part representing the value of the underlying base contract (host contract) and the second part representing the fair value of the expected index benefit over the life of the contract. The value of the host contract accrues to guaranteed minimum amounts of the base policy. The index benefit is valued at fair value using current capital market assumptions, such as index and volatility, to estimate future index levels. The index benefit valuation is also dependent upon estimates of future policyholder behavior. The Company must include provisions for the Company’s own credit risk and for risk that the Company’s assumptions about policyholder activity could differ from actual experience. The fair value determination of the index benefit is sensitive to the economic market and interest rate environment, as it is discounted at current market interest rates. There is volatility in this liability due to these external market sensitivities. Certain two-tier fixed annuity products provide additional benefits payable upon annuitization for period-certain and life-contingent payout options. An additional annuitization reserve is accrued using assumptions consistent with those used in estimating gross profits for purposes of amortizing DAC. Policy and contract account balances for variable annuity products are carried at accumulated contract values. Future policy benefit reserves for any death and income benefits that may exceed the accumulated contract values are established using a range of economic scenarios and are accrued for using assumptions consistent with those used in estimating gross profits or gross revenues for purposes of amortizing DAC. Future policy benefit reserves for accumulation and withdrawal benefits that may exceed account values are established using capital market assumptions, such as index and volatility, along with estimates of future policyholder behavior. Future policy benefit reserves on traditional life products are computed by the net level premium method based upon estimated future investment yield, mortality and withdrawal assumptions, commensurate with the Company’s experience, modified as necessary to reflect anticipated trends, including possible unfavorable deviations. Most life reserve interest assumptions range from 2.3% to 6.0%. Future policy benefit reserves on LTC products are computed using a net level reserve method. Reserves are determined as the excess of the present value of future benefits over the present value of future net premiums and are based on best estimate assumptions at the time of issue for morbidity, mortality, lapse, and interest with provisions for adverse deviation. Most LTC reserve interest assumptions range from 5.0% to 6.0%. An additional reserve has been established to provide for future expected losses that are anticipated to occur after a period of profits. The reserve accrual will be over the profit period and is based on best estimate assumptions as of the current accrual period without provisions for adverse deviation.
Policy and Contract Claims	(u) Policy and Contract Claims Policy and contract claims include the liability for claims reported but not yet paid, claims incurred but not yet reported (IBNR), and claim settlement expenses on the Company’s accident and health business. Actuarial reserve development methods are generally used in the determination of IBNR liabilities. In cases of limited experience or lack of credible claims data, loss ratios are used to determine an appropriate IBNR liability. Claim and IBNR liabilities of a short-term nature are not discounted, but those claim liabilities resulting from disability income or LTC benefits include interest and mortality discounting.
Stockholder's Equity, Accumulated Unrealized Foreign Currency	(v) Stockholder’s Equity, Accumulated Unrealized Foreign Currency Foreign currency translation adjustments are related to the conversion of foreign currency upon the consolidation of a foreign branch (see further discussion in note 23). The net assets of the Company’s foreign operations are translated into U.S. dollars using exchange rates in effect at each year-end. Translation adjustments arising from differences in exchange rates from period to period are included in Foreign currency translation adjustments, net of tax, reported as a separate component of comprehensive income within the Consolidated Statements of Comprehensive Income.
Permitted and Prescribed Statutory Accounting Practices	(w) Permitted and Prescribed Statutory Accounting Practices The Company is required to file annual statements with insurance regulatory authorities, which are prepared on an accounting basis permitted or prescribed by such authorities. Permitted statutory accounting practices encompass all accounting practices that are not prescribed; such practices differ from state to state, may differ from company to company within a state, and may change in the future. Prescribed statutory accounting practices include state laws, regulations, and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners (NAIC). The Company and its subsidiaries did not have any permitted practices in effect for 2016. The Company’s subsidiary, Allianz Life Insurance Company of Missouri, LLC (AZMO), has adopted an accounting practice that is prescribed by the Department of Insurance, Financial Institutions, and Professional Registration of the State of Missouri (the Missouri Department). The effect of the accounting practice allows a letter of credit to be carried as an admitted asset. Under NAIC statutory accounting principles (SAP), this letter of credit would not be allowed as an admitted asset. This prescribed practice does not impact the net income of AZMO and results in a $111,571 increase to statutory surplus as of December 31, 2016. The Company, or its subsidiaries, does not have any other prescribed practices that had an impact on net income or statutory surplus as of December 31, 2016.
Recently Issued Accounting Pronouncements - Adopted	(x) Recently Issued Accounting Pronouncements – Adopted In December 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-19, Technical Corrections and Improvements, to make various minor changes and improvements to various sections of accounting guidance within the Codification. The FASB did not anticipate that these amendments would affect current accounting practice. The amendments on insurance are intended to simplify and improve the readability of select guidance and in particular result in clarification of glossary terms. The majority of the amendments in this update are effective immediately. The amendments in this update do not have an impact on the Consolidated Financial Statements. In September 2015, the FASB released ASU 2015-16, Business Combinations, to require that an acquirer recognize changes to provisional amounts that are identified during the measurement period in the period in which the adjustment amounts are determined, rather than retrospectively adjusting with a corresponding adjustment to goodwill. The amendments are effective for fiscal years and interim periods beginning after December 15, 2015. The update does not impact the Consolidated Financial Statements. In July 2015, the FASB issued ASU 2015-12, Plan Accounting, to reduce complexity in employee benefit plan accounting. Currently, employee benefit plan guidance requires fully benefit-responsive investment contracts to be measured at contract value. The guidance designates contract value as the only required measure for fully benefit-responsive investment contracts and is effective for fiscal years beginning after December 15, 2015. The Company is not an employee benefit plan; therefore, the guidance does not impact the Consolidated Financial Statements. In May 2015, the FASB released ASU 2015-09, Disclosures about Short-Duration Contracts, to add disclosure requirements for the liability for unpaid claims and claim adjustment expenses on short-duration insurance contracts. The update is effective for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. The amount of short-duration contracts is not material and therefore no disclosures were included in the Consolidated Financial Statements. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The existing Topic 820, Fair Value Measurement, permits a practical expedient to measure the fair value of certain investments using the net asset value per share of the investment. The investments valued using the practical expedient are categorized within the hierarchy on the basis of whether the investment is redeemable with the investee at net asset value on the measurement date, never redeemable with the investee at net asset value, or redeemable with the investee at net asset value at a future date. The amendments in this update remove the requirement to categorize within the fair value hierarchy all investments for which fair values are measured using the net asset value per share practical expedient. The amendments are effective for fiscal years beginning after December 15, 2015 and interim periods within those years. This guidance does not have an impact on the Consolidated Financial Statements as the Company does not currently value any investments using the net asset value per share practical expedient. In April 2015, the FASB issued ASU 2015-05, Intangibles- Goodwill and Other- Internal-Use Software, to provide guidance on cloud computing arrangements. Existing GAAP does not include explicit guidance about a customer’s accounting for fees paid in a cloud computing arrangement. The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license. If the arrangement contains a software license, it is accounted for like other software licenses. If no software license exists, then the arrangement is accounted for as a service contract. The amendments will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. This update does not have a material impact on the Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, Interest- Imputation of Interest, to simplify the presentation of debt issuance costs. The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The amendments are effective for fiscal years beginning after December 15, 2015. The update does not have an impact on the Consolidated Financial Statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, to reduce the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. Specifically, the amendments: 1) modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; 2) eliminate the presumption that a general partner should consolidate a limited partnership; 3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and 4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments are effective for fiscal years and interim periods beginning after December 15, 2015. The update does not have a material impact on the Consolidated Financial Statements. In January 2015, the FASB issued ASU 2015-01, Extraordinary and Unusual Items, to simplify financial statements by eliminating the concept of extraordinary items. The amendments are effective for interim and fiscal years beginning after December 15, 2015. The Company does not currently report any extraordinary items; therefore, the amendment does not impact the Consolidated Financial Statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern, to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this update are intended to reduce diversity in the timing and content of footnote disclosures. Additional disclosures are required if the Company believes there is substantial doubt about the entity’s ability to continue as a going concern. The amendments in this update are effective for fiscal years ending after December 15, 2016 and for annual and interim periods, thereafter. The amendments in this update do not have an impact on the Consolidated Financial Statements as management believes there is not substantial doubt the entity’s ability to continue as a going concern. In August 2014, the FASB issued ASU 2014-13, Measuring the Financial Liabilities of a Consolidated Collateralized Financing Entity, to release revised guidance related to consolidations of VIEs that are a collateralized financing entity, such as a collateralized debt obligation (CDO) or a collateralized loan obligation entity, when the reporting entity determines that it is the primary beneficiary. This revision will apply to reporting entities that are required to consolidate a collateralized financing entity under the VIE guidance when: 1) the reporting entity measures the financial assets and liabilities of that collateralized financing entity at fair value based on other Topics; and 2) the changes in the fair value are reflected in earnings. The amendments are effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The guidance does not have an impact on the Consolidated Financial Statements. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-based Payments when the Terms of an Award Allow a Performance Target to be Achieved after the Requisite Service Period. These revisions apply to entities that grant their employees share-based payments in which the terms of the award provide that a performance target affects vesting could be achieved after the requisite service period. The amendments are effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The guidance does not have a material impact on the Consolidated Financial Statements. In January 2014, the FASB issued ASU 2014-01, Investments—Equity Method and Joint Ventures, that applies to investments in qualified affordable housing projects through limited liability entities that are flow-through entities for tax purposes. The amendments allow reporting entities to make an accounting policy election to account for investments in LIH tax credits using the proportional amortization method if certain conditions are met. For reporting entities that meet the conditions for and elect to use the proportional amortization method to account for LIH projects, all amendments apply. For reporting entities that do not meet the conditions or that do not elect the proportional amortization method, only the amendments related to disclosures apply. This guidance is effective for fiscal years beginning after December 15, 2014. The Company has elected to early adopt this guidance and has adopted it effective January 1, 2014. This update has been applied prospectively, as applying the guidance retrospectively would not result in materially different financial information.
Recently Issued Accounting Pronouncements - To Be Adopted	(y) Recently Issued Accounting Pronouncements – To Be Adopted The FASB issued the following updates as part of their comprehensive new revenue recognition standard: • ASU 2014-09, Revenue from Contracts with Customers. This update defines the new standard for recognizing revenue from contracts when goods and services are transferred to a customer in exchange for payment. The model requires 1) identifying contracts with a customer; 2) identifying separate performance obligations; 3) determining the transaction price; 4) allocating the transaction price to the separate performance obligations; and 5) recognizing revenue when (or as) the entity satisfies a performance obligation. The revenue recognition standard does not apply to financial instruments or to insurance contracts. However, the standard will require significantly more disclosures about items that are recorded under the new revenue recognition model. The amendments in this update are effective for fiscal years beginning after December 15, 2017. • ASU 2016-08, Revenue Recognition – Principal versus Agent (reporting revenue gross versus net). This update adds clarifications to the principal versus agent guidance contained within ASU 2014-09 and provides guidance to aid in the assessment of control. Under the new guidance, an entity that controls the specified good or services before it is transferred to a customer is considered a principal and will recognize revenue on a gross basis. The amendments in this update are effective concurrently with ASU 2014-09. • ASU 2016-12, Revenue Recognition – Narrow-scope Improvements and Practical Expedients. This update provides clarifying guidance impacting several areas of the new standard, including noncash consideration and assessing collectability. The amendments in this update are effective concurrently with ASU 2014-09. • ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. This update makes various minor clarifications to the guidance issued in ASU 2014-09. The amendments in this update are effective concurrently with ASU 2014-09. Currently, fee and commission income is recognized upon completion of the service and is recorded in Fee and commission revenue in the Consolidated Statements of Operations. Under the new standard, the Company will be required to recognize fee and commission income when the intermediary has satisfied its performance obligation (provision of placement services) and the customer has contractually agreed to the terms of the insurance policy so long as it is probable that the agreement will not be subject to reversal. The new standard will result in an acceleration in revenue recognition for certain commission and fees compared to the current method which requires revenue recognition when it is earned and realized/realizable including consideration of when it is fixed or determinable. These fees and commissions are not material to the Company’s overall revenue. In addition, management, advisory, and fund administrative fees are currently recognized periodically over the respective investment period for which the services are performed and are recorded in Other revenue on the Consolidated Statements of Operations. The new standard does not impose a change to the Company’s current recognition of management, advisory, and fund administrative fees. Further, revenue is currently recognized on a gross basis as earned as the Company maintains control of the good or service before it is transferred. The amendments related to principal versus agent considerations do not impose a change to this recognition. The Company continues to evaluate the impact of the update and respective amendments, but does not expect a material impact on revenue. In October 2016, the FASB issued ASU 2016-17, Consolidation: Interests Held Through related Parties That Are under Common Control, to require a reporting entity to include all of its direct variable interests in a VIE, and on a proportionate basis, its indirect variable interests in a VIE held through related parties, including related parties that are under common control with the reporting entity when determining whether the reporting entity is the primary beneficiary of the VIE, and therefore required to consolidate the VIE. The amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update do not have an impact on the Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other than Inventory, to require entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when it is sold externally. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact of the amendments in this update. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, to clarify or provide additional guidance regarding eight specific cash flow issues. These issues address the following topics: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6) distributions received from equity method investees; 7) beneficial interests in securitization transactions; and 8) separately identifiable cash flows and application of the predominance principle. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently assessing the impact of this update. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, to replace the existing incurred loss impairment model with a new methodology that reflects expected credit losses and requires the entity to consider more information to develop credit loss estimates. The update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. The Company is currently assessing the impact of this update. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation, to update share-based payment accounting for income tax consequences, and classification of awards on the balance sheet as well as the statement of cash flows. The amendments in this update are effective for fiscal years beginning after December 15, 2016 and interim periods within those years. Early adoption is permitted. The Company does not anticipate the amendments in this update to have an impact on the Consolidated Financial Statements, other than disclosing the entity-wide election to continue estimating forfeitures for share-based payments. In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting, which eliminates the requirement that, upon equity method qualification due to an increase in ownership interest, an investor must adjust the investment, results of operations, and retained earnings retroactively. The entity must recognize the unrealized holding gain or loss currently in AOCI through earnings at the date of qualification. The amendments in this update are effective for all fiscal years and interim periods beginning after December 15, 2016. The Company does not anticipate the amendments in this update to have a material impact upon adoption. In March 2016, the FASB issued ASU 2016-06, Contingent Put and Call Options in Debt Instruments, to provide clarifying guidance regarding the assessment of whether contingent call or put options on debt instruments are clearly related to their debt hosts. The amendments in this update eliminate diversity in practice in assessing embedded contingent call and put options in debt instruments by requiring an entity to make the assessment solely with the four-step decision process. The amendments in this update are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The amendments in this update do not have an impact on the Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which adds guidance to clarify that in the event of a change in counterparty to the derivative instrument designated as a hedging instrument, the change will not require de-designation unless other criteria are also present. The amendments in this update are effective for fiscal years beginning after December 15, 2016, and interim periods within those years. The Company does not anticipate the amendments in this update to have a material impact upon adoption. In February 2016, the FASB issued ASU 2016-02, Leases, to require that the lessee recognize a right-of-use asset and a lease liability for all leases. There continues to be a distinction between finance leases and operating leases; however, operating leases will now require that the lease assets and liabilities be recognized in the statement of financial position. Lessor accounting remains largely unchanged. The amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within those years. The Company is currently assessing the impact of the amendments in this update. The Company does not anticipate a material impact as it does not hold material leases as a lessee; however, it does anticipate that currently held leases would require recognition of a right-of-use asset and lease liability in accordance with the update. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, to make various targeted improvements to the accounting for financial instruments, especially equity investments. In particular, the amendments in this update provide improvements to recognition, measurement, presentation and disclosure guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017 and interim periods thereafter. The Company is currently assessing the impact of the amendments in this update.
Accounting Changes	(z) Accounting Changes On April 1, 2014, the Company applied a prospective change to its method of calculating DAC amortization for variable annuity policies issued prior to 2010. This was a change in estimate that is inseparable from the effect of a related change in accounting principle. For these annuities, acquisition costs are now amortized in relation to the present value of estimated gross revenues, whereas previously the amortization was based on estimated future gross profits. The implementation of the new DAC amortization will better reflect the revenue pattern of the pre-2010 variable block of business, which is currently in run-off. The implementation of this change resulted in a decrease in income from operations before income taxes of approximately $165,790 for the year ended December 31, 2014. On December 1, 2014, the Company applied a prospective change to its method of calculating DAC amortization for variable annuity policies issued after 2010. The change in estimate will minimize accounting mismatches on interest and claim projections within the EGP calculation. The implementation of this change resulted in a decrease in income from operations before income taxes of approximately $45,623 for the year ended December 31, 2014. In 2016, the Company elected one-line reporting to disclose reinvested collateral received from securities lending transactions due to the amendment of its securities lending agreement with an unaffiliated bank. Under the amended agreement, the Company can now receive collateral with maturities greater than 90 days. The Company has applied a retrospective change in which reinvested collateral received from securities lending transactions is now presented in a new caption named Collateral held from securities lending agreements on the Consolidated Balance Sheets. Historically, these balances were presented within Cash and cash equivalents on the Consolidated Balance Sheets. The implementation of one-line reporting provides a more meaningful presentation of its reinvested collateral received from securities lending transactions by increasing visibility of the amount reinvested at the end of each period. The changes to the Consolidated Balance Sheets and Consolidated Statement of Cash Flows are as follows: As originally Effect of reported As adjusted Change Consolidated Balance Sheets as of December 31, 2015 Cash and cash equivalents $ 3,608,092 1,127,182 (2,480,910 ) Collateral held from securities lending agreements — 2,480,910 2,480,910 Consolidated Statement of Cash Flows for the year ended December 31, 2015 Net cash provided by operating activities $ 3,213,324 2,413,324 (800,000 ) Net cash used in investing activities (7,025,871 ) (7,144,829 ) (118,958 ) Cash and cash equivalents at beginning of year 3,832,569 2,270,617 (1,561,952 ) Cash and cash equivalents at end of year 3,608,092 1,127,182 (2,480,910 ) Consolidated Statement of Cash Flows for the year ended December 31, 2014 Net cash used in investing activities $ (9,378,243 ) (9,915,481 ) (537,238 ) Cash and cash equivalents at beginning of year 2,944,394 1,919,680 (1,024,714 ) Cash and cash equivalents at end of year 3,832,569 2,270,617 (1,561,952 )
Reclassifications	(aa) Reclassifications The Company reclassified the earnings of the RSU hedge asset into compensation expense, which is included within General and administrative expenses on the Consolidated Statements of Operations, in accordance with the Stock Compensation Topic of the Codification. This resulted in netting the earnings of the RSU and those of the related RSU hedge asset, consistent with the principal/agent relationship with Allianz SE, the sponsor of the stock-based compensation plan. The reclassification represents a change in principle and did not change total assets, stockholders equity, or net income as previously reported. See further discussion of the stock-compensation plan in note 18. The changes to the Consolidated Statement of Operations are as follows: As Reported As Adjusted 2015 Reclassification 2015 Revenue: Interest and similar income, net 4,180,103 (4,634 ) 4,175,469 Total Revenue 5,494,786 (4,634 ) 5,490,152 Benefits and expenses: General and administrative expenses 641,962 (4,634 ) 637,328 Total benefits and expenses 4,651,424 (4,634 ) 4,646,790 Net income 843,362 — 843,362 As Reported As Adjusted 2014 Reclassification 2014 Revenue: Interest and similar income, net 3,957,298 (1,639 ) 3,955,659 Total Revenue 7,596,966 (1,639 ) 7,595,327 Benefits and expenses: General and administrative expenses 676,815 (1,639 ) 675,176 Total benefits and expenses 7,416,778 (1,639 ) 7,415,139 Net income 180,188 — 180,188 Prior year balances related to investments classified as ‘Public utilities’ have been reclassified and are now presented within ‘Corporate securities’. Additionally, the Company reclassified prior year balances previously shown in Short-term securities into Other invested assets on the Consolidated Balance Sheets. The reclassifications did not change total assets, stockholders equity, or net income as previously reported.

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Change on Consolidated Primary Financial Statement	The changes to the Consolidated Balance Sheets and Consolidated Statement of Cash Flows are as follows: As originally Effect of reported As adjusted Change Consolidated Balance Sheets as of December 31, 2015 Cash and cash equivalents $ 3,608,092 1,127,182 (2,480,910 ) Collateral held from securities lending agreements — 2,480,910 2,480,910 Consolidated Statement of Cash Flows for the year ended December 31, 2015 Net cash provided by operating activities $ 3,213,324 2,413,324 (800,000 ) Net cash used in investing activities (7,025,871 ) (7,144,829 ) (118,958 ) Cash and cash equivalents at beginning of year 3,832,569 2,270,617 (1,561,952 ) Cash and cash equivalents at end of year 3,608,092 1,127,182 (2,480,910 ) Consolidated Statement of Cash Flows for the year ended December 31, 2014 Net cash used in investing activities $ (9,378,243 ) (9,915,481 ) (537,238 ) Cash and cash equivalents at beginning of year 2,944,394 1,919,680 (1,024,714 ) Cash and cash equivalents at end of year 3,832,569 2,270,617 (1,561,952 ) The changes to the Consolidated Statement of Operations are as follows: As Reported As Adjusted 2015 Reclassification 2015 Revenue: Interest and similar income, net 4,180,103 (4,634 ) 4,175,469 Total Revenue 5,494,786 (4,634 ) 5,490,152 Benefits and expenses: General and administrative expenses 641,962 (4,634 ) 637,328 Total benefits and expenses 4,651,424 (4,634 ) 4,646,790 Net income 843,362 — 843,362 As Reported As Adjusted 2014 Reclassification 2014 Revenue: Interest and similar income, net 3,957,298 (1,639 ) 3,955,659 Total Revenue 7,596,966 (1,639 ) 7,595,327 Benefits and expenses: General and administrative expenses 676,815 (1,639 ) 675,176 Total benefits and expenses 7,416,778 (1,639 ) 7,415,139 Net income 180,188 — 180,188

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value of Available-for-Sale and Held -to-maturity Securities	At December 31, 2016 and 2015, the amortized cost or cost, gross unrealized gains, gross unrealized losses, and fair values of available-for-sale and held-to-maturity securities are as shown in the following tables: Amortized cost Gross Gross Fair value 2016: Fixed-maturity securities,available-for-sale: U.S. government $ 1,712,400 41,003 16,880 1,736,523 Agencies not backed by the full faith and credit of the U.S. government 8,766 113 22 8,857 States and political subdivisions 9,379,273 612,248 36,908 9,954,613 Foreign government 426,724 21,006 8,803 438,927 Corporate securities 60,668,745 3,489,117 617,795 63,540,067 Mortgage-backed securities 11,615,711 188,528 153,975 11,650,264 Collateralized mortgage obligations 209,165 491 11,867 197,789 CDOs 8,861 11,070 — 19,931 Total fixed-maturity securities, available-for-sale 84,029,645 4,363,576 846,250 87,546,971 Fixed-maturity securities, held-to-maturity: Corporate securities 28 5 — 33 CDOs — 3,597 — 3,597 Total fixed-maturity securities held-to-maturity 28 3,602 — 3,630 Equity securities, available-for-sale: Common stock 316,541 3,625 — 320,166 Total available-for-sale and held-to-maturity securities $ 84,346,214 4,370,803 846,250 87,870,767 Amortized cost Gross Gross Fair value 2015: Fixed-maturity securities, available-for-sale: U.S. government $ 1,682,642 78,089 5,407 1,755,324 Agencies not backed by the full faith and credit of the U.S. government 10,474 91 51 10,514 States and political subdivisions 8,533,503 514,459 49,428 8,998,534 Foreign government 269,608 9,675 7,116 272,167 Corporate securities 56,402,323 2,756,065 1,989,705 57,168,683 Mortgage-backed securities 12,263,037 296,408 61,646 12,497,799 Collateralized mortgage obligations 9,208 1,075 — 10,283 CDOs 9,738 11,573 147 21,164 Total fixed-maturity securities, available-for-sale 79,180,533 3,667,435 2,113,500 80,734,468 Fixed-maturity securities, held-to-maturity: Corporate securities 55 10 — 65 CDOs — 5,214 — 5,214 Total fixed-maturity securities held-to-maturity 55 5,224 — 5,279 Equity securities, available-for-sale: Common stock 71,005 — 2,394 68,611 Total available-for-sale and held-to-maturity securities $ 79,251,593 3,672,659 2,115,894 80,808,358
Net Unrealized Gains on Available-for-Sale Securities and Effective Portion of Cash Flow Hedges	The net unrealized gains on available-for-sale securities, held-for-sale securities and effective portion of cash flow hedges consist of the following at December 31: 2016 2015 2014 Available-for-sale securities: Fixed maturity $ 3,517,326 1,553,935 6,258,406 Equity 3,625 (2,394 ) 46 Held-for-sale securities 614 798 — Cash flow hedges (29,547 ) 16,013 2,269 Adjustments for: Shadow adjustments (1,728,234 ) (825,607 ) (3,542,160 ) Deferred taxes (617,324 ) (259,961 ) (951,480 ) Net unrealized gains $ 1,146,460 482,784 1,767,081
Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity	The amortized cost and fair value of available-for-sale and held-to-maturity fixed-maturity securities at December 31, 2016, by contractual maturity, are shown below: Amortized Fair value Available-for-sale fixed-maturity securities: Due in one year or less $ 1,546,150 1,578,807 Due after one year through five years 13,572,313 14,342,672 Due after five years through ten years 19,833,072 20,189,034 Due after ten years 36,284,633 38,581,463 Structured securities 12,793,477 12,854,995 Total available-for-sale fixed-maturity securities $ 84,029,645 87,546,971 Held-to-maturity fixed-maturity securities: Due after one year through five years $ 28 33 Structured securities — 3,597 Total held-to-maturity fixed-maturity securities $ 28 3,630
Unrealized Losses on Available-For-Sale Securities and Related Fair Value	The following table summarizes the fair value and related unrealized losses on available-for-sale securities that have been in a continuous loss position for the respective years ended December 31 are shown below: 12 months or less Greater than 12 months Total Fair value Unrealized Fair value Unrealized Fair value Unrealized 2016: Fixed-maturity securities, available-for-sale: U.S. government $ 691,559 16,880 — — 691,559 16,880 U.S. government agency 3,332 22 — — 3,332 22 States and political subdivisions 1,587,063 30,524 103,316 6,384 1,690,379 36,908 Foreign government 99,527 6,634 10,383 2,169 109,910 8,803 Corporate securities 12,637,792 433,682 2,000,338 184,113 14,638,130 617,795 Mortgage-backed securities 4,811,364 152,501 31,040 1,474 4,842,404 153,975 CMOs 192,564 11,867 — — 192,564 11,867 Total temporarily impaired securities $ 20,023,201 652,110 2,145,077 194,140 22,168,278 846,250 12 months or less Greater than 12 months Total Fair value Unrealized Fair value Unrealized Fair value Unrealized 2015: Fixed-maturity securities, available-for-sale: U.S. government $ 600,970 5,395 4,959 12 605,929 5,407 U.S. government agency 4,536 51 — — 4,536 51 States and political subdivisions 1,873,125 48,306 28,015 1,122 1,901,140 49,428 Foreign government 42,338 1,787 32,219 5,329 74,557 7,116 Corporate securities 17,688,481 1,315,632 1,659,827 674,073 19,348,308 1,989,705 Mortgage-backed securities 3,066,569 61,030 15,433 616 3,082,002 61,646 CDOs — — 730 147 730 147 Total temporarily impaired securities $ 23,276,019 1,432,201 1,741,183 681,299 25,017,202 2,113,500
Cumulative Credit Impairments on Fixed-maturity Securities	The following table presents a rollforward of the Company’s cumulative credit impairments on fixed-maturity securities held at December 31: 2016 2015 Balance as of January 1 $ 59,365 36,948 Additions for credit impariments recognized on: Securities not previously impaired 174,823 57,889 Securities previously impaired — 1,086 Reductions for credit impairments previously on: Securities that matured, were sold, or were liquidated during the period (118,758 ) (36,558 ) Balance as of December 31 $ 115,430 59,365
Gross and Net Realized Investment Gains (Losses)	Gross and net realized investment (losses) gains for the years ended December 31 are summarized as follows: 2016 2015 2014 Available-for-sale: Fixed-maturity securities: Gross gains on sales and exchanges $ 198,851 108,094 96,698 Gross losses on sales and exchanges (71,002 ) (15,272 ) (11,114 ) OTTI (172,530 ) (57,598 ) (6,445 ) Net (losses) gains on fixed-maturity securities (44,681 ) 35,224 79,139 Equity securities: Gross gains on sales 3,109 2 113 Gross losses on sales (897 ) (184 ) (1 ) Net gains (losses) on equity securities 2,212 (182 ) 112 Net (losses) gains on available-for-sale securities (42,469 ) 35,042 79,251 Held-to-maturity: Gross gains on exchanges — 31,832 — Gross losses on exchanges (11 ) (11 ) (84 ) Net (losses) gains on held-to-maturity securities (11 ) 31,821 (84 ) (Provision) benefit for mortgage loans on real estate (11,000 ) (2,400 ) 5,000 Investment in affiliates — — (6,500 ) Gain on real estate sales — 5,929 — Investment in limited partnerships 2,150 — — Net gains on sales of acquired loans 2,005 24,027 95 Other — (6 ) — Net realized investment (losses) gains $ (49,325 ) 94,413 77,762
Proceeds from Sale of Available for Sale Investments	Proceeds from sales of available-for-sale securities for the years ended December 31 are presented in the following table: 2016 2015 2014 Available-for-sale: Fixed-maturity securities proceeds from sales $ 2,177,408 996,801 1,479,188 Equity securities proceeds from sales 152,821 58,858 29,209
Interest and Similar Income, Net	Major categories of Interest and similar income, net, for the respective years ended December 31 are shown below: 2016 2015 2014 Interest and similar income: Available-for-sale fixed-maturity securities $ 3,847,272 3,752,867 3,552,896 Available-for-sale equity securities 11,314 1,416 26 Mortgage loans on real estate 470,547 413,103 377,917 Acquired loans 24,461 28,122 27,548 Trading securities 6,814 11,838 10,006 Policy loans 10,015 9,834 9,981 Short-term securities, includes cash and cash equivalents 13,896 8,761 7,864 Held-to-maturity fixed-maturity securities 1,012 5,746 15,894 Derivative assets 11,121 5,197 1,867 Other invested assets 5,898 1,870 2,057 Assets held by reinsurers 2,498 2,626 2,798 Loans to affiliates 384 516 980 Total 4,405,232 4,241,896 4,009,834 Less investment expenses 79,495 66,427 54,175 Total interest and similar income, net $ 4,325,737 4,175,469 3,955,659
Schedule of Cash Collateral Liability	The cash collateral liability by loaned security type was as follows: December 31, 2016 December 31, 2015 Remaining Remaining Contractual Contractual Maturity of the Maturity of the Agreements Agreements Open (1) Open (1) U.S. government — 2,038 Foreign government 9,429 13,984 Corporate securities 2,551,790 2,464,888 Total 2,561,219 2,480,910 (1) There is no contractual maturity on the loan agreements. The related loaned security could be returned to the Company on the next business day with notice from the counterparty and the Company would be required to return the cash collateral immediately.
Schedule of Carrying Amount and Maximum Exposure Relating to VIE	The carrying amount and maximum exposure to loss relating to the VIEs which the Company holds a variable interest but is not the primary beneficiary and which have not been consolidated were as follows: December 31, 2016 December 31, 2015 Maximum Maximum Carrying exposure Carrying exposure amount to loss (1) amount to loss (1) Fixed-maturity securities, available-for-sale: Corporate securities $ 981,066 981,066 913,857 913,857 Mortgage-backed securities 11,625,772 11,625,772 12,466,036 12,466,036 Collateralized mortgage obligations 197,789 197,789 10,283 10,283 CDOs 19,931 19,931 21,164 21,164 Total fixed-maturity securities, available-for-sale $ 12,824,558 12,824,558 13,411,340 13,411,340 Other investments Acquired loans $ 148,740 148,740 179,556 179,556 Other invested assets 56,562 338,971 15,628 116,485 Total other investments $ 205,302 487,711 195,184 296,041 Total investments $ 13,029,860 13,312,269 13,606,524 13,707,381 (1) The maximum exposure to loss is equal to the carrying amount for Fixed-maturity securities, Available-for-sale and Acquired loans. The maximum exposure to loss related to Other invested assets is equal to the carrying amount plus any unfunded commitments.

Derivatives and Hedging Instr39

Derivatives and Hedging Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Components of Gains or Losses Related to Derivatives that Qualify as Cash Flow Hedges	The following table presents the components of the unrealized gains or losses on the effective portion of the derivatives that qualify as cash flow hedges and are recorded as a component of Total other comprehensive income within the Consolidated Statements of Comprehensive Income: Derivatives designated as Amount of gains (losses) cash flow hedging instruments 2016 2015 2014 Interest rate swaps, net of tax benefit of $0, ($332), and ($217),at December 31, 2016, 2015, and 2014, respectively $ — (617 ) (403 ) Foreign currency swaps, net of tax expense of $12,355, $15,550, and $4,683 at December 31, 2016, 2015, and 2014, respectively 22,945 28,879 8,698 Total $ 22,945 28,262 8,295
Credit Derivative Type By Derivative Risk Exposure And Reference Type	The following table presents the notional amount, fair value, weighted average years to maturity, underlying referenced credit obligation type, and average credit ratings for the credit derivatives in which the Company was assuming credit risk as of December 31, 2016 and 2015: Credit Derivative type by derivative risk exposure and reference type Notional Fair Value Weighted Average 2016: Basket credit default swaps Investment grade risk exposure U.S. corporate credit $ 331,400 367 6 BBB+ Total $ 331,400 367 2015: Basket credit default swaps Investment grade risk exposure U.S. corporate credit $ 150,900 1,569 7 BBB+ Total $ 150,900 1,569
Balance Sheet Location and Fair Value of Derivatives	The following table presents a summary of the aggregate notional amounts and fair values of the Company’s freestanding derivative instruments as of December 31: 2016 2015 Gross Fair Value Gross Fair Value Notional (1) Assets Liabilities Notional (1) Assets Liabilities Cash flow hedging instruments Foreign currency swaps $ 676,000 96,975 (11,731 ) 426,000 53,794 — Total cash flow hedging instruments $ 96,975 (11,731 ) 53,794 — Nonqualifying hedging instruments OTC options $ 77,973,809 766,205 (514,758 ) 52,623,290 359,335 (226,761 ) ETO 11,109,074 42,400 (27,345 ) — — — Futures 17,574,373 — — 6,288,033 — — SAR 7,422 * 545 — 7,422 * 614 — TRS 7,154,000 5,826 (3,702 ) 4,574,296 2,350 (33,812 ) IRS 7,227,500 144,384 (77,799 ) 7,802,500 172,187 (89,482 ) TBA securities 693,900 833 (299 ) 426,300 232 (266 ) Total nonqualifying hedging instruments $ 960,193 (623,903 ) 534,718 (350,321 ) Total freestanding derivative instruments 1,057,168 (635,634 ) 588,512 (350,321 ) (1) Notional amounts are presented on a gross basis. * The notional amount for SAR is equal to the number of contracts outstanding.
Schedule of Embedded Derivatives	The following table presents a summary of the fair values of the Company’s embedded derivative instruments as of December 31: 2016 2015 GMWB $ (2,156,234 ) (2,170,539 ) GMAB (243,363 ) (374,857 ) MVLO (15,141,482 ) (14,495,312 ) Other embedded derivative 1,863 3,097 Total embedded derivative instruments $ (17,539,216 ) (17,037,611 )
Gains or Losses Recognized in Income	The following table presents the gains or losses recognized in income on the various nonqualifying freestanding derivative instruments and embedded derivatives: Location in Consolidated Amount of (losses) gains on Statements of Operations 2016 2015 2014 MVLO Policy fees $ (398,942 ) 79,951 194,229 MVLO Policyholder benefits 139,481 115,737 2,159 MVLO Change in fair value of annuity and life embedded derivatives (386,709 ) 212,758 (3,344,049 ) GMWB Change in fair value of annuity and life embedded derivatives 14,235 (679,259 ) (1,445,524 ) GMAB Change in fair value of annuity and life embedded derivatives 96,666 (122,094 ) (166,411 ) Total change in fair value of annuity and life embedded derivatives (275,808 ) (588,595 ) (4,955,984) OTC options Change in fair value of assets and liabilities 182,882 (361,419 ) 862,097 ETOs Change in fair value of assets and liabilities 13,055 291 66,855 Futures Change in fair value of assets and liabilities (287,724 ) (423,134 ) (267,628 ) SAR Change in fair value of assets and liabilities (54 ) 630 69 CDO embedded Change in fair value of assets and liabilities — (188 ) (150 ) Other embedded Change in fair value of assets and liabilities (1,234 ) 1,423 (230 ) TBA securities Change in fair value of assets and liabilities (2,837 ) 330 — IRS Change in fair value of assets and liabilities 87,380 279,158 1,085,355 TRS Change in fair value of assets and liabilities (37,143 ) 4,093 113,236 CDS Change in fair value of assets and liabilities 4,689 (2,220 ) (626 ) Total change in fair value of assets and liabilities (40,986 ) (501,036 ) 1,858,978 Total derivative loss, net $ (576,255 ) (893,943 ) (2,900,618)
Derivative Assets Subject to Master Netting Arrangement	The following tables present additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated: December 31, 2016 Gross amounts not offset in the Balance Sheet Gross Gross Net amounts in the Financial (1) Collateral Net Derivative assets $ 1,056,623 — 1,056,623 (615,349 ) (395,913 ) 45,361 Derivative liabilities $ (635,634 ) — (635,634 ) 615,349 37,092 16,807 Net derivatives $ 420,989 — 420,989 — (358,821 ) 62,168 December 31, 2015 Gross amounts not offset in Gross Gross Net amounts Balance Sheet Financial (1) Collateral Net Derivative assets $ 587,898 — 587,898 (346,116 ) (216,659 ) 25,123 Derivative liabilities $ (350,276 ) — (350,276 ) 346,116 4,160 — Net derivatives $ 237,622 — 237,622 — (212,499 ) 25,123 (1) Represents the amount of assets or liabilities that could be offset by liabilities or assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present the assets and liabilities measured at fair value on a recurring basis and their corresponding level in the fair value hierarchy at December 31: Total Level 1 Level 2 Level 3 2016: Assets Fixed-maturity securities, available-for-sale: U.S. government $ 1,736,523 1,736,523 — — Agencies not backed by the full faith and credit of the U.S. government 8,857 — 8,857 — States and political subdivisions 9,954,613 — 9,925,338 29,275 Foreign government 438,927 — 404,687 34,240 Corporate securities 63,540,067 — 54,990,599 8,549,468 Mortgage-backed securities 11,650,264 — 11,609,060 41,204 CMOs 197,789 — 197,789 — CDOs 19,931 — — 19,931 Fixed-maturity securities, at fair value through income 37,051 36,901 — 150 Derivative assets 1,059,031 42,400 1,010,805 5,826 Equity securities, available-for-sale 320,166 320,166 — — Equity securities, trading 317,493 298,481 19,012 — Corporate-owned life insurance 338,092 — 338,092 — Separate account assets 27,733,261 27,733,261 — — Total assets $ 117,352,065 30,167,732 78,504,239 8,680,094 Liabilities Derivative liabilities $ 635,634 27,345 604,587 3,702 Separate account liabilities 27,733,261 27,733,261 — — Reserves at fair value (1) 20,152,641 — — 20,152,641 Total liabilities $ 48,521,536 27,760,606 604,587 20,156,343 Total Level 1 Level 2 Level 3 2015: Assets Fixed-maturity securities, available-for-sale: U.S. government $ 1,755,324 1,755,324 — — Agencies not backed by the full faith and credit of the U.S. government 10,514 — 10,514 — States and political subdivisions 8,998,534 — 8,998,035 499 Foreign government 272,167 — 238,794 33,373 Corporate securities 57,168,683 — 50,147,086 7,021,597 Mortgage-backed securities 12,497,799 — 12,442,893 54,906 CMOs 10,283 — 10,283 — CDOs 21,164 — — 21,164 Fixed-maturity securities, at fair value through income 37,111 37,111 — — Derivative assets 591,609 — 589,259 2,350 Equity securities, available-for-sale 68,611 68,611 — — Equity securities, trading 292,816 269,956 22,860 — Corporate-owned life insurance 316,926 — 316,926 — Separate account assets 28,243,123 28,243,123 — — Total assets $ 110,284,664 30,374,125 72,776,650 7,133,889 Liabilities Derivative liabilities $ 350,0321 — 316,509 33,812 Separate account liabilities 28,243,123 28,243,123 — — Reserves at fair value (1) 18,096,009 — — 18,096,009 Total liabilities $ 46,689,453 28,243,123 316,509 18,129,821 (1) Reserves at fair value are reported in Account balances and future policy benefit reserves on the Consolidated Balance Sheets.
Reconciliation of the Beginning and Ending Balances for the Company's Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table provides a reconciliation of the beginning and ending balances for the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis: Fixed-maturity securities Available-for-sale Trading States and Mortgage- political Foreign Corporate backed Corporate Derivative Derivative Reserves at subdivisions government securities securities CDOs securities assets liabilities fair value 2016: Balance, beginning of year $ 499 33,373 7,021,597 54,906 21,164 — 2,350 (33,812 ) (18,096,009 ) Total realized/unrealized gains (losses) included in: Net income — — (86,539 ) 1,393 — — 553,778 (583,731 ) (649,516 ) Other comprehensive income (loss) 790 867 272,556 302 (503 ) — — — — Purchases and issuances 27,986 — 2,054,111 730 — 150 — — (2,805,725 ) Sales and settlements — — (428,407 ) (16,127 ) (730 ) — (550,302 ) 613,841 1,398,609 Transfer into Level 3 — — — — — — — — — Transfer out of Level 3 — — (283,850 ) — — — — — — Balance, end of year 29,275 34,240 8,549,468 41,204 19,931 150 5,826 (3,702 ) (20,152,641 ) (Losses) gains included in net income related to financial instruments still held at December 31, 2016 (1) — — (80,134 ) — — — 3,476 (30,111 ) (649,516 ) Fixed-maturity securities Available-for-sale Trading States and Mortgage- political Foreign Corporate backed Corporate Derivative Derivative Reserves at subdivisions government securities securities CDOs securities assets liabilities fair value 2015: Balance, beginning of year $ — 34,147 5,733,760 1,332 45,229 — 11,583 (757 ) (17,052,283 ) Total realized/unrealized gains (losses) included in: Net income — — (20,453 ) 30 516 — 182,923 (179,854 ) 273,778 Other comprehensive income (loss) (1 ) (774 ) (339,441 ) (2 ) (167 ) — — — — Purchases and issuances 500 — 1,982,406 — — — — — (2,687,078 ) Sales and settlements — — (335,492 ) (1,314 ) (24,414 ) — (192,156 ) 146,799 1,369,574 Transfer into Level 3 — — 817 54,860 — — — — — Transfer out of Level 3 — — — — — — — — — Balance, end of year 499 33,373 7,021,597 54,906 21,164 — 2,350 (33,812 ) (18,096,009 ) (Losses) gains included in net income related to financial instruments still held at December 31, 2015 (1) (2) — — (27,526 ) — 36 — 2,917 (28,494 ) 273,778 (1) The Company classifies realized and unrealized gains (losses) on Reserves at fair value as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track the realized gains (losses) on a contract-by-contract basis. (2) The previously issued 2015 financial statements improperly disclosed losses included in net income related to Reserves at fair value still held at December 31, 2015 by including issuances of $2,687,078. The December 31, 2015 amount has been corrected to conform with current year presentation.
Significant Unobservable Inputs Used in Fair Value Measurements for Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table provides a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities on a recurring basis at December 31, 2016: Fair value Valuation Technique Unobservable input Range (weighted Fixed-maturity securities: Available-for-sale: States and political subdivisions $ 29,275 Discounted cash flow Option adjusted spread* 166 (166) Foreign government 34,240 Discounted cash flow Option adjusted spread 62-75 (70) Corporate securities 8,549,468 Discounted cash flow Option adjusted spread -214-2,112 (147) CDOs 19,931 Third-Party Vendor Default and discount rates ** Mortgage-backed securities 41,204 Third-Party Vendor Default and discount rates ** Trading: Corporate securities 150 Cost N/A N/A Derivative assets: TRS $ 5,826 Third-Party Vendor Spread and discount rates ** Derivative liabilities: TRS $ (3,702) Third-Party Vendor Spread and discount rates ** Reserves at Fair Value: MVLO $ (15,141,482) Discounted cash flow Annuitizations 0–25% Surrenders 0–25% Mortality*** 0–100% Withdrawal Benefit Election 0–50% GMWB and GMAB (2,399,597) Discounted cash flow Surrenders 0.5–35% Mortality*** 0–100% Variable-indexed annuity (2,611,562) Contract value N/A**** N/A**** * No range is applicable due to only one security within classification. ** Management does not have insight into the specific assumptions used. See narrative below for qualitative discussion. *** Mortality assumptions are derived by applying management determined factors to the Annuity 2000 Mortality Table. **** Unobservable inputs are not applicable as the fair value of the variable-indexed annuity reserve is held at contract value.
Fair Value of Financial Assets and Liabilities	The following table presents the carrying amounts and fair values of financial assets and liabilities carried at book value at December 31: 2016 Carrying amount Fair value Level 1 Level 2 Level 3 Total Financial assets: Held-to-maturity fixed-maturity securities $ 28 — — 3,630 3,630 Mortgage loans on real estate 10,351,741 — — 10,900,205 10,900,205 Loans to affiliates 39,120 — — 39,120 39,120 Policy loans 171,012 — 171,012 — 171,012 Acquired loans 192,380 — — 261,307 261,307 Other invested assets 164,830 — — 164,830 164,830 Collateral held from securities lending agreements 2,561,219 — 2,561,985 — 2,561,985 Financial liabilities: Investment contracts $ 77,305,738 — — 78,018,770 78,018,770 Mortgage notes payable 76,916 — — 87,981 87,981 2015 Carrying amount Fair value Level 1 Level 2 Level 3 Total Financial assets: Held-to-maturity fixed-maturity securities $ 55 — — 5,279 5,279 Mortgage loans on real estate 8,788,018 — — 9,042,293 9,042,293 Loans to affiliates 33,005 — — 32,733 32,733 Policy loans 163,129 — 163,129 — 163,129 Acquired loans 224,083 — — 271,927 271,927 Other invested assets 92,977 — — 92,977 92,977 Collateral held from securities lending agreements 2,480,910 — 2,480,911 — 2,480,911 Financial liabilities: Investment contracts $ 72,088,078 — — 72,832,319 72,832,319 Other liabilities 500,000 — — 499,079 499,079 Mortgage notes payable 84,761 — — 98,890 98,890

Financing Receivables (Tables)

Financing Receivables (Tables)	12 Months Ended
	Dec. 31, 2016
Loan-to-Value Analysis of Commercial Properties	The credit quality as of December 31 is shown below: Debt Service Coverage Ratios 2016: Greater than 1.4x 1.2x – 1.4x 1.0x – 1.2x Less than 1.0x Total Percent of Total Loan-to-value ratios: Less than 50% $ 3,694,757 133,289 53,761 — 3,881,807 37.3 % 50% – 60% 3,740,956 173,453 23,378 18,930 3,956,717 38.0 60% – 70% 1,442,783 502,746 26,005 43,607 2,015,141 19.4 70% – 80% 198,103 153,481 24,086 — 375,670 3.6 80% – 90% 57,439 83,046 27,384 2,937 170,806 1.7 90% – 100% — — — — — — Greater than 100% — — — — — — Total $ 9,134,038 1,046,015 154,614 65,474 10,400,141 100.0 % Debt Service Coverage Ratios 2015: Greater than 1.4x 1.2x – 1.4x 1.0x – 1.2x Less than 1.0x Total Percent of Total Loan-to-value ratios: Less than 50% 3,310,857 134,224 117,417 76 3,562,574 40.4 % 50% – 60% 2,056,466 492,618 99,041 2,834 2,650,959 30.0 60% – 70% 1,347,641 633,125 51,113 66,702 2,098,581 23.8 70% – 80% 72,551 107,527 50,712 87,160 317,950 3.6 80% – 90% 96,548 51,230 27,874 6,460 182,112 2.0 90% – 100% — — 13,242 — 13,242 0.2 Greater than 100% — — — — — — Total 6,884,063 1,418,724 359,399 163,232 8,825,418 100.0 %
Nontrade Receivables and Allowance for Credit Losses	The nontrade receivable and allowance for credit losses by customer classification as of December 31 are shown below: 2016 2015 Agent Reinsurer Total Agent Reinsurer Total Nontrade receivables $ 11,860 20,963 32,823 6,976 23,581 30,557 Allowance for credit losses (4,876 ) — (4,876 ) (5,525 ) — (5,525 ) Net nontrade receivables $ 6,984 20,963 27,947 1,451 23,581 25,032
Allowances For Credit Losses And Investment in Financing Receivables	The allowances for credit losses and recorded investment in financing receivables as of December 31 are shown below: Mortgage Nontrade Loans to Loans to non-affiliates Total 2016: Financing receivables, gross $ 10,400,141 32,823 39,120 10,145 10,482,229 Allowance for credit losses: Beginning balance $ 37,400 5,525 — — 42,925 Provision/(benefit) 11,000 (649 ) — — 10,351 Ending balance 48,400 4,876 — — 53,276 Financing receivables ending balance net of valuation allowance $ 10,351,741 27,947 39,120 10,145 10,428,953 Mortgage Nontrade Loans to Loans to non-affiliates Total 2015: Financing receivables, gross $ 8,825,418 30,557 33,000 11,341 8,900,316 Allowance for credit losses: Beginning balance $ 35,000 6,486 — — 41,486 Provision/(benefit) 2,400 (961 ) — — 1,439 Ending balance 37,400 5,525 — — 42,925 Financing receivables ending balance net of valuation allowance $ 8,788,018 25,032 33,000 11,341 8,857,391
Aging Analysis of Past Due Financing Receivables	Aging analysis of past-due financing receivables as of December 31 is shown below: 31–60 days past due 61–90 days past due Greater than past due Total Current Total 2016: Mortgage loans $ — — — — 10,400,141 10,400,141 Nontrade receivables 7,590 1,662 6,712 15,964 16,859 32,823 Loans to affiliates — — — — 39,120 39,120 Loans to non-affiliates 109 10 71 190 9,955 10,145 Total $ 7,699 1,672 6,783 16,154 10,466,075 10,482,229 31–60 days past due 61–90 days past due Greater than past due Total Current Total 2015: Mortgage loans $ — — — — 8,825,418 8,825,418 Nontrade receivables 6,893 1,796 5,629 14,318 16,239 30,557 Loans to affiliates — — — — 33,000 33,000 Loans to non-affiliates 60 — — 60 11,281 11,341 Total $ 6,953 1,796 5,629 14,378 8,885,938 8,900,316

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2016
Deferred Acquisition Costs	DAC at December 31 and the changes in the balance for the years then ended are as follows: 2016 2015 2014 Balance, beginning of year $ 6,283,236 4,362,771 4,820,215 Capitalization 1,006,773 911,425 1,349,236 Interest 172,195 181,239 177,754 Amortization (1,438,375 ) (1,331,923 ) (853,904 ) Change in shadow DAC (777,486 ) 2,159,724 (1,130,530 ) Balance, end of year $ 5,246,343 6,283,236 4,362,771
Pretax Impact on Assets and Liabilities as Result of Unlocking	The pretax impact on the Company’s assets and liabilities as a result of the unlocking during the years ended December 31 is as follows: 2016 2015 2014 Assets: DAC $ (246,669 ) (109,797 ) (5,294 ) DSI (51,156 ) (32,400 ) (8,673 ) VOBA (212 ) (180 ) (120 ) Reinsurance recoverables 2,934 5,471 117 Total decrease in assets (295,103 ) (136,906 ) (13,970 ) Liabilities: Account balances and future policy benefit reserves (412,959 ) (154,064 ) (38,177 ) Unearned premiums (1,787 ) (48,369 ) (1,968 ) Total decrease in liabilities (414,746 ) (202,433 ) (40,145 ) Net increase before tax 119,643 65,527 26,175 Deferred income tax expense 41,875 22,934 9,161 Net increase after tax $ 77,768 42,593 17,014

Deferred Sales Inducements (Tab

Deferred Sales Inducements (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Deferred Sales Inducement	DSI at December 31 and the changes in the balance for years then ended are as follows: 2016 2015 2014 Balance, beginning of year $ 1,110,192 847,000 1,076,530 Capitalization 29,176 48,546 143,717 Amortization (277,616 ) (284,883 ) (183,504 ) Interest 28,569 33,927 35,528 Change in shadow DSI (125,767 ) 465,602 (225,271 ) Balance, end of year $ 764,554 1,110,192 847,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax (Benefit) Expense	Total income tax expense for the years ended December 31 is as follows: 2016 2015 2014 Income tax expense attributable to operations: Current tax expense $ 558,016 551,052 265,586 Deferred tax (benefit) (202,860 ) (307,986 ) (240,863 ) Total income tax expense attributable to net income 355,156 243,066 24,723 Income tax effect on equity: Income tax expense allocated to stockholder’s equity: Attributable to unrealized gains (losses) on investments 357,363 (691,519 ) 418,073 Attributable to unrealized gains on 36 — — Attributable to unrealized gains (losses) 373 (2,159 ) (1,132 ) Total income tax effect on equity $ 712,928 (450,612 ) 441,664
Income Tax (Benefit) Expense Computed at the Statutory Rate	Income tax expense computed at the statutory rate of 35% varies from Income tax expense reported in the Consolidated Statements of Operations for the respective years ended December 31 as follows: 2016 2015 2014 Income tax expense computed at the statutory rate $ 400,167 295,177 63,066 Dividends-received deductions and tax-exempt interest (40,326 ) (40,687 ) (27,849 ) State income tax 11,266 4,642 4,106 (Release) accrual of LIH tax credits (5,819 ) (1,284 ) 321 Accrual (release) of tax contingency reserve 373 (10,701 ) 2,180 Foreign tax, net (3,587 ) (3,143 ) (3,202 ) Corporate-owned life insurance (7,833 ) (2,285 ) (7,806 ) Penalties (47 ) 529 (6,174 ) Other 962 818 81 Income tax expense as reported $ 355,156 243,066 24,723
Significant Components of Net Deferred Tax Asset (Liability)	Tax effects of temporary differences giving rise to the significant components of the net deferred tax asset (liability). The net deferred tax asset (liability) on the Consolidated Balance Sheets at December 31 is as follows: 2016 2015 Deferred tax assets: Policy reserves $ 3,326,409 3,219,849 Expense accruals 40,792 47,412 Other-than-temporarily impaired assets 40,821 20,961 Provision for postretirement benefits 49,437 34,072 Other 3,267 6,898 Total deferred tax assets 3,460,726 3,329,192 Deferred tax liabilities: Deferred acquisition costs (1,533,188 ) (1,948,643 ) Investment income (253,987 ) (230,228 ) Depreciation and amortization (59,822 ) (55,351 ) Net unrealized gains on investments and foreign exchange (1,225,720 ) (551,999 ) Total deferred tax liabilities (3,072,717 ) (2,786,221 ) Net deferred tax asset $ 388,009 542,971
Reconciliation of Unrecognized Tax Benefits	recognizes liabilities for certain unrecognized tax benefits. Reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2016 2015 Balance at January 1 $ 1,367 59,103 Additions based on tax positions related to the current year 330 359 Amounts released related to tax positions taken in prior years — (58,095 ) Balance at December 31 $ 1,697 1,367

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Goodwill	Goodwill at December 31, 2016 and 2015, and the changes in the balance for the years then ended are as follows: 2016 2015 Balance, beginning of year $ 482,905 482,905 Increase in goodwill due to acquisition (1) 4,929 — Balance, end of year $ 487,834 482,905
Schedule of Intangible Assets	Intangible assets at December 31, 2016 and 2015, and the changes in the balance for the years then ended are as follows: 2016 2015 Balance, beginning of year $ — 2,050 Increase in intangibles due to acquisition (1) 2,872 — Amortization (376 ) — Transfer to held-for-sale — (2,050 ) Balance, end of year $ 2,496 — (1) The increase in goodwill and intangible assets relates to the acquisition of a Field Marketing Office (FMO). See note 19 for further details regarding the acquisition.
Schedule of Finite-Lived Intangible Assets Future Amortization Expense	The net amortization of the intangible assets in each of the next five years is as follows: 2017 $ 410 2018 410 2019 410 2020 410 2021 410 2022 and beyond 446

Value of Business Acquired (Tab

Value of Business Acquired (Tables)	12 Months Ended
	Dec. 31, 2016
Value of Business Acquired and Changes in the Balance	VOBA at December 31 and the changes in the balance for the years then ended are as follows: 2016 2015 2014 Balance, beginning of year $ — — — Interest 127 210 314 Amortization (1,619 ) (2,950 ) (3,479 ) Change in shadow VOBA 1,492 2,740 3,165 Balance, end of year $ — — —
Net Amortization of Value of Business Acquired	The net amortization of the VOBA in each of the next five years is expected to be as follows: 2017 $ 2,059 2018 1,731 2019 711 2020 and beyond —

Separate Accounts and Annuity47

Separate Accounts and Annuity Product Guarantees (Tables)	12 Months Ended
	Dec. 31, 2016
Market Volatility Assumptions	Market volatility assumption varies by fund type and grades from a current volatility number to a long-term assumption over one year as shown below: 2016 Fund index type Current volatility Long-term volatility Large cap 16.3 % 18.1 % Bond 3.4 3.9 International 16.8 21.4 Small cap 20.3 21.5 2015 Fund index type Current volatility Long-term volatility Large cap 17.6 % 18.1 % Bond 3.4 3.9 International 17.9 23.1 Small cap 20.8 21.3
Schedule of Guaranteed Minimums	Guaranteed minimums for the respective years ended December 31 are summarized as follows (note that the amounts listed are not mutually exclusive, as many products contain multiple guarantees): 2016 2015 Account value Net amount at risk Weighted Account value Net amount Weighted age GMDB: Return of premium $ 23,400,820 73,163 63.9 $ 22,106,973 144,789 63.4 Ratchet and return of premium 4,602,792 142,357 67.8 4,799,853 265,614 67.1 Ratchet and rollup 3,602,988 484,301 71.0 3,756,726 590,255 70.2 Ratchet and earnings protection rider 3,072 885 84.4 3,006 1,105 83.2 Reset 84,191 692 76.1 88,037 1,422 75.7 Earnings protection rider 235,360 22,383 68.8 244,262 21,146 68.1 Total $ 31,929,223 723,781 $ 30,998,857 1,024,331 GMIB: Return of premium $ 92,121 325 72.9 $ 103,455 390 71.7 Ratchet and return of premium 1,885,185 4,526 70.3 2,128,810 39,990 69.4 Ratchet and rollup 4,653,568 723,893 67.5 4,921,715 894,936 66.7 Total $ 6,630,874 728,744 $ 7,153,980 935,316 GMAB: Five years $ 2,738,307 10,160 69.9 $ 3,125,235 75,278 68.8 Ten years 3,212 1 82.2 3,144 1 81.2 Target date retirement-7 year 613,746 1,218 63.9 685,742 26,416 63.2 Target date retirement-10 year 250,033 4,559 60.5 271,947 17,557 59.8 Target date with management levers 3,332,790 73,070 61.9 3,361,471 189,196 61.3 Total $ 6,938,088 89,008 $ 7,447,539 308,449 GMWB: No living benefit $ 707,212 — 69.0 $ 689,570 — 68.5 Life benefit with optional reset 921,876 171,135 68.7 951,084 182,920 68.1 Life benefit with automatic reset 1,471,419 194,438 65.2 1,498,005 205,492 64.4 Life benefit with 8% rollup 28,562 6,286 70.2 30,070 6,520 69.1 Life benefit with 10% rollup 1,109,985 348,423 64.6 1,138,409 338,886 63.8 Life benefit with management levers 11,579,110 2,307,239 61.3 11,283,267 2,054,036 60.7 Total $ 15,818,164 3,027,521 $ 15,590,405 2,787,854
Variable Annuity Account Balances Invested In Separate Account	At December 31, variable annuity account balances were invested in separate account funds with the following investment objectives. Balances are presented at fair value: Investment type 2016 2015 Bond $ 3,484,805 3,447,255 Domestic equity 13,959,524 14,225,576 International equity 1,308,840 1,473,393 Specialty 8,320,880 8,362,991 Money market 585,039 655,648 Other 74,173 78,260 Total $ 27,733,261 28,243,123
Summary of Liabilities for Variable Contract Guarantees	The following table summarizes the liabilities for variable contract guarantees that are reflected in the general account and shown in Account balances and future policy benefit reserves on the Consolidated Balance Sheets: GMDB GMIB GMAB GMWB Totals Balance as of December 31, 2014 $ 86,422 152,779 264,857 1,491,280 1,995,338 Incurred guaranteed benefits 24,238 34,835 122,095 679,259 860,427 Paid guaranteed benefits (13,633 ) (11,149 ) (12,095 ) — (36,877 ) Balance as of December 31, 2015 97,027 176,465 374,857 2,170,539 2,818,888 Incurred guaranteed benefits 9,845 (17,290 ) (96,596 ) (14,236 ) (118,277 ) Paid guaranteed benefits (17,598 ) (13,942 ) (34,898 ) (69 ) (66,507 ) Balance as of December 31, 2016 $ 89,274 145,233 243,363 2,156,234 2,634,104

Accident and Health Claim Res48

Accident and Health Claim Reserves (Tables)	12 Months Ended
	Dec. 31, 2016
Activity in Accident and Health Claim Reserves	Activity in the accident and health claim reserves is summarized as follows: 2016 2015 2014 Balance at January 1, net of reinsurance recoverables of $340,048, $283,252, and 259,829, respectively $ 157,321 135,168 127,405 Adjustment primarily related to commutation and assumption reinsurance on blocks of business 34 323 (35 ) Incurred related to: Current year 93,844 71,378 60,474 Prior years 789 (4,275 ) (11,243 ) Total incurred 94,633 67,103 49,231 Paid related to: Current year 5,829 4,331 3,677 Prior years 49,556 40,942 37,756 Total paid 55,385 45,273 41,433 Balance at December 31, net of reinsurance recoverables of $396,850, $340,048, and $283,252, respectively $ 196,603 157,321 135,168

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2016
Future Principal Payments	The future principal payments required under the loan are as follows: 2017 $ 8,288 2018 8,758 2019 9,254 2020 9,778 2021 and beyond 40,839 Total $ 76,917

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Investments requiring Commitment of Capital	The Company has the following investments that require a commitment of capital for the years ended December 31, 2016 and 2015: 2016 2015 Limited partnerships $ 187,484 26,000 Private placement debt 127,438 103,200 Infrastructure debt 320,913 37,990 Mortgage loans 414,360 332,773 $ 1,050,195 499,963
Future Minimum Lease Payments Required under Operating Leases	The future minimum lease payments required under operating leases are as follows: 2017 $ 2,302 2018 1,946 2019 1,435 2020 1,041 2021 892 2022 and beyond $ 7,616

Capital Structure (Tables)

Capital Structure (Tables)	12 Months Ended
	Dec. 31, 2016
Category of Capital Stock Issued	The Company is authorized to issue three types of capital stock, as outlined in the table below: Authorized, Voluntary or issued, and Par value, involuntary outstanding per share Redemption rights liquidation rights Common stock 40,000,000 $ 1.00 None None 20,000,001 20,000,001 Preferred stock: Class A 200,000,000 $ 1.00 Designated by Board Designated by Board 18,903,484 for each series issued for each series issued 18,903,484 Class A, Series A 8,909,195 1.00 $35.02 per share plus $35.02 per share plus 8,909,195 an amount to yield a an amount to yield a 8,909,195 compounded annual compounded annual return of 6%, after return of 6%, after actual dividends paid actual dividends paid Class A, Series B 10,000,000 1.00 $35.02 per share plus $35.02 per share plus 9,994,289 an amount to yield a an amount to yield a 9,994,289 compounded annual compounded annual return of 6%, after return of 6%, after actual dividends paid actual dividends paid Class B 400,000,000 1.00 Designated by Board Designated by Board for each series issued for each series issued

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2016
Changes In AOCI By Component	Changes in AOCI, net of tax, by component consist of the following: Year ended December 31, 2016 Net unrealized Net gain Foreign Pension and Total AOCI Beginning balance $ 472,376 10,408 6,231 (65 ) 488,950 OCI before reclassifications 667,048 (29,614 ) 692 (42 ) 638,084 Amounts reclassified from AOCI 26,241 — — 3 26,244 Net OCI 693,289 (29,614 ) 692 (39 ) 664,328 Ending balance $ 1,165,665 (19,206 ) 6,923 (104 ) 1,153,278 Year ended December 31, 2015 Net unrealized Net gain Foreign Pension and Total AOCI Beginning balance $ 1,765,606 1,475 10,240 (176 ) 1,777,145 OCI before reclassifications (1,263,867 ) 8,933 (4,009 ) 95 (1,258,848 ) Amounts reclassified from AOCI (29,363 ) — — 16 (29,347 ) Net OCI (1,293,230 ) 8,933 (4,009 ) 111 (1,288,195 ) Ending balance $ 472,376 10,408 6,231 (65 ) 488,950
Reclassifications From AOCI	Reclassifications from AOCI, net of tax, consist of the following: Amount Reclassified from AOCI Affected line item December 31, in the Consolidated AOCI 2016 2015 Statements of Operations Net unrealized (loss) gain on securities: Available-for-sale securities $ (40,370 ) 45,174 Realized investment (loss) gains, net Income tax (benefit) expense (14,129 ) 15,811 Income tax expense (benefit) Total (26,241 ) 29,363 Pension and other postretirement plan adjustments: Amortization of actuarial losses (5 ) (25 ) General and administrative expenses Income tax benefit (2 ) (9 ) Income tax expense (benefit) Total (3 ) (16 ) Total amounts reclassified from AOCI $ (26,244 ) 29,347 Net income

Foreign Currency Translation (T

Foreign Currency Translation (Tables)	12 Months Ended
	Dec. 31, 2016
Foreign Currency Translation, Net of Tax	An analysis of foreign currency translation, net of tax for the respective years ended December 31 is as follows: 2016 2015 2014 Beginning amount of cumulative translation adjustments $ 6,231 10,240 12,343 Aggregate adjustment for the period resulting from translation adjustments 1,065 (6,168 ) (3,235 ) Amount of income tax expense for the period related to aggregate adjustment (373 ) 2,159 1,132 Net aggregate translation included in equity 692 (4,009 ) (2,103 ) Ending amount of cumulative translation adjustments $ 6,923 6,231 10,240 Canadian foreign exchange rate at end of year 0.74568 0.71989 0.86337

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2016
Reconciliation of Unconsolidated Segment Results to Consolidated Statement of Operations	Unconsolidated segment results are reconciled to the Consolidated Statements of Operations amounts in the tables below: Year ended December 31, 2016 Individual Legacy annuities Life Questar products Eliminations Consolidated Revenue: Net premiums and policy fees $ 1,117,580 147,013 — 142,686 — 1,407,279 Interest and similar income, net 4,133,359 113,465 32 78,881 — 4,325,737 Change in fair value of assets and liabilities (218,922 ) 40,600 2 82 — (178,238 ) Realized investment (losses) gains, net (49,126 ) 623 — (822 ) — (49,325 ) Fee, commission, and other revenue 243,789 747 101,432 1,191 (37,305 ) 309,854 Total revenue (loss) 5,226,680 302,448 101,466 222,018 (37,305 ) 5,815,307 Benefits and expenses: Net benefits and expenses 1,982,879 194,667 — 205,632 — 2,383,178 General and administrative and commission 1,774,740 159,455 114,009 18,489 (37,305 ) 2,029,388 Change in deferred acquisition costs, net 315,760 (69,477 ) — 13,124 — 259,407 Total benefits and expenses 4,073,379 284,645 114,009 237,245 (37,305 ) 4,671,973 Pretax income (loss) $ 1,153,301 17,803 (12,543) (15,227 ) — 1,143,334 Year ended December 31, 2015 Individual Legacy annuities Life Questar products Eliminations Consolidated Revenue: Net premiums and policy fees $ 1,133,285 172,660 — 143,646 — 1,449,591 Interest and similar income, net 3,999,693 103,326 3 72,447 — 4,175,469 Change in fair value of assets and liabilities (492,479 ) (38,553 ) — (1,688 ) — (532,720 ) Realized investment gains, net 90,948 1,597 — 1,868 — 94,413 Fee, commission, and other revenue 236,454 186 105,830 253 (39,324 ) 303,399 Total revenue (loss) 4,967,901 239,216 105,833 216,526 (39,324) 5,490,152 Benefits and expenses: Net benefits and expenses 2,296,057 114,377 — 192,660 — 2,603,094 General and administrative and commission 1,549,692 165,386 110,624 18,059 (39,324 ) 1,804,437 Change in deferred acquisition costs, net 279,582 (53,642 ) — 13,319 — 239,259 Total benefits and expenses 4,125,331 226,121 110,624 224,038 (39,324 ) 4,646,790 Pretax income (loss) $ 842,570 13,095 (4,791) (7,512 ) — 843,362 Year ended December 31, 2014 Individual Legacy annuities Life Questar products Eliminations Consolidated Revenue: Net premiums and policy fees $ 1,148,803 117,950 — 141,344 — 1,408,097 Interest and similar income, net 3,798,284 90,057 (17 ) 67,335 — 3,955,659 Change in fair value of assets and liabilities 1,805,611 41,292 — (4,914 ) — 1,841,989 Realized investment gains, net 74,926 1,579 1 1,256 — 77,762 Fee, commission, and other revenue 246,021 474 102,234 6,217 (43,126 ) 311,820 Total revenue (loss) 7,073,645 251,352 102,218 211,238 (43,126 ) 7,595,327 Benefits and expenses: Net benefits and expenses 5,582,740 147,348 — 145,737 — 5,875,825 General and administrative and commission 1,963,032 162,942 111,967 17,585 (43,126 ) 2,212,400 Change in deferred acquisition costs, net (615,902 ) (72,109 ) — 14,925 — (673,086 ) Total benefits and expenses 6,929,870 238,181 111,967 178,247 (43,126 ) 7,415,139 Pretax income (loss) $ 143,775 13,171 (9,749 ) 32,991 — 180,188

Organization - Additional Infor

Organization - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016
Annuities
Organization and Nature of Operations [Line Items]
Percentage of net premium written	94.00%
Life
Organization and Nature of Operations [Line Items]
Percentage of net premium written	5.00%
Accident and health
Organization and Nature of Operations [Line Items]
Percentage of net premium written	1.00%
fixed-indexed annuities
Organization and Nature of Operations [Line Items]
Percentage of net premium written	83.00%
Variable-indexed annuity
Organization and Nature of Operations [Line Items]
Percentage of net premium written	12.00%
Variable-indexed annuities
Organization and Nature of Operations [Line Items]
Percentage of net premium written	5.00%

Summary Of Significant Accoun56

Summary Of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Investments in limited partnership	$ 46,727,000	$ 20,167,000
Recognized tax credits related to partnership investments	7,125,000	2,793,000	$ 1,235,000
FHLB stock held	$ 30,000,000	50,000,000
Cash received from FHLB advance		500,000,000
Deferred acquisition costs, amortization period	20 years
Assets held-for-sale recorded in other assets	$ 13,615,000	12,436,000
Liabilities held-for-sale recorded in other liabilities	2,754,000	3,223,000
Property and equipment, net of accumulated depreciation	180,328,000	189,065,000
Property and equipment, accumulated depreciation	94,395,000	85,899,000
Disposed property and equipment, net of accumulated depreciation		80,289,000
Disposed property and equipment, accumulated depreciation		80,289,000
Gain (loss) on disposition of property and equipment	$ 0
LTC reserve interest assumptions range	5.00%
LTC reserve interest assumptions range	6.00%
Increase in statutory surplus due to adopted accounting practice	$ 111,571,000
Change in income from operation before income taxes	1,143,334,000	843,362,000	180,188,000
Account balances and future policy benefit reserves
Significant Accounting Policies [Line Items]
Amount of collateral	$ 0	1,190,301,000
Annuity policies issued prior to 2010
Significant Accounting Policies [Line Items]
Change in income from operation before income taxes			(165,790,000)
Annuity policies issued after 2010
Significant Accounting Policies [Line Items]
Change in income from operation before income taxes			(45,623,000)
As Originally Reported
Significant Accounting Policies [Line Items]
Change in income from operation before income taxes		843,362,000	180,188,000
As Originally Reported | Account balances and future policy benefit reserves
Significant Accounting Policies [Line Items]
Amount of collateral		1,313,443,000
Guaranteed Minimum Death Benefit
Significant Accounting Policies [Line Items]
Cap rate of premium	150.00%
Guaranteed Minimum Death Benefit | With no cap
Significant Accounting Policies [Line Items]
Rollup interest rates	5.00%
Guaranteed Minimum Death Benefit | With a cap of 150% of premium
Significant Accounting Policies [Line Items]
Rollup interest rates	3.00%
Minimum
Significant Accounting Policies [Line Items]
Traditional life products, life reserve interest assumptions range	2.30%
Maximum
Significant Accounting Policies [Line Items]
Traditional life products, life reserve interest assumptions range	6.00%
Preoperating and start-up costs
Significant Accounting Policies [Line Items]
Amortization of capitalized cost	$ 4,394,000	$ 4,393,000	$ 4,390,000
Buildings
Significant Accounting Policies [Line Items]
Property plant and equipment, useful life		39 years

Summary of Significant Accoun57

Summary of Significant Accounting Policies - Changes to Consolidated Balance Sheets and Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents		$ 1,127,182	$ 2,270,617	$ 1,919,680	$ 1,219,984	$ 1,127,182
Collateral held from securities lending agreements	[1]				$ 2,561,219	2,480,910
Net cash provided by operating activities		2,644,667	2,413,324	3,164,605
Net cash used in investing activities		(6,926,348)	(7,144,829)	(9,915,481)
Cash and cash equivalents at beginning of year		1,127,182	2,270,617	1,919,680
Cash and cash equivalents at end of year		1,219,984	1,127,182	2,270,617
As Originally Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents		3,608,092	3,832,569	2,944,394		3,608,092
Net cash provided by operating activities			3,213,324
Net cash used in investing activities			(7,025,871)	(9,378,243)
Cash and cash equivalents at beginning of year		3,608,092	3,832,569	2,944,394
Cash and cash equivalents at end of year			3,608,092	3,832,569
Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents		(2,480,910)	(1,561,952)	(1,024,714)		(2,480,910)
Collateral held from securities lending agreements						$ 2,480,910
Net cash provided by operating activities			(800,000)
Net cash used in investing activities			(118,958)	(537,238)
Cash and cash equivalents at beginning of year		$ (2,480,910)	(1,561,952)	(1,024,714)
Cash and cash equivalents at end of year			$ (2,480,910)	$ (1,561,952)
[1]	There is no contractual maturity on the loan agreements. The related loaned security could be returned to the Company on the next business day with notice from the counterparty and the Company would be required to return the cash collateral immediately.

Summary of Significant Accoun58

Summary of Significant Accounting Policies - Changes to Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Interest and similar income, net	$ 4,325,737	$ 4,175,469	$ 3,955,659
Total Revenue	5,815,307	5,490,152	7,595,327
Benefits and expenses:
General and administrative expenses	695,949	637,328	675,176
Total benefits and expenses	4,671,973	4,646,790	7,415,139
Net income	$ 1,143,334	843,362	180,188
As Originally Reported
Revenue:
Interest and similar income, net		4,180,103	3,957,298
Total Revenue		5,494,786	7,596,966
Benefits and expenses:
General and administrative expenses		641,962	676,815
Total benefits and expenses		4,651,424	7,416,778
Net income		843,362	180,188
Restatement Adjustment
Revenue:
Interest and similar income, net		(4,634)	(1,639)
Total Revenue		(4,634)	(1,639)
Benefits and expenses:
General and administrative expenses		(4,634)	(1,639)
Total benefits and expenses		$ (4,634)	$ (1,639)

Amortized Cost or Cost, Gross U

Amortized Cost or Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Values of Available-For-Sale and Held-To-Maturity Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Total available-for-sale fixed-maturity securities, amortized cost	$ 84,029,645	$ 79,180,533
Total fixed-maturity securities, available-for-sale, Gross unrealized gains	4,363,576	3,667,435
Total fixed-maturity securities, available-for-sale, Gross unrealized losses	846,250	2,113,500
Total fixed-maturity securities, available-for-sale, Fair value	87,546,971	80,734,468
Total fixed-maturity securities, held-to-maturity, Amortized cost of cost	28	55
Total fixed-maturity securities, held-to-maturity, Gross unrealized gains	3,602	5,224
Total fixed-maturity securities, held-to-maturity, Gross unrealized losses	0	0
Total fixed-maturity securities, held-to-maturity, Fair value	3,630	5,279
Equity securities amortized cost	316,541	71,005
Equity securities fair value	320,166	68,611
Available for sale and held-to-maturity securities, Amortized cost or cost	84,346,214	79,251,593
Available for sale and held-to-maturity securities, gross unrealized gains	4,370,803	3,672,659
Available for sale and held-to-maturity securities, gross unrealized losses	846,250	2,115,894
Available for sale and held-to-maturity securities, fair value	87,870,767	80,808,358
U.S. Government
Schedule of Available-for-sale Securities [Line Items]
Total available-for-sale fixed-maturity securities, amortized cost	1,712,400	1,682,642
Total fixed-maturity securities, available-for-sale, Gross unrealized gains	41,003	78,089
Total fixed-maturity securities, available-for-sale, Gross unrealized losses	16,880	5,407
Total fixed-maturity securities, available-for-sale, Fair value	1,736,523	1,755,324
Agencies not backed by the full faith and credit of the U.S. government
Schedule of Available-for-sale Securities [Line Items]
Total available-for-sale fixed-maturity securities, amortized cost	8,766	10,474
Total fixed-maturity securities, available-for-sale, Gross unrealized gains	113	91
Total fixed-maturity securities, available-for-sale, Gross unrealized losses	22	51
Total fixed-maturity securities, available-for-sale, Fair value	8,857	10,514
States and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Total available-for-sale fixed-maturity securities, amortized cost	9,379,273	8,533,503
Total fixed-maturity securities, available-for-sale, Gross unrealized gains	612,248	514,459
Total fixed-maturity securities, available-for-sale, Gross unrealized losses	36,908	49,428
Total fixed-maturity securities, available-for-sale, Fair value	9,954,613	8,998,534
Foreign government
Schedule of Available-for-sale Securities [Line Items]
Total available-for-sale fixed-maturity securities, amortized cost	426,724	269,608
Total fixed-maturity securities, available-for-sale, Gross unrealized gains	21,006	9,675
Total fixed-maturity securities, available-for-sale, Gross unrealized losses	8,803	7,116
Total fixed-maturity securities, available-for-sale, Fair value	438,927	272,167
Corporate securities
Schedule of Available-for-sale Securities [Line Items]
Total available-for-sale fixed-maturity securities, amortized cost	60,668,745	56,402,323
Total fixed-maturity securities, available-for-sale, Gross unrealized gains	3,489,117	2,756,065
Total fixed-maturity securities, available-for-sale, Gross unrealized losses	617,795	1,989,705
Total fixed-maturity securities, available-for-sale, Fair value	63,540,067	57,168,683
Total fixed-maturity securities, held-to-maturity, Amortized cost of cost	28	55
Total fixed-maturity securities, held-to-maturity, Gross unrealized gains	5	10
Total fixed-maturity securities, held-to-maturity, Gross unrealized losses	0	0
Total fixed-maturity securities, held-to-maturity, Fair value	33	65
Mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Total available-for-sale fixed-maturity securities, amortized cost	11,615,711	12,263,037
Total fixed-maturity securities, available-for-sale, Gross unrealized gains	188,528	296,408
Total fixed-maturity securities, available-for-sale, Gross unrealized losses	153,975	61,646
Total fixed-maturity securities, available-for-sale, Fair value	11,650,264	12,497,799
Collateralized mortgage obligations
Schedule of Available-for-sale Securities [Line Items]
Total available-for-sale fixed-maturity securities, amortized cost	209,165	9,208
Total fixed-maturity securities, available-for-sale, Gross unrealized gains	491	1,075
Total fixed-maturity securities, available-for-sale, Gross unrealized losses	11,867	0
Total fixed-maturity securities, available-for-sale, Fair value	197,789	10,283
Collateralized debt obligations
Schedule of Available-for-sale Securities [Line Items]
Total available-for-sale fixed-maturity securities, amortized cost	8,861	9,738
Total fixed-maturity securities, available-for-sale, Gross unrealized gains	11,070	11,573
Total fixed-maturity securities, available-for-sale, Gross unrealized losses	0	147
Total fixed-maturity securities, available-for-sale, Fair value	19,931	21,164
Total fixed-maturity securities, held-to-maturity, Gross unrealized gains	3,597	5,214
Total fixed-maturity securities, held-to-maturity, Gross unrealized losses	0	0
Total fixed-maturity securities, held-to-maturity, Fair value	3,597	5,214
Common stock
Schedule of Available-for-sale Securities [Line Items]
Equity securities amortized cost	316,541	71,005
Equity securities gross unrealized gain	3,625	0
Equity securities gross unrealized losses	0	2,394
Equity securities fair value	$ 320,166	$ 68,611

Net Unrealized Gains On Availab

Net Unrealized Gains On Available-For-Sale Securities and Effective Portion Of Cash Flow Hedges (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Held-for-sale securities	$ 614	$ 798	$ 0
Net unrealized gains	1,146,460	482,784	1,767,081
Fixed-maturity securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities	3,517,326	1,553,935	6,258,406
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities	3,625	(2,394)	46
Cash flow hedges
Schedule of Available-for-sale Securities [Line Items]
Cash flow hedges	(29,547)	16,013	2,269
Shadow
Schedule of Available-for-sale Securities [Line Items]
Shadow adjustments	(1,728,234)	(825,607)	(3,542,160)
Deferred taxes
Schedule of Available-for-sale Securities [Line Items]
Deferred taxes	$ (617,324)	$ (259,961)	$ (951,480)

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Fixed Maturity Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Available-for-sale fixed-maturity securities, amortized cost
Due in one year or less, amortized cost	$ 1,546,150
Due after one year through five years, amortized cost	13,572,313
Due after five years through ten years, amortized cost	19,833,072
Due after ten years, amortized cost	36,284,633
Structured securities, amortized cost	12,793,477
Total available-for-sale fixed-maturity securities, amortized cost	84,029,645	$ 79,180,533
Held-to-maturity fixed-maturity securities, amortized cost
Due after one year through five years, amortized cost	28
Structured securities, amortized cost	0
Total fixed-maturity securities, held-to-maturity, Amortized cost of cost	28	55
Available-for-sale fixed-maturity securities, fair value
Due in one year or less, fair value	1,578,807
Due after one year through five years, fair value	14,342,672
Due after five years through ten years, fair value	20,189,034
Due after ten years, fair value	38,581,463
Structured securities, fair value	12,854,995
Total available-for-sale fixed-maturity securities, fair value	87,546,971	80,734,468
Held-to-maturity fixed-maturity securities, fair value
Due after one year through five years, fair value	33
Structured securities, fair value	3,597
Total held-to-maturity fixed-maturity securities, fair value	$ 3,630	$ 5,279

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands		1 Months Ended	12 Months Ended
		Oct. 31, 2015USD ($)	Dec. 31, 2016USD ($)Investment	Dec. 31, 2015USD ($)Investment
Schedule of Investments [Line Items]
Carrying value of investments held on deposit with various insurance departments and in other trusts			$ 28,098	$ 45,393
Available-for-sale investment holdings that were in an unrealized loss position for fixed-maturity securities | Investment			1,088	1,294
Mortgage loan on real estate			$ 10,351,741	$ 8,788,018
Fair value of securities on loan			2,798,597	2,392,657
Collateral held			2,888,157	2,480,910
Non Cash collateral received			326,938	0
Collateral held from securities lending agreements	[1]		2,561,219	2,480,910
Fair value of reverse repurchase agreements			100,000	0
Fair value of reverse repurchase agreements, collateral			100,000	0
Realized investment gain upon initial consolidation				31,832
Acquired loans			192,380	224,083
Available-for-sale, at fair value			87,546,971	80,734,468
Notes payable			76,916	84,761
Other liabilities			$ 3,673,122	$ 4,240,504
CALIFORNIA | Mortgage Loans on Real Estate
Schedule of Investments [Line Items]
Mortgage loan on real estate, concentration level			28.10%	27.70%
Mortgage loan on real estate			$ 2,925,356	$ 2,448,008
ILLINOIS | Mortgage Loans on Real Estate
Schedule of Investments [Line Items]
Mortgage loan on real estate, concentration level			10.40%	11.60%
Mortgage loan on real estate			$ 1,085,445	$ 1,025,605
Variable Interest Entity, Primary Beneficiary [Member]
Schedule of Investments [Line Items]
Available-for-sale, at fair value			19,833	26,941
Preferred stock
Schedule of Investments [Line Items]
Other liabilities			32,195	32,195
Collateralized debt obligations
Schedule of Investments [Line Items]
Assets purchased by the Company		$ 96,046
Available-for-sale, at fair value			19,931	21,164
Collateralized debt obligations | Variable Interest Entity, Primary Beneficiary [Member]
Schedule of Investments [Line Items]
Liquidated assets at auction		$ 163,389
Acquired loans			43,640	44,527
Available-for-sale, at fair value			10,604	12,611
Junior tranche Notes
Schedule of Investments [Line Items]
Notes payable			565	2,789
Cash and Cash Equivalents
Schedule of Investments [Line Items]
Collateral held from securities lending agreements			1,445,249	2,480,910
Short-term Investments
Schedule of Investments [Line Items]
Collateral held from securities lending agreements			$ 1,115,970	0
Minimum
Schedule of Investments [Line Items]
Interest rates on investments in new mortgage loans			3.00%
Maximum
Schedule of Investments [Line Items]
Interest rates on investments in new mortgage loans			4.60%
External Credit Rating, Investment Grade
Schedule of Investments [Line Items]
Unrealized gain loss on investment grade securities			$ 763,051	$ 1,773,647
Percentage of unrealized loss			90.20%	83.90%
[1]	There is no contractual maturity on the loan agreements. The related loaned security could be returned to the Company on the next business day with notice from the counterparty and the Company would be required to return the cash collateral immediately.

Unrealized Losses on Available-

Unrealized Losses on Available-for-Sale Securities and Related Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fair value,12 months or less	$ 20,023,201	$ 23,276,019
Unrealized losses, 12 months or less	652,110	1,432,201
Fair value, greater than 12 months	2,145,077	1,741,183
Unrealized losses, greater than 12 months	194,140	681,299
Fair value, total	22,168,278	25,017,202
Unrealized losses, total	846,250	2,113,500
U.S. Government
Schedule of Available-for-sale Securities [Line Items]
Fair value,12 months or less	691,559	600,970
Unrealized losses, 12 months or less	16,880	5,395
Fair value, greater than 12 months	0	4,959
Unrealized losses, greater than 12 months	0	12
Fair value, total	691,559	605,929
Unrealized losses, total	16,880	5,407
US Government Agency
Schedule of Available-for-sale Securities [Line Items]
Fair value,12 months or less	3,332	4,536
Unrealized losses, 12 months or less	22	51
Fair value, greater than 12 months	0	0
Unrealized losses, greater than 12 months	0	0
Fair value, total	3,332	4,536
Unrealized losses, total	22	51
States and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Fair value,12 months or less	1,587,063	1,873,125
Unrealized losses, 12 months or less	30,524	48,306
Fair value, greater than 12 months	103,316	28,015
Unrealized losses, greater than 12 months	6,384	1,122
Fair value, total	1,690,379	1,901,140
Unrealized losses, total	36,908	49,428
Foreign government
Schedule of Available-for-sale Securities [Line Items]
Fair value,12 months or less	99,527	42,338
Unrealized losses, 12 months or less	6,634	1,787
Fair value, greater than 12 months	10,383	32,219
Unrealized losses, greater than 12 months	2,169	5,329
Fair value, total	109,910	74,557
Unrealized losses, total	8,803	7,116
Corporate securities
Schedule of Available-for-sale Securities [Line Items]
Fair value,12 months or less	12,637,792	17,688,481
Unrealized losses, 12 months or less	433,682	1,315,632
Fair value, greater than 12 months	2,000,338	1,659,827
Unrealized losses, greater than 12 months	184,113	674,073
Fair value, total	14,638,130	19,348,308
Unrealized losses, total	617,795	1,989,705
Mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Fair value,12 months or less	4,811,364	3,066,569
Unrealized losses, 12 months or less	152,501	61,030
Fair value, greater than 12 months	31,040	15,433
Unrealized losses, greater than 12 months	1,474	616
Fair value, total	4,842,404	3,082,002
Unrealized losses, total	153,975	61,646
Collateralized debt obligations
Schedule of Available-for-sale Securities [Line Items]
Fair value,12 months or less	192,564	0
Unrealized losses, 12 months or less	11,867	0
Fair value, greater than 12 months	0	730
Unrealized losses, greater than 12 months	0	147
Fair value, total	192,564	730
Unrealized losses, total	$ 11,867	$ 147

Cumulative Credit Impairments o

Cumulative Credit Impairments on Fixed-maturity Securities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Other Than Temporary Impairment Losses Recognized [Line Items]
Beginning Balance	$ 59,365	$ 36,948
Additions for credit impariments recognized on:
Securities not previously impaired	174,823	57,889
Securities previously impaired		1,086
Reductions for credit impairments previously on:
Securities that matured, were sold, or were liquidated during the period	(118,758)	(36,558)
Ending Balance	$ 115,430	$ 59,365

Gross and Net Realized Investme

Gross and Net Realized Investment (Losses) Gains (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment gains/losses [Line Items]
OTTI	$ (174,823)	$ (58,975)	$ (6,445)
Net (losses) gains on available-for-sale securities	(42,469)	35,042	79,251
Gross gains on exchanges		31,832
Gross losses on exchanges	(11)	(11)	(84)
Net (losses) gains on held-to-maturity securities	(11)	31,821	(84)
(Provision) benefit for mortgage loans on real estate	(11,000)	(2,400)	5,000
Investment in affiliates			(6,500)
Gain on real estate sales		5,929
Investment in limited partnerships	2,150
Net gains on sales of acquired loans	2,005	24,027	95
Other		(6)
Net realized investment (losses) gains	(49,325)	94,413	77,762
Fixed-maturity securities
Investment gains/losses [Line Items]
Gross gains on sales	198,851	108,094	96,698
Gross losses on sales	(71,002)	(15,272)	(11,114)
OTTI	(172,530)	(57,598)	(6,445)
Net (losses) gains on available-for-sale securities	(44,681)	35,224	79,139
Equity securities
Investment gains/losses [Line Items]
Gross gains on sales	3,109	2	113
Gross losses on sales	(897)	(184)	(1)
Net gains (losses) on equity securities	$ 2,212	$ (182)	$ 112

Proceeds from Sale of Available

Proceeds from Sale of Available-for-Sale and Trading Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fixed-maturity securities
Available-for-sale:
Proceeds from sales	$ 2,177,408	$ 996,801	$ 1,479,188
Equity securities
Available-for-sale:
Proceeds from sales	$ 152,821	$ 58,858	$ 29,209

Major Categories of Interest an

Major Categories of Interest and Similar Income, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest and Other Income [Line Items]
Mortgage loans on real estate	$ 470,547	$ 413,103	$ 377,917
Acquired loans	24,461	28,122	27,548
Trading securities	6,814	11,838	10,006
Policy loans	10,015	9,834	9,981
Short-term securities, includes cash and cash equivalents	13,896	8,761	7,864
Held-to-maturity fixed-maturity securities	1,012	5,746	15,894
Derivative assets	11,121	5,197	1,867
Other invested assets	5,898	1,870	2,057
Assets held by reinsurers	2,498	2,626	2,798
Loans to affiliates	384	516	980
Total	4,405,232	4,241,896	4,009,834
Less investment expenses	79,495	66,427	54,175
Total interest and similar income, net	4,325,737	4,175,469	3,955,659
Fixed-maturity securities
Interest and Other Income [Line Items]
Available-for-sale securities	3,847,272	3,752,867	3,552,896
Equity securities
Interest and Other Income [Line Items]
Available-for-sale securities	$ 11,314	$ 1,416	$ 26

Schedule of Cash Collateral Lia

Schedule of Cash Collateral Liability By Loaned Security Type (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Financial Instruments Owned and Pledged as Collateral [Line Items]
Remaining Contractual Maturity of the Agreements Open	[1]	$ 2,561,219	$ 2,480,910
U.S. Government
Financial Instruments Owned and Pledged as Collateral [Line Items]
Remaining Contractual Maturity of the Agreements Open	[1]		2,038
Foreign government
Financial Instruments Owned and Pledged as Collateral [Line Items]
Remaining Contractual Maturity of the Agreements Open	[1]	9,429	13,984
Corporate securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Remaining Contractual Maturity of the Agreements Open	[1]	$ 2,551,790	$ 2,464,888
[1]	There is no contractual maturity on the loan agreements. The related loaned security could be returned to the Company on the next business day with notice from the counterparty and the Company would be required to return the cash collateral immediately.

Investments - VIE (Detail)

Investments - VIE (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Carrying Amount		$ 13,029,860	$ 13,606,524
Maximum Exposure	[1]	13,312,269	13,707,381
Available-for-sale Securities
Variable Interest Entity [Line Items]
Carrying Amount		12,824,558	13,411,340
Maximum Exposure	[1]	12,824,558	13,411,340
Available-for-sale Securities | Corporate securities
Variable Interest Entity [Line Items]
Carrying Amount		981,066	913,857
Maximum Exposure	[1]	981,066	913,857
Available-for-sale Securities | Mortgage-backed securities
Variable Interest Entity [Line Items]
Carrying Amount		11,625,772	12,466,036
Maximum Exposure	[1]	11,625,772	12,466,036
Available-for-sale Securities | Collateralized mortgage obligations
Variable Interest Entity [Line Items]
Carrying Amount		197,789	10,283
Maximum Exposure	[1]	197,789	10,283
Available-for-sale Securities | Collateralized debt obligations
Variable Interest Entity [Line Items]
Carrying Amount		19,931	21,164
Maximum Exposure	[1]	19,931	21,164
Acquired Loans
Variable Interest Entity [Line Items]
Carrying Amount		148,740	179,556
Maximum Exposure	[1]	148,740	179,556
Other Assets
Variable Interest Entity [Line Items]
Carrying Amount		56,562	15,628
Maximum Exposure	[1]	338,971	116,485
Other Investments
Variable Interest Entity [Line Items]
Carrying Amount		205,302	195,184
Maximum Exposure	[1]	$ 487,711	$ 296,041
[1]	The maximum exposure to loss is equal to the carrying amount for Fixed-maturity securities, Available-for-sale and Acquired loans. The maximum exposure to loss related to Other invested assets is equal to the carrying amount plus any unfunded commitments.

Components of Gains or Losses R

Components of Gains or Losses Related to Derivatives that Qualify as Cash Flow Hedges (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Total	$ 22,945	$ 28,262	$ 8,295
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative swaps, net of tax	0	(617)	(403)
Foreign Currency Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative swaps, net of tax	$ 22,945	$ 28,879	$ 8,698

Components of Gains or Losses71

Components of Gains or Losses Related to Derivatives that Qualify as Cash Flow Hedges (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative swaps, tax (benefit) expense	$ 0	$ (332)	$ (217)
Foreign Currency Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative swaps, tax (benefit) expense	$ 12,355	$ 15,550	$ 4,683

Schedule of Derivative (Detail)

Schedule of Derivative (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Amount	$ 331,400	$ 150,900
Fair Value	367	1,569
Fitch, BBB+ Rating [Member]
Derivatives, Fair Value [Line Items]
Amount	331,400	150,900
Fair Value	$ 367	$ 1,569
Weighted Average Years to Maturity	6 years	7 years

Derivatives and Hedging Instr73

Derivatives and Hedging Instruments - Summary of Aggregate Notional Amounts and Fair Values (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Notional		$ 331,400	$ 150,900
Gross Fair Value of Assets		1,057,168	588,512
Gross Fair Value of Liabilities		(635,634)	(350,321)
Derivatives Designated As Cash Flow Hedges
Derivative [Line Items]
Gross Fair Value of Assets		96,975	53,794
Gross Fair Value of Liabilities		(11,731)	0
Derivatives Designated As Cash Flow Hedges | Foreign Currency Swap
Derivative [Line Items]
Notional	[1]	676,000	426,000
Gross Fair Value of Assets		96,975	53,794
Gross Fair Value of Liabilities		(11,731)	0
Derivatives Not Designated As Cash Flow Hedges
Derivative [Line Items]
Gross Fair Value of Assets		960,193	534,718
Gross Fair Value of Liabilities		(623,903)	(350,321)
Derivatives Not Designated As Cash Flow Hedges | Exchange Traded Options
Derivative [Line Items]
Notional	[1]	11,109,074	0
Gross Fair Value of Assets		42,400	0
Gross Fair Value of Liabilities		(27,345)	0
Derivatives Not Designated As Cash Flow Hedges | Future
Derivative [Line Items]
Notional	[1]	17,574,373	6,288,033
Derivatives Not Designated As Cash Flow Hedges | Stock Appreciation Rights (SARs)
Derivative [Line Items]
Notional	[1],[2]	7,422	7,422
Gross Fair Value of Assets		545	614
Derivatives Not Designated As Cash Flow Hedges | Total Return Swap
Derivative [Line Items]
Notional	[1]	7,154,000	4,574,296
Gross Fair Value of Assets		5,826	2,350
Gross Fair Value of Liabilities		(3,702)	(33,812)
Derivatives Not Designated As Cash Flow Hedges | Interest Rate Swap
Derivative [Line Items]
Notional	[1]	7,227,500	7,802,500
Gross Fair Value of Assets		144,384	172,187
Gross Fair Value of Liabilities		(77,799)	(89,482)
Derivatives Not Designated As Cash Flow Hedges | TBA Securities
Derivative [Line Items]
Notional	[1]	693,900	426,300
Gross Fair Value of Assets		833	232
Gross Fair Value of Liabilities		(299)	(266)
Derivatives Not Designated As Cash Flow Hedges | Over the Counter
Derivative [Line Items]
Notional	[1]	77,973,809	52,623,290
Gross Fair Value of Assets		766,205	359,335
Gross Fair Value of Liabilities		$ (514,758)	$ (226,761)
[1]	Notional amounts are presented on a gross basis.
[2]	The notional amount for SAR is equal to the number of contracts outstanding.

Derivatives and Hedging Instr74

Derivatives and Hedging Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Over the Counter
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total collateral for derivatives	$ 1,447,970	$ 1,019,112
Exchange Traded
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total collateral for derivatives	$ 49,133	$ 13,939

Derivatives and Hedging Instr75

Derivatives and Hedging Instruments - Fair Value of Embedded Derivatives (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Embedded Derivative [Line Items]
Total embedded derivative instruments	$ (17,539,216)	$ (17,037,611)
Guaranteed Minimum Withdrawal Benefit
Embedded Derivative [Line Items]
Total embedded derivative instruments	(2,156,234)	(2,170,539)
Guaranteed Minimum Accumulation Benefit
Embedded Derivative [Line Items]
Total embedded derivative instruments	(243,363)	(374,857)
MVLO
Embedded Derivative [Line Items]
Total embedded derivative instruments	(15,141,482)	(14,495,312)
Other Embedded Derivative Financial Instruments
Embedded Derivative [Line Items]
Total embedded derivative instruments	$ 1,863	$ 3,097

Gains or Losses Recognized in I

Gains or Losses Recognized in Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Policy fees	$ 1,295,485	$ 1,330,651	$ 1,286,614
Policyholder benefits	(1,000,589)	(1,031,440)	(689,319)
Change in fair value of annuity and life embedded derivatives	(275,808)	(588,595)	(4,955,984)
Change in fair value of assets and liabilities	(576,255)	(893,943)	(2,900,618)
Derivatives Not Designated As Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Change in fair value of assets and liabilities	(40,986)	(501,036)	1,858,978
Derivatives Not Designated As Cash Flow Hedges | MVLO
Derivatives, Fair Value [Line Items]
Policy fees	(398,942)	79,951	194,229
Policyholder benefits	139,481	115,737	2,159
Change in fair value of annuity and life embedded derivatives	(386,709)	212,758	(3,344,049)
Derivatives Not Designated As Cash Flow Hedges | Exchange Traded Options
Derivatives, Fair Value [Line Items]
Change in fair value of assets and liabilities	13,055	291	66,855
Derivatives Not Designated As Cash Flow Hedges | Future
Derivatives, Fair Value [Line Items]
Change in fair value of assets and liabilities	(287,724)	(423,134)	(267,628)
Derivatives Not Designated As Cash Flow Hedges | Stock Appreciation Rights (SARs)
Derivatives, Fair Value [Line Items]
Change in fair value of assets and liabilities	(54)	630	69
Derivatives Not Designated As Cash Flow Hedges | CDO Embedded
Derivatives, Fair Value [Line Items]
Change in fair value of assets and liabilities		(188)	(150)
Derivatives Not Designated As Cash Flow Hedges | Other Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Change in fair value of assets and liabilities	(1,234)	1,423	(230)
Derivatives Not Designated As Cash Flow Hedges | TBA Securities
Derivatives, Fair Value [Line Items]
Change in fair value of assets and liabilities	(2,837)	330
Derivatives Not Designated As Cash Flow Hedges | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Change in fair value of assets and liabilities	87,380	279,158	1,085,355
Derivatives Not Designated As Cash Flow Hedges | Total Return Swap
Derivatives, Fair Value [Line Items]
Change in fair value of assets and liabilities	(37,143)	4,093	113,236
Derivatives Not Designated As Cash Flow Hedges | Credit Default Swaps [Member]
Derivatives, Fair Value [Line Items]
Change in fair value of assets and liabilities	4,689	(2,220)	(626)
Derivatives Not Designated As Cash Flow Hedges | Guaranteed Minimum Withdrawal Benefit
Derivatives, Fair Value [Line Items]
Change in fair value of annuity and life embedded derivatives	14,235	(679,259)	(1,445,524)
Derivatives Not Designated As Cash Flow Hedges | Guaranteed Minimum Accumulation Benefit
Derivatives, Fair Value [Line Items]
Change in fair value of annuity and life embedded derivatives	96,666	(122,094)	(166,411)
Derivatives Not Designated As Cash Flow Hedges | Over the Counter
Derivatives, Fair Value [Line Items]
Change in fair value of assets and liabilities	$ 182,882	$ (361,419)	$ 862,097

Derivative Assets And Liabiliti

Derivative Assets And Liabilities Subject To Enforceable Master Netting Arrangement (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross amounts recognized, derivatives assets		$ 1,057,168	$ 588,512
Net amounts presented in the balance sheet, derivatives assets		1,059,031	591,609
Gross amounts recognized, derivatives liabilities		(635,634)	(350,321)
Net amounts presented in the balance sheet, derivatives liabilities		(635,634)	(350,321)
Gross amounts recognized, net derivatives		367	1,569
Derivative Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross amounts recognized, derivatives assets		1,056,623	587,898
Gross amounts offset in the balance sheet, derivatives assets		0	0
Net amounts presented in the balance sheet, derivatives assets		1,056,623	587,898
Gross amounts not offset in the balance sheet, financial instruments, derivative assets	[1]	(615,349)	(346,116)
Gross amounts not offset in the balance sheet, collateral pledged/received		(395,913)	(216,659)
Net amount, derivatives assets		45,361	25,123
Derivative liability
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross amounts recognized, derivatives liabilities		(635,634)	(350,276)
Gross amounts offset in the balance sheet, derivatives liabilities		0	0
Net amounts presented in the balance sheet, derivatives liabilities		(635,634)	(350,276)
Gross amounts not offset in the balance sheet, financial instruments, derivative liabilities	[1]	615,349	346,116
Gross amounts not offset in the balance sheet, collateral pledged/received		37,092	4,160
Net amount, derivatives liabilities		16,807
Derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross amounts recognized, net derivatives		420,989	237,622
Net amounts presented in the balance sheet, net derivatives		420,989	237,622
Gross amounts not offset in the balance sheet, collateral pledged/received		(358,821)	(212,499)
Net amount		$ 62,168	$ 25,123
[1]	Represents the amount of assets or liabilities that could be offset by liabilities or assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Assets
Fixed-maturity securities, available-for-sale		$ 87,546,971	$ 80,734,468
Fixed-maturity securities, at fair value through income		37,051	37,111
Derivative assets		1,059,031	591,609
Equity securities, available-for-sale		320,166	68,611
Equity securities, trading		317,493	292,816
Corporate-owned life insurance		338,092	316,926
Separate account assets		27,733,261	28,243,123
Total assets		117,352,065	110,284,664
Liabilities
Derivative liabilities		635,634	350,321
Separate account liabilities		27,733,261	28,243,123
Reserves at fair value	[1]	20,152,641	18,096,009
Total liabilities		48,521,536	46,689,453
U.S. Government
Assets
Fixed-maturity securities, available-for-sale		1,736,523	1,755,324
Agencies not backed by the full faith and credit of the U.S. government
Assets
Fixed-maturity securities, available-for-sale		8,857	10,514
States and political subdivisions
Assets
Fixed-maturity securities, available-for-sale		9,954,613	8,998,534
Foreign government
Assets
Fixed-maturity securities, available-for-sale		438,927	272,167
Corporate securities
Assets
Fixed-maturity securities, available-for-sale		63,540,067	57,168,683
Mortgage-backed securities
Assets
Fixed-maturity securities, available-for-sale		11,650,264	12,497,799
Collateralized mortgage obligations
Assets
Fixed-maturity securities, available-for-sale		197,789	10,283
Collateralized debt obligations
Assets
Fixed-maturity securities, available-for-sale		19,931	21,164
Fair Value, Inputs, Level 1
Assets
Fixed-maturity securities, at fair value through income		36,901	37,111
Derivative assets		42,400
Equity securities, available-for-sale		320,166	68,611
Equity securities, trading		298,481	269,956
Separate account assets		27,733,261	28,243,123
Total assets		30,167,732	30,374,125
Liabilities
Derivative liabilities		27,345
Separate account liabilities		27,733,261	28,243,123
Total liabilities		27,760,606	28,243,123
Fair Value, Inputs, Level 1 | U.S. Government
Assets
Fixed-maturity securities, available-for-sale		1,736,523	1,755,324
Fair Value, Inputs, Level 2
Assets
Derivative assets		1,010,805	589,259
Equity securities, trading		19,012	22,860
Corporate-owned life insurance		338,092	316,926
Total assets		78,504,239	72,776,650
Liabilities
Derivative liabilities		604,587	316,509
Total liabilities		604,587	316,509
Fair Value, Inputs, Level 2 | Agencies not backed by the full faith and credit of the U.S. government
Assets
Fixed-maturity securities, available-for-sale		8,857	10,514
Fair Value, Inputs, Level 2 | States and political subdivisions
Assets
Fixed-maturity securities, available-for-sale		9,925,338	8,998,035
Fair Value, Inputs, Level 2 | Foreign government
Assets
Fixed-maturity securities, available-for-sale		404,687	238,794
Fair Value, Inputs, Level 2 | Corporate securities
Assets
Fixed-maturity securities, available-for-sale		54,990,599	50,147,086
Fair Value, Inputs, Level 2 | Mortgage-backed securities
Assets
Fixed-maturity securities, available-for-sale		11,609,060	12,442,893
Fair Value, Inputs, Level 2 | Collateralized mortgage obligations
Assets
Fixed-maturity securities, available-for-sale		197,789	10,283
Fair Value, Inputs, Level 3
Assets
Fixed-maturity securities, at fair value through income		150
Derivative assets		5,826	2,350
Total assets		8,680,094	7,133,889
Liabilities
Derivative liabilities		3,702	33,812
Reserves at fair value	[1]	20,152,641	18,096,009
Total liabilities		20,156,343	18,129,821
Fair Value, Inputs, Level 3 | States and political subdivisions
Assets
Fixed-maturity securities, available-for-sale		29,275	499
Fair Value, Inputs, Level 3 | Foreign government
Assets
Fixed-maturity securities, available-for-sale		34,240	33,373
Fair Value, Inputs, Level 3 | Corporate securities
Assets
Fixed-maturity securities, available-for-sale		8,549,468	7,021,597
Fair Value, Inputs, Level 3 | Mortgage-backed securities
Assets
Fixed-maturity securities, available-for-sale		41,204	54,906
Fair Value, Inputs, Level 3 | Collateralized debt obligations
Assets
Fixed-maturity securities, available-for-sale		$ 19,931	$ 21,164
[1]	Reserves at fair value are reported in Account balances and future policy benefit reserves on the Consolidated Balance Sheets.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets transfers into Level 3	$ 0	$ 55,677
Assets transfers out of Level 3	283,850	0
Investment contracts, carrying amount	77,305,738	72,088,078
Investment contracts, fair value	78,018,770	72,832,319
As Originally Reported
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment contracts, carrying amount		89,282,957
Restatement Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment contracts, carrying amount		(17,194,879)
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment contracts, fair value	78,018,770	72,832,319
Fair Value, Inputs, Level 3 | As Originally Reported
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment contracts, fair value		90,027,198
Fair Value, Inputs, Level 3 | Restatement Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment contracts, fair value		(17,194,879)
Private placement | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private placement securities	$ 8,509,548	$ 6,685,280

Reconciliation of the Beginning

Reconciliation of the Beginning and Ending Balances for the Company's Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Available-for-sale Securities | States and political subdivisions
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]
Balance, beginning of year		$ 499
Other comprehensive income (loss)		790	$ (1)
Purchases and issuances		27,986	500
Balance, end of year		29,275	499
Available-for-sale Securities | Foreign government
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]
Balance, beginning of year		33,373	34,147
Other comprehensive income (loss)		867	(774)
Balance, end of year		34,240	33,373
Available-for-sale Securities | Corporate securities
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]
Balance, beginning of year		7,021,597	5,733,760
Net income		(86,539)	(20,453)
Other comprehensive income (loss)		272,556	(339,441)
Purchases and issuances		2,054,111	1,982,406
Sales and settlements		(428,407)	(335,492)
Transfer into Level 3			817
Transfer out of Level 3		(283,850)
Balance, end of year		8,549,468	7,021,597
(Losses) gains included in net income related to financial instruments	[1]	(80,134)	(27,526)	[2]
Available-for-sale Securities | Mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]
Balance, beginning of year		54,906	1,332
Net income		1,393	30
Other comprehensive income (loss)		302	(2)
Purchases and issuances		730
Sales and settlements		(16,127)	(1,314)
Transfer into Level 3			54,860
Balance, end of year		41,204	54,906
Available-for-sale Securities | Collateralized debt obligations
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]
Balance, beginning of year		21,164	45,229
Net income			516
Other comprehensive income (loss)		(503)	(167)
Sales and settlements		(730)	(24,414)
Balance, end of year		19,931	21,164
(Losses) gains included in net income related to financial instruments	[1],[2]		36
Reserve at Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]
Balance, beginning of year		(18,096,009)	(17,052,283)
Net income		(649,516)	273,778
Purchases and issuances		(2,805,725)	(2,687,078)
Sales and settlements		1,398,609	1,369,574
Balance, end of year		(20,152,641)	(18,096,009)
(Losses) gains included in net income related to financial instruments	[1]	(649,516)	273,778	[2]
Trading Securities | Corporate securities
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]
Purchases and issuances		150
Balance, end of year		150
Derivative Assets
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]
Balance, beginning of year		2,350	11,583
Net income		553,778	182,923
Sales and settlements		(550,302)	(192,156)
Balance, end of year		5,826	2,350
(Losses) gains included in net income related to financial instruments	[1]	3,476	2,917	[2]
Derivative liability
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]
Balance, beginning of year		(33,812)	(757)
Net income		(583,731)	(179,854)
Sales and settlements		613,841	146,799
Balance, end of year		(3,702)	(33,812)
(Losses) gains included in net income related to financial instruments	[1]	$ (30,111)	$ (28,494)	[2]
[1]	The Company classifies realized and unrealized gains (losses) on Reserves at fair value as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track the realized gains (losses) on a contract-by-contract basis.
[2]	The previously issued 2015 financial statements improperly disclosed losses included in net income related to Reserves at fair value still held at December 31, 2015 by including issuances of $2,687,078. The December 31, 2015 amount has been corrected to conform with current year presentation.

Reconciliation of the Beginni81

Reconciliation of the Beginning and Ending Balances for the Company's Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Restatement Adjustment
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]
(Losses) gains included in net income related to financial instruments	$ 2,687,078

Assets and Liabilities Measur82

Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Available-for-sale Securities | States and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ 29,275	$ 499
Valuation Technique		Discounted cash flow
Unobservable Input, Option adjusted spread		166
Available-for-sale Securities | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ 34,240	33,373	$ 34,147
Valuation Technique		Discounted cash flow
Available-for-sale Securities | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ 8,549,468	7,021,597	5,733,760
Valuation Technique		Discounted cash flow
Available-for-sale Securities | Collateralized debt obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ 19,931	21,164	45,229
Valuation Technique		Third-Party Vendor
Available-for-sale Securities | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ 41,204	54,906	1,332
Valuation Technique		Third-Party Vendor
Reserve at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ (20,152,641)	(18,096,009)	(17,052,283)
Reserve at Fair Value | MVLO
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ (15,141,482)
Valuation Technique		Discounted cash flow
Reserve at Fair Value | GMWB and GMAB
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ (2,399,597)
Valuation Technique		Discounted cash flow
Trading Securities | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ 150
Valuation Technique		Cost
Derivative Assets
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ 5,826	2,350	11,583
Derivative Assets | Total Return Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Spread and discount rates	[1]	0.00%
Derivative Assets | Total Return Swap | Third Party Pricing Valuation Technique
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ 5,826
Valuation Technique		Third-Party Vendor
Derivative liability
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ (3,702)	$ (33,812)	$ (757)
Derivative liability | Total Return Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Spread and discount rates	[1]	0.00%
Derivative liability | Total Return Swap | Third Party Pricing Valuation Technique
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ (3,702)
Valuation Technique		Third-Party Vendor
Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Annuitizations		2.30%
Minimum | Available-for-sale Securities | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Option adjusted spread		62
Minimum | Available-for-sale Securities | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Option adjusted spread		214
Minimum | Reserve at Fair Value | MVLO
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Annuitizations		0.00%
Unobservable Input, Surrenders		0.00%
Unobservable Input, Mortality		0.00%
Unobservable Input, Withdrawal Benefit Election		0.00%
Minimum | Reserve at Fair Value | GMWB and GMAB
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Surrenders		0.50%
Unobservable Input, Mortality		0.00%
Minimum | Derivative Assets | Total Return Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Spread and discount rates		0.00%
Minimum | Derivative liability | Total Return Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Spread and discount rates		0.00%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Annuitizations		6.00%
Maximum | Available-for-sale Securities | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Option adjusted spread		75
Maximum | Available-for-sale Securities | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Option adjusted spread		2,112
Maximum | Reserve at Fair Value | MVLO
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Annuitizations		25.00%
Unobservable Input, Surrenders		25.00%
Unobservable Input, Mortality		100.00%
Unobservable Input, Withdrawal Benefit Election		50.00%
Maximum | Reserve at Fair Value | GMWB and GMAB
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Surrenders		35.00%
Unobservable Input, Mortality		100.00%
Maximum | Derivative Assets | Total Return Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Spread and discount rates		0.00%
Maximum | Derivative liability | Total Return Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Spread and discount rates		0.00%
Weighted Average | Available-for-sale Securities | States and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Option adjusted spread		166
Weighted Average | Available-for-sale Securities | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Option adjusted spread		70
Weighted Average | Available-for-sale Securities | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Option adjusted spread		147
Weighted Average | Derivative Assets | Total Return Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Spread and discount rates		0.00%
Weighted Average | Derivative liability | Total Return Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Unobservable Input, Spread and discount rates		0.00%
Variable-indexed annuity | Reserve at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value		$ (2,611,562)
Valuation Technique		Contract value
[1]	Management does not have insight into the specific assumptions used. See narrative below for qualitative discussion.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Financial assets, Carrying amount:
Held-to-maturity fixed-maturity securities		$ 28	$ 55
Mortgage loans on real estate		10,351,741	8,788,018
Loans to affiliates		39,120	33,005
Policy loans		171,012	163,129
Acquired loans		192,380	224,083
Other invested assets			92,977
Other invested assets		164,830	97,431
Collateral held from securities lending agreements	[1]	2,561,219	2,480,910
Financial liabilities, Carrying amount :
Investment contracts		77,305,738	72,088,078
Other liabilities			500,000
Mortgage notes payable		76,916	84,761
Financial assets, Fair value:
Held-to-maturity fixed-maturity securities		3,630	5,279
Mortgage loans on real estate		10,900,205	9,042,293
Loans to affiliates		39,120	32,733
Policy loans		171,012	163,129
Acquired loans		261,307	271,927
Other invested assets		164,830	92,977
Collateral held from securities lending agreements		2,561,985	2,480,911
Financial liabilities, Fair value:
Investment contracts		78,018,770	72,832,319
Other liabilities			499,079
Mortgage notes payable		87,981	98,890
Fair Value, Inputs, Level 2
Financial assets, Fair value:
Policy loans		171,012	163,129
Collateral held from securities lending agreements		2,561,985	2,480,911
Fair Value, Inputs, Level 3
Financial assets, Fair value:
Held-to-maturity fixed-maturity securities		3,630	5,279
Mortgage loans on real estate		10,900,205	9,042,293
Loans to affiliates		39,120	32,733
Acquired loans		261,307	271,927
Other invested assets		164,830	92,977
Financial liabilities, Fair value:
Investment contracts		78,018,770	72,832,319
Other liabilities			499,079
Mortgage notes payable		$ 87,981	$ 98,890
[1]	There is no contractual maturity on the loan agreements. The related loaned security could be returned to the Company on the next business day with notice from the counterparty and the Company would be required to return the cash collateral immediately.

Loan-to-Value and Debt Service

Loan-to-Value and Debt Service Coverage Ratio Analysis (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 10,482,229	$ 8,900,316
Mortgage Receivable
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 10,400,141	$ 8,825,418
Mortgage loan, loan to value percentage	100.00%	100.00%
Mortgage Receivable | Greater than 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 9,134,038	$ 6,884,063
Mortgage Receivable | 1.2x To 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	1,046,015	1,418,724
Mortgage Receivable | 1.0x To 1.2x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	154,614	359,399
Mortgage Receivable | Less than 1.0x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	65,474	163,232
Mortgage Receivable | Less than 50%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 3,881,807	$ 3,562,574
Mortgage loan, loan to value percentage	37.30%	40.40%
Mortgage Receivable | Less than 50% | Greater than 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 3,694,757	$ 3,310,857
Mortgage Receivable | Less than 50% | 1.2x To 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	133,289	134,224
Mortgage Receivable | Less than 50% | 1.0x To 1.2x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	53,761	117,417
Mortgage Receivable | Less than 50% | Less than 1.0x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial		76
Mortgage Receivable | 50% To 60%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 3,956,717	$ 2,650,959
Mortgage loan, loan to value percentage	38.00%	30.00%
Mortgage Receivable | 50% To 60% | Greater than 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 3,740,956	$ 2,056,466
Mortgage Receivable | 50% To 60% | 1.2x To 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	173,453	492,618
Mortgage Receivable | 50% To 60% | 1.0x To 1.2x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	23,378	99,041
Mortgage Receivable | 50% To 60% | Less than 1.0x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	18,930	2,834
Mortgage Receivable | 60% To 70%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 2,015,141	$ 2,098,581
Mortgage loan, loan to value percentage	19.40%	23.80%
Mortgage Receivable | 60% To 70% | Greater than 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 1,442,783	$ 1,347,641
Mortgage Receivable | 60% To 70% | 1.2x To 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	502,746	633,125
Mortgage Receivable | 60% To 70% | 1.0x To 1.2x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	26,005	51,113
Mortgage Receivable | 60% To 70% | Less than 1.0x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	43,607	66,702
Mortgage Receivable | 70% To 80%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 375,670	$ 317,950
Mortgage loan, loan to value percentage	3.60%	3.60%
Mortgage Receivable | 70% To 80% | Greater than 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 198,103	$ 72,551
Mortgage Receivable | 70% To 80% | 1.2x To 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	153,481	107,527
Mortgage Receivable | 70% To 80% | 1.0x To 1.2x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	24,086	50,712
Mortgage Receivable | 70% To 80% | Less than 1.0x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial		87,160
Mortgage Receivable | 80% To 90%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 170,806	$ 182,112
Mortgage loan, loan to value percentage	1.70%	2.00%
Mortgage Receivable | 80% To 90% | Greater than 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 57,439	$ 96,548
Mortgage Receivable | 80% To 90% | 1.2x To 1.4x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	83,046	51,230
Mortgage Receivable | 80% To 90% | 1.0x To 1.2x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	27,384	27,874
Mortgage Receivable | 80% To 90% | Less than 1.0x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial	$ 2,937	6,460
Mortgage Receivable | 90% To 100%
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial		$ 13,242
Mortgage loan, loan to value percentage		0.20%
Mortgage Receivable | 90% To 100% | 1.0x To 1.2x
Financing Receivable, Recorded Investment [Line Items]
Mortgage loan, commercial		$ 13,242

Nontrade Receivables and Allowa

Nontrade Receivables and Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Nontrade receivables	$ 10,482,229	$ 8,900,316
Allowance for credit losses	(53,276)	(42,925)	$ (41,486)
Net nontrade receivables	10,428,953	8,857,391
Non Trade Receivable
Financing Receivable, Allowance for Credit Losses [Line Items]
Nontrade receivables	32,823	30,557
Allowance for credit losses	(4,876)	(5,525)	$ (6,486)
Net nontrade receivables	27,947	25,032
Agents | Non Trade Receivable
Financing Receivable, Allowance for Credit Losses [Line Items]
Nontrade receivables	11,860	6,976
Allowance for credit losses	(4,876)	(5,525)
Net nontrade receivables	6,984	1,451
Reinsurer | Non Trade Receivable
Financing Receivable, Allowance for Credit Losses [Line Items]
Nontrade receivables	20,963	23,581
Net nontrade receivables	$ 20,963	$ 23,581

Allowances For Credit Losses An

Allowances For Credit Losses And Investment in Financing Receivables (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]
Financing receivables, gross	$ 10,482,229	$ 8,900,316
Allowance for credit losses:
Beginning balance	42,925	41,486
Provision/(benefit)	10,351	1,439
Ending balance	53,276	42,925
Financing receivables ending balance net of valuation allowance	10,428,953	8,857,391
Mortgage Receivable
Financing Receivable, Allowance for Credit Losses [Line Items]
Financing receivables, gross	10,400,141	8,825,418
Allowance for credit losses:
Beginning balance	37,400	35,000
Provision/(benefit)	11,000	2,400
Ending balance	48,400	37,400
Financing receivables ending balance net of valuation allowance	10,351,741	8,788,018
Non Trade Receivable
Financing Receivable, Allowance for Credit Losses [Line Items]
Financing receivables, gross	32,823	30,557
Allowance for credit losses:
Beginning balance	5,525	6,486
Provision/(benefit)	(649)	(961)
Ending balance	4,876	5,525
Financing receivables ending balance net of valuation allowance	27,947	25,032
Affiliates
Financing Receivable, Allowance for Credit Losses [Line Items]
Financing receivables, gross	39,120	33,000
Allowance for credit losses:
Financing receivables ending balance net of valuation allowance	39,120	33,000
Non Affiliates
Financing Receivable, Allowance for Credit Losses [Line Items]
Financing receivables, gross	10,145	11,341
Allowance for credit losses:
Financing receivables ending balance net of valuation allowance	$ 10,145	$ 11,341

Financing Receivables - Additio

Financing Receivables - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]
Provision (benefit) charged to operations	$ 10,351	$ 1,439
Mortgage Receivable
Financing Receivable, Recorded Investment [Line Items]
Provision (benefit) charged to operations	$ 11,000	$ 2,400

Aging Analysis of Past Due Fina

Aging Analysis of Past Due Financing Receivables (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	$ 16,154	$ 14,378
Current	10,466,075	8,885,938
Total	10,482,229	8,900,316
Mortgage Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	10,400,141	8,825,418
Total	10,400,141	8,825,418
Non Trade Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	15,964	14,318
Current	16,859	16,239
Total	32,823	30,557
Affiliates
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	39,120	33,000
Total	39,120	33,000
Non Affiliates
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	190	60
Current	9,955	11,281
Total	10,145	11,341
Financing Receivables, 31 to 60 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	7,699	6,953
Financing Receivables, 31 to 60 Days Past Due | Non Trade Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	7,590	6,893
Financing Receivables, 31 to 60 Days Past Due | Non Affiliates
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	109	60
Financing Receivables, 61 to 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	1,672	1,796
Financing Receivables, 61 to 90 Days Past Due | Non Trade Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	1,662	1,796
Financing Receivables, 61 to 90 Days Past Due | Non Affiliates
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	10
Financing Receivables, Equal to Greater than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	6,783	5,629
Financing Receivables, Equal to Greater than 90 Days Past Due | Non Trade Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	6,712	$ 5,629
Financing Receivables, Equal to Greater than 90 Days Past Due | Non Affiliates
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	$ 71

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Reinsurance [Line Items]
Reinsurance recoverables and receivables, collateral	$ 3,419,252	$ 3,485,810
Minimum
Reinsurance [Line Items]
Reinsurance retained amount per individual	1,000	1,000
Maximum
Reinsurance [Line Items]
Reinsurance retained amount per individual	$ 5,000	$ 5,000

Deferred Acquisition Costs (Det

Deferred Acquisition Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Policy Acquisition Costs [Line Items]
Balance, beginning of year	$ 6,283,236	$ 4,362,771	$ 4,820,215
Capitalization	1,006,773	911,425	1,349,236
Interest	172,195	181,239	177,754
Amortization	(1,438,375)	(1,331,923)	(853,904)
Change in shadow DAC	(777,486)	2,159,724	(1,130,530)
Balance, end of year	$ 5,246,343	$ 6,283,236	$ 4,362,771

Pretax Impact on Assets and Lia

Pretax Impact on Assets and Liabilities as Result of Unlocking (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Liabilities:
Net increase	$ 119,643	$ 65,527	$ 26,175
Deferred income tax expense	41,875	22,934	9,161
Net increase	77,768	42,593	17,014
Unlocking Of Assumptions
Assets:
Total assets (decrease) increase	(295,103)	(136,906)	(13,970)
Liabilities:
Total liabilities increase (decrease)	(414,746)	(202,433)	(40,145)
Unlocking Of Assumptions | Account balances and future policy benefit reserves
Liabilities:
Total liabilities increase (decrease)	(412,959)	(154,064)	(38,177)
Unlocking Of Assumptions | Unearned Premiums
Liabilities:
Total liabilities increase (decrease)	(1,787)	(48,369)	(1,968)
Unlocking Of Assumptions | DAC
Assets:
Total assets (decrease) increase	(246,669)	(109,797)	(5,294)
Unlocking Of Assumptions | DSI
Assets:
Total assets (decrease) increase	(51,156)	(32,400)	(8,673)
Unlocking Of Assumptions | VOBA
Assets:
Total assets (decrease) increase	(212)	(180)	(120)
Unlocking Of Assumptions | Reinsurance Recoverable
Assets:
Total assets (decrease) increase	$ 2,934	$ 5,471	$ 117

Schedule of Deferred Sales Indu

Schedule of Deferred Sales Inducement Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement in Deferred Sales Inducements [Roll Forward]
Balance, beginning of year	$ 1,110,192	$ 847,000	$ 1,076,530
Capitalization	29,176	48,546	143,717
Amortization	(277,616)	(284,883)	(183,504)
Interest	28,569	33,927	35,528
Change in shadow DSI	(125,767)	465,602	(225,271)
Balance, end of year	$ 764,554	$ 1,110,192	$ 847,000

Income Tax (Benefit) Expense (D

Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income tax expense attributable to operations:
Current tax expense	$ 558,016	$ 551,052	$ 265,586
Deferred tax (benefit)	(202,860)	(307,986)	(240,863)
Total income tax expense attributable to net income	355,156	243,066	24,723
Income tax effect on equity:
Attributable to unrealized gains (losses) on investments	357,363	(691,519)	418,073
Attributable to unrealized gains on postretirement obligations	36
Attributable to unrealized gains (losses) on foreign exchange	373	(2,159)	(1,132)
Total income tax effect on equity	$ 712,928	$ (450,612)	$ 441,664

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Line Items]
Statutory income tax rate	35.00%
Income taxes paid (recovered)	$ 914,413	$ 329,563	$ 250,127
Tax payable	18	119
Interest and penalties expense related to unrecognized tax benefits	373	(10,701)	$ 2,180
Accrued interest and penalties related to unrecognized tax benefits	1,805	1,431
AZOA
Income Tax Disclosure [Line Items]
Tax payable	$ (89,111)	$ 291,948

Reconciliation of Income Tax Ex

Reconciliation of Income Tax Expense (Benefit) Computed at Statutory Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components Of Income Tax Expense Benefit [Line Items]
Income tax expense computed at the statutory rate	$ 400,167	$ 295,177	$ 63,066
Dividends-received deductions and tax-exempt interest	(40,326)	(40,687)	(27,849)
State income tax	11,266	4,642	4,106
(Release) accrual of LIH tax credits	(5,819)	(1,284)	321
Accrual (release) of tax contingency reserve	373	(10,701)	2,180
Foreign tax, net	(3,587)	(3,143)	(3,202)
Corporate-owned life insurance	(7,833)	(2,285)	(7,806)
Penalties	(47)	529	(6,174)
Other	962	818	81
Total income tax expense	$ 355,156	$ 243,066	$ 24,723

Significant Components of Net D

Significant Components of Net Deferred Tax Asset (Liability) (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Policy reserves	$ 3,326,409	$ 3,219,849
Expense accruals	40,792	47,412
Other-than-temporarily impaired assets	40,821	20,961
Provision for postretirement benefits	49,437	34,072
Other	3,267	6,898
Total deferred tax assets	3,460,726	3,329,192
Deferred tax liabilities:
Deferred acquisition costs	(1,533,188)	(1,948,643)
Investment income	(253,987)	(230,228)
Depreciation and amortization	(59,822)	(55,351)
Net unrealized gains on investments and foreign exchange	(1,225,720)	(551,999)
Total deferred tax liabilities	(3,072,717)	(2,786,221)
Net deferred tax asset	$ 388,009	$ 542,971

Reconciliation of Unrecognized

Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Contingency [Line Items]
Beginning balance	$ 1,367	$ 59,103
Additions based on tax positions related to the current year	330	359
Amounts released related to tax positions taken in prior years		(58,095)
Ending balance	$ 1,697	$ 1,367

Schedule of Goodwill (Detail)

Schedule of Goodwill (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Goodwill [Line Items]
Balance, beginning of year		$ 482,905	$ 482,905
Increase in goodwill due to acquisition	[1]	4,929	0
Balance, end of year		$ 487,834	$ 482,905
[1]	The increase in goodwill and intangible assets relates to the acquisition of a Field Marketing Office (FMO). See note 19 for further details regarding the acquisition.

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Balance, beginning of year			$ 2,050
Increase in intangibles due to acquisition	[1]	$ 2,872
Amortization		(376)
Transfer to held-for-sale			$ (2,050)
Balance, end of year		$ 2,496
[1]	The increase in goodwill and intangible assets relates to the acquisition of a Field Marketing Office (FMO). See note 19 for further details regarding the acquisition.

Goodwill and Intangible Asse100

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Goodwill [Line Items]
Transfer to held-for-sale	$ (2,050)
Accumulated amortization of intangible assets	$ 14,493	$ 14,869

Schedule of Finite-Lived Intang

Schedule of Finite-Lived Intangible Assets Future Amortization Expense (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Net amortization of intangible assets
2,017	$ 410
2,018	410
2,019	410
2,020	410
2,021	410
2022 and beyond	$ 446

Value of Business Acquired and

Value of Business Acquired and Changes in the Balances (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Balance, beginning of year	$ 0	$ 0	$ 0
Interest	127	210	314
Amortization	(1,619)	(2,950)	(3,479)
Change in shadow VOBA	1,492	2,740	3,165
Balance, end of year	$ 0	$ 0	$ 0

Net Amortization Of VOBA (Detai

Net Amortization Of VOBA (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Schedule Of Estimated Future Amortization Expense [Line Items]
2,017	$ 2,059
2,018	1,731
2,019	711
2020 and beyond	$ 0

Value of Business Acquired - Ad

Value of Business Acquired - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Accumulated amortization of VOBA and other intangible assets	$ 242,835	$ 241,216

Separate Accounts and Annuit105

Separate Accounts and Annuity Product Guarantees - Additional Information (Detail) - Investment	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Guaranteed Minimum Death Benefit and Guaranteed Minimum Income Benefit
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Stochastically generated investment performance scenarios	100	100
Mean investment performance assumption	6.50%	6.50%
Volatility assumption	13.40%	13.40%
Mortality assumption		87% of the Annuity
Lapse rates, spike rates	40.00%	40.00%
Lapse rates, ultimate rate	15.00%	15.00%
Description of discount rates	Discount rates vary by contract type and equal an assumed long-term investment return (6.5%), less the applicable mortality and expense rate.	Discount rates vary by contract type and equal an assumed long-term investment return (6.5%), less the applicable mortality and expense rate.
Guaranteed Minimum Accumulation And Withdrawal Benefit
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Stochastically generated investment performance scenarios	1,000	1,000
Mortality assumption		87% of the Annuity
Lapse rates, spike rates	40.00%	40.00%
Lapse rates, ultimate rate	15.00%	15.00%
Volatility assumption period	1 year	1 year

Market Volatility Assumption Va

Market Volatility Assumption Varies by Fund Type and Grades from a Current Volatility to Long-Term Assumption (Detail) - Guaranteed Minimum Accumulation And Withdrawal Benefit	Dec. 31, 2016	Dec. 31, 2015
Large Cap
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Volatility assumption	16.30%	17.60%
Large Cap | Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Volatility assumption	18.10%	18.10%
Bonds
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Volatility assumption	3.40%	3.40%
Bonds | Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Volatility assumption	3.90%	3.90%
International
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Volatility assumption	16.80%	17.90%
International | Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Volatility assumption	21.40%	23.10%
Small Cap
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Volatility assumption	20.30%	20.80%
Small Cap | Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Volatility assumption	21.50%	21.30%

Guaranteed Minimums (Detail)

Guaranteed Minimums (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Guaranteed Minimum Death Benefit
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 31,929,223	$ 30,998,857
Net amount at risk	723,781	1,024,331
Guaranteed Minimum Death Benefit | Return of premium
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	23,400,820	22,106,973
Net amount at risk	$ 73,163	$ 144,789
Weighted age (years)	63 years 10 months	63 years 4 months
Guaranteed Minimum Death Benefit | Ratchet and return of premium
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 4,602,792	$ 4,799,853
Net amount at risk	$ 142,357	$ 265,614
Weighted age (years)	67 years 9 months	67 years 1 month
Guaranteed Minimum Death Benefit | Ratchet and rollup
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 3,602,988	$ 3,756,726
Net amount at risk	$ 484,301	$ 590,255
Weighted age (years)	71 years	70 years 2 months
Guaranteed Minimum Death Benefit | Ratchet and earnings protection rider
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 3,072	$ 3,006
Net amount at risk	$ 885	$ 1,105
Weighted age (years)	84 years 4 months	83 years 2 months
Guaranteed Minimum Death Benefit | Reset
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 84,191	$ 88,037
Net amount at risk	$ 692	$ 1,422
Weighted age (years)	76 years 1 month	75 years 8 months
Guaranteed Minimum Death Benefit | Earnings protection rider
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 235,360	$ 244,262
Net amount at risk	$ 22,383	$ 21,146
Weighted age (years)	68 years 9 months	68 years 1 month
Guaranteed Minimum Income Benefit
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 6,630,874	$ 7,153,980
Net amount at risk	728,744	935,316
Guaranteed Minimum Income Benefit | Return of premium
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	92,121	103,455
Net amount at risk	$ 325	$ 390
Weighted age (years)	72 years 10 months	71 years 8 months
Guaranteed Minimum Income Benefit | Ratchet and return of premium
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 1,885,185	$ 2,128,810
Net amount at risk	$ 4,526	$ 39,990
Weighted age (years)	70 years 3 months	69 years 4 months
Guaranteed Minimum Income Benefit | Ratchet and rollup
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 4,653,568	$ 4,921,715
Net amount at risk	$ 723,893	$ 894,936
Weighted age (years)	67 years 6 months	66 years 8 months
Guaranteed Minimum Accumulation Benefit
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 6,938,088	$ 7,447,539
Net amount at risk	89,008	308,449
Guaranteed Minimum Accumulation Benefit | Five years
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	2,738,307	3,125,235
Net amount at risk	$ 10,160	$ 75,278
Weighted age (years)	69 years 10 months	68 years 9 months
Guaranteed Minimum Accumulation Benefit | Ten years
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 3,212	$ 3,144
Net amount at risk	$ 1	$ 1
Weighted age (years)	82 years	81 years 2 months
Guaranteed Minimum Accumulation Benefit | Target date retirement - 7 year
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 613,746	$ 685,742
Net amount at risk	$ 1,218	$ 26,416
Weighted age (years)	63 years 10 months	63 years 2 months
Guaranteed Minimum Accumulation Benefit | Target date retirement - 10 year
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 250,033	$ 271,947
Net amount at risk	$ 4,559	$ 17,557
Weighted age (years)	60 years 6 months	59 years 9 months
Guaranteed Minimum Accumulation Benefit | Target date with management levers
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 3,332,790	$ 3,361,471
Net amount at risk	$ 73,070	$ 189,196
Weighted age (years)	61 years 10 months	61 years 3 months
Guaranteed Minimum Withdrawal Benefit
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 15,818,164	$ 15,590,405
Net amount at risk	3,027,521	2,787,854
Guaranteed Minimum Withdrawal Benefit | No living benefit
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 707,212	$ 689,570
Weighted age (years)	69 years	68 years 6 months
Guaranteed Minimum Withdrawal Benefit | Life benefit with optional reset
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 921,876	$ 951,084
Net amount at risk	$ 171,135	$ 182,920
Weighted age (years)	68 years 8 months	68 years 1 month
Guaranteed Minimum Withdrawal Benefit | Life benefit with automatic reset
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 1,471,419	$ 1,498,005
Net amount at risk	$ 194,438	$ 205,492
Weighted age (years)	65 years 2 months	64 years 4 months
Guaranteed Minimum Withdrawal Benefit | Life benefit with 8% rollup
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 28,562	$ 30,070
Net amount at risk	$ 6,286	$ 6,520
Weighted age (years)	70 years 2 months	69 years 1 month
Guaranteed Minimum Withdrawal Benefit | Life benefit with 10% rollup
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 1,109,985	$ 1,138,409
Net amount at risk	$ 348,423	$ 338,886
Weighted age (years)	64 years 7 months	63 years 9 months
Guaranteed Minimum Withdrawal Benefit | Life benefit with management levers
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 11,579,110	$ 11,283,267
Net amount at risk	$ 2,307,239	$ 2,054,036
Weighted age (years)	61 years 3 months	60 years 8 months

Account Balances of Variable An

Account Balances of Variable Annuity Which are Invested in Separate Account (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	$ 27,733,261	$ 28,243,123
Mutual Funds | Bond Funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	3,484,805	3,447,255
Mutual Funds | Domestic Equity Funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	13,959,524	14,225,576
Mutual Funds | International Equity Funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	1,308,840	1,473,393
Mutual Funds | Specialty
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	8,320,880	8,362,991
Money Market Funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	585,039	655,648
Other Funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	$ 74,173	$ 78,260

Summary of Liabilities for Vari

Summary of Liabilities for Variable Contract Guarantees (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Beginning balance	$ 2,818,888	$ 1,995,338
Incurred guaranteed benefits	(118,277)	860,427
Paid guaranteed benefits	(66,507)	(36,877)
Ending balance	2,634,104	2,818,888
Guaranteed Minimum Death Benefit
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Beginning balance	97,027	86,422
Incurred guaranteed benefits	9,845	24,238
Paid guaranteed benefits	(17,598)	(13,633)
Ending balance	89,274	97,027
Guaranteed Minimum Income Benefit
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Beginning balance	176,465	152,779
Incurred guaranteed benefits	(17,290)	34,835
Paid guaranteed benefits	(13,942)	(11,149)
Ending balance	145,233	176,465
Guaranteed Minimum Accumulation Benefit
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Beginning balance	374,857	264,857
Incurred guaranteed benefits	(96,596)	122,095
Paid guaranteed benefits	(34,898)	(12,095)
Ending balance	243,363	374,857
Guaranteed Minimum Withdrawal Benefit
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Beginning balance	2,170,539	1,491,280
Incurred guaranteed benefits	(14,236)	679,259
Paid guaranteed benefits	(69)
Ending balance	$ 2,156,234	$ 2,170,539

Activity in Accident and Health

Activity in Accident and Health Claim Reserves (Detail) - Accident and health - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) [Abstract]
Balance at January 1, net of reinsurance recoverables of $340,048, $283,252, and 259,829, respectively	$ 157,321	$ 135,168	$ 127,405
Adjustment primarily related to commutation and assumption reinsurance on blocks of business	34	323	(35)
Current year	93,844	71,378	60,474
Prior years	789	(4,275)	(11,243)
Total incurred	94,633	67,103	49,231
Current year	5,829	4,331	3,677
Prior years	49,556	40,942	37,756
Total paid	55,385	45,273	41,433
Balance at December 31, net of reinsurance recoverables of $396,850, $340,048, and $283,252, respectively	$ 196,603	$ 157,321	$ 135,168

Activity in Accident and Hea111

Activity in Accident and Health Claim Reserves (Parenthetical) (Detail) - Accident and health - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) [Abstract]
Reinsurance recoverable period adjustment	$ 340,048	$ 283,252	$ 259,829
Reinsurance recoverable period adjustment	$ 396,850	$ 340,048	$ 283,252

Mortgage Notes Payable - Additi

Mortgage Notes Payable - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2005	Dec. 31, 2004
Notes Payable [Line Items]
Mortgage Loans					$ 80,000
Construction loan				$ 65,000
Mortgage and construction notes payable	$ 76,916	$ 84,761
Debt instrument, interest rate	5.52%
Debt instrument, maturity date	Aug. 1, 2024
Debt instrument, term	20 years
Interest expense for loans	$ 4,449	$ 4,871	$ 5,271

Future Principal Payments Requi

Future Principal Payments Required Under Northwestern Loan (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Scheduled Principal Payments For Borrowings [Line Items]
2,017	$ 8,288
2,018	8,758
2,019	9,254
2,020	9,778
2021 and beyond	40,839
Total	$ 76,917

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)Claim	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Commitments and Contingencies [Line Items]
Number of putative and certified class action proceedings | Claim	3
Open capital commitments	$ 153,887	$ 93,180
Unfunded commitment liability	144,180	87,928
Operating lease expenses	3,729	3,155	$ 2,828
Accumulated Depreciation	94,395	85,899
Total expense under the agreement	$ 1,333,439	1,167,109	1,537,224
Service Agreements
Commitments and Contingencies [Line Items]
Service fee	0.10%
Additional service fee	0.15%
Agreement termination notice period	90 days
Termination period on which service fee continues to be paid	10 years
Total commitment in the event of termination	$ 55,086
Total expense under the agreement	6,641	6,677	7,734
Service Agreements | Yearly
Commitments and Contingencies [Line Items]
Total commitment in the event of termination	$ 5,509
Furniture and Fixtures
Commitments and Contingencies [Line Items]
Cost of furniture and equipment		2,976
Accumulated Depreciation		2,976
Depreciation		$ 619	$ 744

Commitments and Contingencie115

Commitments and Contingencies - Investments Requiring Commitment of Capital (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other Commitments [Line Items]
Investments	$ 100,199,823	$ 91,030,336
Capital Commitments
Other Commitments [Line Items]
Investments	1,050,195	499,963
Capital Commitments | Limited Partnerships
Other Commitments [Line Items]
Investments	187,484	26,000
Capital Commitments | Private placement debt
Other Commitments [Line Items]
Investments	127,438	103,200
Capital Commitments | Infrastructure Debt
Other Commitments [Line Items]
Investments	320,913	37,990
Capital Commitments | Mortgage Loans
Other Commitments [Line Items]
Investments	$ 414,360	$ 332,773

Future Minimum Lease Payments R

Future Minimum Lease Payments Required under Operating Leases (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Operating Leased Assets [Line Items]
2,017	$ 2,302
2,018	1,946
2,019	1,435
2,020	1,041
2,021	892
2022 and beyond	$ 7,616

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Matching percentage of eligible employee pre tax contributions	80.00%
Defined contribution plan, employer matching contribution, percent of match	7.50%
Defined contribution plan, employers matching contribution, vesting percentage after three years of service	100.00%
Defined contribution plan, employers matching contribution, service period	3 years
Defined contribution plan employers matching contribution	$ 15,044	$ 14,204	$ 13,242
Severance expense	983	1,079	501
Other Liabilities, life insurance benefit	1,105	1,057
Assets held by trust	0	160
Restricted Stock And Stock Appreciation Rights
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Stock-based compensation	3,983	9,820	8,429
Other liabilities, deferred compensation	13,983	17,553
Employee Stock
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other liabilities, deferred compensation	$ 946	754	$ 654
Aggregate amount of ordinary shares reserved for plan	250,000
Qualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other liabilities, deferred compensation	$ 26,358	20,108
Nonqualified Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other liabilities, deferred compensation	$ 64,738	$ 45,171

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)		Feb. 02, 2016	Dec. 01, 2015	Dec. 03, 2014	Oct. 01, 2010	Sep. 29, 2009	Jul. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2016	Dec. 22, 2010	Dec. 31, 2009
Related Party Transaction [Line Items]
Related party transaction, loan balance								$ 39,120,000	$ 33,005,000
Interest earned								384,000	516,000	$ 980,000
Net realized investment gain (loss)								(49,325,000)	94,413,000	77,762,000
Other invested assets, fair value								164,830,000	92,977,000
Income recognized								274,562,000	293,333,000	282,058,000
Fees receivable								566,088,000	401,926,000
General and administrative expenses								695,949,000	637,328,000	675,176,000
Dividends								894,165,000	572,125,000	250,000,000
Dividends paid in cash								861,000,000	572,125,000	250,000,000
Goodwill								487,834,000	482,905,000	482,905,000
Intangible assets acquired	[1]							2,872,000
Goodwill eliminated due to sale of minority equity interest				$ 1,496,000
Reinsurance recoverables & receivables								4,687,918,000	$ 4,433,499,000
Lending capacity under the agreement, percentage									5.00%
Amounts outstanding under the line of credit agreement								0	$ 0
Amounts borrowed under the line of credit agreement								0	0
Noncontrolling Interest
Related Party Transaction [Line Items]
Minority interest repurchased by FMO				500,000
Put Option | Noncontrolling Interest
Related Party Transaction [Line Items]
Net realized investment gain (loss)				(6,500,000)
Put Option | Long | Noncontrolling Interest
Related Party Transaction [Line Items]
Put option purchased				$ 6,500,000
Other affiliated entities
Related Party Transaction [Line Items]
Reinsurance recoverables & receivables								79,000	128,000
AZOA
Related Party Transaction [Line Items]
Related party transaction, amount of loan agreement								$ 39,120,000
Annual interest rate on loan								1.61%
Interest earned								$ 214,000
Related party loan, remaining balance								39,120,000
Dividends								894,165,000
Dividends paid in cash								861,000,000	572,125,000	250,000,000
Dividends in related to loan and accrued interest								33,165,000
Field Marketing Office
Related Party Transaction [Line Items]
Business combination, interest acquired		100.00%
Purchase price of business		$ 7,710,000
Goodwill		4,929,000
Intangible assets acquired		$ 2,872,000
Intangible assets amortization period		7 years
Amortization expense								376,000
Related Party Transactions
Related Party Transaction [Line Items]
Income recognized								12,771,000	14,102,000	16,260,000
Fees receivable								2,022,000	2,217,000
General and administrative expenses								441,000	732,000	848,000
Payable to affiliates								0	50,000
Business combination, interest acquired							100.00%
Business combination, consideration							$ 2,617,000
Related party, dividend							$ 2,125,000
Capital contribution to insurance subsidiary					$ 250,000	$ 250,000
Additional capital contributions												$ 288,234,000	$ 282,000,000
Quota share reinsurance ceded, percentage												20.00%	100.00%
Related party, derivative gain			$ 3,806,000
Related party, dividend received			$ 455,843,000
Affiliated Companies
Related Party Transaction [Line Items]
Service fee								100,689,000	63,530,000	40,985,000
Accrued service fee								40,267,000	12,312,000
Revenue earned								21,568,000	6,305,000	4,711,000
Receivables for expenses								8,260,000	1,400,000
Allianz SE
Related Party Transaction [Line Items]
Related party transaction, investments								$ 0	5,000
Allianz Managed Operations And Services of America (AMOSA)
Related Party Transaction [Line Items]
Related party transaction, amount of loan agreement									33,000,000
Related party transaction, loan balance									33,000,000		$ 33,000,000
Accrued interest											$ 165,000
Annual interest rate on loan								2.03%
Interest earned								$ 165,000	488,000
Affiliates | Office Space Leases
Related Party Transaction [Line Items]
Rental income								909,000	1,065,000	1,281,000
Rent expense								27,000	27,000	$ 32,000
Receivable balance of rental income								152,000	$ 76,000
PIMCO
Related Party Transaction [Line Items]
Related party transaction, investments								50,114,000
Unfunded investment								44,000,000
Net realized investment gain (loss)								413,000
Other invested assets, fair value								$ 6,365,000
[1]	The increase in goodwill and intangible assets relates to the acquisition of a Field Marketing Office (FMO). See note 19 for further details regarding the acquisition.

Statutory Financial Data and119

Statutory Financial Data and Dividend Restrictions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 6,165,279	$ 5,822,117
Statutory net gain (loss) from operations	$ 1,497,192	$ 2,103,975
Statutory restrictions on dividend	In accordance with Minnesota Statutes, the Company may declare and pay from its surplus cash dividends of not more than the greater of 10% of its beginning-of-the-year statutory surplus, or the net gain from operations of the insurer, not including realized gains, for the 12-month period ending the 31st day of the next preceding year.
Ordinary dividend which can be paid without approval	$ 1,497,192

Capital Stock (Detail)

Capital Stock (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Capital Unit [Line Items]
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	20,000,001	20,000,001
Common stock, shares outstanding	20,000,001	20,000,001
Common stock par value, per share	$ 1	$ 1
Preferred Class A
Capital Unit [Line Items]
Preferred stock, shares authorized	200,000,000
Preferred stock, shares issued	18,903,484
Preferred stock, shares outstanding	18,903,484
Preferred stock, redemption rights description	Designated by Board for each series issued
Preferred stock par value, per share	$ 1
Class A, Series A preferred stock
Capital Unit [Line Items]
Preferred stock, shares authorized	8,909,195	8,909,195
Preferred stock, shares issued	8,909,195	8,909,195
Preferred stock, shares outstanding	8,909,195	8,909,195
Preferred stock, redemption rights description	$35.02 per share plus an amount to yield a compounded annual return of 6%, after actual dividends paid
Preferred stock par value, per share	$ 1	$ 1
Preferred stock, redemption price per share	$ 35.02
Percentage of redemption right	6.00%
Voluntary or involuntary liquidation rights per share	$ 35.02
Percentage of Voluntary or involuntary liquidation rights	6.00%
Class A, Series B preferred stock
Capital Unit [Line Items]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	9,994,289	9,994,289
Preferred stock, shares outstanding	9,994,289	9,994,289
Preferred stock, redemption rights description	$35.02 per share plus an amount to yield a compounded annual return of 6%, after actual dividends paid
Preferred stock par value, per share	$ 1	$ 1
Preferred stock, redemption price per share	$ 35.02
Percentage of redemption right	6.00%
Voluntary or involuntary liquidation rights	$35.02 per share plus an amount to yield a compounded annual return of 6%, after actual dividends paid
Voluntary or involuntary liquidation rights per share	$ 35.02
Percentage of Voluntary or involuntary liquidation rights	6.00%
Preferred Class B
Capital Unit [Line Items]
Preferred stock, shares authorized	400,000,000
Preferred stock, redemption rights description	Designated by Board for each series issued
Preferred stock par value, per share	$ 1

Capital Structure - Additional

Capital Structure - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016
Capital Unit [Line Items]
Voting rights	One vote per share
Preferred Class A
Capital Unit [Line Items]
Voting rights	One vote per share
Conversion basis of preferred stock to common stock	Each share of Class A preferred stock is convertible into one share of the Company's common stock
Preferred Class B
Capital Unit [Line Items]
Voting rights	No voting rights

Components of Accumulated Other

Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 488,950	$ 1,777,145
OCI before reclassifications	638,084	(1,258,848)
Amounts reclassified from AOCI	26,244	(29,347)
Total other comprehensive income (loss)	664,328	(1,288,195)	$ 774,361
Ending balance	1,153,278	488,950	1,777,145
Net Unrealized Gain On Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	472,376	1,765,606
OCI before reclassifications	667,048	(1,263,867)
Amounts reclassified from AOCI	26,241	(29,363)
Total other comprehensive income (loss)	693,289	(1,293,230)
Ending balance	1,165,665	472,376	1,765,606
Net Gain (loss) on Cash Flow Hedging Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	10,408	1,475
OCI before reclassifications	(29,614)	8,933
Total other comprehensive income (loss)	(29,614)	8,933
Ending balance	(19,206)	10,408	1,475
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	6,231	10,240
OCI before reclassifications	692	(4,009)
Total other comprehensive income (loss)	692	(4,009)
Ending balance	6,923	6,231	10,240
Pension And Postretirement Plan Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(65)	(176)
OCI before reclassifications	(42)	95
Amounts reclassified from AOCI	3	16
Total other comprehensive income (loss)	(39)	111
Ending balance	$ (104)	$ (65)	$ (176)

Reclassifications From Accumula

Reclassifications From Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount Reclassified from AOCI, Net unrealized gain on securities, available-for-sale-securities	$ (125,498)	$ (153,388)	$ (84,207)
Amount Reclassified from AOCI, Net unrealized gain on securities, available-for-sale-securities, tax	(355,156)	(243,066)	(24,723)
Amount Reclassified from AOCI, Net unrealized gain on securities, available-for-sale-securities, net	(788,178)	(600,296)	$ (155,465)
Amount Reclassified from AOCI, pension and other postretirement plan adjustments, net	(26,244)	29,347
Net Unrealized Gain On Securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount Reclassified from AOCI, pension and other postretirement plan adjustments, net	(26,241)	29,363
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gain On Securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount Reclassified from AOCI, Net unrealized gain on securities, available-for-sale-securities	(40,370)	45,174
Amount Reclassified from AOCI, Net unrealized gain on securities, available-for-sale-securities, tax	(14,129)	15,811
Amount Reclassified from AOCI, Net unrealized gain on securities, available-for-sale-securities, net	(26,241)	29,363
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other postretirement Plan Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount Reclassified from AOCI, pension and other postretirement plan adjustments	(5)	(25)
Amount Reclassified from AOCI, Amortization of actuarial gains (losses)	(2)	(9)
Amount Reclassified from AOCI, pension and other postretirement plan adjustments, net	$ (3)	$ (16)

Analysis of Foreign Currency Tr

Analysis of Foreign Currency Translation, Net of Tax (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Cumulative Translation Adjustment Summary [Roll Forward]
Beginning amount of cumulative translation adjustments	$ 6,231	$ 10,240	$ 12,343
Aggregate adjustment for the period resulting from translation adjustments	1,065	(6,168)	(3,235)
Amount of income tax expense (benefit) for the period related to aggregate adjustment	(373)	2,159	1,132
Net aggregate translation included in equity	692	(4,009)	(2,103)
Ending amount of cumulative translation adjustments	$ 6,923	$ 6,231	$ 10,240
Canadian foreign exchange rate at end of year	0.74568	0.71989	0.86337

Segment Information - Additiona

Segment Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016Subsidiary
Number of Wholly owned subsidiaries owned by Questar segment	2

Unconsolidated Segment Results

Unconsolidated Segment Results (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Net premiums and policy fees	$ 1,407,279	$ 1,449,591	$ 1,408,097
Interest and similar income, net	4,325,737	4,175,469	3,955,659
Change in fair value of assets and liabilities	(178,238)	(532,720)	1,841,989
Realized investment (losses) gains, net	(49,325)	94,413	77,762
Fee, commission, and other revenue	309,854	303,399	311,820
Total revenue (loss)	5,815,307	5,490,152	7,595,327
Benefits and expenses:
Net benefits and expenses	2,383,178	2,603,094	5,875,825
General and administrative and commission	2,029,388	1,804,437	2,212,400
Change in deferred acquisition costs, net	259,407	239,259	(673,086)
Total benefits and expenses	4,671,973	4,646,790	7,415,139
Pretax income (loss)	1,143,334	843,362	180,188
Operating Segments | Annuities
Revenue:
Net premiums and policy fees	1,117,580	1,133,285	1,148,803
Interest and similar income, net	4,133,359	3,999,693	3,798,284
Change in fair value of assets and liabilities	(218,922)	(492,479)	1,805,611
Realized investment (losses) gains, net	(49,126)	90,948	74,926
Fee, commission, and other revenue	243,789	236,454	246,021
Total revenue (loss)	5,226,680	4,967,901	7,073,645
Benefits and expenses:
Net benefits and expenses	1,982,879	2,296,057	5,582,740
General and administrative and commission	1,774,740	1,549,692	1,963,032
Change in deferred acquisition costs, net	315,760	279,582	(615,902)
Total benefits and expenses	4,073,379	4,125,331	6,929,870
Pretax income (loss)	1,153,301	842,570	143,775
Operating Segments | Life
Revenue:
Net premiums and policy fees	147,013	172,660	117,950
Interest and similar income, net	113,465	103,326	90,057
Change in fair value of assets and liabilities	40,600	(38,553)	41,292
Realized investment (losses) gains, net	623	1,597	1,579
Fee, commission, and other revenue	747	186	474
Total revenue (loss)	302,448	239,216	251,352
Benefits and expenses:
Net benefits and expenses	194,667	114,377	147,348
General and administrative and commission	159,455	165,386	162,942
Change in deferred acquisition costs, net	(69,477)	(53,642)	(72,109)
Total benefits and expenses	284,645	226,121	238,181
Pretax income (loss)	17,803	13,095	13,171
Operating Segments | Questar
Revenue:
Interest and similar income, net	32	3	(17)
Change in fair value of assets and liabilities	2
Realized investment (losses) gains, net			1
Fee, commission, and other revenue	101,432	105,830	102,234
Total revenue (loss)	101,466	105,833	102,218
Benefits and expenses:
General and administrative and commission	114,009	110,624	111,967
Total benefits and expenses	114,009	110,624	111,967
Pretax income (loss)	(12,543)	(4,791)	(9,749)
Operating Segments | Legacy
Revenue:
Net premiums and policy fees	142,686	143,646	141,344
Interest and similar income, net	78,881	72,447	67,335
Change in fair value of assets and liabilities	82	(1,688)	(4,914)
Realized investment (losses) gains, net	(822)	1,868	1,256
Fee, commission, and other revenue	1,191	253	6,217
Total revenue (loss)	222,018	216,526	211,238
Benefits and expenses:
Net benefits and expenses	205,632	192,660	145,737
General and administrative and commission	18,489	18,059	17,585
Change in deferred acquisition costs, net	13,124	13,319	14,925
Total benefits and expenses	237,245	224,038	178,247
Pretax income (loss)	(15,227)	(7,512)	32,991
Eliminations
Revenue:
Fee, commission, and other revenue	(37,305)	(39,324)	(43,126)
Total revenue (loss)	(37,305)	(39,324)	(43,126)
Benefits and expenses:
General and administrative and commission	(37,305)	(39,324)	(43,126)
Total benefits and expenses	$ (37,305)	$ (39,324)	$ (43,126)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 08, 2017	Feb. 22, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 09, 2017
Subsequent Event [Line Items]
Dividends paid			$ 861,000	$ 572,125	$ 250,000
AZOA
Subsequent Event [Line Items]
Dividends paid			$ 861,000	$ 572,125	$ 250,000
Subsequent Event | Mandatorily Redeemable Preferred Stock [Member]
Subsequent Event [Line Items]
Redeemed preferred stock and related accrued interest						$ 32,244
Subsequent Event | AZOA
Subsequent Event [Line Items]
Dividends paid	$ 342,000
Dividend declared date		Feb. 22, 2017

Schedule I Investments Other Th

Schedule I Investments Other Than Investments in Related Parties (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	$ 96,673,424	[1]
Fair Value	100,820,816
Amount at which shown in the consolidated balance sheets	100,199,823
Fixed-maturity securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	84,066,177	[1]
Fair Value	87,587,652
Amount at which shown in the consolidated balance sheets	87,584,050
Fixed-maturity securities | Available-for-sale Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	84,029,645	[1]
Fair Value	87,546,971
Amount at which shown in the consolidated balance sheets	87,546,971
Fixed-maturity securities | Held-to-maturity Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	28	[1]
Fair Value	3,630
Amount at which shown in the consolidated balance sheets	28
Fixed-maturity securities | Trading Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	36,504	[1]
Fair Value	37,051
Amount at which shown in the consolidated balance sheets	37,051
U.S. Government | Fixed-maturity securities | Available-for-sale Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	1,712,400	[1]
Fair Value	1,736,523
Amount at which shown in the consolidated balance sheets	1,736,523
U.S. Government | Fixed-maturity securities | Trading Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	36,504	[1]
Fair Value	37,051
Amount at which shown in the consolidated balance sheets	37,051
Non Government backed Securities | Fixed-maturity securities | Available-for-sale Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	8,766	[1]
Fair Value	8,857
Amount at which shown in the consolidated balance sheets	8,857
States and political subdivisions | Fixed-maturity securities | Available-for-sale Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	9,379,273	[1]
Fair Value	9,954,613
Amount at which shown in the consolidated balance sheets	9,954,613
Foreign Government | Fixed-maturity securities | Available-for-sale Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	426,724	[1]
Fair Value	438,927
Amount at which shown in the consolidated balance sheets	438,927
Corporate securities | Fixed-maturity securities | Available-for-sale Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	60,668,745	[1]
Fair Value	63,540,067
Amount at which shown in the consolidated balance sheets	63,540,067
Corporate securities | Fixed-maturity securities | Held-to-maturity Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Fair Value	3,597
Mortgage-backed securities | Fixed-maturity securities | Available-for-sale Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	11,615,711	[1]
Fair Value	11,650,264
Amount at which shown in the consolidated balance sheets	11,650,264
Collateralized mortgage obligations | Fixed-maturity securities | Available-for-sale Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	209,165	[1]
Fair Value	197,789
Amount at which shown in the consolidated balance sheets	197,789
Collateralized debt obligations | Fixed-maturity securities | Available-for-sale Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	8,861	[1]
Fair Value	19,931
Amount at which shown in the consolidated balance sheets	19,931
Collateralized debt obligations | Fixed-maturity securities | Held-to-maturity Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	28	[1]
Fair Value	33
Amount at which shown in the consolidated balance sheets	28
Equity securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	629,133	[1]
Fair Value	637,659
Amount at which shown in the consolidated balance sheets	637,659
Equity securities | Common stocks, Industrial and miscellaneous | Available-for-sale Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	316,541	[1]
Fair Value	320,166
Amount at which shown in the consolidated balance sheets	320,166
Equity securities | Common stocks, Industrial and miscellaneous | Trading Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	312,592	[1]
Fair Value	317,493
Amount at which shown in the consolidated balance sheets	317,493
Other Investments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	11,978,114	[1]
Fair Value	12,595,505
Amount at which shown in the consolidated balance sheets	11,978,114
Other Investments | Mortgage loans
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	10,351,741	[1]
Fair Value	10,900,205
Amount at which shown in the consolidated balance sheets	10,351,741
Other Investments | Derivative
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	1,059,031	[1]
Fair Value	1,059,031
Amount at which shown in the consolidated balance sheets	1,059,031
Other Investments | Loans Related to Affiliated Companies and Other Companies
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	39,120	[1]
Fair Value	39,120
Amount at which shown in the consolidated balance sheets	39,120
Other Investments | Policy loans
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	171,012	[1]
Fair Value	171,012
Amount at which shown in the consolidated balance sheets	171,012
Other Investments | Acquired Loans
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	192,380	[1]
Fair Value	261,307
Amount at which shown in the consolidated balance sheets	192,380
Other Investments | Other invested assets
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	164,830	[1]
Fair Value	164,830
Amount at which shown in the consolidated balance sheets	$ 164,830
[1]	Original cost of equity securities and, as to fixed-maturities, original cost reduced by repayments and adjusted for amortization of premiums, accrual discounts, or impairments.

Schedule II Supplementary Insur

Schedule II Supplementary Insurance Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs	$ 5,246,343	$ 6,283,236	$ 4,362,771
Deferred sales inducements	764,554	1,110,192	847,000	$ 1,076,530
Account balances and future policy benefit reserves	105,354,460	97,314,497	91,358,761
Unearned premiums	145,335	154,116	130,701
Policy and contract claims	620,743	517,925	443,444
Net premium and policy fees	1,407,279	1,449,591	1,408,097
Interest and similar income, net	4,325,737	4,175,469	3,955,659
Net benefits	2,163,307	2,400,684	5,871,566
Net change in deferred sales inducements	219,871	202,410	4,259
Net change in policy acquisition costs	259,407	239,259	(673,086)
Other operating expenses	2,029,388	1,804,437	2,212,400
Annuities
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs	4,704,646	5,766,176	3,934,701
Deferred sales inducements	763,386	1,108,877	843,545
Account balances and future policy benefit reserves	97,927,975	90,734,164	85,548,020
Unearned premiums	5,864	25,620	1,164
Policy and contract claims	1,731
Net premium and policy fees	1,117,580	1,133,285	1,148,803
Interest and similar income, net	4,133,359	3,999,693	3,798,284
Net benefits	1,763,154	2,095,788	5,578,815
Net change in deferred sales inducements	219,725	200,269	3,925
Net change in policy acquisition costs	315,760	279,582	(615,902)
Other operating expenses	1,737,434	1,510,369	1,928,506
Life
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs	523,701	486,195	384,073
Deferred sales inducements	1,168	1,315	3,455
Account balances and future policy benefit reserves	3,172,139	2,678,431	2,255,751
Unearned premiums	77,790	70,621	74,207
Policy and contract claims	4,438	3,335	4,187
Net premium and policy fees	147,013	172,660	117,950
Interest and similar income, net	113,465	103,326	90,057
Net benefits	194,521	112,236	147,014
Net change in deferred sales inducements	146	2,141	334
Net change in policy acquisition costs	(69,477)	(53,642)	(72,109)
Other operating expenses	159,455	165,385	154,952
Questar
Supplementary Insurance Information, by Segment [Line Items]
Interest and similar income, net	32	3	(17)
Other operating expenses	114,009	110,624	111,967
Legacy
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs	17,996	30,865	43,997
Account balances and future policy benefit reserves	4,254,346	3,901,902	3,554,990
Unearned premiums	61,681	57,875	55,330
Policy and contract claims	614,574	514,590	439,257
Net premium and policy fees	142,686	143,646	141,344
Interest and similar income, net	78,881	72,447	67,335
Net benefits	205,632	192,660	145,737
Net change in policy acquisition costs	13,124	13,319	14,925
Other operating expenses	$ 18,490	$ 18,059	$ 16,975

Schedule IV Reinsurance (Detail

Schedule IV Reinsurance (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Life insurance in force, Direct amount	$ 33,748,978	$ 30,774,840	$ 28,518,136
Life insurance in force, Ceded to other companies	23,377,514	21,809,292	19,851,269
Life insurance in force, Assumed from other companies	23,086	60,469	67,484
Life insurance in force, Net amount	$ 10,394,550	$ 9,026,017	$ 8,734,351
Life insurance in force, Percentage of amount assumed to net	0.20%	0.70%	0.80%
Premiums and policy fees, Direct amount	$ 1,504,580	$ 1,539,358	$ 1,497,716
Premiums and policy fees, Ceded to other companies	132,983	125,286	120,221
Premiums and policy fees, Assumed from other companies	35,682	35,519	30,602
Premiums and policy fees, Net amount	$ 1,407,279	$ 1,449,591	$ 1,408,097
Premiums and policy fees, Percentage of amount assumed to net	2.50%	2.50%	2.20%
Life
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Premiums and policy fees, Direct amount	$ 207,771	$ 219,959	$ 162,098
Premiums and policy fees, Ceded to other companies	59,071	45,746	41,659
Premiums and policy fees, Assumed from other companies	746	683	779
Premiums and policy fees, Net amount	$ 149,446	$ 174,896	$ 121,218
Premiums and policy fees, Percentage of amount assumed to net	0.50%	0.40%	0.60%
Annuities
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Premiums and policy fees, Direct amount	$ 1,111,894	$ 1,130,514	$ 1,145,637
Premiums and policy fees, Ceded to other companies	(4,514)	(1,447)	(1,445)
Premiums and policy fees, Assumed from other companies	(425)	(442)	(153)
Premiums and policy fees, Net amount	1,115,983	1,131,519	1,146,929
Accident and health
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Premiums and policy fees, Direct amount	184,915	188,885	189,981
Premiums and policy fees, Ceded to other companies	78,426	80,987	80,007
Premiums and policy fees, Assumed from other companies	35,361	35,278	29,976
Premiums and policy fees, Net amount	$ 141,850	$ 143,176	$ 139,950
Premiums and policy fees, Percentage of amount assumed to net	24.90%	24.60%	21.40%