Pruco Life Insurance 10-Q 12 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 12, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	033-37587
Entity Registrant Name	PRUCO LIFE INSURANCE CO
Entity Central Index Key	0000777917
Entity Incorporation, State or Country Code	AZ
Entity Tax Identification Number	22-1944557
Entity Address, Address Line One	213 Washington Street
Entity Address, City or Town	Newark
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07102
City Area Code	973
Local Phone Number	802-6000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		250,000

Unaudited Interim Consolidated

Unaudited Interim Consolidated Statements of Financial Position - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Fixed maturities, available for sale, at fair value (allowance for credit losses: 2021-$2,858; 2020-$2,339) (amortized cost: 2021–$6,636,128; 2020–$6,157,371)	$ 7,053,914	$ 7,012,631
Fixed maturities, trading, at fair value (amortized cost: 2021–$74,783; 2020–$73,413)	81,114	82,482
Equity securities, at fair value (cost: 2021– $5,646; 2020–$105,508)	8,096	108,457
Policy loans	1,320,915	1,323,681
Short-term investments	3,997	49,997
Commercial mortgage and other loans (net of $4,314 and $4,552 allowance for credit losses at March 31, 2021 and December 31, 2020, respectively)	1,259,515	1,288,846
Other invested assets (includes $190,892 and $94,939 of assets measured at fair value at March 31, 2021 and December 31, 2020, respectively)	627,357	520,955
Total investments	10,354,908	10,387,049
Cash and cash equivalents	275,727	426,979
Deferred policy acquisition costs	2,647,832	2,433,936
Accrued investment income	97,728	93,613
Reinsurance recoverables	42,364,083	48,367,096
Receivables from parent and affiliates	269,946	266,473
Income taxes receivable	294,014	175,024
Other assets	385,585	417,508
Separate account assets	145,348,536	145,740,422
TOTAL ASSETS	202,038,359	208,308,100
LIABILITIES
Future policy benefits	26,799,239	32,889,181
Policyholders’ account balances	24,149,144	23,857,574
Cash collateral for loaned securities	2,725	2,725
Payables to parent and affiliates	105,833	75,990
Other liabilities	1,657,565	1,694,492
Separate account liabilities	145,348,536	145,740,422
Total liabilities	198,063,042	204,260,384
COMMITMENTS AND CONTINGENT LIABILITIES
EQUITY
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding)	2,500	2,500
Additional paid-in capital	1,832,590	1,726,690
Retained earnings	1,875,775	1,772,398
Accumulated other comprehensive income (loss)	264,452	546,128
Total equity	3,975,317	4,047,716
TOTAL LIABILITIES AND EQUITY	$ 202,038,359	$ 208,308,100

Unaudited Interim Consolidate_2

Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fixed Maturities, Available-for-sale, allowance for credit losses	$ 2,858	$ 2,339
Fixed Maturities, Available-for-sale, amortized cost	6,636,128	6,157,371
Fixed maturities, trading, amortized cost	74,783	73,413
Equity securities, at fair value	5,646	105,508
Commercial mortgage and other loans, allowance for credit losses	4,314	4,552
Other invested assets, at fair value	$ 190,892	$ 94,939
Common Stock, Par or Stated Value Per Share	$ 10	$ 10
Common Stock, Shares Authorized	1,000,000	1,000,000
Common Stock, Shares, Issued	250,000	250,000
Common Stock, Shares, Outstanding	250,000	250,000

Unaudited Interim Consolidate_3

Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES
Premiums	$ 44,405	$ 14,871
Policy charges and fee income	151,865	139,919
Net investment income	98,867	79,581
Asset administration fees	6,211	4,388
Other income	18,244	8,836
Realized investment gains (losses), net	76,608	89,895
TOTAL REVENUES	396,200	337,490
BENEFITS AND EXPENSES
Policyholders’ benefits	93,913	85,923
Interest credited to policyholders’ account balances	56,170	55,046
Amortization of deferred policy acquisition costs	51,840	49,309
General, administrative and other expenses	136,196	75,914
TOTAL BENEFITS AND EXPENSES	338,119	266,192
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE	58,081	71,298
Income tax expense (benefit)	(45,309)	(27,101)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE	103,390	98,399
Equity in earnings of operating joint venture, net of taxes	(13)	(787)
NET INCOME (LOSS)	103,377	97,612
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(5,205)	(20,402)
Net unrealized investment gains (losses)	(350,202)	(134,266)
Total	(355,407)	(154,668)
Less: Income tax expense (benefit) related to other comprehensive income (loss)	(73,731)	(28,287)
Other comprehensive income (loss), net of taxes	(281,676)	(126,381)
Comprehensive income (loss)	$ (178,299)	$ (28,769)

Unaudited Interim Consolidate_4

Unaudited Interim Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common   Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive   Income (Loss)	Cumulative effect of adoption of accounting changes	[1]	Cumulative effect of adoption of accounting changesRetained Earnings	[1]
Beginning Balance at Dec. 31, 2019	$ 3,015,027	$ 2,500	$ 1,153,632	$ 1,577,453	$ 281,442	$ (1,752)		$ (1,752)
Comprehensive income (loss):
Net income (loss)	97,612			97,612
Other comprehensive income (loss), net of tax	(126,381)				(126,381)
Total comprehensive income (loss)	(28,769)
Ending Balance at Mar. 31, 2020	2,984,506	2,500	1,153,632	1,673,313	155,061
Beginning Balance at Dec. 31, 2020	4,047,716	2,500	1,726,690	1,772,398	546,128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributed capital	105,900		105,900
Comprehensive income (loss):
Net income (loss)	103,377			103,377
Other comprehensive income (loss), net of tax	(281,676)				(281,676)
Total comprehensive income (loss)	(178,299)
Ending Balance at Mar. 31, 2021	$ 3,975,317	$ 2,500	$ 1,832,590	$ 1,875,775	$ 264,452
[1]	Includes the impact from the adoption of ASU 2016-13. See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information.

Unaudited Interim Consolidate_5

Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 103,377	$ 97,612
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income	(28,138)	(31,564)
Interest credited to policyholders’ account balances	56,170	55,046
Realized investment (gains) losses, net	(76,608)	(89,895)
Amortization and other non-cash items	(17,211)	3,310
Change in:
Future policy benefits	629,659	796,294
Reinsurance recoverables	(597,841)	(745,550)
Accrued investment income	(4,115)	(44)
Net payables to/receivables from parent and affiliates	25,571	(1,970)
Deferred policy acquisition costs	(176,017)	(113,789)
Income taxes	(45,258)	(27,200)
Derivatives, net	(97,539)	59,069
Other, net	80,694	(36,429)
Cash flows from (used in) operating activities	(147,256)	(35,110)
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale	108,725	86,461
Equity securities	98,680	0
Policy loans	44,593	45,631
Ceded policy loans	(4,533)	(2,885)
Short-term investments	74,984	0
Commercial mortgage and other loans	61,607	42,057
Other invested assets	14,688	6,262
Payments for the purchase/origination of:
Fixed maturities, available-for-sale	(510,669)	(163,416)
Fixed maturities, trading	(1,370)	0
Policy loans	(27,122)	(39,568)
Ceded policy loans	2,254	6,231
Short-term investments	(28,991)	(129,600)
Commercial mortgage and other loans	(33,840)	(20,210)
Other invested assets	(13,659)	(21,916)
Notes receivable from parent and affiliates, net	(28)	(7,124)
Derivatives, net	(10,823)	(2,706)
Other, net	(1,376)	(182)
Cash flows from (used in) investing activities	(226,880)	(200,965)
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits	1,036,026	1,240,761
Ceded policyholders’ account deposits	(820,018)	(908,495)
Policyholders’ account withdrawals	(750,479)	(790,672)
Ceded policyholders’ account withdrawals	663,049	632,987
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities	0	(4,942)
Contributed capital	100,000	0
Net change in all other financing arrangements (maturities 90 days or less)	0	(2,845)
Drafts outstanding	3,837	68,585
Other, net	(9,531)	(7,151)
Cash flows from (used in) financing activities	222,884	228,228
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(151,252)	(7,847)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	426,979	563,199
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 275,727	$ 555,352

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	BUSINESS AND BASIS OF PRESENTATION Pruco Life Insurance Company (“Pruco Life”) is a wholly-owned subsidiary of The Prudential Insurance Company of America (“Prudential Insurance”), which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Pruco Life is a stock life insurance company organized in 1971 under the laws of the State of Arizona. It is licensed to sell life insurance and annuities in the District of Columbia, Guam and in all states except New York, and sells such products primarily through affiliated and unaffiliated distributors. Pruco Life has one wholly-owned insurance subsidiary, Pruco Life Insurance Company of New Jersey (“PLNJ”). PLNJ is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only. Pruco Life and its subsidiary are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis. Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining deferred policy acquisition costs ("DAC") and related amortization; policyholders' account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life products; valuation of investments including derivatives, measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); future policy benefits including guarantees; reinsurance recoverables; provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters. COVID-19 Beginning in the first quarter of 2020, the outbreak of the novel coronavirus (“COVID-19”) resulted in extreme stress and disruption in the global economy and financial markets. While markets have rebounded, the pandemic has adversely impacted, and may continue to adversely impact, the Company's results of operations, financial condition and cash flows. Due to the highly uncertain nature of these conditions, it is not possible to estimate the ultimate impacts at this time. The risks may have manifested, and may continue to manifest, in the Company's financial statements in the areas of, among others, i) investments: increased risk of loss on our investments due to default or deterioration in credit quality or value; and ii) insurance liabilities and related balances: potential changes to assumptions regarding investment returns, mortality and policyholder behavior which are reflected in our insurance liabilities and certain related balances (e.g., DAC, etc.). The Company cannot predict what impact the COVID-19 pandemic will ultimately have on its businesses. Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period presentation.

Significant Accounting Policies

Significant Accounting Policies and Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies and Pronouncements	SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASUs") to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of March 31, 2021, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material. ASU issued but not yet adopted as of March 31, 2021 — ASU 2018-12 ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, was issued by the FASB on August 15, 2018 and is expected to have a significant impact on the Consolidated Financial Statements and Notes to the Consolidated Financial Statements. In October 2019, the FASB issued ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date to affirm its decision to defer the effective date of ASU 2018-12 to January 1, 2022 (with early adoption permitted), representing a one year extension from the original effective date of January 1, 2021. As a result of the COVID-19 pandemic, in November 2020, the FASB issued ASU 2020-11, Financial Services-Insurance (Topic 944): Effective Date and Early Application to defer for an additional one year the effective date of ASU 2018-12 from January 1, 2022 to January 1, 2023, and to provide transition relief to facilitate the early adoption of the ASU. The transition relief would allow large calendar-year public companies that early adopt ASU 2018-12 to apply the guidance either as of January 1, 2020 or January 1, 2021 (and record transition adjustments as of January 1, 2020 or January 1, 2021, respectively) in the 2022 financial statements. Companies that do not early adopt ASU 2018-12 would apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements. The Company currently intends to adopt ASU 2018-12 effective January 1, 2023. ASU 2018-12 will impact, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company. Outlined below are four key areas of change, although there are other less significant changes not noted below. In addition to the impacts to the balance sheet upon transition, the Company also expects an impact to the pattern of earnings emergence following the transition date. ASU 2018-12 Amended Topic Description Method of adoption Effect on the financial statements or other significant matters Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products Requires an entity to review, and if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations. An entity may choose one of two adoption methods for the liability for future policy benefits: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in Accumulated other comprehensive income (loss) ("AOCI") or (2) a full retrospective transition method. The options for method of adoption and the impacts of such methods are under assessment. Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products Requires discount rate assumptions to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions. As noted above, an entity may choose either a modified retrospective transition method or full retrospective transition method for the liability for future policy benefits. Under either method, for balance sheet remeasurement purposes, the liability for future policy benefits will be remeasured using current discount rates as of either the beginning of the prior year (if early adoption is elected) or the beginning of the earliest period presented with the impact recorded as a cumulative effect adjustment to AOCI. Upon adoption, under either transition method, there will be an adjustment to AOCI as a result of remeasuring in force contract liabilities using current upper-medium grade fixed income instrument yields. The adjustment upon adoption will largely reflect the difference between discount rates locked-in at contract inception versus current discount rates at transition. The magnitude of such adjustment is currently being assessed. Amortization of DAC and other balances Requires DAC and other balances, such as unearned revenue reserves and deferred sales inducements ("DSI"), to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. An entity may apply one of two adoption methods: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or (2) if an entity chooses a full retrospective transition method for its liability for future policy benefits, as described above, it is required to also use a full retrospective transition method for DAC and other balances. The options for method of adoption and the impacts of such methods are under assessment. Under the modified retrospective transition method, the Company would not expect a significant impact to the balance sheet, other than the impact of the removal of any related amounts in AOCI. Market Risk Benefits ("MRB") Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Statements of Financial Position. Changes in fair value of market risk benefits are recorded in net income, except for the portion of the change in MRB liabilities attributable to changes in an entity’s non-performance risk ("NPR"), which is recognized in OCI. An entity shall adopt the guidance for market risk benefits using the retrospective transition method, which includes a cumulative-effect adjustment on the balance sheet as of either the beginning of prior year (if early adoption is elected) or the beginning of the earliest period presented. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption. Upon adoption, the Company expects an impact to retained earnings for the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., guaranteed minimum death benefits on variable annuities) and an impact from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. The magnitude of such adjustments is currently being assessed. Modifications related to COVID-19 We assess modifications to certain fixed income instruments on a case-by-case basis to evaluate whether a troubled debt restructuring ("TDR") has occurred. In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") provides a temporary suspension of TDR accounting for certain COVID-19 related modifications where the investment was not more than 30 days past due as of December 31, 2019 (“TDR Relief”). The TDR Relief was set to expire on December 31, 2020, but was extended through December 31, 2021 by the Consolidated Appropriations Act of 2021. The Company elected to apply the TDR Relief beginning in the first quarter of 2021. The TDR Relief does not apply to modifications completed 60 days after the national emergency related to COVID-19 ends, or December 31, 2021, whichever comes earlier. As of March 31, 2021, any such modifications did not have a material impact on the Company's results of operations. For additional information regarding the Company’s policies for troubled debt restructurings, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Investments [Abstract]
Investments	3. INVESTMENTS Fixed Maturity Securities The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated: March 31, 2021 Amortized Gross Gross Allowance for Credit Losses Fair (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 74,863 $ 2,318 $ 134 $ 0 $ 77,047 Obligations of U.S. states and their political subdivisions 468,281 48,003 53 0 516,231 Foreign government bonds 267,478 22,300 4,773 0 285,005 U.S. public corporate securities 2,776,403 255,050 59,966 0 2,971,487 U.S. private corporate securities 913,052 59,968 6,448 1,072 965,500 Foreign public corporate securities 412,336 25,763 9,728 0 428,371 Foreign private corporate securities 973,715 74,883 10,450 1,786 1,036,362 Asset-backed securities(1) 228,920 1,231 93 0 230,058 Commercial mortgage-backed securities 476,388 22,859 3,269 0 495,978 Residential mortgage-backed securities(2) 44,692 3,212 29 0 47,875 Total fixed maturities, available-for-sale $ 6,636,128 $ 515,587 $ 94,943 $ 2,858 $ 7,053,914 (1) Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans and home equity loans. (2) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. December 31, 2020 Amortized Gross Gross Allowance for Credit Losses Fair (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 74,946 $ 2,931 $ 22 $ 0 $ 77,855 Obligations of U.S. states and their political subdivisions 460,003 57,948 0 0 517,951 Foreign government bonds 206,633 44,254 32 0 250,855 U.S. public corporate securities 2,473,440 456,581 587 0 2,929,434 U.S. private corporate securities 919,316 95,793 2,198 855 1,012,056 Foreign public corporate securities 278,717 42,899 886 0 320,730 Foreign private corporate securities 977,539 123,006 7,131 1,484 1,091,930 Asset-backed securities(1) 236,909 1,115 386 0 237,638 Commercial mortgage-backed securities 480,412 40,660 125 0 520,947 Residential mortgage-backed securities(2) 49,456 3,779 0 0 53,235 Total fixed maturities, available-for-sale $ 6,157,371 $ 868,966 $ 11,367 $ 2,339 $ 7,012,631 (1) Includes credit-tranched securities collateralized by loan obligations, credit cards, auto loans, education loans and sub-prime mortgages. (2) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated: March 31, 2021 Less Than Twelve Months Twelve Months or More Total Fair Value Gross Fair Value Gross Fair Value Gross (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 2,130 $ 134 $ 0 $ 0 $ 2,130 $ 134 Obligations of U.S. states and their political subdivisions 8,534 53 0 0 8,534 53 Foreign government bonds 79,654 4,773 0 0 79,654 4,773 U.S. public corporate securities 801,795 59,806 3,851 160 805,646 59,966 U.S. private corporate securities 125,258 4,011 19,321 2,437 144,579 6,448 Foreign public corporate securities 179,494 8,376 5,901 1,352 185,395 9,728 Foreign private corporate securities 85,182 1,892 84,782 8,271 169,964 10,163 Asset-backed securities 25,549 88 14,657 5 40,206 93 Commercial mortgage-backed securities 73,271 3,269 0 0 73,271 3,269 Residential mortgage-backed securities 5,135 29 0 0 5,135 29 Total fixed maturities, available-for-sale $ 1,386,002 $ 82,431 $ 128,512 $ 12,225 $ 1,514,514 $ 94,656 December 31, 2020 Less Than Twelve Months Twelve Months or More Total Fair Value Gross Fair Value Gross Fair Value Gross (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of $ 2,255 $ 22 $ 0 $ 0 $ 2,255 $ 22 Foreign government bonds 2,270 32 0 0 2,270 32 U.S. public corporate securities 33,295 341 2,754 246 36,049 587 U.S. private corporate securities 33,806 771 6,659 1,427 40,465 2,198 Foreign public corporate securities 6,432 97 6,464 789 12,896 886 Foreign private corporate securities 2,931 131 85,340 6,657 88,271 6,788 Asset-backed securities 51,914 183 70,503 203 122,417 386 Commercial mortgage-backed securities 17,443 125 0 0 17,443 125 Residential mortgage-backed securities 0 0 0 0 0 0 Total fixed maturities, available-for-sale $ 150,346 $ 1,702 $ 171,720 $ 9,322 $ 322,066 $ 11,024 As of March 31, 2021 and December 31, 2020, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $87.0 million and $5.0 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $7.7 million and $6.0 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2021, the $12.2 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, energy and utility sectors. As of December 31, 2020, the $9.3 million of gross unrealized losses of twelve months or more were concentrated in the Company's corporate securities within the finance, energy and utility sectors. In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2021. This conclusion was based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to general credit spread widening, increases in interest rates, foreign currency exchange rate movements and the financial condition or near-term prospects of the issuer. As of March 31, 2021, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated: March 31, 2021 Amortized Cost Fair Value (in thousands) Fixed maturities, available-for-sale: Due in one year or less $ 260,579 $ 259,543 Due after one year through five years 890,152 942,628 Due after five years through ten years 867,157 920,640 Due after ten years 3,868,240 4,157,192 Asset-backed securities 228,920 230,058 Commercial mortgage-backed securities 476,388 495,978 Residential mortgage-backed securities 44,692 47,875 Total fixed maturities, available-for-sale $ 6,636,128 $ 7,053,914 Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date. The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 33,749 $ 7,718 Proceeds from maturities/prepayments 74,085 81,786 Gross investment gains from sales and maturities 352 553 Gross investment losses from sales and maturities (2,569) (73) Write-downs recognized in earnings(2) (2) (945) (Addition to) release of allowance for credit losses (519) (2,210) (1) Includes $(0.9) million and $3.0 million of non-cash related proceeds due to the timing of trade settlements for the three months ended March 31, 2021 and 2020, respectively. (2) Amounts represent write-downs on securities actively marketed for sale and write-downs on securities approaching maturity related to foreign exchange movements. The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated: Three Months Ended March 31, 2021 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in thousands) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 0 $ 2,339 $ 0 $ 0 $ 0 $ 2,339 Reductions for securities sold during the period 0 0 (11) 0 0 0 (11) Addition (reductions) on securities with previous allowance 0 0 530 0 0 0 530 Balance, end of period $ 0 $ 0 $ 2,858 $ 0 $ 0 $ 0 $ 2,858 Three Months Ended March 31, 2020 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in thousands) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Additions to allowance for credit losses not previously recorded 0 0 2,210 0 0 0 2,210 Balance, end of period $ 0 $ 0 $ 2,210 $ 0 $ 0 $ 0 $ 2,210 See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information about the Company’s methodology for developing our allowance for credit losses. For the three months ended March 31, 2021 and 2020, the increase in the allowance for credit losses on available-for-sale securities was primarily related to adverse projected cash flows on private corporate securities. The Company did not have any fixed maturity securities purchased with credit deterioration, as of both March 31, 2021 and December 31, 2020. Equity Securities The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income,” was $(0.5) million and $(0.8) million during the three months ended March 31, 2021 and 2020, respectively. Commercial Mortgage and Other Loans The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: March 31, 2021 December 31, 2020 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Apartments/Multi-Family $ 356,283 28.2 % $ 364,549 28.2 % Hospitality 33,873 2.7 34,069 2.6 Industrial 382,763 30.3 399,017 30.9 Office 191,749 15.2 195,443 15.1 Other 137,845 10.9 138,477 10.7 Retail 139,385 11.0 142,266 11.0 Total commercial mortgage loans 1,241,898 98.3 1,273,821 98.5 Agricultural property loans 21,931 1.7 19,577 1.5 Total commercial mortgage and agricultural property loans 1,263,829 100.0 % 1,293,398 100.0 % Allowance for credit losses (4,314) (4,552) Total net commercial mortgage and agricultural property loans $ 1,259,515 $ 1,288,846 As of March 31, 2021, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in California (23%), Texas (12%) and New York (7%)) and included loans secured by properties in Europe (12%), Mexico (3%) and Australia (2%). The following table sets forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: Three Months Ended March 31, 2021 2020 Commercial Mortgage Loans Agricultural Property Loans Total Commercial Mortgage Loans Agricultural Property Loans Total (in thousands) Allowance, beginning of period $ 4,546 $ 6 $ 4,552 $ 1,743 $ 25 $ 1,768 Cumulative effect of adoption of ASU 2016-13 0 0 0 2,495 (8) 2,487 Addition to (release of) allowance for expected losses (237) (1) (238) 265 (6) 259 Allowance, end of period $ 4,309 $ 5 $ 4,314 $ 4,503 $ 11 $ 4,514 See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information about the Company's methodology for developing our allowance and expected losses. For the three months ended March 31, 2021, the decrease in the allowance for credit losses on commercial mortgage and other loans was reflecting the improving credit environment. For the three months ended March 31, 2020, the increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to the cumulative effect of adoption of ASU 2016-13. The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated: March 31, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Total (in thousands) Commercial mortgage loans Loan-to-Value Ratio: 0%-59.99% $ 0 $ 10,589 $ 46,504 $ 47,320 $ 96,801 $ 391,196 $ 592,410 60%-69.99% 6,340 69,374 94,483 126,964 48,271 100,015 445,447 70%-79.99% 11,000 63,941 36,069 22,416 32,298 37,343 203,067 80% or greater 0 0 0 0 974 0 974 Total $ 17,340 $ 143,904 $ 177,056 $ 196,700 $ 178,344 $ 528,554 $ 1,241,898 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 6,340 $ 128,608 $ 157,876 $ 183,974 $ 171,078 $ 482,536 $ 1,130,412 1.0 - 1.2x 11,000 15,296 10,303 7,074 7,266 42,124 93,063 Less than 1.0x 0 0 8,877 5,652 0 3,894 18,423 Total $ 17,340 $ 143,904 $ 177,056 $ 196,700 $ 178,344 $ 528,554 $ 1,241,898 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 16,500 $ 0 $ 0 $ 0 $ 0 $ 5,431 $ 21,931 60%-69.99% 0 0 0 0 0 0 0 70%-79.99% 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 0 0 Total $ 16,500 $ 0 $ 0 $ 0 $ 0 $ 5,431 $ 21,931 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 16,500 $ 0 $ 0 $ 0 $ 0 $ 4,616 $ 21,116 1.0 - 1.2x 0 0 0 0 0 0 0 Less than 1.0x 0 0 0 0 0 815 815 Total $ 16,500 $ 0 $ 0 $ 0 $ 0 $ 5,431 $ 21,931 December 31, 2020 Amortized Cost by Origination Year 2020 2019 2018 2017 2016 Prior Total (in thousands) Commercial mortgage loans Loan-to-Value Ratio: 0%-59.99% $ 10,645 $ 47,284 $ 33,443 $ 92,410 $ 162,030 $ 251,903 $ 597,715 60%-69.99% 69,819 95,331 141,260 52,710 80,875 43,823 483,818 70%-79.99% 63,783 36,099 22,431 32,476 21,178 15,342 191,309 80% or greater 0 0 0 979 0 0 979 Total $ 144,247 $ 178,714 $ 197,134 $ 178,575 $ 264,083 $ 311,068 $ 1,273,821 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 128,839 $ 159,476 $ 177,098 $ 171,255 $ 238,010 $ 290,741 $ 1,165,419 1.0 - 1.2x 15,408 10,334 7,134 7,320 26,073 16,418 82,687 Less than 1.0x 0 8,904 12,902 0 0 3,909 25,715 Total $ 144,247 $ 178,714 $ 197,134 $ 178,575 $ 264,083 $ 311,068 $ 1,273,821 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 0 $ 0 $ 0 $ 6,486 $ 0 $ 13,091 $ 19,577 60%-69.99% 0 0 0 0 0 0 0 70%-79.99% 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 6,486 $ 0 $ 13,091 $ 19,577 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 0 $ 0 $ 0 $ 6,486 $ 0 $ 12,276 $ 18,762 1.0 - 1.2x 0 0 0 0 0 0 0 Less than 1.0x 0 0 0 0 0 815 815 Total $ 0 $ 0 $ 0 $ 6,486 $ 0 $ 13,091 $ 19,577 See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information about the Company’s commercial mortgage and other loans credit quality monitoring process. The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated: March 31, 2021 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due(1) Total Loans Non-Accrual Status(2) (in thousands) Commercial mortgage loans $ 1,241,898 $ 0 $ 0 $ 0 $ 1,241,898 $ 0 Agricultural property loans 21,931 0 0 0 21,931 0 Total $ 1,263,829 $ 0 $ 0 $ 0 $ 1,263,829 $ 0 (1) As of March 31, 2021, there were no loans in this category accruing interest. (2) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. December 31, 2020 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due(1) Total Loans Non-Accrual Status(2) (in thousands) Commercial mortgage loans $ 1,273,821 $ 0 $ 0 $ 0 $ 1,273,821 $ 0 Agricultural property loans 19,577 0 0 0 19,577 0 Total $ 1,293,398 $ 0 $ 0 $ 0 $ 1,293,398 $ 0 (1) As of December 31, 2020, there were no loans in this category accruing interest. (2) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company did not have any commercial mortgage and other loans purchased with credit deterioration, as of March 31, 2021 and December 31, 2020. For both the three months ended March 31, 2021 and 2020, there were no commercial mortgage and other loans acquired, other than those through direct origination and there were no commercial mortgage and other loans sold. Other Invested Assets The following table sets forth the composition of “Other invested assets,” as of the dates indicated: March 31, 2021 December 31, 2020 (in thousands) Company’s investment in separate accounts $ 45,508 $ 44,018 LPs/LLCs: Equity method: Private equity 248,942 241,493 Hedge funds 77,721 77,311 Real estate-related 64,294 63,194 Subtotal equity method 390,957 381,998 Fair value: Private equity 68,778 65,436 Hedge funds 403 499 Real estate-related 10,709 10,857 Subtotal fair value 79,890 76,792 Total LPs/LLCs 470,847 458,790 Derivative instruments 111,002 18,147 Total other invested assets $ 627,357 $ 520,955 Accrued Investment Income The following table sets forth the composition of “Accrued investment income,” as of the dates indicated: March 31, 2021 December 31, 2020 (in thousands) Fixed maturities $ 58,500 $ 54,565 Equity securities 102 1 Commercial mortgage and other loans 3,413 3,610 Policy loans 35,683 35,374 Short-term investments and cash equivalents 30 63 Total accrued investment income $ 97,728 $ 93,613 There were no write-downs on accrued investment income for both the three months ended March 31, 2021 and 2020. Net Investment Income The following table sets forth “Net investment income” by investment type, for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Fixed maturities, available-for-sale $ 59,958 $ 54,566 Fixed maturities, trading 531 398 Equity securities 103 102 Commercial mortgage and other loans 13,426 13,776 Policy loans 17,034 17,311 Other invested assets 13,073 (3,909) Short-term investments and cash equivalents 127 2,032 Gross investment income 104,252 84,276 Less: investment expenses (5,385) (4,695) Net investment income $ 98,867 $ 79,581 Realized Investment Gains (Losses), Net The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Fixed maturities(1) $ (2,738) $ (2,675) Commercial mortgage and other loans 238 (188) Other invested assets 22 (315) Derivatives 79,091 93,457 Short-term investments and cash equivalents (5) (384) Realized investment gains (losses), net $ 76,608 $ 89,895 (1) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading. Net Unrealized Gains (Losses) on Investments within AOCI The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: March 31, 2021 December 31, 2020 (in thousands) Fixed maturity securities, available-for-sale with an allowance $ 4 $ 0 Fixed maturity securities, available-for-sale without an allowance 420,640 857,599 Derivatives designated as cash flow hedges(1) (3,413) (8,112) Affiliated notes, available-for-sale 3,197 4,024 Other investments(2) (3,929) (4,162) Net unrealized gains (losses) on investments $ 416,499 $ 849,349 (1) For more information on cash flow hedges, see Note 4. (2) Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in "other assets". Repurchase Agreements and Securities Lending In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of March 31, 2021 and December 31, 2020, the Company had no repurchase agreements. The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated: March 31, 2021 December 31, 2020 Remaining Contractual Maturities of the Agreements Remaining Contractual Maturities of the Agreements Overnight & Continuous Up to 30 Days Total Overnight & Continuous Up to 30 Days Total (in thousands) Foreign public corporate securities $ 2,725 $ 0 $ 2,725 $ 2,725 $ 0 $ 2,725 Total cash collateral for loaned securities(1) $ 2,725 $ 0 $ 2,725 $ 2,725 $ 0 $ 2,725 (1) The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	DERIVATIVES AND HEDGING Types of Derivative Instruments and Derivative Strategies The Company utilizes various derivative instruments and strategies to manage its risk. Commonly used derivative instruments include, but are not necessarily limited to: • Interest rate contracts: futures, swaps, options, caps and floors • Equity contracts: futures, options and total return swaps • Foreign exchange contracts: futures, options, forwards and swaps • Credit contracts: single and index reference credit default swaps Other types of financial contracts that the Company accounts for as derivatives include: • Embedded derivatives For detailed information on these contracts and the related strategies, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Primary Risks Managed by Derivatives The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. March 31, 2021 December 31, 2020 Primary Underlying Risk/Instrument Type Fair Value Fair Value Gross Notional Assets Liabilities Gross Notional Assets Liabilities (in thousands) Derivatives Designated as Hedge Accounting Instruments: Currency/Interest Rate Interest Rate Swaps $ 3,452 $ 66 $ 0 $ 3,486 $ 203 $ 0 Foreign Currency Swaps 864,940 26,387 (41,832) 861,074 27,336 (49,316) Total Derivatives Designated as Hedge Accounting Instruments $ 868,392 $ 26,453 $ (41,832) $ 864,560 $ 27,539 $ (49,316) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 683,050 $ 33,886 $ (15,844) $ 663,050 $ 57,024 $ (11,117) Interest Rate Futures 57,700 0 (252) 57,700 198 0 Foreign Currency Foreign Currency Forwards 60,568 1,409 (124) 55,292 5 (1,322) Credit Credit Default Swaps 0 0 0 2,313 0 (18) Currency/Interest Rate Foreign Currency Swaps 142,568 5,569 (6,540) 143,011 6,584 (7,286) Equity Equity Options 3,350,200 307,881 (219,219) 3,244,900 306,196 (196,767) Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 4,294,086 $ 348,745 $ (241,979) $ 4,166,266 $ 370,007 $ (216,510) Total Derivatives(1)(2) $ 5,162,478 $ 375,198 $ (283,811) $ 5,030,826 $ 397,546 $ (265,826) (1) Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $7,435 million and $13,228 million as of March 31, 2021 and December 31, 2020, respectively included in "Future policy benefits" and $1,032 million and $1,155 million as of March 31, 2021 and December 31, 2020, respectively included in "Policyholders' account balances". The fair value of the related reinsurance, included in "Reinsurance recoverables" or "Other liabilities" was an asset of $7,448 million and $13,240 million as of March 31, 2021 and December 31, 2020, respectively. (2) Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Unaudited Interim Consolidated Statements of Financial Position. Offsetting Assets and Liabilities The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position. March 31, 2021 Gross Gross Net Amounts Financial Net (in thousands) Offsetting of Financial Assets: Derivatives(1) $ 375,198 $ (264,196) $ 111,002 $ (111,002) $ 0 Securities purchased under agreements to resell 0 0 0 0 0 Total Assets $ 375,198 $ (264,196) $ 111,002 $ (111,002) $ 0 Offsetting of Financial Liabilities: Derivatives(1) $ 283,811 $ (283,559) $ 252 $ 0 $ 252 Securities sold under agreements to repurchase 0 0 0 0 0 Total Liabilities $ 283,811 $ (283,559) $ 252 $ 0 $ 252 December 31, 2020 Gross Gross Net Amounts Financial Net (in thousands) Offsetting of Financial Assets: Derivatives(1) $ 397,546 $ (379,399) $ 18,147 $ (14,572) $ 3,575 Securities purchased under agreements to resell 0 0 0 0 0 Total Assets $ 397,546 $ (379,399) $ 18,147 $ (14,572) $ 3,575 Offsetting of Financial Liabilities: Derivatives(1) $ 265,826 $ (265,826) $ 0 $ 0 $ 0 Securities sold under agreements to repurchase 0 0 0 0 0 Total Liabilities $ 265,826 $ (265,826) $ 0 $ 0 $ 0 (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty. For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 9. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information on the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Cash Flow Hedges The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency swaps and interest rate swaps. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its cash flow hedge accounting relationships. The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship. Three Months Ended March 31, 2021 Realized Net Other AOCI(1) (in thousands) Derivatives Designated as Hedge Accounting Instruments: Cash flow hedges Interest Rate $ 0 $ 12 $ 0 $ (125) Currency/Interest Rate (163) 2,460 1,717 4,824 Total cash flow hedges (163) 2,472 1,717 4,699 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (37,371) 0 0 0 Currency 1,036 0 0 0 Currency/Interest Rate 192 0 (11) 0 Credit (12) 0 0 0 Equity 15,562 0 0 0 Embedded Derivatives 99,847 0 0 0 Total Derivatives Not Qualifying as Hedge Accounting Instruments 79,254 0 (11) 0 Total $ 79,091 $ 2,472 $ 1,706 $ 4,699 Three Months Ended March 31, 2020 Realized Net Other AOCI(1) (in thousands) Derivatives Designated as Hedge Accounting Instruments: Cash flow hedges Interest Rate $ (45) $ (3) $ 0 $ 300 Currency/Interest Rate 384 2,629 8,828 97,770 Total cash flow hedges 339 2,626 8,828 98,070 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate 30,506 0 0 0 Currency 1,471 0 0 0 Currency/Interest Rate 19,333 0 58 0 Credit 0 0 0 0 Equity (74,944) 0 0 0 Embedded Derivatives 116,752 0 0 0 Total Derivatives Not Qualifying as Hedge Accounting Instruments 93,118 0 58 0 Total $ 93,457 $ 2,626 $ 8,886 $ 98,070 (1) Net change in AOCI. Presented below is a rollforward of current period cash flow hedges in AOCI before taxes: (in thousands) Balance, December 31, 2020 $ (8,112) Amount recorded in AOCI Interest Rate (113) Currency/Interest Rate 8,838 Total amount recorded in AOCI 8,725 Amount reclassified from AOCI to income Interest Rate (12) Currency/Interest Rate (4,014) Total amount reclassified from AOCI to income (4,026) Balance, March 31, 2021 $ (3,413) The changes in fair value of cash flow hedges are deferred in AOCI and are included in "Net unrealized investment gains (losses)" in the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using March 31, 2021 values, it is estimated that a pre-tax gain of $9 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2022. The exposures the Company is hedging with these qualifying cash flow hedges include the variability of the payment or receipt of interest or foreign currency amounts on existing financial instruments. There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. Credit Derivatives The Company has no exposure from credit derivative positions where it has written credit protection as of March 31, 2021 and December 31, 2020. The Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company's investment portfolio. The Company has outstanding notional amounts of $0 million and $2 million reported as of March 31, 2021 and December 31, 2020, respectively with a fair value of $0 million for both periods. Counterparty Credit Risk The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by entering into derivative transactions with its affiliate, Prudential Global Funding LLC (“PGF”), related to its over-the-counter ("OTC") derivatives. PGF, in turn, manages its credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreement, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single-party credit exposures which are subject to periodic management review. Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	FAIR VALUE OF ASSETS AND LIABILITIES Fair Value Measurement - Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1 – Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. Level 2 – Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs. Level 3 – Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value. For a discussion of the Company's valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Assets and Liabilities by Hierarchy Level – The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated. March 31, 2021 Level 1 Level 2 Level 3 Netting(1) Total (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 22,047 $ 55,000 $ $ 77,047 Obligations of U.S. states and their political subdivisions 0 516,231 0 516,231 Foreign government bonds 0 284,848 157 285,005 U.S. corporate public securities 0 2,971,487 0 2,971,487 U.S. corporate private securities 0 933,531 31,969 965,500 Foreign corporate public securities 0 419,680 8,691 428,371 Foreign corporate private securities 0 911,531 124,831 1,036,362 Asset-backed securities(2) 0 227,924 2,134 230,058 Commercial mortgage-backed securities 0 495,978 0 495,978 Residential mortgage-backed securities 0 47,875 0 47,875 Subtotal 0 6,831,132 222,782 7,053,914 Fixed maturities, trading 0 80,347 767 81,114 Equity securities 125 293 7,678 8,096 Short-term investments 0 3,997 0 3,997 Cash equivalents 0 239,150 0 239,150 Other invested assets(3) 0 375,198 0 (264,196) 111,002 Reinsurance recoverables 0 0 7,447,863 7,447,863 Receivables from parent and affiliates 0 111,170 0 111,170 Subtotal excluding separate account assets 125 7,641,287 7,679,090 (264,196) 15,056,306 Separate account assets(4)(5) 39,346 140,023,499 0 140,062,845 Total assets $ 39,471 $ 147,664,786 $ 7,679,090 $ (264,196) $ 155,119,151 Future policy benefits(6) $ 0 $ 0 $ 7,435,081 $ $ 7,435,081 Policyholders' account balances 0 0 1,031,525 1,031,525 Payables to parent and affiliates 0 283,559 0 (283,559) 0 Other liabilities 252 0 0 252 Total liabilities $ 252 $ 283,559 $ 8,466,606 $ (283,559) $ 8,466,858 December 31, 2020 Level 1 Level 2 Level 3 Netting(1) Total (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 22,855 $ 55,000 $ $ 77,855 Obligations of U.S. states and their political subdivisions 0 517,951 0 517,951 Foreign government bonds 0 250,692 163 250,855 U.S. corporate public securities 0 2,929,431 3 2,929,434 U.S. corporate private securities 0 977,423 34,633 1,012,056 Foreign corporate public securities 0 311,407 9,323 320,730 Foreign corporate private securities 0 961,113 130,817 1,091,930 Asset-backed securities(2) 0 235,573 2,065 237,638 Commercial mortgage-backed securities 0 520,947 0 520,947 Residential mortgage-backed securities 0 53,235 0 53,235 Subtotal 0 6,780,627 232,004 7,012,631 Fixed maturities, trading 0 81,727 755 82,482 Equity securities 100,268 300 7,889 108,457 Short-term investments 49,997 0 0 49,997 Cash equivalents 49,996 347,330 0 397,326 Other invested assets(3) 198 397,348 0 (379,399) 18,147 Reinsurance recoverables 0 0 13,239,539 13,239,539 Receivables from parent and affiliates 0 111,970 0 111,970 Subtotal excluding separate account assets 200,459 7,719,302 13,480,187 (379,399) 21,020,549 Separate account assets(4)(5) 0 140,583,009 0 140,583,009 Total assets $ 200,459 $ 148,302,311 $ 13,480,187 $ (379,399) $ 161,603,558 Future policy benefits(6) $ 0 $ 0 $ 13,227,814 $ $ 13,227,814 Policyholders' account balances 0 0 1,155,274 1,155,274 Payables to parent and affiliates 0 265,826 0 (265,826) 0 Other liabilities 0 0 0 0 Total liabilities $ 0 $ 265,826 $ 14,383,088 $ (265,826) $ 14,383,088 (1) “Netting” amounts represent cash collateral of $(19.4) million and $113.6 million as of March 31, 2021 and December 31, 2020, respectively. (2) Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types. (3) Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. As of March 31, 2021 and December 31, 2020, the fair values of such investments were $80 million and $77 million, respectively. (4) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Unaudited Interim Consolidated Statements of Financial Position. (5) Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund, for which fair value is measured at NAV per share (or its equivalent). At March 31, 2021 and December 31, 2020, the fair value of such investments was $5,286 million and $5,157 million, respectively. (6) As of March 31, 2021, the net embedded derivative liability position of $7,435 million includes $786 million of embedded derivatives in an asset position and $8,221 million of embedded derivatives in a liability position. As of December 31, 2020, the net embedded derivative liability position of $13,228 million includes $483 million of embedded derivatives in an asset position and $13,711 million of embedded derivatives in a liability position. Quantitative Information Regarding Internally Priced Level 3 Assets and Liabilities – The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities. March 31, 2021 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Average Impact of (in thousands) Assets: Corporate securities(2) $ 147,923 Discounted cash flow Discount rate 1.37 % 11.53 % 3.40 % Decrease Reinsurance recoverables $ 7,447,863 Fair values are determined using the same unobservable inputs as future policy benefits. Liabilities: Future policy benefits(3) $ 7,435,081 Discounted cash flow Lapse rate(5) 1 % 20 % Decrease Spread over LIBOR(6) 0.09 % 1.14 % Decrease Utilization rate(7) 39 % 96 % Increase Withdrawal rate See table footnote (8) below. Mortality rate(9) 0 % 15 % Decrease Equity volatility curve 17 % 25 % Increase Policyholders' account balances(4) $ 1,031,525 Discounted cash flow Lapse rate(5) 1 % 6 % Decrease Spread over LIBOR(6) 0.09 % 1.14 % Decrease Mortality rate(9) 0 % 24 % Decrease Equity volatility curve 14 % 27 % Increase December 31, 2020 Fair Value Valuation Unobservable Minimum Maximum Weighted Impact of (in thousands) Assets: Corporate securities(2) $ 151,554 Discounted cash flow Discount rate 0.99 % 11.38 % 3.44 % Decrease Reinsurance recoverables $ 13,239,539 Fair values are determined using the same unobservable inputs as future policy benefits. Liabilities: Future policy benefits(3) $ 13,227,814 Discounted cash flow Lapse rate(5) 1 % 20 % Decrease Spread over LIBOR(6) 0.06 % 1.17 % Decrease Utilization rate(7) 39 % 96 % Increase Withdrawal rate See table footnote (8) below. Mortality rate(9) 0 % 15 % Decrease Equity volatility curve 18 % 26 % Increase Policyholders' account balances(4) $ 1,155,274 Discounted cash flow Lapse rate(5) 1 % 6 % Decrease Spread over LIBOR(6) 0.06 % 1.17 % Decrease Mortality rate(9) 0 % 24 % Decrease Equity volatility curve 15 % 30 % Increase (1) Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table. (2) Includes assets classified as fixed maturities, available-for-sale and fixed maturities trading. (3) Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (4) Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (5) Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives. (6) The spread over the London Inter-Bank Offered Rate ("LIBOR") swap curve represents the premium added to the proxy for the risk-free rate (LIBOR) to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt. (7) The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits. (8) The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of March 31, 2021 and December 31, 2020, the minimum withdrawal rate assumption is 76% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%. (9) The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table. Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another, or multiple, inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows: Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increases, credit spreads widen, which results in a decrease in fair value. Future Policy Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money. Changes in Level 3 Assets and Liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. Three Months Ended March 31, 2021 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Level 3 Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in thousands) Fixed maturities, available-for-sale: U.S. government $ 55,000 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 55,000 $ 0 Foreign government 163 (6) 0 0 0 0 0 0 0 157 (6) Corporate securities(3) 174,776 (12,082) 2,319 0 0 (2,165) 0 2,643 0 165,491 (12,101) Structured securities(4) 2,065 (15) 500 0 0 (416) 0 0 0 2,134 (14) Other assets: Fixed maturities, trading 755 12 0 0 0 0 0 0 0 767 12 Equity securities 7,889 (211) 0 0 0 0 0 0 0 7,678 (211) Other invested assets 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables 13,239,539 (6,069,909) 278,233 0 0 0 0 0 0 7,447,863 (5,914,192) Receivables from parent and affiliates 0 0 0 0 0 0 0 0 0 0 0 Liabilities: Future policy benefits (13,227,814) 6,068,982 0 0 (276,249) 0 0 0 0 (7,435,081) 5,913,265 Policyholders' account balances(5) (1,155,274) 110,257 0 0 0 13,492 0 0 0 (1,031,525) 128,490 Three Months Ended March 31, 2021 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net(1) Other income (loss) Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Included in other comprehensive income (loss) (in thousands) Fixed maturities, available-for-sale $ (508) $ 0 $ (11,618) $ 23 $ (500) $ 0 $ (11,621) Other assets: Fixed maturities, trading 0 12 0 0 0 12 0 Equity securities 0 (211) 0 0 0 (211) 0 Reinsurance recoverables (6,069,909) 0 0 0 (5,914,192) 0 0 Receivables from parent and affiliates 0 0 0 0 0 0 0 Liabilities: Future policy benefits 6,068,982 0 0 0 5,913,265 0 0 Policyholders' account balances 110,257 0 0 0 128,490 0 0 Three Months Ended March 31, 2020 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Level 3 Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in thousands) Fixed maturities, available-for-sale: U.S. government $ 38,671 $ 0 $ 3,342 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 42,013 $ 0 Foreign government 163 (11) 0 0 0 0 0 0 0 152 (11) Corporate securities(3) 50,083 (17,970) 7,193 (3,680) 0 (2,958) 0 98,014 0 130,682 (17,186) Structured securities(4) 2,001 (484) 6,145 0 0 (224) 0 0 0 7,438 (483) Other assets: Fixed maturities, trading 668 (130) 0 0 0 0 0 0 0 538 (130) Equity securities 9,898 (702) 0 0 0 0 0 0 0 9,196 (702) Other invested assets 4 0 0 0 0 0 0 0 0 4 0 Reinsurance recoverables 8,539,671 11,408,202 266,951 0 0 0 0 0 0 20,214,824 11,508,908 Receivables from parent and affiliates 3,135 19 0 0 0 (1,579) 0 0 0 1,575 0 Liabilities: Future policy benefits (8,529,566) (11,401,903) 0 0 (264,988) 0 0 0 0 (20,196,457) (11,502,609) Policyholders' account balances(5) (962,351) 117,655 0 0 (55,565) 0 0 0 0 (900,261) 125,109 Three Months Ended March 31, 2020 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net(1) Other income (loss) Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Included in other comprehensive income (loss) (in thousands) Fixed maturities, available-for-sale $ (1,779) $ 0 $ (16,776) $ 90 $ (1,334) $ 0 $ (16,346) Other assets: Fixed maturities, trading 0 (130) 0 0 0 (130) 0 Equity securities 0 (702) 0 0 0 (702) 0 Reinsurance recoverables 11,408,202 0 0 0 11,508,908 0 0 Receivables from parent and affiliates 0 0 0 19 0 0 0 Liabilities: Future policy benefits (11,401,903) 0 0 0 (11,502,609) 0 0 Policyholders' account balances 117,655 0 0 0 125,109 0 0 (1) Realized investment gains (losses) on future policy benefits and reinsurance recoverables primarily represent the change in the fair value of the Company's living benefit guarantees on certain of its variable annuity contracts. (2) Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (3) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4) Includes asset-backed and residential mortgage-backed securities. (5) Issuances and settlements for Policyholders' account balances are presented net in the rollforward. Fair Value of Financial Instruments The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value. March 31, 2021 Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in thousands) Assets: Commercial mortgage and other loans $ 0 $ 0 $ 1,321,349 $ 1,321,349 $ 1,259,515 Policy loans 0 0 1,320,915 1,320,915 1,320,915 Cash and cash equivalents 36,577 0 0 36,577 36,577 Accrued investment income 0 97,728 0 97,728 97,728 Reinsurance recoverables 0 0 230,930 230,930 226,882 Receivables from parent and affiliates 0 158,776 0 158,776 158,776 Other assets 0 22,416 0 22,416 22,416 Total assets $ 36,577 $ 278,920 $ 2,873,194 $ 3,188,691 $ 3,122,809 Liabilities: Policyholders’ account balances - investment contracts $ 0 $ 1,492,373 $ 288,114 $ 1,780,487 $ 1,776,439 Cash collateral for loaned securities 0 2,725 0 2,725 2,725 Payables to parent and affiliates 0 105,833 0 105,833 105,833 Other liabilities 0 469,609 0 469,609 469,609 Total liabilities $ 0 $ 2,070,540 $ 288,114 $ 2,358,654 $ 2,354,606 December 31, 2020 Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in thousands) Assets: Commercial mortgage and other loans $ 0 $ 0 $ 1,359,422 $ 1,359,422 $ 1,288,846 Policy loans 0 0 1,323,681 1,323,681 1,323,681 Cash and cash equivalents 29,653 0 0 29,653 29,653 Accrued investment income 0 93,613 0 93,613 93,613 Reinsurance recoverables 0 0 227,993 227,993 217,637 Receivables from parent and affiliates 0 154,503 0 154,503 154,503 Other assets 0 27,120 0 27,120 27,120 Total assets $ 29,653 $ 275,236 $ 2,911,096 $ 3,215,985 $ 3,135,053 Liabilities: Policyholders’ account balances - investment contracts $ 0 $ 1,428,043 $ 286,533 $ 1,714,576 $ 1,704,220 Cash collateral for loaned securities 0 2,725 0 2,725 2,725 Payables to parent and affiliates 0 75,990 0 75,990 75,990 Other liabilities 0 415,889 0 415,889 415,889 Total liabilities $ 0 $ 1,922,647 $ 286,533 $ 2,209,180 $ 2,198,824 (1) Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company uses a full-year projected effective tax rate approach to calculate year-to-date taxes. In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. The projected effective tax rate is the ratio of projected "Income tax expense (benefit)" divided by projected "Income (loss) from operations before income taxes and equity in earnings of operating joint venture." Taxes attributable to the operating joint venture are recorded within "Equity in earnings of operating joint venture, net of taxes." The interim period tax expense (or benefit) is the difference between the year-to-date income tax provision and the amounts reported for the previous interim periods of the fiscal year. The Company's income tax provision, on a consolidated basis, amounted to an income tax benefit of $(45.3) million, or (78.01)% of income (loss) from operations before income taxes and equity in earnings of operating joint venture, in the first three months of 2021, compared to $(27.1) million, or (38.01)%, in the first three months of 2020. The Company's current and prior effective tax rates differed from the U.S. statutory tax rate of 21% primarily due to non-taxable investment income and tax credits.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2021
Reinsurance Disclosures [Abstract]
Reinsurance	REINSURANCE The Company participates in reinsurance with its affiliates Prudential Life Insurance Company of Taiwan Inc. (“Prudential of Taiwan”), Prudential Arizona Reinsurance Captive Company (“PARCC”), Prudential Arizona Reinsurance Term Company (“PAR Term”), Prudential Arizona Reinsurance Universal Company (“PAR U”), Prudential Universal Reinsurance Company ("PURC"), Prudential Term Reinsurance Company (“Term Re”), PALAC, Gibraltar Universal Life Reinsurance Company ("GUL Re") and Dryden Arizona Reinsurance Term Company (“DART”), its parent company Prudential Insurance, as well as third parties. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, and facilitate the Company's capital market hedging program. Life reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term and coinsurance. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely. Reserves related to reinsured long-duration contracts are accounted for using assumptions consistent with those used to account for the underlying contracts. Amounts recoverable from reinsurers for long-duration reinsurance arrangements are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies. Reinsurance policy charges and fee income ceded for universal life and variable annuity products are accounted for as a reduction of policy charges and fee income. Reinsurance premiums ceded for term insurance products are accounted for as a reduction of premiums. Realized investment gains and losses include the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees. The Company has entered into reinsurance agreements to transfer the risk related to the living benefit guarantees on variable annuities to PALAC excluding the PLNJ business which was reinsured to Prudential Insurance. These reinsurance agreements are derivatives and have been accounted for in the same manner as embedded derivatives and the changes in the fair value of these derivatives are recognized through “Realized investment gains (losses), net”. See Note 4 for additional information related to the accounting for embedded derivatives. Reinsurance amounts included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 (in thousands) Reinsurance recoverables $ 42,364,083 $ 48,367,096 Policy loans (152,662) (153,869) Deferred policy acquisition costs (6,516,371) (6,574,020) Deferred sales inducements (420,147) (445,493) Other assets(1) 209,796 233,364 Policyholders’ account balances 4,725,317 4,773,439 Future policy benefits(2) 4,868,027 5,069,353 Other liabilities(3) 1,071,359 1,099,318 (1) Includes $0.0 million of unaffiliated activity at both March 31, 2021 and December 31, 2020. (2) Includes $0.0 million of unaffiliated activity at both March 31, 2021 and December 31, 2020. (3) Includes $53 million and $43 million of unaffiliated activity as of March 31, 2021 and December 31, 2020, respectively. Reinsurance recoverables by counterparty are broken out below: March 31, 2021 December 31, 2020 (in thousands) PAR U $ 13,097,853 $ 13,352,845 PALAC 10,753,335 15,941,123 PURC 5,353,817 5,368,831 PARCC 2,557,573 2,572,428 GUL Re 2,549,764 2,573,609 PAR Term 1,980,388 1,913,265 Prudential Insurance 1,846,899 2,421,226 Prudential of Taiwan 1,636,733 1,649,998 Term Re 1,814,238 1,766,978 DART 537,743 502,770 Unaffiliated 235,740 304,023 Total reinsurance recoverables $ 42,364,083 $ 48,367,096 Reinsurance amounts, included in the Company’s Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, were as follows: Three Months Ended March 31, 2021 2020 (in thousands) Premiums: Direct $ 486,877 $ 475,486 Assumed(1) 43 48 Ceded(2) (442,515) (460,663) Net premiums 44,405 14,871 Policy charges and fee income: Direct 909,889 901,442 Assumed 140,113 132,504 Ceded(3) (898,137) (894,027) Net policy charges and fee income 151,865 139,919 Net investment income: Direct 100,395 81,092 Assumed 359 400 Ceded (1,887) (1,911) Net investment income 98,867 79,581 Asset administration fees: Direct 96,614 89,329 Assumed 0 0 Ceded (90,403) (84,941) Net asset administration fees 6,211 4,388 Other income: Direct 17,100 8,606 Assumed(4) (73) (437) Ceded 65 (515) Amortization of reinsurance income 1,152 1,182 Net other income 18,244 8,836 Realized investment gains (losses), net: Direct 6,157,747 (11,309,174) Assumed 0 0 Ceded(5) (6,081,139) 11,399,069 Realized investment gains (losses), net 76,608 89,895 Policyholders’ benefits (including change in reserves): Direct 997,824 1,067,098 Assumed(6) 191,805 361,455 Ceded(7) (1,095,716) (1,342,630) Net policyholders’ benefits (including change in reserves) 93,913 85,923 Interest credited to policyholders’ account balances: Direct 179,435 179,295 Assumed 32,986 34,236 Ceded (156,251) (158,485) Net interest credited to policyholders’ account balances 56,170 55,046 Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization (468,435) (742,911) (1) Includes $0.0 million of unaffiliated activity for both the three months ended March 31, 2021 and 2020, respectively. (2) Includes $(7) million and $(3) million of unaffiliated activity for the three months ended March 31, 2021, and 2020, respectively. (3) Includes $14 million and $(10) million of unaffiliated activity for the three months ended March 31, 2021 and 2020, respectively. (4) Includes $0.0 million and $(0.4) million of unaffiliated activity for the three months ended March 31, 2021 and 2020, respectively. (5) Includes $(141) million and $256 million of unaffiliated activity for the three months ended March 31, 2021 and 2020, respectively. (6) Includes $0.1 million of unaffiliated activity for both the three months ended March 31, 2021 and 2020, respectively. (7) Includes $(81) million and $(5) million of unaffiliated activity for the three months ended March 31, 2021 and 2020, respectively. The gross and net amounts of life insurance face amount in force as of March 31, 2021 and 2020 were as follows: 2021 2020 (in thousands) Direct gross life insurance face amount in force $ 1,057,019,880 $ 1,003,826,363 Assumed gross life insurance face amount in force 38,553,587 39,643,598 Reinsurance ceded (988,006,377) (970,292,346) Net life insurance face amount in force $ 107,567,090 $ 73,177,615 Information regarding significant affiliated reinsurance agreements is described below. PAR U Pruco Life reinsures an amount equal to 70% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates prior to January 1, 2011. Effective July 1, 2012, PLNJ reinsures an amount equal to 95% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates through December 31, 2019, excluding those policies that are subject to principle-based reserving. On January 2, 2013, Pruco Life began to assume Guaranteed Universal Life ("GUL") business from Prudential Insurance in connection with the acquisition of The Hartford Life Business. The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U. PALAC Effective April 1, 2016, the Company entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to PALAC, excluding the PLNJ business, which was reinsured to Prudential Insurance. This reinsurance agreement covers new and in force business and excludes business reinsured externally. As of December 31, 2020, the Company discontinued the sales of traditional variable annuities with guaranteed living benefit riders. This discontinuation has no impact on the reinsurance agreement between PALAC, Prudential Insurance, and the Company. PURC Pruco Life reinsures an amount equal to 70% of all the risks associated with its Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates from January 1, 2011 through December 31, 2013, with PURC and 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain of its universal policies, with effective dates from January 1, 2014 through December 31, 2016. PARCC Prior to July 1, 2019, the Company reinsured 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 90% to 100% of the policy risk amount reinsured , which resulted in an initial transfer of $476 million in premiums and $409 million in expenses ceded with the difference being deferred and subsequently amortized through income. GUL Re Effective January 1, 2017, Pruco Life entered into an automatic coinsurance agreement with GUL Re to reinsure an amount equal to 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain of its universal policies, with effective dates on or after January 1, 2017 through December 31, 2019, excluding those policies that are subject to principle-based reserving. Effective July 1, 2017, Pruco Life amended this agreement to include 30% of Universal Protector policies having no-lapse guarantees as well as certain of its universal policies with effective dates prior to January 1, 2014. PAR Term Prior to July 1, 2019, the Company reinsures 95% of the risks under its term life insurance policies with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 95% to 100% of the policy risk amount reinsured , which resulted in an initial transfer of $150 million in premiums and $115 million in expenses ceded with the difference being deferred and subsequently amortized through income. Prudential of Taiwan On January 31, 2001, Pruco Life transferred all of its assets and liabilities associated with its Taiwanese branch, including its Taiwanese insurance book of business, to Prudential of Taiwan, an affiliated company. The mechanism used to transfer this block of business in Taiwan is referred to as a “full acquisition and assumption” transaction. Under this mechanism, Pruco Life is jointly liable with Prudential of Taiwan for two years from the giving of notice to all obligees for all matured obligations and for two years after the maturity date of not-yet-matured obligations. Prudential of Taiwan is also contractually liable, under indemnification provisions of the transaction, for any liabilities that may be asserted against Pruco Life. The transfer of the insurance related assets and liabilities was accounted for as a long-duration coinsurance transaction under U.S. GAAP. Under this accounting treatment, the insurance related liabilities remain on the books of Pruco Life and an offsetting reinsurance recoverable is established. These assets and liabilities are denominated in U.S. dollars. On August 11, 2020, Prudential International Insurance Holdings, Ltd. (“PIIH”), a subsidiary of Prudential Financial, entered into a Share Purchase Agreement with Taishin Financial Holding Co., Ltd. (the “Buyer”) pursuant to which PIIH has agreed to sell to the Buyer all of the issued and outstanding capital stock of Prudential of Taiwan. The Share Purchase Agreement contains customary warranties and covenants of PIIH and the Buyer. If regulatory approvals are obtained and customary closing conditions are met, the Company expects the transaction to close in 2021. The Buyer will provide Pruco Life a backstop indemnification and Pruco Life will provide a guarantee to stand ready to perform in the event of default by both Prudential of Taiwan and the Buyer. Term Re The Company reinsures 95% of the risks under its term life insurance policies, with effective dates on or after January 1, 2014 through December 31, 2017, through an automatic coinsurance agreement with Term Re. Prudential Insurance The Company has a yearly renewable term reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. Effective July 1, 2017, this agreement has been terminated for certain new business, primarily Universal Life insurance policies. As of January 1, 2020, the remaining portions of new business (specifically Term policies) ceased being reinsured by the Company to Prudential Insurance. Effective July 1, 2017, the Company reinsures a portion of the mortality risk directly to third-party reinsurers and retains all of the non-reinsured portion of the mortality risk. Effective July 1, 2019, this agreement has been recaptured for certain term life insurance policies which are now reinsured to PARCC and PAR Term as noted above. On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Financial Services Group, Inc. ("Hartford Financial"). The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U. In May 2018, Hartford Financial sold a group of operating subsidiaries, which includes two of Prudential Insurance's counterparties to these reinsurance arrangements. There was no impact to the terms, rights or obligations of Prudential Insurance, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties. Similarly, there was no impact to the Company's reinsurance arrangements with respect to such GUL business as a result of this change in control. In January 2021, there was a definitive agreement announced to subsequently sell the two counterparties mentioned above. We anticipate there will be no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties. The Company has reinsured a group annuity contract with Prudential Insurance, in consideration for a single premium payment by the Company, providing reinsurance equal to 100% of all payments due under the contract. Effective April 1, 2016, PLNJ entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to Prudential Insurance. This reinsurance agreement covers new and in force business. DART Effective January 1, 2018, the Company entered into an automatic coinsurance agreement with DART to reinsure an amount equal to 95% of the risks associated with its term life insurance policies with effective dates on or after January 1, 2018 through December 31, 2019, excluding those policies that are subject to principle-based reserving. Information regarding significant third-party reinsurance arrangements is described below. Union Hamilton Between April 1, 2015 and December 31, 2016, the Company, excluding its subsidiary, reinsured approximately 50% of the new business related to “highest daily” living benefits rider guarantees on HDI v.3.0 product, available with Prudential Premier ® Retirement Variable Annuity, to Union Hamilton. This reinsurance remains in force for the duration of the underlying annuity contracts. New sales of HDI v.3.0 subsequent to December 31, 2016 are not covered by this external reinsurance agreement. As of March 31, 2021, $3.2 billion of HDI v.3.0 account values are reinsured to Union Hamilton.

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Equity	EQUITY Accumulated Other Comprehensive Income (Loss) AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). The balance of and changes in each component of AOCI as of and for the three months ended March 31, 2021 and 2020, are as follows: Accumulated Other Comprehensive Income (Loss) Foreign Net Unrealized Total Accumulated (in thousands) Balance, December 31, 2020 $ (7,797) $ 553,925 $ 546,128 Change in OCI before reclassifications (5,205) (348,914) (354,119) Amounts reclassified from AOCI 0 (1,288) (1,288) Income tax benefit (expense) 192 73,539 73,731 Balance, March 31, 2021 $ (12,810) $ 277,262 $ 264,452 Accumulated Other Comprehensive Income (Loss) Foreign Net Unrealized Total Accumulated (in thousands) Balance, December 31, 2019 $ (7,917) $ 289,359 $ 281,442 Change in OCI before reclassifications (20,402) (125,148) (145,550) Amounts reclassified from AOCI 0 (9,118) (9,118) Income tax benefit (expense) 92 28,195 28,287 Balance, March 31, 2020 $ (28,227) $ 183,288 $ 155,061 (1) Includes cash flow hedges of $(3) million and $(8) million as of March 31, 2021 and December 31, 2020, respectively, and $124 million and $26 million as of March 31, 2020 and December 31, 2019, respectively . Reclassifications out of Accumulated Other Comprehensive Income (Loss) Three Months Ended 2021 2020 (in thousands) Amounts reclassified from AOCI (1)(2): Net unrealized investment gains (losses): Cash flow hedges - Currency/Interest rate(3) $ 4,026 $ 11,793 Net unrealized investment gains (losses) on available-for-sale securities (2,738) (2,675) Total net unrealized investment gains (losses)(4) 1,288 9,118 Total reclassifications for the period $ 1,288 $ 9,118 (1) All amounts are shown before tax. (2) Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI. (3) See Note 4 for additional information on cash flow hedges. (4) See table below for additional information on unrealized investment gains (losses), including the impact on DAC and other costs, future policy benefits, policyholders’ account balances and other liabilities. Net Unrealized Investment Gains (Losses) Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income” for a period that had been part of OCI in earlier periods. The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows: Net Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recognized Net Unrealized DAC and Other Costs(2) Future Policy Benefits, Policyholders' Account Balances and Other Liabilities(3) Deferred Accumulated (in thousands) Balance, December 31, 2020 $ 0 $ 849,349 $ 1,200,048 $ (1,348,231) $ (147,241) $ 553,925 Net investment gains (losses) on investments arising during the period 4 (431,566) 0 0 90,625 (340,937) Reclassification adjustment for (gains) losses included in net income 0 (1,288) 0 0 269 (1,019) Reclassification due to allowance for credit losses recorded during the period 0 0 0 0 0 0 Impact of net unrealized investment (gains) losses on DAC and other costs 0 0 (509,429) 0 106,975 (402,454) Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities 0 0 0 592,077 (124,330) 467,747 Balance, March 31, 2021 $ 4 $ 416,495 $ 690,619 $ (756,154) $ (73,702) $ 277,262 (1) Includes cash flow hedges. See Note 4 for information on cash flow hedges. (2) "Other costs" primarily includes reinsurance recoverables and deferred reinsurance losses.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The Company has extensive transactions and relationships with Prudential Insurance and other affiliates. Although we seek to ensure that these transactions and relationships are fair and reasonable, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties. Expense Charges and Allocations The majority of the Company’s expenses are allocations or charges from Prudential Insurance or other affiliates. These expenses can be grouped into general and administrative expenses and agency distribution expenses. The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock-based awards program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock-based awards program was $0.1 million and $0.2 million for the three months ended March 31, 2021, and 2020, respectively. The expense charged to the Company for the deferred compensation program was $1.5 million and $2.9 million for the three months ended March 31, 2021 and 2020, respectively. The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded, non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $3 million and $5 million for the three months ended March 31, 2021 and 2020, respectively. The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $3 million and $6 million for the three months ended March 31, 2021 and 2020, respectively. Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $1 million and $2 million for the three months ended March 31, 2021 and 2020, respectively. The Company is charged distribution expenses from Prudential Insurance’s agency network for both its domestic life and annuity products through a transfer pricing agreement, which is intended to reflect a market-based pricing arrangement. The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $96 million and $169 million for the three months ended March 31, 2021 and 2020, respectively. The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $18 million and $19 million for the three months ended March 31, 2021 and 2020, respectively. Corporate-Owned Life Insurance The Company has sold five Corporate-Owned Life Insurance (“COLI”) policies to Prudential Insurance, and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $4,885 million at March 31, 2021 and $4,757 million at December 31, 2020. Fees related to these COLI policies were $13 million and $14 million fo r the three months ended March 31, 2021 and 2020, respectively. The Company retains the majority of the mortality risk associated with these COLI policies up to $3.5 million per individual policy. Affiliated Investment Management Expenses In accordance with an agreement with PGIM, Inc. ("PGIM"), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $4 million and $3 million for the three months ended March 31, 2021 and 2020, respectively. These expenses are recorded as “Net investment income” in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). Derivative Trades In its ordinary course of business, the Company enters into OTC derivative contracts with an affiliate, PGF. For these OTC derivative contracts, PGF has a substantially equal and offsetting position with an external counterparty. See Note 4 for additional information. Joint Ventures The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $108 million and $111 million as of March 31, 2021 and December 31, 2020, respectively. "Net investment income" related to these ventures includes a gain of $3 million and a loss of $10 million for the three months ended March 31, 2021 and 2020, respectively. Affiliated Asset Administration Fee Income The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust. Income received from ASTISI and PGIM Investments related to this agreement was $91 million and $85 million for the three months ended March 31, 2021 and 2020, respectively. These revenues are recorded as “Asset administration fees” in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders' separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $3 million for both the three months ended March 31, 2021 and 2020. These revenues are recorded as “Asset administration fees” in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). Affiliated Notes Receivable Affiliated notes receivable included in “Receivables from parent and affiliates” at March 31, 2021 and December 31, 2020 were as follows: Maturity Dates Interest Rates March 31, 2021 December 31, 2020 (in thousands) U.S. dollar fixed rate notes 2022 - 2027 0.00% - 14.85 % $ 111,171 $ 111,970 Total long-term notes receivable - affiliated(1) $ 111,171 $ 111,970 (1) All long-term notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances. The affiliated notes receivable shown above are classified as available-for-sale securities carried at fair value. The Company monitors the internal and external credit ratings of these loans and loan performance. The Company also considers any guarantees made by Prudential Insurance for loans due from affiliates. Accrued interest receivable related to these loans was $0.5 million and $1.2 million at March 31, 2021 and December 31, 2020, respectively, and is included in “Other assets”. Revenues related to these loans were $1 million for both the three months ended March 31, 2021 and 2020, and are included in “Other income”. Affiliated Asset Transfers The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" (“APIC”) and "Realized investment gains (losses), net", respectively. The table below shows affiliated asset trades for the three months ended March 31, 2021 and for the year ended December 31, 2020. Affiliate Date Transaction Security Type Fair Value Book Value APIC, Net of Tax Increase/(Decrease) Realized (in thousands) Prudential Insurance March 2020 Purchase Other Invested Assets $ 1,390 $ 1,390 $ 0 $ 0 Prudential Insurance April 2020 Purchase Fixed Maturities $ 61,953 $ 59,659 $ (1,812) $ 0 Prudential Insurance April 2020 Purchase Fixed Maturities $ 3,485 $ 3,320 $ (130) $ 0 GA BV LLC July 2020 Transfer Out Fixed Maturities $ 1,914 $ 1,914 $ 0 $ 0 Debt Agreements The Company is authorized to borrow funds up to $2.2 billion from affiliates to meet its capital and other funding needs. As of March 31, 2021 and December 31, 2020, there was no debt outstanding. The total interest expense to the Company related to affiliated loans and cash collateral with PGF was $0.0 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively. Contributed Capital and Dividends Through March 2021, the Company received capital contributions in the amount of $106 million from Prudential Insurance. In June, September and December of 2020, the Company received a capital contribution in the amount of $325 million, $75 million and $175 million, respectively, from Prudential Insurance. Through March 2021 and December 2020, the Company did not pay any dividends to Prudential Insurance. Reinsurance with Affiliates As discussed in Note 6, the Company participates in reinsurance transactions with certain affiliates.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	COMMITMENTS AND CONTINGENT LIABILITIES Commitments The Company has made commitments to fund commercial mortgage loans. As of March 31, 2021 and December 31, 2020, the outstanding balances on these commitments were $19 million and $30 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses o f $0.0 million as of March 31, 2021 and December 31, 2020. There was a change in allowance of $0.0 million for the three months ended March 31, 2021 and 2020. The Company also made commitments to purchase or fund investments, mostly private fixed maturities. As of March 31, 2021 and December 31, 2020, $339 million and $354 million, respectively, of these commitments were outstanding. These amounts include unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for either the three months ended March 31, 2021 or 2020. Guarantees In July 2017, the Company formed a joint venture with CT Corp to provide life insurance solutions in Indonesia. The Company owns a 49% interest in the joint venture and has entered into a shareholders agreement with CT Corp that sets out their respective rights and obligations with respect to the joint venture. Among other things, the shareholders agreement obligates the Company and CT Corp to provide capital to the joint venture, as necessary to comply with applicable law or to maintain a specified minimum amount of capital in the joint venture. This obligation is not limited to a maximum amount. The Company does not expect to make any payments on this guarantee and is not carrying any liabilities associated with the guarantee. Contingent Liabilities On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines. The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements. For additional discussion of these matters, see “Litigation and Regulatory Matters” below. It is possible that the results of operations or the cash flows of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flows for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position. Litigation and Regulatory Matters The Company is subject to legal and regulatory actions in the ordinary course of its business. Pending legal and regulatory actions include proceedings specific to the Company and proceedings generally applicable to business practices in the industry in which it operates. The Company is subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. The Company is also subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, the Company, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus. In some of the Company’s pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain. The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but the matter, if material, is disclosed. The Company estimates that as of March 31, 2021, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $100 million. This estimate is not an indication of expected loss, if any, or the Company's maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews. The following discussion of litigation and regulatory matters provides an update of those matters discussed in Note 14 to the Company's Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and should be read in conjunction with the complete descriptions provided in the Form 10-K. Other Matters Doyle C. Stone v. PFI, et al. In April 2021, defendants filed a motion to dismiss the complaint. Regulatory Variable Products The Company has received regulatory inquiries and requests for information from state and federal regulators, including a subpoena from the U.S. Securities and Exchange Commission, concerning the appropriateness of variable product sales and replacement activity. The Company is cooperating with regulators and may become subject to additional regulatory inquiries and other actions related to this matter. Summary The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flows in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flows for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements.

Significant Accounting Polici_2

Significant Accounting Policies and Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining deferred policy acquisition costs ("DAC") and related amortization; policyholders' account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life products; valuation of investments including derivatives, measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); future policy benefits including guarantees; reinsurance recoverables; provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.
Reclassifications	Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period presentation.
Adoption of New Accounting Pronouncements	Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASUs") to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of March 31, 2021, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.
Future Adoption Of New Accounting Pronouncements	ASU issued but not yet adopted as of March 31, 2021 — ASU 2018-12 ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, was issued by the FASB on August 15, 2018 and is expected to have a significant impact on the Consolidated Financial Statements and Notes to the Consolidated Financial Statements. In October 2019, the FASB issued ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date to affirm its decision to defer the effective date of ASU 2018-12 to January 1, 2022 (with early adoption permitted), representing a one year extension from the original effective date of January 1, 2021. As a result of the COVID-19 pandemic, in November 2020, the FASB issued ASU 2020-11, Financial Services-Insurance (Topic 944): Effective Date and Early Application to defer for an additional one year the effective date of ASU 2018-12 from January 1, 2022 to January 1, 2023, and to provide transition relief to facilitate the early adoption of the ASU. The transition relief would allow large calendar-year public companies that early adopt ASU 2018-12 to apply the guidance either as of January 1, 2020 or January 1, 2021 (and record transition adjustments as of January 1, 2020 or January 1, 2021, respectively) in the 2022 financial statements. Companies that do not early adopt ASU 2018-12 would apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements. The Company currently intends to adopt ASU 2018-12 effective January 1, 2023. ASU 2018-12 will impact, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company. Outlined below are four key areas of change, although there are other less significant changes not noted below. In addition to the impacts to the balance sheet upon transition, the Company also expects an impact to the pattern of earnings emergence following the transition date. ASU 2018-12 Amended Topic Description Method of adoption Effect on the financial statements or other significant matters Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products Requires an entity to review, and if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations. An entity may choose one of two adoption methods for the liability for future policy benefits: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in Accumulated other comprehensive income (loss) ("AOCI") or (2) a full retrospective transition method. The options for method of adoption and the impacts of such methods are under assessment. Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products Requires discount rate assumptions to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions. As noted above, an entity may choose either a modified retrospective transition method or full retrospective transition method for the liability for future policy benefits. Under either method, for balance sheet remeasurement purposes, the liability for future policy benefits will be remeasured using current discount rates as of either the beginning of the prior year (if early adoption is elected) or the beginning of the earliest period presented with the impact recorded as a cumulative effect adjustment to AOCI. Upon adoption, under either transition method, there will be an adjustment to AOCI as a result of remeasuring in force contract liabilities using current upper-medium grade fixed income instrument yields. The adjustment upon adoption will largely reflect the difference between discount rates locked-in at contract inception versus current discount rates at transition. The magnitude of such adjustment is currently being assessed. Amortization of DAC and other balances Requires DAC and other balances, such as unearned revenue reserves and deferred sales inducements ("DSI"), to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. An entity may apply one of two adoption methods: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or (2) if an entity chooses a full retrospective transition method for its liability for future policy benefits, as described above, it is required to also use a full retrospective transition method for DAC and other balances. The options for method of adoption and the impacts of such methods are under assessment. Under the modified retrospective transition method, the Company would not expect a significant impact to the balance sheet, other than the impact of the removal of any related amounts in AOCI. Market Risk Benefits ("MRB") Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Statements of Financial Position. Changes in fair value of market risk benefits are recorded in net income, except for the portion of the change in MRB liabilities attributable to changes in an entity’s non-performance risk ("NPR"), which is recognized in OCI. An entity shall adopt the guidance for market risk benefits using the retrospective transition method, which includes a cumulative-effect adjustment on the balance sheet as of either the beginning of prior year (if early adoption is elected) or the beginning of the earliest period presented. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption. Upon adoption, the Company expects an impact to retained earnings for the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., guaranteed minimum death benefits on variable annuities) and an impact from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. The magnitude of such adjustments is currently being assessed.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Investments [Abstract]
Fixed Maturities, Available-for-sale Securities	The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated: March 31, 2021 Amortized Gross Gross Allowance for Credit Losses Fair (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 74,863 $ 2,318 $ 134 $ 0 $ 77,047 Obligations of U.S. states and their political subdivisions 468,281 48,003 53 0 516,231 Foreign government bonds 267,478 22,300 4,773 0 285,005 U.S. public corporate securities 2,776,403 255,050 59,966 0 2,971,487 U.S. private corporate securities 913,052 59,968 6,448 1,072 965,500 Foreign public corporate securities 412,336 25,763 9,728 0 428,371 Foreign private corporate securities 973,715 74,883 10,450 1,786 1,036,362 Asset-backed securities(1) 228,920 1,231 93 0 230,058 Commercial mortgage-backed securities 476,388 22,859 3,269 0 495,978 Residential mortgage-backed securities(2) 44,692 3,212 29 0 47,875 Total fixed maturities, available-for-sale $ 6,636,128 $ 515,587 $ 94,943 $ 2,858 $ 7,053,914 (1) Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans and home equity loans. (2) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. December 31, 2020 Amortized Gross Gross Allowance for Credit Losses Fair (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 74,946 $ 2,931 $ 22 $ 0 $ 77,855 Obligations of U.S. states and their political subdivisions 460,003 57,948 0 0 517,951 Foreign government bonds 206,633 44,254 32 0 250,855 U.S. public corporate securities 2,473,440 456,581 587 0 2,929,434 U.S. private corporate securities 919,316 95,793 2,198 855 1,012,056 Foreign public corporate securities 278,717 42,899 886 0 320,730 Foreign private corporate securities 977,539 123,006 7,131 1,484 1,091,930 Asset-backed securities(1) 236,909 1,115 386 0 237,638 Commercial mortgage-backed securities 480,412 40,660 125 0 520,947 Residential mortgage-backed securities(2) 49,456 3,779 0 0 53,235 Total fixed maturities, available-for-sale $ 6,157,371 $ 868,966 $ 11,367 $ 2,339 $ 7,012,631 (1) Includes credit-tranched securities collateralized by loan obligations, credit cards, auto loans, education loans and sub-prime mortgages. (2) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
Duration Of Gross Unrealized Losses On Fixed Maturity Securities	The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated: March 31, 2021 Less Than Twelve Months Twelve Months or More Total Fair Value Gross Fair Value Gross Fair Value Gross (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 2,130 $ 134 $ 0 $ 0 $ 2,130 $ 134 Obligations of U.S. states and their political subdivisions 8,534 53 0 0 8,534 53 Foreign government bonds 79,654 4,773 0 0 79,654 4,773 U.S. public corporate securities 801,795 59,806 3,851 160 805,646 59,966 U.S. private corporate securities 125,258 4,011 19,321 2,437 144,579 6,448 Foreign public corporate securities 179,494 8,376 5,901 1,352 185,395 9,728 Foreign private corporate securities 85,182 1,892 84,782 8,271 169,964 10,163 Asset-backed securities 25,549 88 14,657 5 40,206 93 Commercial mortgage-backed securities 73,271 3,269 0 0 73,271 3,269 Residential mortgage-backed securities 5,135 29 0 0 5,135 29 Total fixed maturities, available-for-sale $ 1,386,002 $ 82,431 $ 128,512 $ 12,225 $ 1,514,514 $ 94,656 December 31, 2020 Less Than Twelve Months Twelve Months or More Total Fair Value Gross Fair Value Gross Fair Value Gross (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of $ 2,255 $ 22 $ 0 $ 0 $ 2,255 $ 22 Foreign government bonds 2,270 32 0 0 2,270 32 U.S. public corporate securities 33,295 341 2,754 246 36,049 587 U.S. private corporate securities 33,806 771 6,659 1,427 40,465 2,198 Foreign public corporate securities 6,432 97 6,464 789 12,896 886 Foreign private corporate securities 2,931 131 85,340 6,657 88,271 6,788 Asset-backed securities 51,914 183 70,503 203 122,417 386 Commercial mortgage-backed securities 17,443 125 0 0 17,443 125 Residential mortgage-backed securities 0 0 0 0 0 0 Total fixed maturities, available-for-sale $ 150,346 $ 1,702 $ 171,720 $ 9,322 $ 322,066 $ 11,024
Fixed Maturities Classified by Contractual Maturity Date	The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated: March 31, 2021 Amortized Cost Fair Value (in thousands) Fixed maturities, available-for-sale: Due in one year or less $ 260,579 $ 259,543 Due after one year through five years 890,152 942,628 Due after five years through ten years 867,157 920,640 Due after ten years 3,868,240 4,157,192 Asset-backed securities 228,920 230,058 Commercial mortgage-backed securities 476,388 495,978 Residential mortgage-backed securities 44,692 47,875 Total fixed maturities, available-for-sale $ 6,636,128 $ 7,053,914
Sources of Fixed Maturity Proceeds, Realized Investment Gains (Losses), and Losses on Impairments	The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 33,749 $ 7,718 Proceeds from maturities/prepayments 74,085 81,786 Gross investment gains from sales and maturities 352 553 Gross investment losses from sales and maturities (2,569) (73) Write-downs recognized in earnings(2) (2) (945) (Addition to) release of allowance for credit losses (519) (2,210) (1) Includes $(0.9) million and $3.0 million of non-cash related proceeds due to the timing of trade settlements for the three months ended March 31, 2021 and 2020, respectively. (2) Amounts represent write-downs on securities actively marketed for sale and write-downs on securities approaching maturity related to foreign exchange movements.
Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company for which a Portion of the OTTI Loss was Recognized in OCI	The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated: Three Months Ended March 31, 2021 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in thousands) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 0 $ 2,339 $ 0 $ 0 $ 0 $ 2,339 Reductions for securities sold during the period 0 0 (11) 0 0 0 (11) Addition (reductions) on securities with previous allowance 0 0 530 0 0 0 530 Balance, end of period $ 0 $ 0 $ 2,858 $ 0 $ 0 $ 0 $ 2,858 Three Months Ended March 31, 2020 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in thousands) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Additions to allowance for credit losses not previously recorded 0 0 2,210 0 0 0 2,210 Balance, end of period $ 0 $ 0 $ 2,210 $ 0 $ 0 $ 0 $ 2,210
Commercial Mortgage and Other Loans	The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: March 31, 2021 December 31, 2020 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Apartments/Multi-Family $ 356,283 28.2 % $ 364,549 28.2 % Hospitality 33,873 2.7 34,069 2.6 Industrial 382,763 30.3 399,017 30.9 Office 191,749 15.2 195,443 15.1 Other 137,845 10.9 138,477 10.7 Retail 139,385 11.0 142,266 11.0 Total commercial mortgage loans 1,241,898 98.3 1,273,821 98.5 Agricultural property loans 21,931 1.7 19,577 1.5 Total commercial mortgage and agricultural property loans 1,263,829 100.0 % 1,293,398 100.0 % Allowance for credit losses (4,314) (4,552) Total net commercial mortgage and agricultural property loans $ 1,259,515 $ 1,288,846
Allowance for Credit Losses	The following table sets forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: Three Months Ended March 31, 2021 2020 Commercial Mortgage Loans Agricultural Property Loans Total Commercial Mortgage Loans Agricultural Property Loans Total (in thousands) Allowance, beginning of period $ 4,546 $ 6 $ 4,552 $ 1,743 $ 25 $ 1,768 Cumulative effect of adoption of ASU 2016-13 0 0 0 2,495 (8) 2,487 Addition to (release of) allowance for expected losses (237) (1) (238) 265 (6) 259 Allowance, end of period $ 4,309 $ 5 $ 4,314 $ 4,503 $ 11 $ 4,514
Financing Receivable Credit Quality Indicators	The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated: March 31, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Total (in thousands) Commercial mortgage loans Loan-to-Value Ratio: 0%-59.99% $ 0 $ 10,589 $ 46,504 $ 47,320 $ 96,801 $ 391,196 $ 592,410 60%-69.99% 6,340 69,374 94,483 126,964 48,271 100,015 445,447 70%-79.99% 11,000 63,941 36,069 22,416 32,298 37,343 203,067 80% or greater 0 0 0 0 974 0 974 Total $ 17,340 $ 143,904 $ 177,056 $ 196,700 $ 178,344 $ 528,554 $ 1,241,898 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 6,340 $ 128,608 $ 157,876 $ 183,974 $ 171,078 $ 482,536 $ 1,130,412 1.0 - 1.2x 11,000 15,296 10,303 7,074 7,266 42,124 93,063 Less than 1.0x 0 0 8,877 5,652 0 3,894 18,423 Total $ 17,340 $ 143,904 $ 177,056 $ 196,700 $ 178,344 $ 528,554 $ 1,241,898 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 16,500 $ 0 $ 0 $ 0 $ 0 $ 5,431 $ 21,931 60%-69.99% 0 0 0 0 0 0 0 70%-79.99% 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 0 0 Total $ 16,500 $ 0 $ 0 $ 0 $ 0 $ 5,431 $ 21,931 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 16,500 $ 0 $ 0 $ 0 $ 0 $ 4,616 $ 21,116 1.0 - 1.2x 0 0 0 0 0 0 0 Less than 1.0x 0 0 0 0 0 815 815 Total $ 16,500 $ 0 $ 0 $ 0 $ 0 $ 5,431 $ 21,931 December 31, 2020 Amortized Cost by Origination Year 2020 2019 2018 2017 2016 Prior Total (in thousands) Commercial mortgage loans Loan-to-Value Ratio: 0%-59.99% $ 10,645 $ 47,284 $ 33,443 $ 92,410 $ 162,030 $ 251,903 $ 597,715 60%-69.99% 69,819 95,331 141,260 52,710 80,875 43,823 483,818 70%-79.99% 63,783 36,099 22,431 32,476 21,178 15,342 191,309 80% or greater 0 0 0 979 0 0 979 Total $ 144,247 $ 178,714 $ 197,134 $ 178,575 $ 264,083 $ 311,068 $ 1,273,821 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 128,839 $ 159,476 $ 177,098 $ 171,255 $ 238,010 $ 290,741 $ 1,165,419 1.0 - 1.2x 15,408 10,334 7,134 7,320 26,073 16,418 82,687 Less than 1.0x 0 8,904 12,902 0 0 3,909 25,715 Total $ 144,247 $ 178,714 $ 197,134 $ 178,575 $ 264,083 $ 311,068 $ 1,273,821 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 0 $ 0 $ 0 $ 6,486 $ 0 $ 13,091 $ 19,577 60%-69.99% 0 0 0 0 0 0 0 70%-79.99% 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 6,486 $ 0 $ 13,091 $ 19,577 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 0 $ 0 $ 0 $ 6,486 $ 0 $ 12,276 $ 18,762 1.0 - 1.2x 0 0 0 0 0 0 0 Less than 1.0x 0 0 0 0 0 815 815 Total $ 0 $ 0 $ 0 $ 6,486 $ 0 $ 13,091 $ 19,577
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status	The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated: March 31, 2021 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due(1) Total Loans Non-Accrual Status(2) (in thousands) Commercial mortgage loans $ 1,241,898 $ 0 $ 0 $ 0 $ 1,241,898 $ 0 Agricultural property loans 21,931 0 0 0 21,931 0 Total $ 1,263,829 $ 0 $ 0 $ 0 $ 1,263,829 $ 0 (1) As of March 31, 2021, there were no loans in this category accruing interest. (2) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. December 31, 2020 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due(1) Total Loans Non-Accrual Status(2) (in thousands) Commercial mortgage loans $ 1,273,821 $ 0 $ 0 $ 0 $ 1,273,821 $ 0 Agricultural property loans 19,577 0 0 0 19,577 0 Total $ 1,293,398 $ 0 $ 0 $ 0 $ 1,293,398 $ 0 (1) As of December 31, 2020, there were no loans in this category accruing interest. (2) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Other Invested Assets	The following table sets forth the composition of “Other invested assets,” as of the dates indicated: March 31, 2021 December 31, 2020 (in thousands) Company’s investment in separate accounts $ 45,508 $ 44,018 LPs/LLCs: Equity method: Private equity 248,942 241,493 Hedge funds 77,721 77,311 Real estate-related 64,294 63,194 Subtotal equity method 390,957 381,998 Fair value: Private equity 68,778 65,436 Hedge funds 403 499 Real estate-related 10,709 10,857 Subtotal fair value 79,890 76,792 Total LPs/LLCs 470,847 458,790 Derivative instruments 111,002 18,147 Total other invested assets $ 627,357 $ 520,955
Accrued Investment Income	The following table sets forth the composition of “Accrued investment income,” as of the dates indicated: March 31, 2021 December 31, 2020 (in thousands) Fixed maturities $ 58,500 $ 54,565 Equity securities 102 1 Commercial mortgage and other loans 3,413 3,610 Policy loans 35,683 35,374 Short-term investments and cash equivalents 30 63 Total accrued investment income $ 97,728 $ 93,613
Net Investment Income	The following table sets forth “Net investment income” by investment type, for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Fixed maturities, available-for-sale $ 59,958 $ 54,566 Fixed maturities, trading 531 398 Equity securities 103 102 Commercial mortgage and other loans 13,426 13,776 Policy loans 17,034 17,311 Other invested assets 13,073 (3,909) Short-term investments and cash equivalents 127 2,032 Gross investment income 104,252 84,276 Less: investment expenses (5,385) (4,695) Net investment income $ 98,867 $ 79,581
Realized Investment Gains (Losses), Net	The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Fixed maturities(1) $ (2,738) $ (2,675) Commercial mortgage and other loans 238 (188) Other invested assets 22 (315) Derivatives 79,091 93,457 Short-term investments and cash equivalents (5) (384) Realized investment gains (losses), net $ 76,608 $ 89,895 (1) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
Net Unrealized Gains and (Losses) on Investments	The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: March 31, 2021 December 31, 2020 (in thousands) Fixed maturity securities, available-for-sale with an allowance $ 4 $ 0 Fixed maturity securities, available-for-sale without an allowance 420,640 857,599 Derivatives designated as cash flow hedges(1) (3,413) (8,112) Affiliated notes, available-for-sale 3,197 4,024 Other investments(2) (3,929) (4,162) Net unrealized gains (losses) on investments $ 416,499 $ 849,349 (1) For more information on cash flow hedges, see Note 4. (2) Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in "other assets".
Repurchase Agreements and Securities Lending	The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated: March 31, 2021 December 31, 2020 Remaining Contractual Maturities of the Agreements Remaining Contractual Maturities of the Agreements Overnight & Continuous Up to 30 Days Total Overnight & Continuous Up to 30 Days Total (in thousands) Foreign public corporate securities $ 2,725 $ 0 $ 2,725 $ 2,725 $ 0 $ 2,725 Total cash collateral for loaned securities(1) $ 2,725 $ 0 $ 2,725 $ 2,725 $ 0 $ 2,725 (1) The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. March 31, 2021 December 31, 2020 Primary Underlying Risk/Instrument Type Fair Value Fair Value Gross Notional Assets Liabilities Gross Notional Assets Liabilities (in thousands) Derivatives Designated as Hedge Accounting Instruments: Currency/Interest Rate Interest Rate Swaps $ 3,452 $ 66 $ 0 $ 3,486 $ 203 $ 0 Foreign Currency Swaps 864,940 26,387 (41,832) 861,074 27,336 (49,316) Total Derivatives Designated as Hedge Accounting Instruments $ 868,392 $ 26,453 $ (41,832) $ 864,560 $ 27,539 $ (49,316) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 683,050 $ 33,886 $ (15,844) $ 663,050 $ 57,024 $ (11,117) Interest Rate Futures 57,700 0 (252) 57,700 198 0 Foreign Currency Foreign Currency Forwards 60,568 1,409 (124) 55,292 5 (1,322) Credit Credit Default Swaps 0 0 0 2,313 0 (18) Currency/Interest Rate Foreign Currency Swaps 142,568 5,569 (6,540) 143,011 6,584 (7,286) Equity Equity Options 3,350,200 307,881 (219,219) 3,244,900 306,196 (196,767) Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 4,294,086 $ 348,745 $ (241,979) $ 4,166,266 $ 370,007 $ (216,510) Total Derivatives(1)(2) $ 5,162,478 $ 375,198 $ (283,811) $ 5,030,826 $ 397,546 $ (265,826) (1) Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $7,435 million and $13,228 million as of March 31, 2021 and December 31, 2020, respectively included in "Future policy benefits" and $1,032 million and $1,155 million as of March 31, 2021 and December 31, 2020, respectively included in "Policyholders' account balances". The fair value of the related reinsurance, included in "Reinsurance recoverables" or "Other liabilities" was an asset of $7,448 million and $13,240 million as of March 31, 2021 and December 31, 2020, respectively. (2) Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Unaudited Interim Consolidated Statements of Financial Position.
Offsetting Of Financial Assets	The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position. March 31, 2021 Gross Gross Net Amounts Financial Net (in thousands) Offsetting of Financial Assets: Derivatives(1) $ 375,198 $ (264,196) $ 111,002 $ (111,002) $ 0 Securities purchased under agreements to resell 0 0 0 0 0 Total Assets $ 375,198 $ (264,196) $ 111,002 $ (111,002) $ 0 Offsetting of Financial Liabilities: Derivatives(1) $ 283,811 $ (283,559) $ 252 $ 0 $ 252 Securities sold under agreements to repurchase 0 0 0 0 0 Total Liabilities $ 283,811 $ (283,559) $ 252 $ 0 $ 252 December 31, 2020 Gross Gross Net Amounts Financial Net (in thousands) Offsetting of Financial Assets: Derivatives(1) $ 397,546 $ (379,399) $ 18,147 $ (14,572) $ 3,575 Securities purchased under agreements to resell 0 0 0 0 0 Total Assets $ 397,546 $ (379,399) $ 18,147 $ (14,572) $ 3,575 Offsetting of Financial Liabilities: Derivatives(1) $ 265,826 $ (265,826) $ 0 $ 0 $ 0 Securities sold under agreements to repurchase 0 0 0 0 0 Total Liabilities $ 265,826 $ (265,826) $ 0 $ 0 $ 0 (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting Of Financial Liabilities	The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position. March 31, 2021 Gross Gross Net Amounts Financial Net (in thousands) Offsetting of Financial Assets: Derivatives(1) $ 375,198 $ (264,196) $ 111,002 $ (111,002) $ 0 Securities purchased under agreements to resell 0 0 0 0 0 Total Assets $ 375,198 $ (264,196) $ 111,002 $ (111,002) $ 0 Offsetting of Financial Liabilities: Derivatives(1) $ 283,811 $ (283,559) $ 252 $ 0 $ 252 Securities sold under agreements to repurchase 0 0 0 0 0 Total Liabilities $ 283,811 $ (283,559) $ 252 $ 0 $ 252 December 31, 2020 Gross Gross Net Amounts Financial Net (in thousands) Offsetting of Financial Assets: Derivatives(1) $ 397,546 $ (379,399) $ 18,147 $ (14,572) $ 3,575 Securities purchased under agreements to resell 0 0 0 0 0 Total Assets $ 397,546 $ (379,399) $ 18,147 $ (14,572) $ 3,575 Offsetting of Financial Liabilities: Derivatives(1) $ 265,826 $ (265,826) $ 0 $ 0 $ 0 Securities sold under agreements to repurchase 0 0 0 0 0 Total Liabilities $ 265,826 $ (265,826) $ 0 $ 0 $ 0 (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship. Three Months Ended March 31, 2021 Realized Net Other AOCI(1) (in thousands) Derivatives Designated as Hedge Accounting Instruments: Cash flow hedges Interest Rate $ 0 $ 12 $ 0 $ (125) Currency/Interest Rate (163) 2,460 1,717 4,824 Total cash flow hedges (163) 2,472 1,717 4,699 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (37,371) 0 0 0 Currency 1,036 0 0 0 Currency/Interest Rate 192 0 (11) 0 Credit (12) 0 0 0 Equity 15,562 0 0 0 Embedded Derivatives 99,847 0 0 0 Total Derivatives Not Qualifying as Hedge Accounting Instruments 79,254 0 (11) 0 Total $ 79,091 $ 2,472 $ 1,706 $ 4,699 Three Months Ended March 31, 2020 Realized Net Other AOCI(1) (in thousands) Derivatives Designated as Hedge Accounting Instruments: Cash flow hedges Interest Rate $ (45) $ (3) $ 0 $ 300 Currency/Interest Rate 384 2,629 8,828 97,770 Total cash flow hedges 339 2,626 8,828 98,070 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate 30,506 0 0 0 Currency 1,471 0 0 0 Currency/Interest Rate 19,333 0 58 0 Credit 0 0 0 0 Equity (74,944) 0 0 0 Embedded Derivatives 116,752 0 0 0 Total Derivatives Not Qualifying as Hedge Accounting Instruments 93,118 0 58 0 Total $ 93,457 $ 2,626 $ 8,886 $ 98,070 (1) Net change in AOCI.
Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income (Loss) Before Taxes	Presented below is a rollforward of current period cash flow hedges in AOCI before taxes: (in thousands) Balance, December 31, 2020 $ (8,112) Amount recorded in AOCI Interest Rate (113) Currency/Interest Rate 8,838 Total amount recorded in AOCI 8,725 Amount reclassified from AOCI to income Interest Rate (12) Currency/Interest Rate (4,014) Total amount reclassified from AOCI to income (4,026) Balance, March 31, 2021 $ (3,413)

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated. March 31, 2021 Level 1 Level 2 Level 3 Netting(1) Total (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 22,047 $ 55,000 $ $ 77,047 Obligations of U.S. states and their political subdivisions 0 516,231 0 516,231 Foreign government bonds 0 284,848 157 285,005 U.S. corporate public securities 0 2,971,487 0 2,971,487 U.S. corporate private securities 0 933,531 31,969 965,500 Foreign corporate public securities 0 419,680 8,691 428,371 Foreign corporate private securities 0 911,531 124,831 1,036,362 Asset-backed securities(2) 0 227,924 2,134 230,058 Commercial mortgage-backed securities 0 495,978 0 495,978 Residential mortgage-backed securities 0 47,875 0 47,875 Subtotal 0 6,831,132 222,782 7,053,914 Fixed maturities, trading 0 80,347 767 81,114 Equity securities 125 293 7,678 8,096 Short-term investments 0 3,997 0 3,997 Cash equivalents 0 239,150 0 239,150 Other invested assets(3) 0 375,198 0 (264,196) 111,002 Reinsurance recoverables 0 0 7,447,863 7,447,863 Receivables from parent and affiliates 0 111,170 0 111,170 Subtotal excluding separate account assets 125 7,641,287 7,679,090 (264,196) 15,056,306 Separate account assets(4)(5) 39,346 140,023,499 0 140,062,845 Total assets $ 39,471 $ 147,664,786 $ 7,679,090 $ (264,196) $ 155,119,151 Future policy benefits(6) $ 0 $ 0 $ 7,435,081 $ $ 7,435,081 Policyholders' account balances 0 0 1,031,525 1,031,525 Payables to parent and affiliates 0 283,559 0 (283,559) 0 Other liabilities 252 0 0 252 Total liabilities $ 252 $ 283,559 $ 8,466,606 $ (283,559) $ 8,466,858 December 31, 2020 Level 1 Level 2 Level 3 Netting(1) Total (in thousands) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 22,855 $ 55,000 $ $ 77,855 Obligations of U.S. states and their political subdivisions 0 517,951 0 517,951 Foreign government bonds 0 250,692 163 250,855 U.S. corporate public securities 0 2,929,431 3 2,929,434 U.S. corporate private securities 0 977,423 34,633 1,012,056 Foreign corporate public securities 0 311,407 9,323 320,730 Foreign corporate private securities 0 961,113 130,817 1,091,930 Asset-backed securities(2) 0 235,573 2,065 237,638 Commercial mortgage-backed securities 0 520,947 0 520,947 Residential mortgage-backed securities 0 53,235 0 53,235 Subtotal 0 6,780,627 232,004 7,012,631 Fixed maturities, trading 0 81,727 755 82,482 Equity securities 100,268 300 7,889 108,457 Short-term investments 49,997 0 0 49,997 Cash equivalents 49,996 347,330 0 397,326 Other invested assets(3) 198 397,348 0 (379,399) 18,147 Reinsurance recoverables 0 0 13,239,539 13,239,539 Receivables from parent and affiliates 0 111,970 0 111,970 Subtotal excluding separate account assets 200,459 7,719,302 13,480,187 (379,399) 21,020,549 Separate account assets(4)(5) 0 140,583,009 0 140,583,009 Total assets $ 200,459 $ 148,302,311 $ 13,480,187 $ (379,399) $ 161,603,558 Future policy benefits(6) $ 0 $ 0 $ 13,227,814 $ $ 13,227,814 Policyholders' account balances 0 0 1,155,274 1,155,274 Payables to parent and affiliates 0 265,826 0 (265,826) 0 Other liabilities 0 0 0 0 Total liabilities $ 0 $ 265,826 $ 14,383,088 $ (265,826) $ 14,383,088 (1) “Netting” amounts represent cash collateral of $(19.4) million and $113.6 million as of March 31, 2021 and December 31, 2020, respectively. (2) Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types. (3) Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. As of March 31, 2021 and December 31, 2020, the fair values of such investments were $80 million and $77 million, respectively. (4) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Unaudited Interim Consolidated Statements of Financial Position. (5) Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund, for which fair value is measured at NAV per share (or its equivalent). At March 31, 2021 and December 31, 2020, the fair value of such investments was $5,286 million and $5,157 million, respectively. (6) As of March 31, 2021, the net embedded derivative liability position of $7,435 million includes $786 million of embedded derivatives in an asset position and $8,221 million of embedded derivatives in a liability position. As of December 31, 2020, the net embedded derivative liability position of $13,228 million includes $483 million of embedded derivatives in an asset position and $13,711 million of embedded derivatives in a liability position.
Fair Value Inputs, Assets and Liabilities, Quantitative Information	The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities. March 31, 2021 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Average Impact of (in thousands) Assets: Corporate securities(2) $ 147,923 Discounted cash flow Discount rate 1.37 % 11.53 % 3.40 % Decrease Reinsurance recoverables $ 7,447,863 Fair values are determined using the same unobservable inputs as future policy benefits. Liabilities: Future policy benefits(3) $ 7,435,081 Discounted cash flow Lapse rate(5) 1 % 20 % Decrease Spread over LIBOR(6) 0.09 % 1.14 % Decrease Utilization rate(7) 39 % 96 % Increase Withdrawal rate See table footnote (8) below. Mortality rate(9) 0 % 15 % Decrease Equity volatility curve 17 % 25 % Increase Policyholders' account balances(4) $ 1,031,525 Discounted cash flow Lapse rate(5) 1 % 6 % Decrease Spread over LIBOR(6) 0.09 % 1.14 % Decrease Mortality rate(9) 0 % 24 % Decrease Equity volatility curve 14 % 27 % Increase December 31, 2020 Fair Value Valuation Unobservable Minimum Maximum Weighted Impact of (in thousands) Assets: Corporate securities(2) $ 151,554 Discounted cash flow Discount rate 0.99 % 11.38 % 3.44 % Decrease Reinsurance recoverables $ 13,239,539 Fair values are determined using the same unobservable inputs as future policy benefits. Liabilities: Future policy benefits(3) $ 13,227,814 Discounted cash flow Lapse rate(5) 1 % 20 % Decrease Spread over LIBOR(6) 0.06 % 1.17 % Decrease Utilization rate(7) 39 % 96 % Increase Withdrawal rate See table footnote (8) below. Mortality rate(9) 0 % 15 % Decrease Equity volatility curve 18 % 26 % Increase Policyholders' account balances(4) $ 1,155,274 Discounted cash flow Lapse rate(5) 1 % 6 % Decrease Spread over LIBOR(6) 0.06 % 1.17 % Decrease Mortality rate(9) 0 % 24 % Decrease Equity volatility curve 15 % 30 % Increase (1) Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table. (2) Includes assets classified as fixed maturities, available-for-sale and fixed maturities trading. (3) Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (4) Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (5) Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives. (6) The spread over the London Inter-Bank Offered Rate ("LIBOR") swap curve represents the premium added to the proxy for the risk-free rate (LIBOR) to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt. (7) The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits. (8) The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of March 31, 2021 and December 31, 2020, the minimum withdrawal rate assumption is 76% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%. (9) The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. Three Months Ended March 31, 2021 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Level 3 Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in thousands) Fixed maturities, available-for-sale: U.S. government $ 55,000 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 55,000 $ 0 Foreign government 163 (6) 0 0 0 0 0 0 0 157 (6) Corporate securities(3) 174,776 (12,082) 2,319 0 0 (2,165) 0 2,643 0 165,491 (12,101) Structured securities(4) 2,065 (15) 500 0 0 (416) 0 0 0 2,134 (14) Other assets: Fixed maturities, trading 755 12 0 0 0 0 0 0 0 767 12 Equity securities 7,889 (211) 0 0 0 0 0 0 0 7,678 (211) Other invested assets 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables 13,239,539 (6,069,909) 278,233 0 0 0 0 0 0 7,447,863 (5,914,192) Receivables from parent and affiliates 0 0 0 0 0 0 0 0 0 0 0 Liabilities: Future policy benefits (13,227,814) 6,068,982 0 0 (276,249) 0 0 0 0 (7,435,081) 5,913,265 Policyholders' account balances(5) (1,155,274) 110,257 0 0 0 13,492 0 0 0 (1,031,525) 128,490 Three Months Ended March 31, 2021 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net(1) Other income (loss) Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Included in other comprehensive income (loss) (in thousands) Fixed maturities, available-for-sale $ (508) $ 0 $ (11,618) $ 23 $ (500) $ 0 $ (11,621) Other assets: Fixed maturities, trading 0 12 0 0 0 12 0 Equity securities 0 (211) 0 0 0 (211) 0 Reinsurance recoverables (6,069,909) 0 0 0 (5,914,192) 0 0 Receivables from parent and affiliates 0 0 0 0 0 0 0 Liabilities: Future policy benefits 6,068,982 0 0 0 5,913,265 0 0 Policyholders' account balances 110,257 0 0 0 128,490 0 0 Three Months Ended March 31, 2020 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Level 3 Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in thousands) Fixed maturities, available-for-sale: U.S. government $ 38,671 $ 0 $ 3,342 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 42,013 $ 0 Foreign government 163 (11) 0 0 0 0 0 0 0 152 (11) Corporate securities(3) 50,083 (17,970) 7,193 (3,680) 0 (2,958) 0 98,014 0 130,682 (17,186) Structured securities(4) 2,001 (484) 6,145 0 0 (224) 0 0 0 7,438 (483) Other assets: Fixed maturities, trading 668 (130) 0 0 0 0 0 0 0 538 (130) Equity securities 9,898 (702) 0 0 0 0 0 0 0 9,196 (702) Other invested assets 4 0 0 0 0 0 0 0 0 4 0 Reinsurance recoverables 8,539,671 11,408,202 266,951 0 0 0 0 0 0 20,214,824 11,508,908 Receivables from parent and affiliates 3,135 19 0 0 0 (1,579) 0 0 0 1,575 0 Liabilities: Future policy benefits (8,529,566) (11,401,903) 0 0 (264,988) 0 0 0 0 (20,196,457) (11,502,609) Policyholders' account balances(5) (962,351) 117,655 0 0 (55,565) 0 0 0 0 (900,261) 125,109 Three Months Ended March 31, 2020 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net(1) Other income (loss) Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Included in other comprehensive income (loss) (in thousands) Fixed maturities, available-for-sale $ (1,779) $ 0 $ (16,776) $ 90 $ (1,334) $ 0 $ (16,346) Other assets: Fixed maturities, trading 0 (130) 0 0 0 (130) 0 Equity securities 0 (702) 0 0 0 (702) 0 Reinsurance recoverables 11,408,202 0 0 0 11,508,908 0 0 Receivables from parent and affiliates 0 0 0 19 0 0 0 Liabilities: Future policy benefits (11,401,903) 0 0 0 (11,502,609) 0 0 Policyholders' account balances 117,655 0 0 0 125,109 0 0 (1) Realized investment gains (losses) on future policy benefits and reinsurance recoverables primarily represent the change in the fair value of the Company's living benefit guarantees on certain of its variable annuity contracts. (2) Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (3) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4) Includes asset-backed and residential mortgage-backed securities. (5) Issuances and settlements for Policyholders' account balances are presented net in the rollforward.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. Three Months Ended March 31, 2021 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Level 3 Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in thousands) Fixed maturities, available-for-sale: U.S. government $ 55,000 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 55,000 $ 0 Foreign government 163 (6) 0 0 0 0 0 0 0 157 (6) Corporate securities(3) 174,776 (12,082) 2,319 0 0 (2,165) 0 2,643 0 165,491 (12,101) Structured securities(4) 2,065 (15) 500 0 0 (416) 0 0 0 2,134 (14) Other assets: Fixed maturities, trading 755 12 0 0 0 0 0 0 0 767 12 Equity securities 7,889 (211) 0 0 0 0 0 0 0 7,678 (211) Other invested assets 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables 13,239,539 (6,069,909) 278,233 0 0 0 0 0 0 7,447,863 (5,914,192) Receivables from parent and affiliates 0 0 0 0 0 0 0 0 0 0 0 Liabilities: Future policy benefits (13,227,814) 6,068,982 0 0 (276,249) 0 0 0 0 (7,435,081) 5,913,265 Policyholders' account balances(5) (1,155,274) 110,257 0 0 0 13,492 0 0 0 (1,031,525) 128,490 Three Months Ended March 31, 2021 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net(1) Other income (loss) Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Included in other comprehensive income (loss) (in thousands) Fixed maturities, available-for-sale $ (508) $ 0 $ (11,618) $ 23 $ (500) $ 0 $ (11,621) Other assets: Fixed maturities, trading 0 12 0 0 0 12 0 Equity securities 0 (211) 0 0 0 (211) 0 Reinsurance recoverables (6,069,909) 0 0 0 (5,914,192) 0 0 Receivables from parent and affiliates 0 0 0 0 0 0 0 Liabilities: Future policy benefits 6,068,982 0 0 0 5,913,265 0 0 Policyholders' account balances 110,257 0 0 0 128,490 0 0 Three Months Ended March 31, 2020 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Level 3 Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in thousands) Fixed maturities, available-for-sale: U.S. government $ 38,671 $ 0 $ 3,342 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 42,013 $ 0 Foreign government 163 (11) 0 0 0 0 0 0 0 152 (11) Corporate securities(3) 50,083 (17,970) 7,193 (3,680) 0 (2,958) 0 98,014 0 130,682 (17,186) Structured securities(4) 2,001 (484) 6,145 0 0 (224) 0 0 0 7,438 (483) Other assets: Fixed maturities, trading 668 (130) 0 0 0 0 0 0 0 538 (130) Equity securities 9,898 (702) 0 0 0 0 0 0 0 9,196 (702) Other invested assets 4 0 0 0 0 0 0 0 0 4 0 Reinsurance recoverables 8,539,671 11,408,202 266,951 0 0 0 0 0 0 20,214,824 11,508,908 Receivables from parent and affiliates 3,135 19 0 0 0 (1,579) 0 0 0 1,575 0 Liabilities: Future policy benefits (8,529,566) (11,401,903) 0 0 (264,988) 0 0 0 0 (20,196,457) (11,502,609) Policyholders' account balances(5) (962,351) 117,655 0 0 (55,565) 0 0 0 0 (900,261) 125,109 Three Months Ended March 31, 2020 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net(1) Other income (loss) Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Included in other comprehensive income (loss) (in thousands) Fixed maturities, available-for-sale $ (1,779) $ 0 $ (16,776) $ 90 $ (1,334) $ 0 $ (16,346) Other assets: Fixed maturities, trading 0 (130) 0 0 0 (130) 0 Equity securities 0 (702) 0 0 0 (702) 0 Reinsurance recoverables 11,408,202 0 0 0 11,508,908 0 0 Receivables from parent and affiliates 0 0 0 19 0 0 0 Liabilities: Future policy benefits (11,401,903) 0 0 0 (11,502,609) 0 0 Policyholders' account balances 117,655 0 0 0 125,109 0 0 (1) Realized investment gains (losses) on future policy benefits and reinsurance recoverables primarily represent the change in the fair value of the Company's living benefit guarantees on certain of its variable annuity contracts. (2) Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (3) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4) Includes asset-backed and residential mortgage-backed securities. (5) Issuances and settlements for Policyholders' account balances are presented net in the rollforward.
Fair Value Disclosure Financial Instruments Not Carried at Fair Value	The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value. March 31, 2021 Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in thousands) Assets: Commercial mortgage and other loans $ 0 $ 0 $ 1,321,349 $ 1,321,349 $ 1,259,515 Policy loans 0 0 1,320,915 1,320,915 1,320,915 Cash and cash equivalents 36,577 0 0 36,577 36,577 Accrued investment income 0 97,728 0 97,728 97,728 Reinsurance recoverables 0 0 230,930 230,930 226,882 Receivables from parent and affiliates 0 158,776 0 158,776 158,776 Other assets 0 22,416 0 22,416 22,416 Total assets $ 36,577 $ 278,920 $ 2,873,194 $ 3,188,691 $ 3,122,809 Liabilities: Policyholders’ account balances - investment contracts $ 0 $ 1,492,373 $ 288,114 $ 1,780,487 $ 1,776,439 Cash collateral for loaned securities 0 2,725 0 2,725 2,725 Payables to parent and affiliates 0 105,833 0 105,833 105,833 Other liabilities 0 469,609 0 469,609 469,609 Total liabilities $ 0 $ 2,070,540 $ 288,114 $ 2,358,654 $ 2,354,606 December 31, 2020 Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in thousands) Assets: Commercial mortgage and other loans $ 0 $ 0 $ 1,359,422 $ 1,359,422 $ 1,288,846 Policy loans 0 0 1,323,681 1,323,681 1,323,681 Cash and cash equivalents 29,653 0 0 29,653 29,653 Accrued investment income 0 93,613 0 93,613 93,613 Reinsurance recoverables 0 0 227,993 227,993 217,637 Receivables from parent and affiliates 0 154,503 0 154,503 154,503 Other assets 0 27,120 0 27,120 27,120 Total assets $ 29,653 $ 275,236 $ 2,911,096 $ 3,215,985 $ 3,135,053 Liabilities: Policyholders’ account balances - investment contracts $ 0 $ 1,428,043 $ 286,533 $ 1,714,576 $ 1,704,220 Cash collateral for loaned securities 0 2,725 0 2,725 2,725 Payables to parent and affiliates 0 75,990 0 75,990 75,990 Other liabilities 0 415,889 0 415,889 415,889 Total liabilities $ 0 $ 1,922,647 $ 286,533 $ 2,209,180 $ 2,198,824 (1) Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2021
Reinsurance Disclosures [Abstract]
Reinsurance Impact on Statements of Financial Position	Reinsurance amounts included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 (in thousands) Reinsurance recoverables $ 42,364,083 $ 48,367,096 Policy loans (152,662) (153,869) Deferred policy acquisition costs (6,516,371) (6,574,020) Deferred sales inducements (420,147) (445,493) Other assets(1) 209,796 233,364 Policyholders’ account balances 4,725,317 4,773,439 Future policy benefits(2) 4,868,027 5,069,353 Other liabilities(3) 1,071,359 1,099,318 (1) Includes $0.0 million of unaffiliated activity at both March 31, 2021 and December 31, 2020. (2) Includes $0.0 million of unaffiliated activity at both March 31, 2021 and December 31, 2020.
Reinsurance Recoverable by Counterparty	Reinsurance recoverables by counterparty are broken out below: March 31, 2021 December 31, 2020 (in thousands) PAR U $ 13,097,853 $ 13,352,845 PALAC 10,753,335 15,941,123 PURC 5,353,817 5,368,831 PARCC 2,557,573 2,572,428 GUL Re 2,549,764 2,573,609 PAR Term 1,980,388 1,913,265 Prudential Insurance 1,846,899 2,421,226 Prudential of Taiwan 1,636,733 1,649,998 Term Re 1,814,238 1,766,978 DART 537,743 502,770 Unaffiliated 235,740 304,023 Total reinsurance recoverables $ 42,364,083 $ 48,367,096
Reinsurance Impact on Statements of Operations and Comprehensive Income (Loss)	Reinsurance amounts, included in the Company’s Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, were as follows: Three Months Ended March 31, 2021 2020 (in thousands) Premiums: Direct $ 486,877 $ 475,486 Assumed(1) 43 48 Ceded(2) (442,515) (460,663) Net premiums 44,405 14,871 Policy charges and fee income: Direct 909,889 901,442 Assumed 140,113 132,504 Ceded(3) (898,137) (894,027) Net policy charges and fee income 151,865 139,919 Net investment income: Direct 100,395 81,092 Assumed 359 400 Ceded (1,887) (1,911) Net investment income 98,867 79,581 Asset administration fees: Direct 96,614 89,329 Assumed 0 0 Ceded (90,403) (84,941) Net asset administration fees 6,211 4,388 Other income: Direct 17,100 8,606 Assumed(4) (73) (437) Ceded 65 (515) Amortization of reinsurance income 1,152 1,182 Net other income 18,244 8,836 Realized investment gains (losses), net: Direct 6,157,747 (11,309,174) Assumed 0 0 Ceded(5) (6,081,139) 11,399,069 Realized investment gains (losses), net 76,608 89,895 Policyholders’ benefits (including change in reserves): Direct 997,824 1,067,098 Assumed(6) 191,805 361,455 Ceded(7) (1,095,716) (1,342,630) Net policyholders’ benefits (including change in reserves) 93,913 85,923 Interest credited to policyholders’ account balances: Direct 179,435 179,295 Assumed 32,986 34,236 Ceded (156,251) (158,485) Net interest credited to policyholders’ account balances 56,170 55,046 Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization (468,435) (742,911) (1) Includes $0.0 million of unaffiliated activity for both the three months ended March 31, 2021 and 2020, respectively. (2) Includes $(7) million and $(3) million of unaffiliated activity for the three months ended March 31, 2021, and 2020, respectively. (3) Includes $14 million and $(10) million of unaffiliated activity for the three months ended March 31, 2021 and 2020, respectively. (4) Includes $0.0 million and $(0.4) million of unaffiliated activity for the three months ended March 31, 2021 and 2020, respectively. (5) Includes $(141) million and $256 million of unaffiliated activity for the three months ended March 31, 2021 and 2020, respectively. (6) Includes $0.1 million of unaffiliated activity for both the three months ended March 31, 2021 and 2020, respectively. (7) Includes $(81) million and $(5) million of unaffiliated activity for the three months ended March 31, 2021 and 2020, respectively.
Gross and Net Life Insurance in Force	The gross and net amounts of life insurance face amount in force as of March 31, 2021 and 2020 were as follows: 2021 2020 (in thousands) Direct gross life insurance face amount in force $ 1,057,019,880 $ 1,003,826,363 Assumed gross life insurance face amount in force 38,553,587 39,643,598 Reinsurance ceded (988,006,377) (970,292,346) Net life insurance face amount in force $ 107,567,090 $ 73,177,615

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	The balance of and changes in each component of AOCI as of and for the three months ended March 31, 2021 and 2020, are as follows: Accumulated Other Comprehensive Income (Loss) Foreign Net Unrealized Total Accumulated (in thousands) Balance, December 31, 2020 $ (7,797) $ 553,925 $ 546,128 Change in OCI before reclassifications (5,205) (348,914) (354,119) Amounts reclassified from AOCI 0 (1,288) (1,288) Income tax benefit (expense) 192 73,539 73,731 Balance, March 31, 2021 $ (12,810) $ 277,262 $ 264,452 Accumulated Other Comprehensive Income (Loss) Foreign Net Unrealized Total Accumulated (in thousands) Balance, December 31, 2019 $ (7,917) $ 289,359 $ 281,442 Change in OCI before reclassifications (20,402) (125,148) (145,550) Amounts reclassified from AOCI 0 (9,118) (9,118) Income tax benefit (expense) 92 28,195 28,287 Balance, March 31, 2020 $ (28,227) $ 183,288 $ 155,061 (1) Includes cash flow hedges of $(3) million and $(8) million as of March 31, 2021 and December 31, 2020, respectively, and $124 million and $26 million as of March 31, 2020 and December 31, 2019, respectively .
Reclassification out of Accumulated Other Comprehensive Income	Reclassifications out of Accumulated Other Comprehensive Income (Loss) Three Months Ended 2021 2020 (in thousands) Amounts reclassified from AOCI (1)(2): Net unrealized investment gains (losses): Cash flow hedges - Currency/Interest rate(3) $ 4,026 $ 11,793 Net unrealized investment gains (losses) on available-for-sale securities (2,738) (2,675) Total net unrealized investment gains (losses)(4) 1,288 9,118 Total reclassifications for the period $ 1,288 $ 9,118 (1) All amounts are shown before tax. (2) Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI. (3) See Note 4 for additional information on cash flow hedges.
Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities wit Allowance for credit losses and All Other Investments AOCI Rollforward	The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows: Net Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recognized Net Unrealized DAC and Other Costs(2) Future Policy Benefits, Policyholders' Account Balances and Other Liabilities(3) Deferred Accumulated (in thousands) Balance, December 31, 2020 $ 0 $ 849,349 $ 1,200,048 $ (1,348,231) $ (147,241) $ 553,925 Net investment gains (losses) on investments arising during the period 4 (431,566) 0 0 90,625 (340,937) Reclassification adjustment for (gains) losses included in net income 0 (1,288) 0 0 269 (1,019) Reclassification due to allowance for credit losses recorded during the period 0 0 0 0 0 0 Impact of net unrealized investment (gains) losses on DAC and other costs 0 0 (509,429) 0 106,975 (402,454) Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities 0 0 0 592,077 (124,330) 467,747 Balance, March 31, 2021 $ 4 $ 416,495 $ 690,619 $ (756,154) $ (73,702) $ 277,262 (1) Includes cash flow hedges. See Note 4 for information on cash flow hedges. (2) "Other costs" primarily includes reinsurance recoverables and deferred reinsurance losses.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transaction [Line Items]
Affiliated Asset Transfers	The table below shows affiliated asset trades for the three months ended March 31, 2021 and for the year ended December 31, 2020. Affiliate Date Transaction Security Type Fair Value Book Value APIC, Net of Tax Increase/(Decrease) Realized (in thousands) Prudential Insurance March 2020 Purchase Other Invested Assets $ 1,390 $ 1,390 $ 0 $ 0 Prudential Insurance April 2020 Purchase Fixed Maturities $ 61,953 $ 59,659 $ (1,812) $ 0 Prudential Insurance April 2020 Purchase Fixed Maturities $ 3,485 $ 3,320 $ (130) $ 0 GA BV LLC July 2020 Transfer Out Fixed Maturities $ 1,914 $ 1,914 $ 0 $ 0
Affiliated Entity
Related Party Transaction [Line Items]
Affiliated Notes Receivable	Affiliated notes receivable included in “Receivables from parent and affiliates” at March 31, 2021 and December 31, 2020 were as follows: Maturity Dates Interest Rates March 31, 2021 December 31, 2020 (in thousands) U.S. dollar fixed rate notes 2022 - 2027 0.00% - 14.85 % $ 111,171 $ 111,970 Total long-term notes receivable - affiliated(1) $ 111,171 $ 111,970 (1) All long-term notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.

Business and Basis of Present_2

Business and Basis of Presentation (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021subsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number Of Subsidiaries	1

Investments (Fixed Maturities S

Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 6,636,128	$ 6,157,371
Allowance for Credit Losses	2,858	2,339
Fair Value	7,053,914	7,012,631
Fixed maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,636,128	6,157,371
Gross Unrealized Gain	515,587	868,966
Gross Unrealized Losses	94,943	11,367
Allowance for Credit Losses	2,858	2,339
Fair Value	7,053,914	7,012,631
Fixed maturities | US Treasury securities and obligations of U.S. government authorities and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	74,863	74,946
Gross Unrealized Gain	2,318	2,931
Gross Unrealized Losses	134	22
Allowance for Credit Losses	0	0
Fair Value	77,047	77,855
Fixed maturities | Obligations of U.S. states and their political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	468,281	460,003
Gross Unrealized Gain	48,003	57,948
Gross Unrealized Losses	53	0
Allowance for Credit Losses	0	0
Fair Value	516,231	517,951
Fixed maturities | Foreign government bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	267,478	206,633
Gross Unrealized Gain	22,300	44,254
Gross Unrealized Losses	4,773	32
Allowance for Credit Losses	0	0
Fair Value	285,005	250,855
Fixed maturities | U.S. public corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,776,403	2,473,440
Gross Unrealized Gain	255,050	456,581
Gross Unrealized Losses	59,966	587
Allowance for Credit Losses	0	0
Fair Value	2,971,487	2,929,434
Fixed maturities | U.S. private corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	913,052	919,316
Gross Unrealized Gain	59,968	95,793
Gross Unrealized Losses	6,448	2,198
Allowance for Credit Losses	1,072	855
Fair Value	965,500	1,012,056
Fixed maturities | Foreign public corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	412,336	278,717
Gross Unrealized Gain	25,763	42,899
Gross Unrealized Losses	9,728	886
Allowance for Credit Losses	0	0
Fair Value	428,371	320,730
Fixed maturities | Foreign private corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	973,715	977,539
Gross Unrealized Gain	74,883	123,006
Gross Unrealized Losses	10,450	7,131
Allowance for Credit Losses	1,786	1,484
Fair Value	1,036,362	1,091,930
Fixed maturities | Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	228,920	236,909
Gross Unrealized Gain	1,231	1,115
Gross Unrealized Losses	93	386
Allowance for Credit Losses	0	0
Fair Value	230,058	237,638
Fixed maturities | Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	476,388	480,412
Gross Unrealized Gain	22,859	40,660
Gross Unrealized Losses	3,269	125
Allowance for Credit Losses	0	0
Fair Value	495,978	520,947
Fixed maturities | Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	44,692	49,456
Gross Unrealized Gain	3,212	3,779
Gross Unrealized Losses	29	0
Allowance for Credit Losses	0	0
Fair Value	$ 47,875	$ 53,235

Investments (Fair Value and Los

Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed maturities - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Fair Value	$ 1,386,002	$ 150,346
Less than Twelve Months, Gross Unrealized Losses	82,431	1,702
Twelve Months or More, Fair Value	128,512	171,720
Twelve Months or More, Gross Unrealized Losses	12,225	9,322
Total, Fair Value	1,514,514	322,066
Total, Gross Unrealized Losses	94,656	11,024
US Treasury securities and obligations of U.S. government authorities and agencies
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Fair Value	2,130	2,255
Less than Twelve Months, Gross Unrealized Losses	134	22
Twelve Months or More, Fair Value	0	0
Twelve Months or More, Gross Unrealized Losses	0	0
Total, Fair Value	2,130	2,255
Total, Gross Unrealized Losses	134	22
Obligations of U.S. states and their political subdivisions
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Fair Value	8,534
Less than Twelve Months, Gross Unrealized Losses	53
Twelve Months or More, Fair Value	0
Twelve Months or More, Gross Unrealized Losses	0
Total, Fair Value	8,534
Total, Gross Unrealized Losses	53
Foreign government bonds
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Fair Value	79,654	2,270
Less than Twelve Months, Gross Unrealized Losses	4,773	32
Twelve Months or More, Fair Value	0	0
Twelve Months or More, Gross Unrealized Losses	0	0
Total, Fair Value	79,654	2,270
Total, Gross Unrealized Losses	4,773	32
U.S. public corporate securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Fair Value	801,795	33,295
Less than Twelve Months, Gross Unrealized Losses	59,806	341
Twelve Months or More, Fair Value	3,851	2,754
Twelve Months or More, Gross Unrealized Losses	160	246
Total, Fair Value	805,646	36,049
Total, Gross Unrealized Losses	59,966	587
U.S. private corporate securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Fair Value	125,258	33,806
Less than Twelve Months, Gross Unrealized Losses	4,011	771
Twelve Months or More, Fair Value	19,321	6,659
Twelve Months or More, Gross Unrealized Losses	2,437	1,427
Total, Fair Value	144,579	40,465
Total, Gross Unrealized Losses	6,448	2,198
Foreign public corporate securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Fair Value	179,494	6,432
Less than Twelve Months, Gross Unrealized Losses	8,376	97
Twelve Months or More, Fair Value	5,901	6,464
Twelve Months or More, Gross Unrealized Losses	1,352	789
Total, Fair Value	185,395	12,896
Total, Gross Unrealized Losses	9,728	886
Foreign private corporate securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Fair Value	85,182	2,931
Less than Twelve Months, Gross Unrealized Losses	1,892	131
Twelve Months or More, Fair Value	84,782	85,340
Twelve Months or More, Gross Unrealized Losses	8,271	6,657
Total, Fair Value	169,964	88,271
Total, Gross Unrealized Losses	10,163	6,788
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Fair Value	25,549	51,914
Less than Twelve Months, Gross Unrealized Losses	88	183
Twelve Months or More, Fair Value	14,657	70,503
Twelve Months or More, Gross Unrealized Losses	5	203
Total, Fair Value	40,206	122,417
Total, Gross Unrealized Losses	93	386
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Fair Value	73,271	17,443
Less than Twelve Months, Gross Unrealized Losses	3,269	125
Twelve Months or More, Fair Value	0	0
Twelve Months or More, Gross Unrealized Losses	0	0
Total, Fair Value	73,271	17,443
Total, Gross Unrealized Losses	3,269	125
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Fair Value	5,135	0
Less than Twelve Months, Gross Unrealized Losses	29	0
Twelve Months or More, Fair Value	0	0
Twelve Months or More, Gross Unrealized Losses	0	0
Total, Fair Value	5,135	0
Total, Gross Unrealized Losses	$ 29	$ 0

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Investments [Line Items]
Loans acquired	$ 0	$ 0
Loans Sold	0	0
Fixed Maturity Purchased with Credit Deterioration	0		$ 0
Accrued Investment Income Write Down	0	0
Securities sold under agreements to repurchase	$ 0		$ 0
Commercial mortgage loans, Percentage	100.00%		100.00%
Commercial Mortgage and other loans purchased with Credit Deterioration	$ 0		$ 0
Fixed maturities
Schedule of Investments [Line Items]
Gross Unrealized Losses	94,656		11,024
Gross unrealized losses of twelve months or more concentrated in various sectors	12,225		9,322
NAIC high or highest quality rating | Fixed maturities
Schedule of Investments [Line Items]
Gross Unrealized Losses	87,000		5,000
NAIC other than high or highest quality rating | Fixed maturities
Schedule of Investments [Line Items]
Gross Unrealized Losses	$ 7,700		6,000
California
Schedule of Investments [Line Items]
Commercial mortgage loans, Percentage	23.00%
Texas
Schedule of Investments [Line Items]
Commercial mortgage loans, Percentage	12.00%
New York
Schedule of Investments [Line Items]
Commercial mortgage loans, Percentage	7.00%
Europe
Schedule of Investments [Line Items]
Commercial mortgage loans, Percentage	12.00%
Mexico
Schedule of Investments [Line Items]
Commercial mortgage loans, Percentage	3.00%
Australia
Schedule of Investments [Line Items]
Commercial mortgage loans, Percentage	2.00%
Other Income | Equity securities
Schedule of Investments [Line Items]
Unrealized Gain (Loss) on Investments	$ (500)	$ (800)
Fixed maturities
Schedule of Investments [Line Items]
Gross unrealized losses of twelve months or more concentrated in various sectors	$ 12,200		$ 9,300

Investments (Amortized Cost and

Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year or less	$ 260,579
Due after one year through five years	890,152
Due after five years through ten years	867,157
Due after ten years	3,868,240
Amortized Cost	6,636,128	$ 6,157,371
Fair Value
Due in one year or less	259,543
Due after one year through five years	942,628
Due after five years through ten years	920,640
Due after ten years	4,157,192
Fair Value	7,053,914	7,012,631
Asset-backed securities
Amortized Cost
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost	228,920
Fair Value
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value	230,058
Commercial mortgage-backed securities
Amortized Cost
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost	476,388
Fair Value
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value	495,978
Residential mortgage-backed securities
Amortized Cost
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost	44,692
Fair Value
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value	47,875
Fixed maturities
Amortized Cost
Amortized Cost	6,636,128	6,157,371
Fair Value
Fair Value	7,053,914	7,012,631
Fixed maturities | Asset-backed securities
Amortized Cost
Amortized Cost	228,920	236,909
Fair Value
Fair Value	230,058	237,638
Fixed maturities | Commercial mortgage-backed securities
Amortized Cost
Amortized Cost	476,388	480,412
Fair Value
Fair Value	495,978	520,947
Fixed maturities | Residential mortgage-backed securities
Amortized Cost
Amortized Cost	44,692	49,456
Fair Value
Fair Value	$ 47,875	$ 53,235

Investments (Fixed Maturities_2

Investments (Fixed Maturities Securities Proceeds) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Proceeds from maturities/prepayments	$ 108,725	$ 86,461
Fixed maturities | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Proceeds from sales	33,749	7,718
Proceeds from maturities/prepayments	74,085	81,786
Gross investment gains from sales and maturities	352	553
Gross investment losses from sales and maturities	(2,569)	(73)
Write-downs recognized in earnings	(2)	(945)
(Addition to) release of allowance for credit losses	(519)	(2,210)
Non-cash related proceeds	$ (900)	$ 3,000

Investments (Credit Losses Reco

Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - Fixed maturities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	$ 2,339	$ 0
Additions to allowance for credit losses not previously recorded		2,210
Reductions for securities sold during the period	(11)
Addition (reductions) on securities with previous allowance	530
Balance, end of period	2,858	2,210
US Treasury securities and obligations of U.S. government authorities and agencies
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	0	0
Additions to allowance for credit losses not previously recorded		0
Reductions for securities sold during the period	0
Addition (reductions) on securities with previous allowance	0
Balance, end of period	0	0
Foreign government bonds
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	0	0
Additions to allowance for credit losses not previously recorded		0
Reductions for securities sold during the period	0
Addition (reductions) on securities with previous allowance	0
Balance, end of period	0	0
U.S. and Foreign Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	2,339	0
Additions to allowance for credit losses not previously recorded		2,210
Reductions for securities sold during the period	(11)
Addition (reductions) on securities with previous allowance	530
Balance, end of period	2,858	2,210
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	0	0
Additions to allowance for credit losses not previously recorded		0
Reductions for securities sold during the period	0
Addition (reductions) on securities with previous allowance	0
Balance, end of period	0	0
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	0	0
Additions to allowance for credit losses not previously recorded		0
Reductions for securities sold during the period	0
Addition (reductions) on securities with previous allowance	0
Balance, end of period	0	0
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	0	0
Additions to allowance for credit losses not previously recorded		0
Reductions for securities sold during the period	0
Addition (reductions) on securities with previous allowance	0
Balance, end of period	$ 0	$ 0

Investments (Commercial Mortgag

Investments (Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commercial Mortgage and Other Loans [Line Items]
Commercial mortgage and agricultural property loans	$ 1,263,829	$ 1,293,398
Commercial mortgage loans, Percentage	100.00%	100.00%
Allowance for Credit Losses	$ (4,314)	$ (4,552)
Total net commercial mortgage and agricultural property loans	1,259,515	1,288,846
Commercial Mortgage and Agricultural Loans
Commercial Mortgage and Other Loans [Line Items]
Total net commercial mortgage and agricultural property loans	1,259,515	1,288,846
Apartments and multi-family
Commercial Mortgage and Other Loans [Line Items]
Commercial mortgage and agricultural property loans	$ 356,283	$ 364,549
Commercial mortgage loans, Percentage	28.20%	28.20%
Hospitality
Commercial Mortgage and Other Loans [Line Items]
Commercial mortgage and agricultural property loans	$ 33,873	$ 34,069
Commercial mortgage loans, Percentage	2.70%	2.60%
Industrial
Commercial Mortgage and Other Loans [Line Items]
Commercial mortgage and agricultural property loans	$ 382,763	$ 399,017
Commercial mortgage loans, Percentage	30.30%	30.90%
Office
Commercial Mortgage and Other Loans [Line Items]
Commercial mortgage and agricultural property loans	$ 191,749	$ 195,443
Commercial mortgage loans, Percentage	15.20%	15.10%
Other
Commercial Mortgage and Other Loans [Line Items]
Commercial mortgage and agricultural property loans	$ 137,845	$ 138,477
Commercial mortgage loans, Percentage	10.90%	10.70%
Retail
Commercial Mortgage and Other Loans [Line Items]
Commercial mortgage and agricultural property loans	$ 139,385	$ 142,266
Commercial mortgage loans, Percentage	11.00%	11.00%
Commercial mortgage loans
Commercial Mortgage and Other Loans [Line Items]
Commercial mortgage and agricultural property loans	$ 1,241,898	$ 1,273,821
Commercial mortgage loans, Percentage	98.30%	98.50%
Agricultural property loans
Commercial Mortgage and Other Loans [Line Items]
Commercial mortgage and agricultural property loans	$ 21,931	$ 19,577
Commercial mortgage loans, Percentage	1.70%	1.50%

Investments (Allowance for Cred

Investments (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Allowance for Loan and Lease Losses [Roll Forward]
Balance, beginning of year	$ 4,552	$ 1,768
Cumulative effect of adoption of ASU 2016-13	0	2,487
Addition to (release of) allowance for expected losses	(238)	259
Total ending balance	4,314	4,514
Commercial Mortgage Loans
Allowance for Loan and Lease Losses [Roll Forward]
Balance, beginning of year	4,546	1,743
Cumulative effect of adoption of ASU 2016-13	0	2,495
Addition to (release of) allowance for expected losses	(237)	265
Total ending balance	4,309	4,503
Agricultural Property Loans
Allowance for Loan and Lease Losses [Roll Forward]
Balance, beginning of year	6	25
Cumulative effect of adoption of ASU 2016-13	0	(8)
Addition to (release of) allowance for expected losses	(1)	(6)
Total ending balance	$ 5	$ 11

Investments (Credit Quality Ind

Investments (Credit Quality Indicators) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	$ 17,340	$ 144,247
One Year Prior	143,904	178,714
Two Year Prior	177,056	197,134
Three Year Prior	196,700	178,575
Four Year Prior	178,344	264,083
Prior	528,554	311,068
Recording investment gross of allowance for credit losses	1,241,898	1,273,821
Commercial mortgage loans | ≥ 1.2X
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	6,340	128,839
One Year Prior	128,608	159,476
Two Year Prior	157,876	177,098
Three Year Prior	183,974	171,255
Four Year Prior	171,078	238,010
Prior	482,536	290,741
Recording investment gross of allowance for credit losses	1,130,412	1,165,419
Commercial mortgage loans | 1.0X to 1.2X
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	11,000	15,408
One Year Prior	15,296	10,334
Two Year Prior	10,303	7,134
Three Year Prior	7,074	7,320
Four Year Prior	7,266	26,073
Prior	42,124	16,418
Recording investment gross of allowance for credit losses	93,063	82,687
Commercial mortgage loans | Less than 1.0X
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	0
One Year Prior	0	8,904
Two Year Prior	8,877	12,902
Three Year Prior	5,652	0
Four Year Prior	0	0
Prior	3,894	3,909
Recording investment gross of allowance for credit losses	18,423	25,715
Agricultural Property Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	16,500	0
One Year Prior	0	0
Two Year Prior	0	0
Three Year Prior	0	6,486
Four Year Prior	0	0
Prior	5,431	13,091
Recording investment gross of allowance for credit losses	21,931	19,577
Agricultural Property Loans | ≥ 1.2X
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	16,500	0
One Year Prior	0	0
Two Year Prior	0	0
Three Year Prior	0	6,486
Four Year Prior	0	0
Prior	4,616	12,276
Recording investment gross of allowance for credit losses	21,116	18,762
Agricultural Property Loans | 1.0X to 1.2X
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	0
One Year Prior	0	0
Two Year Prior	0	0
Three Year Prior	0	0
Four Year Prior	0	0
Prior	0	0
Recording investment gross of allowance for credit losses	0	0
Agricultural Property Loans | Less than 1.0X
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	0
One Year Prior	0	0
Two Year Prior	0	0
Three Year Prior	0	0
Four Year Prior	0	0
Prior	815	815
Recording investment gross of allowance for credit losses	815	815
0%-59.99% | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	10,645
One Year Prior	10,589	47,284
Two Year Prior	46,504	33,443
Three Year Prior	47,320	92,410
Four Year Prior	96,801	162,030
Prior	391,196	251,903
Recording investment gross of allowance for credit losses	592,410	597,715
0%-59.99% | Agricultural Property Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	16,500	0
One Year Prior	0	0
Two Year Prior	0	0
Three Year Prior	0	6,486
Four Year Prior	0	0
Prior	5,431	13,091
Recording investment gross of allowance for credit losses	21,931	19,577
60%-69.99% | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	6,340	69,819
One Year Prior	69,374	95,331
Two Year Prior	94,483	141,260
Three Year Prior	126,964	52,710
Four Year Prior	48,271	80,875
Prior	100,015	43,823
Recording investment gross of allowance for credit losses	445,447	483,818
60%-69.99% | Agricultural Property Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	0
One Year Prior	0	0
Two Year Prior	0	0
Three Year Prior	0	0
Four Year Prior	0	0
Prior	0	0
Recording investment gross of allowance for credit losses	0	0
70%-79.99% | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	11,000	63,783
One Year Prior	63,941	36,099
Two Year Prior	36,069	22,431
Three Year Prior	22,416	32,476
Four Year Prior	32,298	21,178
Prior	37,343	15,342
Recording investment gross of allowance for credit losses	203,067	191,309
70%-79.99% | Agricultural Property Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	0
One Year Prior	0	0
Two Year Prior	0	0
Three Year Prior	0	0
Four Year Prior	0	0
Prior	0	0
Recording investment gross of allowance for credit losses	0	0
80% or greater | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	0
One Year Prior	0	0
Two Year Prior	0	0
Three Year Prior	0	979
Four Year Prior	974	0
Prior	0	0
Recording investment gross of allowance for credit losses	974	979
80% or greater | Agricultural Property Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	0
One Year Prior	0	0
Two Year Prior	0	0
Three Year Prior	0	0
Four Year Prior	0	0
Prior	0	0
Recording investment gross of allowance for credit losses	$ 0	$ 0

Investments (Analysis of Past D

Investments (Analysis of Past Due Commercial Mortgage, Agricultural and Other Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Current	$ 1,263,829	$ 1,293,398
Total Loans	1,263,829	1,293,398
Non-Accrual Status	0	0
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due	0	0
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due	0	0
90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Past Due	0	0
Commercial mortgage loans
Financing Receivable, Past Due [Line Items]
Current	1,241,898	1,273,821
Total Loans	1,241,898	1,273,821
Non-Accrual Status	0	0
Commercial mortgage loans | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due	0	0
Commercial mortgage loans | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due	0	0
Commercial mortgage loans | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Past Due	0	0
Agricultural property loans
Financing Receivable, Past Due [Line Items]
Current	21,931	19,577
Total Loans	21,931	19,577
Non-Accrual Status	0	0
Agricultural property loans | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due	0	0
Agricultural property loans | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due	0	0
Agricultural property loans | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Past Due	0	0
Loans | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Accruing Interest	$ 0	$ 0

Investments (Other Invested Ass

Investments (Other Invested Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Invested Assets [Line Items]
Other invested assets	$ 627,357	$ 520,955
Total LPs/LLCs
Other Invested Assets [Line Items]
Other invested assets	470,847	458,790
Company’s investment in separate accounts
Other Invested Assets [Line Items]
Other invested assets	45,508	44,018
Derivative Instruments
Other Invested Assets [Line Items]
Other invested assets	111,002	18,147
Equity Method | Total LPs/LLCs
Other Invested Assets [Line Items]
Other invested assets	390,957	381,998
Equity Method | Private equity | Total LPs/LLCs
Other Invested Assets [Line Items]
Other invested assets	248,942	241,493
Equity Method | Hedge funds | Total LPs/LLCs
Other Invested Assets [Line Items]
Other invested assets	77,721	77,311
Equity Method | Real estate-related | Total LPs/LLCs
Other Invested Assets [Line Items]
Other invested assets	64,294	63,194
Fair Value | Total LPs/LLCs
Other Invested Assets [Line Items]
Other invested assets	79,890	76,792
Fair Value | Private equity | Total LPs/LLCs
Other Invested Assets [Line Items]
Other invested assets	68,778	65,436
Fair Value | Hedge funds | Total LPs/LLCs
Other Invested Assets [Line Items]
Other invested assets	403	499
Fair Value | Real estate-related | Total LPs/LLCs
Other Invested Assets [Line Items]
Other invested assets	$ 10,709	$ 10,857

Investments (Accrued Investment

Investments (Accrued Investment Income) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Net Investment Income
Accrued investment income	$ 97,728	$ 93,613
Fixed maturities
Net Investment Income
Accrued investment income	58,500	54,565
Equity securities
Net Investment Income
Accrued investment income	102	1
Commercial mortgage and other loans
Net Investment Income
Accrued investment income	3,413	3,610
Policy loans
Net Investment Income
Accrued investment income	35,683	35,374
Short-term investments and cash equivalents
Net Investment Income
Accrued investment income	$ 30	$ 63

Investments (Net Investment Inc

Investments (Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 104,252	$ 84,276
Less: investment expenses	(5,385)	(4,695)
Net investment income	98,867	79,581
Equity securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	103	102
Commercial mortgage and other loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	13,426	13,776
Policy loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	17,034	17,311
Other invested assets
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	13,073	(3,909)
Short-term investments and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	127	2,032
Available-for-sale | Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	59,958	54,566
Trading | Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 531	$ 398

Investments (Realized Investmen

Investments (Realized Investment Gains Losses, Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule Of Gain Loss On Investments [Line Items]
Realized investment gains (losses), net	$ 76,608	$ 89,895
Fixed maturities
Schedule Of Gain Loss On Investments [Line Items]
Realized investment gains (losses), net	(2,738)	(2,675)
Commercial mortgage and other loans
Schedule Of Gain Loss On Investments [Line Items]
Realized investment gains (losses), net	238	(188)
Other invested assets
Schedule Of Gain Loss On Investments [Line Items]
Realized investment gains (losses), net	22	(315)
Derivatives
Schedule Of Gain Loss On Investments [Line Items]
Realized investment gains (losses), net	79,091	93,457
Short-term investments and cash equivalents
Schedule Of Gain Loss On Investments [Line Items]
Realized investment gains (losses), net	$ (5)	$ (384)

Investments (Net Unrealized Gai

Investments (Net Unrealized Gains Losses on Investments by Asset Class) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Gain (Loss) on Securities [Line Items]
Net Unrealized Gains (Losses) on Investments	$ 416,499	$ 849,349
Fixed maturities | Available-for-sale | With an allowance
Gain (Loss) on Securities [Line Items]
Net Unrealized Gains (Losses) on Investments	4	0
Fixed maturities | Available-for-sale | Without an allowance
Gain (Loss) on Securities [Line Items]
Net Unrealized Gains (Losses) on Investments	420,640	857,599
Derivatives designated as cash flow hedges
Gain (Loss) on Securities [Line Items]
Net Unrealized Gains (Losses) on Investments	(3,413)	(8,112)
Affiliated notes
Gain (Loss) on Securities [Line Items]
Net Unrealized Gains (Losses) on Investments	3,197	4,024
Other investments
Gain (Loss) on Securities [Line Items]
Net Unrealized Gains (Losses) on Investments	$ (3,929)	$ (4,162)

Investments (Repurchase Agreeme

Investments (Repurchase Agreement and Securities Lending) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total cash collateral for loaned securities	$ 2,725	$ 2,725
Overnight & Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total cash collateral for loaned securities	2,725	2,725
Up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total cash collateral for loaned securities	0	0
30 days or greater
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total cash collateral for loaned securities	0	0
Foreign public corporate securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total cash collateral for loaned securities	2,725	2,725
Foreign public corporate securities | Overnight & Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total cash collateral for loaned securities	2,725	2,725
Foreign public corporate securities | Up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total cash collateral for loaned securities	$ 0	$ 0

Derivative Instruments (Gross N

Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Assets	$ 375,198	$ 397,546
Liabilities	(283,811)	(265,826)
Derivative, Notional Amount	5,162,478	5,030,826
Derivatives Designated as Hedge Accounting Instruments:
Derivative [Line Items]
Assets	26,453	27,539
Liabilities	(41,832)	(49,316)
Derivative, Notional Amount	868,392	864,560
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps
Derivative [Line Items]
Assets	66	203
Liabilities	0	0
Derivative, Notional Amount	3,452	3,486
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps
Derivative [Line Items]
Assets	26,387	27,336
Liabilities	(41,832)	(49,316)
Derivative, Notional Amount	864,940	861,074
Derivatives Not Qualifying as Hedge Accounting Instruments:
Derivative [Line Items]
Assets	348,745	370,007
Liabilities	(241,979)	(216,510)
Derivative, Notional Amount	4,294,086	4,166,266
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps
Derivative [Line Items]
Assets	33,886	57,024
Liabilities	(15,844)	(11,117)
Derivative, Notional Amount	683,050	663,050
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Future
Derivative [Line Items]
Assets	0	198
Liabilities	(252)	0
Derivative, Notional Amount	57,700	57,700
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards
Derivative [Line Items]
Assets	1,409	5
Liabilities	(124)	(1,322)
Derivative, Notional Amount	60,568	55,292
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps
Derivative [Line Items]
Assets	0	0
Liabilities	0	(18)
Derivative, Notional Amount	0	2,313
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps
Derivative [Line Items]
Assets	5,569	6,584
Liabilities	(6,540)	(7,286)
Derivative, Notional Amount	142,568	143,011
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options
Derivative [Line Items]
Assets	307,881	306,196
Liabilities	(219,219)	(196,767)
Derivative, Notional Amount	$ 3,350,200	$ 3,244,900

Derivative Instruments (Offsett

Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives Assets
Gross Amounts of Recognized Financial Instruments	$ 375,198	$ 397,546
Gross Amounts Offset in the Consolidated Statement of Financial Position	(264,196)	(379,399)
Net Amounts Presented in the Consolidated Statement of Financial Position	111,002	18,147
Financial Instruments/Collateral	(111,002)	(14,572)
Net Amount	0	3,575
Securities Purchased under Agreements to Resell
Gross Amounts of Recognized Financial Instruments	0	0
Gross Amounts Offset in the Consolidated Statement of Financial Position	0	0
Net Amounts Presented in the Consolidated Statement of Financial Position	0	0
Financial Instruments/Collateral	0	0
Net Amount	0	0
Total Assets
Gross Amounts of Recognized Financial Instruments	375,198	397,546
Gross Amounts Offset in the Consolidated Statement of Financial Position	(264,196)	(379,399)
Net Amounts Presented in the Consolidated Statement of Financial Position	111,002	18,147
Financial Instruments/Collateral	(111,002)	(14,572)
Net Amount	0	3,575
Derivatives Liabilities
Gross Amounts of Recognized Financial Instruments	283,811	265,826
Gross Amounts Offset in the Consolidated Statement of Financial Position	(283,559)	(265,826)
Net Amounts Presented in the Consolidated Statement of Financial Position	252	0
Financial Instruments/Collateral	0	0
Net Amount	252	0
Securities Sold under Agreements to Repurchase
Gross Amounts of Recognized Financial Instruments	0	0
Gross Amounts Offset in the Consolidated Statement of Financial Position	0	0
Net Amounts Presented in the Consolidated Statement of Financial Position	0	0
Financial Instruments/Collateral	0	0
Net Amount	0	0
Total Liabilities
Gross Amounts of Recognized Financial Instruments	283,811	265,826
Gross Amounts Offset in the Consolidated Statement of Financial Position	(283,559)	(265,826)
Net Amounts Presented in the Consolidated Statement of Financial Position	252	0
Financial Instruments/Collateral	0	0
Net Amount	$ 252	$ 0

Derivative Instruments (Financi

Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	$ 79,091	$ 93,457
Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	2,472	2,626
Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	1,706	8,886
AOCI
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	4,699	98,070
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	(163)	339
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	2,472	2,626
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	1,717	8,828
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | AOCI
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	4,699	98,070
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	(45)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	12	(3)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | AOCI
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	(125)	300
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	(163)	384
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	2,460	2,629
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	1,717	8,828
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | AOCI
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	4,824	97,770
Derivatives Not Qualifying as Hedge Accounting Instruments: | Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	79,254	93,118
Derivatives Not Qualifying as Hedge Accounting Instruments: | Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	(11)	58
Derivatives Not Qualifying as Hedge Accounting Instruments: | AOCI
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	(37,371)	30,506
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | AOCI
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	1,036	1,471
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | AOCI
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	192	19,333
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	(11)	58
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | AOCI
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	(12)	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | AOCI
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	15,562	(74,944)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | AOCI
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	99,847	116,752
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	0	0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | AOCI
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivatives, net	$ 0	$ 0

Derivative Instruments (Current

Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Cash flow hedgers in AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Balance, beginning	$ (8,112)
Amount Recorded in AOCI	8,725
Amounts reclassified into current period earnings	(4,026)
Balance, ending	(3,413)
Interest Rate | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Amount Recorded in AOCI	(113)
Amounts reclassified into current period earnings	(12)
Currency/Interest Rate | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Amount Recorded in AOCI	8,838
Amounts reclassified into current period earnings	$ (4,014)

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Credit Derivative, Purchased Credit Protection	$ 0	$ 2
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	9
Credit Derivative Protection Purchased Fair Value Asset (Liability)	0	0
Future Policy Benefits
Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset (Liability), Net	(7,435)	(13,228)
Reinsurance Recoverables
Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset (Liability), Net	7,448	13,240
Policyholders' account balances
Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset (Liability), Net	$ (1,032)	$ (1,155)

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	$ 7,053,914	$ 7,012,631
Fixed maturities, trading	81,114	82,482
Equity securities	8,096	108,457
Other invested assets	627,357	520,955
Reinsurance recoverables	42,364,083	48,367,096
Receivables from parent and affiliates	269,946	266,473
Separate account assets	145,348,536	145,740,422
TOTAL ASSETS	202,038,359	208,308,100
Future policy benefits	26,799,239	32,889,181
Payables to parent and affiliates	105,833	75,990
Other Liabilities	1,657,565	1,694,492
Total liabilities	198,063,042	204,260,384
Future policy benefits
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability	7,435,000	13,228,000
Embedded Derivative, Fair Value of Embedded Derivative Gross Asset	786,000	483,000
Embedded Derivative, Fair Value of Embedded Derivative Gross Liability	8,221,000	13,711,000
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	7,053,914	7,012,631
Fixed maturities, trading	81,114	82,482
Equity securities	8,096	108,457
Short-term Investments	3,997	49,997
Cash equivalents	239,150	397,326
Other invested assets	111,002	18,147
Reinsurance recoverables	7,447,863	13,239,539
Receivables from parent and affiliates	111,170	111,970
Subtotal excluding separate account assets	15,056,306	21,020,549
Separate account assets	140,062,845	140,583,009
TOTAL ASSETS	155,119,151	161,603,558
Future policy benefits	7,435,081	13,227,814
Policyholders’ account balances	1,031,525	1,155,274
Payables to parent and affiliates	0	0
Other Liabilities	252	0
Total liabilities	8,466,858	14,383,088
Asset Netting	(264,196)	(379,399)
Liability Netting	(283,559)	(265,826)
Netting	19,400	(113,600)
Fair Value, Measurements, Recurring | Other invested assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset Netting	(264,196)	(379,399)
Fair Value, Measurements, Recurring | Payables to parent and affiliates
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability Netting	(283,559)	(265,826)
Fair Value, Measurements, Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	77,047	77,855
Fair Value, Measurements, Recurring | Obligations of U.S. states and their political subdivisions
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	516,231	517,951
Fair Value, Measurements, Recurring | Foreign government bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	285,005	250,855
Fair Value, Measurements, Recurring | U.S. corporate public securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	2,971,487	2,929,434
Fair Value, Measurements, Recurring | U.S. corporate private securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	965,500	1,012,056
Fair Value, Measurements, Recurring | Foreign corporate public securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	428,371	320,730
Fair Value, Measurements, Recurring | Foreign corporate private securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	1,036,362	1,091,930
Fair Value, Measurements, Recurring | Asset-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	230,058	237,638
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	495,978	520,947
Fair Value, Measurements, Recurring | Residential mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	47,875	53,235
Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fixed maturities, trading	0	0
Equity securities	125	100,268
Short-term Investments	0	49,997
Cash equivalents	0	49,996
Other invested assets	0	198
Reinsurance recoverables	0	0
Receivables from parent and affiliates	0	0
Subtotal excluding separate account assets	125	200,459
Separate account assets	39,346	0
TOTAL ASSETS	39,471	200,459
Future policy benefits	0	0
Policyholders’ account balances	0	0
Payables to parent and affiliates	0	0
Other Liabilities	252	0
Total liabilities	252	0
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 1 | Obligations of U.S. states and their political subdivisions
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 1 | Foreign government bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate public securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate private securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate public securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate private securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	6,831,132	6,780,627
Fixed maturities, trading	80,347	81,727
Equity securities	293	300
Short-term Investments	3,997	0
Cash equivalents	239,150	347,330
Other invested assets	375,198	397,348
Reinsurance recoverables	0	0
Receivables from parent and affiliates	111,170	111,970
Subtotal excluding separate account assets	7,641,287	7,719,302
Separate account assets	140,023,499	140,583,009
TOTAL ASSETS	147,664,786	148,302,311
Future policy benefits	0	0
Policyholders’ account balances	0	0
Payables to parent and affiliates	283,559	265,826
Other Liabilities	0	0
Total liabilities	283,559	265,826
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	22,047	22,855
Fair Value, Measurements, Recurring | Level 2 | Obligations of U.S. states and their political subdivisions
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	516,231	517,951
Fair Value, Measurements, Recurring | Level 2 | Foreign government bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	284,848	250,692
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate public securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	2,971,487	2,929,431
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate private securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	933,531	977,423
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate public securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	419,680	311,407
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate private securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	911,531	961,113
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	227,924	235,573
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	495,978	520,947
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	47,875	53,235
Fair Value, Measurements, Recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	222,782	232,004
Fixed maturities, trading	767	755
Equity securities	7,678	7,889
Short-term Investments	0	0
Cash equivalents	0	0
Other invested assets	0	0
Reinsurance recoverables	7,447,863	13,239,539
Receivables from parent and affiliates	0	0
Subtotal excluding separate account assets	7,679,090	13,480,187
Separate account assets	0	0
TOTAL ASSETS	7,679,090	13,480,187
Future policy benefits	7,435,081	13,227,814
Policyholders’ account balances	1,031,525	1,155,274
Payables to parent and affiliates	0	0
Other Liabilities	0	0
Total liabilities	8,466,606	14,383,088
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	55,000	55,000
Fair Value, Measurements, Recurring | Level 3 | Obligations of U.S. states and their political subdivisions
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 3 | Foreign government bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	157	163
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate public securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	3
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate private securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	31,969	34,633
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate public securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	8,691	9,323
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate private securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	124,831	130,817
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	2,134	2,065
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities, available-for-sale	0	0
Other invested assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value investment measured at NAV per share	80,000	77,000
Separate Account Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value investment measured at NAV per share	$ 5,286,000	$ 5,157,000

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Corporate securities	$ 5,646	$ 105,508
Future policy benefits	26,799,239	32,889,181
Fair Value, Measurements, Recurring
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Future policy benefits	7,435,081	13,227,814
Policyholders’ account balances	$ 1,031,525	1,155,274
Level 3 | Minimum
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Policyholder Age	45 years
Level 3 | Minimum   | Future policy benefits
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Mortality rate	0.00%
Level 3 | Maximum
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Policyholder Age	90 years
Level 3 | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Future policy benefits	$ 7,435,081	13,227,814
Policyholders’ account balances	$ 1,031,525	$ 1,155,274
Level 3 | Internal | Minimum   | Discounted cash flow | Future policy benefits
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Lapse rate	1.00%	1.00%
Spread over LIBOR	0.09%	0.06%
Utilization rate	39.00%	39.00%
Withdrawal rate (greater than maximum range)	76.00%	76.00%
Mortality rate	0.00%	0.00%
Equity volatility curve	17.00%	18.00%
Level 3 | Internal | Minimum   | Discounted cash flow | Policyholders' account balances
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Lapse rate	1.00%	1.00%
Spread over LIBOR	0.09%	0.06%
Mortality rate	0.00%	0.00%
Equity volatility curve	14.00%	15.00%
Level 3 | Internal | Minimum   | Discounted cash flow | Corporate securities
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Discount Rate	1.37%	0.99%
Level 3 | Internal | Maximum | Discounted cash flow | Future policy benefits
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Lapse rate	20.00%	20.00%
Spread over LIBOR	1.14%	1.17%
Utilization rate	96.00%	96.00%
Withdrawal rate (greater than maximum range)	100.00%	100.00%
Mortality rate	15.00%	15.00%
Equity volatility curve	25.00%	26.00%
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders' account balances
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Lapse rate	6.00%	6.00%
Spread over LIBOR	1.14%	1.17%
Mortality rate	24.00%	24.00%
Equity volatility curve	27.00%	30.00%
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Discount Rate	11.53%	11.38%
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Discount Rate	3.40%	3.44%
Level 3 | Internal | Fair Value, Measurements, Recurring | Future policy benefits
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Future policy benefits	$ 7,435,081	$ 13,227,814
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders' account balances
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Policyholders’ account balances	1,031,525	1,155,274
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Corporate securities	147,923	151,554
Level 3 | Internal | Fair Value, Measurements, Recurring | Reinsurance recoverables
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Reinsurance recoverables	$ 7,447,863	$ 13,239,539

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period	$ 7,889	$ 9,898
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Other	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, end of period	7,678	9,196
Total gains (losses) (realized/unrealized):
Included in earnings	(211)	(702)
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	(211)	(702)
Equity securities | Realized investment gains (losses), net
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Equity securities | Other income
Total gains (losses) (realized/unrealized):
Included in earnings	(211)	(702)
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	(211)	(702)
Equity securities | Included in other comprehensive income (loss)
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Equity securities | Net investment income
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Other invested assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period	0	4
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Other	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, end of period	0	4
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Reinsurance recoverables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period	13,239,539	8,539,671
Purchases	278,233	266,951
Sales	0	0
Issuances	0	0
Settlements	0	0
Other	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, end of period	7,447,863	20,214,824
Total gains (losses) (realized/unrealized):
Included in earnings	(6,069,909)	11,408,202
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	(5,914,192)	11,508,908
Reinsurance recoverables | Realized investment gains (losses), net
Total gains (losses) (realized/unrealized):
Included in earnings	(6,069,909)	11,408,202
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	(5,914,192)	11,508,908
Reinsurance recoverables | Other income
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Reinsurance recoverables | Included in other comprehensive income (loss)
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Reinsurance recoverables | Net investment income
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Receivables from parents and affiliates
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period	0	3,135
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	(1,579)
Other	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, end of period	0	1,575
Total gains (losses) (realized/unrealized):
Included in earnings	0	19
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Receivables from parents and affiliates | Realized investment gains (losses), net
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Receivables from parents and affiliates | Other income
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Receivables from parents and affiliates | Included in other comprehensive income (loss)
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Receivables from parents and affiliates | Net investment income
Total gains (losses) (realized/unrealized):
Included in earnings	0	19
Future policy benefits
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	(13,227,814)	(8,529,566)
Purchases	0	0
Sales	0	0
Issuances	(276,249)	(264,988)
Settlements	0	0
Other	0	0
Transfers Into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	(7,435,081)	(20,196,457)
Total gains (losses) (realized/unrealized):
Included in earnings	6,068,982	(11,401,903)
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	5,913,265	(11,502,609)
Future policy benefits | Realized investment gains (losses), net
Total gains (losses) (realized/unrealized):
Included in earnings	6,068,982	(11,401,903)
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	5,913,265	(11,502,609)
Future policy benefits | Other income
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Future policy benefits | Included in other comprehensive income (loss)
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Future policy benefits | Net investment income
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Policyholders' account balances
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	(1,155,274)	(962,351)
Purchases	0	0
Sales	0	0
Issuances	0	(55,565)
Settlements	13,492	0
Other	0	0
Transfers Into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	(1,031,525)	(900,261)
Total gains (losses) (realized/unrealized):
Included in earnings	110,257	117,655
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	128,490	125,109
Policyholders' account balances | Realized investment gains (losses), net
Total gains (losses) (realized/unrealized):
Included in earnings	110,257	117,655
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	128,490	125,109
Policyholders' account balances | Other income
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Policyholders' account balances | Included in other comprehensive income (loss)
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Policyholders' account balances | Net investment income
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Available-for-sale | Fixed maturities | Realized investment gains (losses), net
Total gains (losses) (realized/unrealized):
Included in earnings	(508)	(1,779)
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	(500)	(1,334)
Available-for-sale | Fixed maturities | Other income
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Available-for-sale | Fixed maturities | Included in other comprehensive income (loss)
Total gains (losses) (realized/unrealized):
Included in earnings	(11,618)	(16,776)
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	(11,621)	(16,346)
Available-for-sale | Fixed maturities | Net investment income
Total gains (losses) (realized/unrealized):
Included in earnings	23	90
Available-for-sale | Fixed maturities | US government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period	55,000	38,671
Purchases	0	3,342
Sales	0	0
Issuances	0	0
Settlements	0	0
Other	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, end of period	55,000	42,013
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Available-for-sale | Fixed maturities | Foreign government bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period	163	163
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Other	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, end of period	157	152
Total gains (losses) (realized/unrealized):
Included in earnings	(6)	(11)
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	(6)	(11)
Available-for-sale | Fixed maturities | Corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period	174,776	50,083
Purchases	2,319	7,193
Sales	0	(3,680)
Issuances	0	0
Settlements	(2,165)	(2,958)
Other	0	0
Transfers into Level 3	2,643	98,014
Transfers out of Level 3	0	0
Fair Value, end of period	165,491	130,682
Total gains (losses) (realized/unrealized):
Included in earnings	(12,082)	(17,970)
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	(12,101)	(17,186)
Available-for-sale | Fixed maturities | Structured securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period	2,065	2,001
Purchases	500	6,145
Sales	0	0
Issuances	0	0
Settlements	(416)	(224)
Other	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, end of period	2,134	7,438
Total gains (losses) (realized/unrealized):
Included in earnings	(15)	(484)
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	(14)	(483)
Trading | Fixed maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period	755	668
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Other	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, end of period	767	538
Total gains (losses) (realized/unrealized):
Included in earnings	12	(130)
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	12	(130)
Trading | Fixed maturities | Realized investment gains (losses), net
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Trading | Fixed maturities | Other income
Total gains (losses) (realized/unrealized):
Included in earnings	12	(130)
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	12	(130)
Trading | Fixed maturities | Included in other comprehensive income (loss)
Total gains (losses) (realized/unrealized):
Included in earnings	0	0
Unrealized gains (losses) for assets/liabilities still held:
Included in earnings	0	0
Trading | Fixed maturities | Net investment income
Total gains (losses) (realized/unrealized):
Included in earnings	$ 0	$ 0

Fair Value of Assets and Liab_6

Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Policy loans	$ 1,320,915	$ 1,323,681
Cash and cash equivalents	275,727	426,979
Accrued investment income	97,728	93,613
Reinsurance recoverables	42,364,083	48,367,096
Receivables from parent and affiliates	269,946	266,473
Liabilities:
Cash collateral for loaned securities	2,725	2,725
Short-term debt	0	0
Fair Value
Assets:
Commercial mortgage and other loans	1,321,349	1,359,422
Policy loans	1,320,915	1,323,681
Cash and cash equivalents	36,577	29,653
Accrued investment income	97,728	93,613
Reinsurance recoverables	230,930	227,993
Receivables from parent and affiliates	158,776	154,503
Other assets	22,416	27,120
Total assets	3,188,691	3,215,985
Liabilities:
Policyholders’ account balances - investment contracts	1,780,487	1,714,576
Cash collateral for loaned securities	2,725	2,725
Payables to parent and affiliates	105,833	75,990
Other liabilities	469,609	415,889
Total liabilities	2,358,654	2,209,180
Carrying Amount
Assets:
Commercial mortgage and other loans	1,259,515	1,288,846
Policy loans	1,320,915	1,323,681
Cash and cash equivalents	36,577	29,653
Accrued investment income	97,728	93,613
Reinsurance recoverables	226,882	217,637
Receivables from parent and affiliates	158,776	154,503
Other assets	22,416	27,120
Total assets	3,122,809	3,135,053
Liabilities:
Policyholders’ account balances - investment contracts	1,776,439	1,704,220
Cash collateral for loaned securities	2,725	2,725
Payables to parent and affiliates	105,833	75,990
Other liabilities	469,609	415,889
Total liabilities	2,354,606	2,198,824
Level 1 | Fair Value
Assets:
Commercial mortgage and other loans	0	0
Policy loans	0	0
Cash and cash equivalents	36,577	29,653
Accrued investment income	0	0
Reinsurance recoverables	0	0
Receivables from parent and affiliates	0	0
Other assets	0	0
Total assets	36,577	29,653
Liabilities:
Policyholders’ account balances - investment contracts	0	0
Cash collateral for loaned securities	0	0
Payables to parent and affiliates	0	0
Other liabilities	0	0
Total liabilities	0	0
Level 2 | Fair Value
Assets:
Commercial mortgage and other loans	0	0
Policy loans	0	0
Cash and cash equivalents	0	0
Accrued investment income	97,728	93,613
Reinsurance recoverables	0	0
Receivables from parent and affiliates	158,776	154,503
Other assets	22,416	27,120
Total assets	278,920	275,236
Liabilities:
Policyholders’ account balances - investment contracts	1,492,373	1,428,043
Cash collateral for loaned securities	2,725	2,725
Payables to parent and affiliates	105,833	75,990
Other liabilities	469,609	415,889
Total liabilities	2,070,540	1,922,647
Level 3 | Fair Value
Assets:
Commercial mortgage and other loans	1,321,349	1,359,422
Policy loans	1,320,915	1,323,681
Cash and cash equivalents	0	0
Accrued investment income	0	0
Reinsurance recoverables	230,930	227,993
Receivables from parent and affiliates	0	0
Other assets	0	0
Total assets	2,873,194	2,911,096
Liabilities:
Policyholders’ account balances - investment contracts	288,114	286,533
Cash collateral for loaned securities	0	0
Payables to parent and affiliates	0	0
Other liabilities	0	0
Total liabilities	$ 288,114	$ 286,533

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (45,309)	$ (27,101)
Effective Income Tax Rate, Percent	(78.01%)	(38.01%)
Federal Statutory Income Tax Rate, Percent	21.00%

Reinsurance (Reinsurance amount

Reinsurance (Reinsurance amounts included in the Statements of Financial Position) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Effects of Reinsurance [Line Items]
Reinsurance recoverables	$ 42,364,083	$ 48,367,096
Policy loans	1,320,915	1,323,681
Deferred policy acquisition costs	2,647,832	2,433,936
Other assets	385,585	417,508
Future policy benefits	26,799,239	32,889,181
Other liabilities	1,657,565	1,694,492
Impacts of Reinsurance
Effects of Reinsurance [Line Items]
Reinsurance recoverables	42,364,083	48,367,096
Policy loans	(152,662)	(153,869)
Deferred policy acquisition costs	(6,516,371)	(6,574,020)
Deferred sales inducements	(420,147)	(445,493)
Other assets	209,796	233,364
Policyholders’ account balances	4,725,317	4,773,439
Future policy benefits	4,868,027	5,069,353
Other liabilities	1,071,359	1,099,318
Unaffiliated activity
Effects of Reinsurance [Line Items]
Other assets	0	0
Future policy benefits	0	0
Other liabilities	$ 53,000	$ 43,000

Reinsurance (Reinsurance Recove

Reinsurance (Reinsurance Recoverable by Counterparty) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	$ 42,364,083	$ 48,367,096
PAR U
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	13,097,853	13,352,845
PALAC
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	10,753,335	15,941,123
PURC
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	5,353,817	5,368,831
PARCC
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	2,557,573	2,572,428
GUL Re
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	2,549,764	2,573,609
PAR Term
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	1,980,388	1,913,265
Prudential Insurance
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	1,846,899	2,421,226
Prudential of Taiwan
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	1,636,733	1,649,998
Term Re
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	1,814,238	1,766,978
DART
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	537,743	502,770
Unaffiliated
Effects of Reinsurance [Line Items]
Total reinsurance recoverables	$ 235,740	$ 304,023

Reinsurance (Reinsurance amou_2

Reinsurance (Reinsurance amounts included in the Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Premiums:
Direct	$ 486,877	$ 475,486
Assumed	43	48
Ceded	(442,515)	(460,663)
Net premiums	44,405	14,871
Policy charges and fee income:
Direct	909,889	901,442
Assumed	140,113	132,504
Ceded	(898,137)	(894,027)
Net policy charges and fee income	151,865	139,919
Net investment income:
Direct	100,395	81,092
Assumed	359	400
Ceded	(1,887)	(1,911)
Net investment income	98,867	79,581
Asset administration fees:
Direct	96,614	89,329
Assumed	0	0
Ceded	(90,403)	(84,941)
Net asset administration fees	6,211	4,388
Other income:
Direct	17,100	8,606
Assumed	(73)	(437)
Ceded	65	(515)
Amortization of reinsurance income	1,152	1,182
Net other income	18,244	8,836
Realized investment gains (losses), net:
Direct	6,157,747	(11,309,174)
Assumed	0	0
Ceded	(6,081,139)	11,399,069
Realized investment gains (losses), net	76,608	89,895
Policyholders’ benefits (including change in reserves):
Direct	997,824	1,067,098
Assumed	191,805	361,455
Ceded	(1,095,716)	(1,342,630)
Net policyholders’ benefits (including change in reserves)	93,913	85,923
Interest credited to policyholders’ account balances:
Direct	179,435	179,295
Assumed	32,986	34,236
Ceded	(156,251)	(158,485)
Net interest credited to policyholders’ account balances	56,170	55,046
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization	(468,435)	(742,911)
Unaffiliated activity
Premiums:
Assumed	0	0
Ceded	(7,000)	(3,000)
Policy charges and fee income:
Ceded	14,000	(10,000)
Other income:
Assumed	0	(400)
Realized investment gains (losses), net:
Ceded	(141,000)	256,000
Policyholders’ benefits (including change in reserves):
Assumed	100	100
Ceded	$ (81,000)	$ (5,000)

Reinsurance (Life Insurance In

Reinsurance (Life Insurance In Force) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Reinsurance Disclosures [Abstract]
Direct gross life insurance face amount in force	$ 1,057,019,880	$ 1,003,826,363
Assumed gross life insurance face amount in force	38,553,587	39,643,598
Reinsurance ceded	(988,006,377)	(970,292,346)
Net life insurance face amount in force	$ 107,567,090	$ 73,177,615

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details) - USD ($) $ in Thousands

Jul. 01, 2019

Dec. 31, 2013

Jul. 01, 2012

Dec. 31, 2010

Dec. 31, 2009

Jan. 31, 2001

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2016

Dec. 31, 2019

Dec. 31, 2019

Dec. 31, 2016

Dec. 31, 2013

Dec. 31, 2017

Dec. 31, 2013

Dec. 31, 2020

Effects of Reinsurance [Line Items]

Ceded Premiums

$ (442,515)

$ (460,663)

Reinsurance recoverables

42,364,083

$ 48,367,096

PAR U

Effects of Reinsurance [Line Items]

Reinsurance recoverables

13,097,853

13,352,845

PURC

Effects of Reinsurance [Line Items]

Reinsurance recoverables

5,353,817

5,368,831

PARCC

Effects of Reinsurance [Line Items]

Reinsurance recoverables

2,557,573

2,572,428

GUL Re

Effects of Reinsurance [Line Items]

Reinsurance recoverables

2,549,764

2,573,609

PAR Term

Effects of Reinsurance [Line Items]

Reinsurance recoverables

1,980,388

1,913,265

Prudential of Taiwan

Effects of Reinsurance [Line Items]

Reinsurance recoverables

1,636,733

1,649,998

Term Re

Effects of Reinsurance [Line Items]

Reinsurance recoverables

1,814,238

1,766,978

Prudential Insurance

Effects of Reinsurance [Line Items]

Reinsurance recoverables

1,846,899

2,421,226

DART

Effects of Reinsurance [Line Items]

Reinsurance recoverables

537,743

$ 502,770

Union Hamilton Reinsurance, Ltd.

Effects of Reinsurance [Line Items]

Reinsurance recoverables

$ 3,200,000

Union Hamilton Reinsurance, Ltd. | Quote Share Reinsurance

Effects of Reinsurance [Line Items]

Reinsurance Retention Policy, Reinsured Risk, Percentage

50.00%

Affiliated Entity | PAR U

Effects of Reinsurance [Line Items]

Reinsurance Retention Policy, Reinsured Risk, Percentage

95.00%

70.00%

Affiliated Entity | PURC

Effects of Reinsurance [Line Items]

Reinsurance Retention Policy, Reinsured Risk, Percentage

95.00%

70.00%

Affiliated Entity | PARCC

Effects of Reinsurance [Line Items]

Reinsurance Retention Policy, Reinsured Risk, Percentage

100.00%

90.00%

Ceded Premiums

$ (476,000)

Ceded Expenses

$ (409,000)

Affiliated Entity | GUL Re

Effects of Reinsurance [Line Items]

Reinsurance Retention Policy, Reinsured Risk, Percentage

30.00%

95.00%

Affiliated Entity | PAR Term

Effects of Reinsurance [Line Items]

Reinsurance Retention Policy, Reinsured Risk, Percentage

100.00%

95.00%

Ceded Premiums

$ (150,000)

Ceded Expenses

$ (115,000)

Affiliated Entity | Prudential of Taiwan

Effects of Reinsurance [Line Items]

Related Party Transaction, Term

2 years

Affiliated Entity | Term Re

Effects of Reinsurance [Line Items]

Reinsurance Retention Policy, Reinsured Risk, Percentage

95.00%

Affiliated Entity | Prudential Insurance

Effects of Reinsurance [Line Items]

Reinsurance Retention Policy, Reinsured Risk, Percentage

100.00%

Affiliated Entity | DART

Effects of Reinsurance [Line Items]

Reinsurance Retention Policy, Reinsured Risk, Percentage

95.00%

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 546,128
Income tax benefit (expense)	73,731	$ 28,287
Ending Balance	264,452
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(7,797)	(7,917)
Change in OCI before reclassifications	(5,205)	(20,402)
Amounts reclassified from AOCI	0	0
Income tax benefit (expense)	192	92
Ending Balance	(12,810)	(28,227)
Net unrealized investment gains (losses)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	553,925	289,359
Change in OCI before reclassifications	(348,914)	(125,148)
Amounts reclassified from AOCI	(1,288)	(9,118)
Income tax benefit (expense)	73,539	28,195
Ending Balance	277,262	183,288
Accumulated Other Comprehensive   Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	546,128	281,442
Change in OCI before reclassifications	(354,119)	(145,550)
Amounts reclassified from AOCI	(1,288)	(9,118)
Income tax benefit (expense)	73,731	28,287
Ending Balance	264,452	155,061
Cash flow hedges | Net unrealized investment gains (losses)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(8,000)	26,000
Ending Balance	$ (3,000)	$ 124,000

Equity (Reclassification out of

Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net unrealized investment gains (losses)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from AOCI	$ (1,288)	$ (9,118)
Total reclassifications for the period
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from AOCI	(1,288)	(9,118)
Amounts reclassified from AOCI | Net unrealized investment gains (losses)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from AOCI	1,288	9,118
Amounts reclassified from AOCI | Total reclassifications for the period
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from AOCI	1,288	9,118
Amounts reclassified from AOCI | Net unrealized investment gains (losses) on available-for-sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net unrealized investment gains (losses)	(2,738)	(2,675)
Amounts reclassified from AOCI | Currency/Interest rate | Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net unrealized investment gains (losses)	$ 4,026	$ 11,793

Equity (Net Unrealized Investme

Equity (Net Unrealized Investment Gains (Losses) in AOCI on AFS Fixed Maturity Securities with Allowance for Credit Losses and All Other Investments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 546,128
Ending Balance	264,452
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recognized
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0
Net investment gains (losses) on investments arising during the period	4
Reclassification adjustment for (gains) losses included in net income	0
Reclassification due to allowance for credit losses recorded during the period	0
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	0
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances and other liabilities	0
Ending Balance	4
Net Unrealized Investment Gains (Losses) on All Other Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	849,349
Net investment gains (losses) on investments arising during the period	(431,566)
Reclassification adjustment for (gains) losses included in net income	(1,288)
Reclassification due to allowance for credit losses recorded during the period	0
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	0
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances and other liabilities	0
Ending Balance	416,495
Deferred Policy Acquisition Costs and Other Costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	1,200,048
Net investment gains (losses) on investments arising during the period	0
Reclassification adjustment for (gains) losses included in net income	0
Reclassification due to allowance for credit losses recorded during the period	0
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	(509,429)
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances and other liabilities	0
Ending Balance	690,619
Future Policy Benefits and Policyholders’ Account Balances and other liabilities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,348,231)
Net investment gains (losses) on investments arising during the period	0
Reclassification adjustment for (gains) losses included in net income	0
Reclassification due to allowance for credit losses recorded during the period	0
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	0
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances and other liabilities	592,077
Ending Balance	(756,154)
Deferred Income Tax (Liability) Benefit
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(147,241)
Net investment gains (losses) on investments arising during the period	90,625
Reclassification adjustment for (gains) losses included in net income	269
Reclassification due to allowance for credit losses recorded during the period	0
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	106,975
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances and other liabilities	(124,330)
Ending Balance	(73,702)
Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	553,925
Net investment gains (losses) on investments arising during the period	(340,937)
Reclassification adjustment for (gains) losses included in net income	(1,019)
Reclassification due to allowance for credit losses recorded during the period	0
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	(402,454)
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances and other liabilities	467,747
Ending Balance	$ 277,262

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	3 Months Ended					12 Months Ended
	Mar. 31, 2021USD ($)policy	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Commissions and fees	$ 151,865,000				$ 139,919,000
Other invested assets	627,357,000	$ 520,955,000				$ 520,955,000
Net investment income	98,867,000				79,581,000
Fee income from revenue sharing agreement	6,211,000				4,388,000
Debt Outstanding	0	0				0
Dividends	0					0
Prudential Insurance
Related Party Transaction [Line Items]
Contributed Capital	106,000,000	175,000,000	$ 75,000,000	$ 325,000,000
Prudential Insurance
Related Party Transaction [Line Items]
Stock option program plan expense	100,000				200,000
Deferred compensation program expense	1,500,000				2,900,000
Pension plan expense	3,000,000				5,000,000
Welfare plan expense	$ 3,000,000				6,000,000
Defined contribution plan, employer matching contribution, percent (up to)	4.00%
Defined contribution plan, cost recognized	$ 1,000,000				2,000,000
Number of Corporate Owned Life Insurance policies sold | policy	5
Prudential Insurance and Prudential Financial
Related Party Transaction [Line Items]
Life Insurance, Corporate or Bank Owned, amount	$ 4,885,000,000	4,757,000,000				4,757,000,000
Fees related to Life Insurance, Corporate or Bank Owned, amount	13,000,000				14,000,000
Maximum amount of mortality risk	3,500,000
Prudential Financial
Related Party Transaction [Line Items]
Company's share of corporate expenses	$ 18,000,000				19,000,000
Number of Corporate Owned Life Insurance policies sold | policy	1
Affiliated Entity
Related Party Transaction [Line Items]
Accrued interest receivable related to long-tern notes receivable	$ 500,000	1,200,000				1,200,000
Revenues related to long-term notes receivable	1,000,000				1,000,000
Line of credit facility, maximum borrowing capacity	2,200,000,000
Interest expense related to loans payable	0				500,000
Affiliated Entity | PAD
Related Party Transaction [Line Items]
Commissions and fees	96,000,000				169,000,000
Affiliated Entity | ASTISI and PGIM Investments
Related Party Transaction [Line Items]
Fee income from revenue sharing agreement	91,000,000				85,000,000
Affiliated Entity | PGIM Investments
Related Party Transaction [Line Items]
Fee income from revenue sharing agreement	3,000,000				3,000,000
Affiliated Entity | PGIM
Related Party Transaction [Line Items]
Net investment income	4,000,000				3,000,000
Prudential Financial Joint Ventures
Related Party Transaction [Line Items]
Other invested assets	108,000,000	$ 111,000,000				$ 111,000,000
Net investment income	$ 3,000,000				$ (10,000,000)

Related Party Transactions (Aff

Related Party Transactions (Affiliated Notes Receivable) (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total notes receivable - affiliated	$ 111,171	$ 111,970
U.S. Dollar fixed rate notes
Related Party Transaction [Line Items]
Total notes receivable - affiliated	$ 111,171	$ 111,970
U.S. Dollar fixed rate notes | Minimum
Related Party Transaction [Line Items]
Interest Rates	0.00%
U.S. Dollar fixed rate notes | Maximum
Related Party Transaction [Line Items]
Interest Rates	14.85%

Related Party Transactions (A_2

Related Party Transactions (Affiliated Asset Transfers) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Realized investment gains (losses)	$ 76,608	$ 89,895
Affiliated Entity | Prudential Insurance March 2020 - Purchase
Related Party Transaction [Line Items]
Fair Value	1,390
Book Value	1,390
APIC, Net of Tax Increase/(Decrease)	0
Realized investment gains (losses)	0
Affiliated Entity | Prudential Insurance April 2020 - Purchase
Related Party Transaction [Line Items]
Fair Value	61,953
Book Value	59,659
APIC, Net of Tax Increase/(Decrease)	(1,812)
Realized investment gains (losses)	0
Affiliated Entity | Prudential Insurance April 2020 - Purchase
Related Party Transaction [Line Items]
Fair Value	3,485
Book Value	3,320
APIC, Net of Tax Increase/(Decrease)	(130)
Realized investment gains (losses)	0
Affiliated Entity | GA BV LLC July 2020 - Transfer Out
Related Party Transaction [Line Items]
Fair Value	1,914
Book Value	1,914
APIC, Net of Tax Increase/(Decrease)	0
Realized investment gains (losses)	$ 0

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jul. 31, 2017
Commitments and Contingent Liabilities [Line Items]
Litigation and regulatory matters loss contingency, range of possible loss, maximum (less than)	$ 100
Indonesia
Commitments and Contingent Liabilities [Line Items]
Joint Venture with CT Corp, Ownership Percentage				49.00%
Commitments | Commercial Mortgage Loans
Commitments and Contingent Liabilities [Line Items]
Total outstanding mortgage loan commitments	19		$ 30
Allowance for credit losses	0
Change in allowance for credit losses	0
Commitments | Investments
Commitments and Contingent Liabilities [Line Items]
Commitments to Purchase Investment (excluding Commercial Mortgage Loans)	339		$ 354
Purchase Commitment
Commitments and Contingent Liabilities [Line Items]
Change in allowance for credit losses	$ 0	$ 0