Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entitiy Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Document period end date | 31-Mar-14 | ' |
Amendment flag | 'false | ' |
Entity registrant name | 'REINSURANCE GROUP OF AMERICA INC | ' |
Entity central index key | '0000898174 | ' |
Entity current reporting status | 'Yes | ' |
Entity voluntary filers | 'No | ' |
Current fiscal year end date | '--12-31 | ' |
Entity filer category | 'Large Accelerated Filer | ' |
Entity well-known seasoned issuer | 'Yes | ' |
Common Shares Outstanding | ' | 69,077,582 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fixed maturity securities: | ' | ' |
Available-for-sale at fair value (amortized cost of $20,497,524 and $20,270,734) | $22,157,182 | $21,474,136 |
Mortgage loans on real estate (net of allowances of $8,466 and $10,106) | 2,526,228 | 2,486,680 |
Policy loans | 1,296,897 | 1,244,469 |
Funds withheld at interest | 5,814,231 | 5,771,467 |
Short-term investments | 118,789 | 139,395 |
Other invested assets | 1,234,779 | 1,324,960 |
Total investments | 33,148,106 | 32,441,107 |
Cash and cash equivalents | 1,127,132 | 923,647 |
Accrued investment income | 233,816 | 267,908 |
Premiums receivable and other reinsurance balances | 1,454,959 | 1,439,528 |
Reinsurance ceded receivables | 594,794 | 594,515 |
Deferred policy acquisition costs | 3,450,523 | 3,517,796 |
Other assets | 532,251 | 489,972 |
Total assets | 40,541,581 | 39,674,473 |
Liabilities and Stockholders’ Equity | ' | ' |
Future policy benefits | 11,887,951 | 11,866,776 |
Interest-sensitive contract liabilities | 12,809,003 | 12,947,557 |
Other policy claims and benefits | 3,899,004 | 3,571,761 |
Other reinsurance balances | 283,249 | 275,138 |
Deferred income taxes | 2,023,588 | 1,837,577 |
Other liabilities | 638,967 | 541,035 |
Short-term Debt | 50,000 | 0 |
Long-term debt | 2,214,526 | 2,214,350 |
Collateral finance facility | 484,747 | 484,752 |
Total liabilities | 34,291,035 | 33,738,946 |
Commitments and contingent liabilities (See Note 8) | ' | ' |
Stockholders’ Equity: | ' | ' |
Preferred stock - par value $.01 per share, 10,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock - par value $.01 per share, 140,000,000 shares authorized, 79,137,758 shares issued at March 31, 2014 and December 31, 2013 | 791 | 791 |
Additional paid-in-capital | 1,782,838 | 1,777,906 |
Retained earnings | 3,772,776 | 3,659,938 |
Treasury stock, at cost - 9,623,749 and 8,369,540 shares | -585,358 | -508,715 |
Accumulated other comprehensive income | 1,279,499 | 1,005,607 |
Total stockholders’ equity | 6,250,546 | 5,935,527 |
Total liabilities and stockholders’ equity | $40,541,581 | $39,674,473 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Available for Sale at Fair value - Amortized cost | $20,497,524 | $20,270,734 |
Preferred stock par value (per share) | $0.01 | $0.01 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares issued | ' | ' |
Preferred stock shares outstanding | ' | ' |
Common stock par value (per share) | $0.01 | $0.01 |
Common stock shares authorized | 140,000,000 | 140,000,000 |
Common stock shares issued | 79,137,758 | 79,137,758 |
Common stock shares outstanding | 69,514,009 | 70,768,218 |
Treasury stock, shares | 9,623,749 | 8,369,540 |
Allowances for Loan and Lease Losses, Real Estate | $8,466 | $10,106 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Net premiums | $2,100,637 | $1,979,693 |
Investment income, net of related expenses | 404,375 | 425,131 |
Investment related gains (losses), net: | ' | ' |
Other-than-temporary impairments on fixed maturity securities | -303 | -202 |
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income | 0 | 0 |
Other investment related gains (losses), net | 84,874 | 94,573 |
Total investment related gains (losses), net | 84,571 | 94,371 |
Other revenues | 67,590 | 101,907 |
Total revenues | 2,657,173 | 2,601,102 |
Benefits and Expenses: | ' | ' |
Claims and other policy benefits | 1,843,677 | 1,688,910 |
Interest credited | 110,594 | 125,483 |
Policy acquisition costs and other insurance expenses | 354,873 | 357,357 |
Other operating expenses | 110,936 | 119,501 |
Interest expense | 35,084 | 28,486 |
Collateral finance facility expense | 2,569 | 2,538 |
Total benefits and expenses | 2,457,733 | 2,322,275 |
Income before income taxes | 199,440 | 278,827 |
Provision for income taxes | 62,776 | 93,292 |
Net income | $136,664 | $185,535 |
Earnings per share: | ' | ' |
Basic earnings per share | $1.94 | $2.51 |
Diluted earnings per share | $1.92 | $2.49 |
Dividends declared per share | $0.30 | $0.24 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Comprehensive income | ' | ' |
Net income | $136,664 | $185,535 |
Other comprehensive income (loss), net of tax: | ' | ' |
Change in foreign currency translation adjustments | -42,683 | -14,105 |
Change in net unrealized gains and losses on investments | 315,384 | -119,333 |
Change in other-than-temporary impairment losses on fixed maturity securities | 450 | 451 |
Changes in pension and other postretirement plan adjustments | 741 | 825 |
Total other comprehensive income (loss), net of tax | 273,892 | -132,162 |
Total comprehensive income | $410,556 | $53,373 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $136,664 | $185,535 |
Change in operating assets and liabilities: | ' | ' |
Accrued investment income | 34,480 | -30,083 |
Premiums receivable and other reinsurance balances | -15,627 | 72,864 |
Deferred policy acquisition costs | 64,559 | 42,741 |
Reinsurance ceded receivable balances | 4,254 | 28,131 |
Future policy benefits, other policy claims and benefits, and other reinsurance balances | 392,876 | 275,091 |
Deferred income taxes | 41,472 | 16,343 |
Other assets and other liabilities, net | -29,340 | -12,317 |
Amortization of net investment premiums, discounts and other | -25,357 | -22,497 |
Investment related gains, net | -84,571 | -94,371 |
Gain on repurchase of collateral finance facility securities | 0 | -46,506 |
Excess tax benefits from share-based payment arrangement | -668 | -143 |
Other, net | 22,486 | 80,142 |
Net cash provided by operating activities | 541,228 | 494,930 |
Cash Flows from Investing Activities: | ' | ' |
Sales of fixed maturity securities available-for-sale | 584,491 | 795,575 |
Maturities of fixed maturity securities available-for-sale | 111,854 | 36,028 |
Purchases of fixed maturity securities available-for-sale | -917,715 | -1,277,240 |
Cash invested in mortgage loans | -135,802 | -79,361 |
Cash invested in policy loans | -52,913 | 0 |
Cash invested in funds withheld at interest | -21,466 | -29,829 |
Principal payments on mortgage loans on real estate | 105,622 | 52,157 |
Principal payments on policy loans | 485 | 32,378 |
Change in short-term investments | 20,740 | 101,722 |
Change in other invested assets | 160,427 | -16,805 |
Net cash used in investing activities | -144,277 | -385,375 |
Cash Flows from Financing Activities: | ' | ' |
Dividends to stockholders | -21,244 | -17,753 |
Repurchase and repayment of collateral finance facility securities | 0 | -112,000 |
Repayments of Short-term Debt | 50,000 | 0 |
Purchases of treasury stock | -86,837 | -47,640 |
Excess tax benefits from share-based payment arrangement | 668 | 143 |
Exercise of stock options, net | 6,364 | 1,071 |
Change in cash collateral for derivatives and other arrangements | 29,680 | 11,532 |
Deposits on universal life and other investment type policies and contracts | 36,257 | 17,241 |
Withdrawals on universal life and other investment type policies and contracts | -215,660 | -204,196 |
Net cash used in financing activities | -200,772 | -351,602 |
Effect of exchange rate changes on cash | 7,306 | -16,004 |
Change in cash and cash equivalents | 203,485 | -258,051 |
Cash and cash equivalents, beginning of period | 923,647 | 1,259,892 |
Cash and cash equivalents, end of period | 1,127,132 | 1,001,841 |
Supplementary information: | ' | ' |
Cash paid for interest | 25,434 | 16,552 |
Cash paid for income taxes, net of refunds | $8,611 | $9,125 |
Business_and_Basis_of_Presenta
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Basis of Presentation | ' |
Business and Basis of Presentation | |
Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. The accompanying unaudited condensed consolidated financial statements of RGA and its subsidiaries (collectively, the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. There were no subsequent events that would require disclosure or adjustments to the accompanying condensed consolidated financial statements through the date the financial statements were issued. These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries, all intercompany accounts and transactions have been eliminated. They should be read in conjunction with the Company’s 2013 Annual Report on Form 10-K (“2013 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on February 27, 2014. | |
Effective January 1, 2014, the Company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Operations in Mexico and Latin America have been moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. Operations in India have been moved from Europe & South Africa to the Asia Pacific segment. The Europe & South Africa segment has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new segment reporting structure. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Earnings Per Share | |||||||||
The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Earnings: | |||||||||
Net income (numerator for basic and diluted calculations) | $ | 136,664 | $ | 185,535 | |||||
Shares: | |||||||||
Weighted average outstanding shares (denominator for basic calculation) | 70,574 | 73,838 | |||||||
Equivalent shares from outstanding stock options | 690 | 551 | |||||||
Denominator for diluted calculation | 71,264 | 74,389 | |||||||
Earnings per share: | |||||||||
Basic | $ | 1.94 | $ | 2.51 | |||||
Diluted | $ | 1.92 | $ | 2.49 | |||||
The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. For the three months ended March 31, 2014, 0.3 million stock options and approximately 0.9 million performance contingent shares were excluded from the calculation. For the three months ended March 31, 2013, approximately 1.5 million stock options and approximately 0.9 million performance contingent shares were excluded from the calculation. Year-to-date amounts for equivalent shares from outstanding stock options and performance contingent shares are the weighted average of the individual quarterly amounts. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||
The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2014 and 2013 are as follows (dollars in thousands): | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Income Tax | |||||||||||||||||
Accumulated | Unrealized | Pension and | Total | ||||||||||||||
Currency | Appreciation | Postretirement | |||||||||||||||
Translation | (Depreciation) | Benefits | |||||||||||||||
Adjustments | of Investments(1) | ||||||||||||||||
Balance, December 31, 2013 | $ | 207,083 | $ | 820,245 | $ | (21,721 | ) | $ | 1,005,607 | ||||||||
Other comprehensive income (loss) before reclassifications | (42,683 | ) | 319,758 | 161 | 277,236 | ||||||||||||
Amounts reclassified to (from) AOCI | — | (3,924 | ) | 580 | (3,344 | ) | |||||||||||
Net current-period other comprehensive income (loss) | (42,683 | ) | 315,834 | 741 | 273,892 | ||||||||||||
Balance, March 31, 2014 | $ | 164,400 | $ | 1,136,079 | $ | (20,980 | ) | $ | 1,279,499 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Income Tax | |||||||||||||||||
Accumulated | Unrealized | Pension and | Total | ||||||||||||||
Currency | Appreciation | Postretirement | |||||||||||||||
Translation | (Depreciation) | Benefits | |||||||||||||||
Adjustments | of Investments(1) | ||||||||||||||||
Balance, December 31, 2012 | $ | 267,475 | $ | 1,877,657 | $ | (36,230 | ) | $ | 2,108,902 | ||||||||
Other comprehensive income (loss) before reclassifications | (14,105 | ) | (112,711 | ) | 99 | (126,717 | ) | ||||||||||
Amounts reclassified to (from) AOCI | — | (6,171 | ) | 726 | (5,445 | ) | |||||||||||
Net current-period other comprehensive income (loss) | (14,105 | ) | (118,882 | ) | 825 | (132,162 | ) | ||||||||||
Balance, March 31, 2013 | $ | 253,370 | $ | 1,758,775 | $ | (35,405 | ) | $ | 1,976,740 | ||||||||
-1 | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. | ||||||||||||||||
The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||
Amount Reclassified from AOCI | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
Details about AOCI Components | 2014 | 2013 | Affected Line Item in Statement of Income | ||||||||||||||
Unrealized gains and losses on available-for-sale securities | $ | 1,189 | $ | 10,348 | Investment related gains (losses), net | ||||||||||||
Gains and losses on cash flow hedge - interest rate swap | 218 | 305 | Investment income | ||||||||||||||
Deferred policy acquisition costs attributed to unrealized gains and losses(1) | 4,421 | (1,548 | ) | ||||||||||||||
5,828 | 9,105 | Total before tax | |||||||||||||||
(1,904 | ) | (2,934 | ) | Tax expense | |||||||||||||
$ | 3,924 | $ | 6,171 | Net of tax | |||||||||||||
Amortization of unrealized pension and postretirement benefits: | |||||||||||||||||
Prior service cost(2) | $ | (2 | ) | $ | (94 | ) | |||||||||||
Actuarial gains/(losses)(2) | (890 | ) | (1,023 | ) | |||||||||||||
(892 | ) | (1,117 | ) | Total before tax | |||||||||||||
312 | 391 | Tax benefit | |||||||||||||||
$ | (580 | ) | $ | (726 | ) | Net of tax | |||||||||||
Total reclassifications for the period | $ | 3,344 | $ | 5,445 | Net of tax | ||||||||||||
-1 | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2013 Annual Report for additional details. | ||||||||||||||||
-2 | These AOCI components are included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details |
Investments
Investments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Fixed Maturity and Equity Securities Available-for-Sale | |||||||||||||||||||||||||
The following tables provide information relating to investments in fixed maturity and equity securities by sector as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2014: | Amortized | Unrealized | Unrealized | Estimated Fair | % of | Other-than- | |||||||||||||||||||
temporary impairments | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Total | in AOCI | ||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 11,858,578 | $ | 762,137 | $ | 102,415 | $ | 12,518,300 | 56.4 | % | $ | — | |||||||||||||
Canadian and Canadian provincial governments | 2,655,865 | 802,236 | 7,937 | 3,450,164 | 15.6 | — | |||||||||||||||||||
Residential mortgage-backed securities | 969,944 | 45,270 | 13,343 | 1,001,871 | 4.5 | (300 | ) | ||||||||||||||||||
Asset-backed securities | 933,130 | 23,247 | 11,798 | 944,579 | 4.3 | (2,259 | ) | ||||||||||||||||||
Commercial mortgage-backed securities | 1,367,205 | 95,154 | 11,856 | 1,450,503 | 6.5 | (1,609 | ) | ||||||||||||||||||
U.S. government and agencies | 447,071 | 18,158 | 2,967 | 462,262 | 2.1 | — | |||||||||||||||||||
State and political subdivisions | 368,465 | 31,367 | 9,200 | 390,632 | 1.8 | — | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 1,897,266 | 57,073 | 15,468 | 1,938,871 | 8.8 | — | |||||||||||||||||||
Total fixed maturity securities | $ | 20,497,524 | $ | 1,834,642 | $ | 174,984 | $ | 22,157,182 | 100 | % | $ | (4,168 | ) | ||||||||||||
Non-redeemable preferred stock | $ | 84,156 | $ | 7,273 | $ | 2,662 | $ | 88,767 | 31.5 | % | |||||||||||||||
Other equity securities | 191,988 | 2,921 | 1,661 | 193,248 | 68.5 | ||||||||||||||||||||
Total equity securities | $ | 276,144 | $ | 10,194 | $ | 4,323 | $ | 282,015 | 100 | % | |||||||||||||||
December 31, 2013: | Amortized | Unrealized | Unrealized | Estimated Fair | % of | Other-than- | |||||||||||||||||||
temporary impairments | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Total | in AOCI | ||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 11,697,394 | $ | 616,147 | $ | 202,786 | $ | 12,110,755 | 56.4 | % | $ | — | |||||||||||||
Canadian and Canadian provincial governments | 2,728,111 | 669,762 | 16,848 | 3,381,025 | 15.7 | — | |||||||||||||||||||
Residential mortgage-backed securities | 970,434 | 38,126 | 18,917 | 989,643 | 4.6 | (300 | ) | ||||||||||||||||||
Asset-backed securities | 891,751 | 18,893 | 15,812 | 894,832 | 4.2 | (2,259 | ) | ||||||||||||||||||
Commercial mortgage-backed securities | 1,314,782 | 91,651 | 17,487 | 1,388,946 | 6.5 | (1,609 | ) | ||||||||||||||||||
U.S. government and agencies | 489,631 | 16,468 | 4,748 | 501,351 | 2.3 | — | |||||||||||||||||||
State and political subdivisions | 313,252 | 21,907 | 14,339 | 320,820 | 1.5 | — | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 1,865,379 | 45,347 | 23,962 | 1,886,764 | 8.8 | — | |||||||||||||||||||
Total fixed maturity securities | $ | 20,270,734 | $ | 1,518,301 | $ | 314,899 | $ | 21,474,136 | 100 | % | $ | (4,168 | ) | ||||||||||||
Non-redeemable preferred stock | $ | 81,993 | $ | 5,342 | $ | 5,481 | $ | 81,854 | 20.2 | % | |||||||||||||||
Other equity securities | 327,479 | 618 | 4,220 | 323,877 | 79.8 | ||||||||||||||||||||
Total equity securities | $ | 409,472 | $ | 5,960 | $ | 9,701 | $ | 405,731 | 100 | % | |||||||||||||||
The Company enters into various collateral arrangements that require both the pledging and acceptance of fixed maturity securities as collateral. The Company pledged fixed maturity securities as collateral to derivative and reinsurance counterparties with an amortized cost of $60.8 million and $57.2 million, and an estimated fair value of $62.6 million and $58.0 million, as of March 31, 2014 and December 31, 2013 respectively. The pledged fixed maturity securities are included in fixed maturity securities, available-for-sale in the condensed consolidated balance sheets. Securities with an amortized cost of $8,051.4 million and $7,842.9 million, and an estimated fair value of $8,505.1 million and $8,125.4 million, as of March 31, 2014 and December 31, 2013, respectively, were held in trust to satisfy collateral requirements under certain third-party reinsurance treaties. | |||||||||||||||||||||||||
The Company received fixed maturity securities as collateral from derivative and reinsurance counterparties with an estimated fair value of $107.2 million and $94.1 million, as of March 31, 2014 and December 31, 2013, respectively. The collateral is held in separate custodial accounts and is not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral; however, as of March 31, 2014 and December 31, 2013, none of the collateral had been sold or re-pledged. | |||||||||||||||||||||||||
As of March 31, 2014, the Company held securities with a fair value of $1,245.7 million that were guaranteed or issued by the Canadian province of Ontario and $1,419.0 million that were guaranteed or issued by the Canadian province of Quebec, both of which exceeded 10% of total stockholders’ equity. As of December 31, 2013, the Company held securities with a fair value of $1,222.3 million that were guaranteed or issued by the Canadian province of Ontario and $1,389.1 million that were guaranteed or issued by the Canadian province of Quebec, both of which exceeded 10% of total stockholders’ equity. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of fixed maturity securities available-for-sale at March 31, 2014 are shown by contractual maturity in the table below (dollars in thousands). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset and mortgage-backed securities are shown separately in the table below, as they are not due at a single maturity date. | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 616,796 | $ | 624,013 | |||||||||||||||||||||
Due after one year through five years | 3,673,274 | 3,873,527 | |||||||||||||||||||||||
Due after five years through ten years | 7,148,863 | 7,474,062 | |||||||||||||||||||||||
Due after ten years | 5,788,312 | 6,788,627 | |||||||||||||||||||||||
Asset and mortgage-backed securities | 3,270,279 | 3,396,953 | |||||||||||||||||||||||
Total | $ | 20,497,524 | $ | 22,157,182 | |||||||||||||||||||||
Corporate Fixed Maturity Securities | |||||||||||||||||||||||||
The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2014: | Estimated | ||||||||||||||||||||||||
Amortized Cost | Fair Value | % of Total | |||||||||||||||||||||||
Finance | $ | 3,993,669 | $ | 4,204,783 | 33.6 | % | |||||||||||||||||||
Industrial | 5,967,291 | 6,295,510 | 50.3 | ||||||||||||||||||||||
Utility | 1,886,833 | 2,007,246 | 16 | ||||||||||||||||||||||
Other | 10,785 | 10,761 | 0.1 | ||||||||||||||||||||||
Total | $ | 11,858,578 | $ | 12,518,300 | 100 | % | |||||||||||||||||||
December 31, 2013: | Estimated | ||||||||||||||||||||||||
Amortized Cost | Fair Value | % of Total | |||||||||||||||||||||||
Finance | $ | 3,838,716 | $ | 3,983,623 | 32.9 | % | |||||||||||||||||||
Industrial | 5,943,353 | 6,138,150 | 50.7 | ||||||||||||||||||||||
Utility | 1,904,100 | 1,978,218 | 16.3 | ||||||||||||||||||||||
Other | 11,225 | 10,764 | 0.1 | ||||||||||||||||||||||
Total | $ | 11,697,394 | $ | 12,110,755 | 100 | % | |||||||||||||||||||
Other-Than-Temporary Impairments - Fixed Maturity and Equity Securities | |||||||||||||||||||||||||
As discussed in Note 2 – “Summary of Significant Accounting Policies” of the 2013 Annual Report, a portion of certain other-than-temporary impairment (“OTTI”) losses on fixed maturity securities are recognized in AOCI. For these securities the net amount recognized in earnings (“credit loss impairments”) represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. Any remaining difference between the fair value and amortized cost is recognized in AOCI. The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 11,696 | $ | 16,675 | |||||||||||||||||||||
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period | — | (1,902 | ) | ||||||||||||||||||||||
Balance, end of period | $ | 11,696 | $ | 14,773 | |||||||||||||||||||||
Purchased Credit Impaired Fixed Maturity Securities Available-for-Sale | |||||||||||||||||||||||||
Securities acquired with evidence of credit quality deterioration since origination and for which it is probable at the acquisition date that the Company will be unable to collect all contractually required payments are classified as purchased credit impaired securities. For each security, the excess of the cash flows expected to be collected as of the acquisition date over its acquisition date fair value is referred to as the accretable yield and is recognized as net investment income on an effective yield basis. At the date of acquisition, the timing and amount of the cash flows expected to be collected was determined based on a best estimate using key assumptions, such as interest rates, default rates and prepayment speeds. If subsequently, based on current information and events, it is probable that there is a significant increase in cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected to be collected, the accretable yield is adjusted prospectively. The excess of the contractually required payments (including interest) as of the acquisition date over the cash flows expected to be collected as of the acquisition date is referred to as the nonaccretable difference, and this amount is not expected to be realized as net investment income. Decreases in cash flows expected to be collected can result in OTTI. | |||||||||||||||||||||||||
The following tables present information on the Company’s purchased credit impaired securities, which are included in fixed maturity securities available-for-sale (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Outstanding principal and interest balance(1) | $ | 208,044 | $ | 192,644 | |||||||||||||||||||||
Carrying value, including accrued interest(2) | 165,740 | 148,822 | |||||||||||||||||||||||
-1 | Represents the contractually required payments which is the sum of contractual principal, whether or not currently due, and accrued interest. | ||||||||||||||||||||||||
-2 | Estimated fair value plus accrued interest. | ||||||||||||||||||||||||
The following table presents information about purchased credit impaired investments acquired during the periods, as of the acquisition dates (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contractually required payments (including interest) | $ | 31,672 | $ | 91,863 | |||||||||||||||||||||
Cash flows expected to be collected(1) | 25,722 | 72,940 | |||||||||||||||||||||||
Fair value of investments acquired | 18,151 | 50,874 | |||||||||||||||||||||||
-1 | Represents undiscounted principal and interest cash flow expectations at the date of acquisition. | ||||||||||||||||||||||||
The following table presents activity for the accretable yield on purchased credit impaired securities for the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 69,469 | $ | 39,239 | |||||||||||||||||||||
Investments purchased | 7,571 | 22,066 | |||||||||||||||||||||||
Accretion | (2,139 | ) | (1,943 | ) | |||||||||||||||||||||
Disposals | (379 | ) | — | ||||||||||||||||||||||
Reclassification from nonaccretable difference | (1,155 | ) | 553 | ||||||||||||||||||||||
Balance, end of period | $ | 73,367 | $ | 59,915 | |||||||||||||||||||||
Unrealized Losses for Fixed Maturity and Equity Securities Available-for-Sale | |||||||||||||||||||||||||
The following table presents the total gross unrealized losses for the 1,046 and 1,396 fixed maturity and equity securities as of March 31, 2014 and December 31, 2013, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross | % of Total | Gross | % of Total | ||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Less than 20% | $ | 161,371 | 90 | % | $ | 296,731 | 91.4 | % | |||||||||||||||||
20% or more for less than six months | 163 | 0.1 | 6,444 | 2 | |||||||||||||||||||||
20% or more for six months or greater | 17,773 | 9.9 | 21,425 | 6.6 | |||||||||||||||||||||
Total | $ | 179,307 | 100 | % | $ | 324,600 | 100 | % | |||||||||||||||||
The Company’s determination of whether a decline in value is other-than-temporary includes analysis of the underlying credit and the extent and duration of a decline in value. The Company’s credit analysis of an investment includes determining whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. In the Company’s impairment review process, the duration and severity of an unrealized loss position for equity securities are given greater weight and consideration given the lack of contractual cash flows or deferability features. | |||||||||||||||||||||||||
The following tables present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 1,046 and 1,396 fixed maturity and equity securities that have estimated fair values below amortized cost as of March 31, 2014 and December 31, 2013, respectively (dollars in thousands). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost. | |||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
March 31, 2014: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Investment grade securities: | |||||||||||||||||||||||||
Corporate securities | $ | 2,057,301 | $ | 64,535 | $ | 311,738 | $ | 31,273 | $ | 2,369,039 | $ | 95,808 | |||||||||||||
Canadian and Canadian provincial governments | 114,845 | 6,334 | 12,421 | 1,603 | 127,266 | 7,937 | |||||||||||||||||||
Residential mortgage-backed securities | 190,212 | 9,802 | 32,621 | 3,294 | 222,833 | 13,096 | |||||||||||||||||||
Asset-backed securities | 214,774 | 3,140 | 79,532 | 7,023 | 294,306 | 10,163 | |||||||||||||||||||
Commercial mortgage-backed securities | 106,146 | 1,295 | 26,181 | 5,443 | 132,327 | 6,738 | |||||||||||||||||||
U.S. government and agencies | 75,193 | 2,777 | 4,104 | 190 | 79,297 | 2,967 | |||||||||||||||||||
State and political subdivisions | 103,058 | 5,440 | 8,158 | 3,760 | 111,216 | 9,200 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 502,280 | 10,605 | 68,811 | 4,829 | 571,091 | 15,434 | |||||||||||||||||||
Total investment grade securities | 3,363,809 | 103,928 | 543,566 | 57,415 | 3,907,375 | 161,343 | |||||||||||||||||||
Non-investment grade securities: | |||||||||||||||||||||||||
Corporate securities | 191,113 | 3,886 | 43,178 | 2,721 | 234,291 | 6,607 | |||||||||||||||||||
Residential mortgage-backed securities | 26,209 | 197 | 1,776 | 50 | 27,985 | 247 | |||||||||||||||||||
Asset-backed securities | 1,694 | 10 | 8,483 | 1,625 | 10,177 | 1,635 | |||||||||||||||||||
Commercial mortgage-backed securities | — | — | 5,969 | 5,118 | 5,969 | 5,118 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 2,440 | 34 | — | — | 2,440 | 34 | |||||||||||||||||||
Total non-investment grade securities | 221,456 | 4,127 | 59,406 | 9,514 | 280,862 | 13,641 | |||||||||||||||||||
Total fixed maturity securities | $ | 3,585,265 | $ | 108,055 | $ | 602,972 | $ | 66,929 | $ | 4,188,237 | $ | 174,984 | |||||||||||||
Non-redeemable preferred stock | $ | 20,765 | $ | 2,660 | $ | 1 | $ | 2 | $ | 20,766 | $ | 2,662 | |||||||||||||
Other equity securities | — | — | 32,833 | 1,661 | 32,833 | 1,661 | |||||||||||||||||||
Total equity securities | $ | 20,765 | $ | 2,660 | $ | 32,834 | $ | 1,663 | $ | 53,599 | $ | 4,323 | |||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
December 31, 2013: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Investment grade securities: | |||||||||||||||||||||||||
Corporate securities | $ | 3,141,179 | $ | 148,895 | $ | 301,303 | $ | 40,548 | $ | 3,442,482 | $ | 189,443 | |||||||||||||
Canadian and Canadian provincial governments | 188,491 | 14,419 | 12,029 | 2,429 | 200,520 | 16,848 | |||||||||||||||||||
Residential mortgage-backed securities | 283,967 | 15,900 | 23,068 | 1,688 | 307,035 | 17,588 | |||||||||||||||||||
Asset-backed securities | 255,656 | 4,916 | 56,668 | 4,983 | 312,324 | 9,899 | |||||||||||||||||||
Commercial mortgage-backed securities | 219,110 | 3,725 | 20,068 | 5,745 | 239,178 | 9,470 | |||||||||||||||||||
U.S. government and agencies | 133,697 | 4,469 | 4,406 | 279 | 138,103 | 4,748 | |||||||||||||||||||
State and political subdivisions | 120,193 | 9,723 | 15,202 | 4,616 | 135,395 | 14,339 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 665,313 | 21,075 | 36,212 | 2,847 | 701,525 | 23,922 | |||||||||||||||||||
Total investment grade securities | 5,007,606 | 223,122 | 468,956 | 63,135 | 5,476,562 | 286,257 | |||||||||||||||||||
Non-investment grade securities: | |||||||||||||||||||||||||
Corporate securities | 283,603 | 9,451 | 38,256 | 3,892 | 321,859 | 13,343 | |||||||||||||||||||
Residential mortgage-backed securities | 62,146 | 1,075 | 3,945 | 254 | 66,091 | 1,329 | |||||||||||||||||||
Asset-backed securities | 28,670 | 415 | 32,392 | 5,498 | 61,062 | 5,913 | |||||||||||||||||||
Commercial mortgage-backed securities | 15,762 | 81 | 10,980 | 7,936 | 26,742 | 8,017 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 9,403 | 40 | — | — | 9,403 | 40 | |||||||||||||||||||
Total non-investment grade securities | 399,584 | 11,062 | 85,573 | 17,580 | 485,157 | 28,642 | |||||||||||||||||||
Total fixed maturity securities | $ | 5,407,190 | $ | 234,184 | $ | 554,529 | $ | 80,715 | $ | 5,961,719 | $ | 314,899 | |||||||||||||
Non-redeemable preferred stock | $ | 51,386 | $ | 5,479 | $ | 1 | $ | 2 | $ | 51,387 | $ | 5,481 | |||||||||||||
Other equity securities | 218,834 | 1,748 | 32,550 | 2,472 | 251,384 | 4,220 | |||||||||||||||||||
Total equity securities | $ | 270,220 | $ | 7,227 | $ | 32,551 | $ | 2,474 | $ | 302,771 | $ | 9,701 | |||||||||||||
As of March 31, 2014, the Company does not intend to sell these fixed maturity securities and does not believe it is more likely than not that it will be required to sell these fixed maturity securities before the recovery of the fair value up to the current amortized cost of the investment, which may be maturity. As of March 31, 2014, the Company has the ability and intent to hold the equity securities until the recovery of the fair value up to the current cost of the investment. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity and equity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality, asset-liability management and liquidity guidelines. | |||||||||||||||||||||||||
Unrealized losses on non-investment grade securities as of March 31, 2014 are primarily related to high-yield corporate securities and commercial mortgage-backed securities. Unrealized losses decreased across all security types as interest rates decreased during the first three months of 2014. | |||||||||||||||||||||||||
Investment Income, Net of Related Expenses | |||||||||||||||||||||||||
Major categories of investment income, net of related expenses, consist of the following (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Fixed maturity securities available-for-sale | $ | 243,962 | $ | 239,244 | |||||||||||||||||||||
Mortgage loans on real estate | 33,092 | 28,243 | |||||||||||||||||||||||
Policy loans | 13,438 | 17,910 | |||||||||||||||||||||||
Funds withheld at interest | 112,739 | 137,259 | |||||||||||||||||||||||
Short-term investments | 965 | 813 | |||||||||||||||||||||||
Other invested assets | 14,501 | 13,922 | |||||||||||||||||||||||
Investment income | 418,697 | 437,391 | |||||||||||||||||||||||
Investment expense | (14,322 | ) | (12,260 | ) | |||||||||||||||||||||
Investment income, net of related expenses | $ | 404,375 | $ | 425,131 | |||||||||||||||||||||
Investment Related Gains (Losses), Net | |||||||||||||||||||||||||
Investment related gains (losses), net consist of the following (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Fixed maturities and equity securities available for sale: | |||||||||||||||||||||||||
Other-than-temporary impairment losses on fixed maturities | $ | (303 | ) | $ | (202 | ) | |||||||||||||||||||
Portion of loss recognized in accumulated other comprehensive income (before taxes) | — | — | |||||||||||||||||||||||
Net other-than-temporary impairment losses on fixed maturity securities recognized in earnings | (303 | ) | (202 | ) | |||||||||||||||||||||
Impairment losses on equity securities | — | — | |||||||||||||||||||||||
Gain on investment activity | 8,067 | 21,680 | |||||||||||||||||||||||
Loss on investment activity | (6,583 | ) | (11,212 | ) | |||||||||||||||||||||
Other impairment losses and change in mortgage loan provision | 1,664 | (1,626 | ) | ||||||||||||||||||||||
Derivatives and other, net | 81,726 | 85,731 | |||||||||||||||||||||||
Total investment related gains (losses), net | $ | 84,571 | $ | 94,371 | |||||||||||||||||||||
During the three months ended March 31, 2014 and 2013, the Company sold fixed maturity and equity securities with fair values of $235.1 million and $204.3 million at losses of $6.6 million and $11.2 million, respectively. The Company generally does not engage in short-term buying and selling of securities. | |||||||||||||||||||||||||
Securities Borrowing and Other | |||||||||||||||||||||||||
The Company participates in a securities borrowing program whereby securities, which are not reflected on the Company’s condensed consolidated balance sheets, are borrowed from a third party. The Company is required to maintain a minimum of 100% of the fair value of the borrowed securities as collateral, which consists of rights to reinsurance treaty cash flows. The Company had borrowed securities with an amortized cost of $184.5 million and $93.0 million, and an estimated fair value of $183.4 million and $93.0 million, as of March 31, 2014 and December 31, 2013, respectively. The borrowed securities are used to provide collateral under an affiliated reinsurance transaction. | |||||||||||||||||||||||||
The Company also participates in a repurchase/reverse repurchase program in which securities, reflected as investments on the Company’s condensed consolidated balance sheets, are pledged to a third party. In return, the Company receives securities from the third party with an estimated fair value equal to a minimum of 100% of the securities pledged. The securities received are not reflected on the Company’s condensed consolidated balance sheets. As of March 31, 2014 the Company had pledged securities with an amortized cost of $300.5 million and an estimated fair value of $312.8 million, in return the Company received securities with an estimated fair value of $349.7 million. As of December 31, 2013 the Company had pledged securities with an amortized cost of $300.3 million and an estimated fair value of $310.8 million, in return the Company received securities with an estimated fair value of $344.2 million. | |||||||||||||||||||||||||
Mortgage Loans on Real Estate | |||||||||||||||||||||||||
Mortgage loans represented approximately 7.6% and 7.7% of the Company’s total investments as of March 31, 2014 and December 31, 2013. The Company makes mortgage loans on income producing properties, such as apartments, retail and office buildings, light warehouses and light industrial facilities. Loan-to-value ratios at the time of loan approval are 75% or less. The distribution of mortgage loans, gross of valuation allowances, by property type is as follows as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Recorded | % of Total | Recorded | % of Total | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Apartment | $ | 346,918 | 13.7 | % | $ | 289,394 | 11.6 | % | |||||||||||||||||
Retail | 720,921 | 28.4 | 748,731 | 30 | |||||||||||||||||||||
Office building | 917,985 | 36.2 | 917,284 | 36.7 | |||||||||||||||||||||
Industrial | 412,322 | 16.3 | 439,890 | 17.6 | |||||||||||||||||||||
Other commercial | 136,548 | 5.4 | 101,487 | 4.1 | |||||||||||||||||||||
Total | $ | 2,534,694 | 100 | % | $ | 2,496,786 | 100 | % | |||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company’s mortgage loans, gross of valuation allowances, were distributed throughout the United States as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Recorded | % of Total | Recorded | % of Total | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Pacific | $ | 678,578 | 26.8 | % | $ | 671,822 | 26.9 | % | |||||||||||||||||
South Atlantic | 521,853 | 20.6 | 543,658 | 21.8 | |||||||||||||||||||||
Mountain | 374,874 | 14.8 | 334,446 | 13.4 | |||||||||||||||||||||
Middle Atlantic | 251,235 | 10 | 266,802 | 10.7 | |||||||||||||||||||||
West North Central | 160,561 | 6.3 | 138,442 | 5.5 | |||||||||||||||||||||
East North Central | 243,936 | 9.6 | 236,766 | 9.5 | |||||||||||||||||||||
West South Central | 167,894 | 6.6 | 168,246 | 6.7 | |||||||||||||||||||||
East South Central | 59,384 | 2.3 | 59,625 | 2.4 | |||||||||||||||||||||
New England | 76,379 | 3 | 76,979 | 3.1 | |||||||||||||||||||||
Total | $ | 2,534,694 | 100 | % | $ | 2,496,786 | 100 | % | |||||||||||||||||
The maturities of the mortgage loans, gross of valuation allowances, as of March 31, 2014 and December 31, 2013 are as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Recorded | % of Total | Recorded | % of Total | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Due within five years | $ | 968,162 | 38.2 | % | $ | 987,109 | 39.5 | % | |||||||||||||||||
Due after five years through ten years | 998,196 | 39.4 | 984,289 | 39.4 | |||||||||||||||||||||
Due after ten years | 568,336 | 22.4 | 525,388 | 21.1 | |||||||||||||||||||||
Total | $ | 2,534,694 | 100 | % | $ | 2,496,786 | 100 | % | |||||||||||||||||
Information regarding the Company’s credit quality indicators, as determined by the Company's internal evaluation methodology for its recorded investment in mortgage loans, gross of valuation allowances, as of March 31, 2014 and December 31, 2013 is as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Internal credit quality grade: | Recorded | % of Total | Recorded | % of Total | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
High investment grade | $ | 1,266,653 | 50 | % | $ | 1,437,244 | 57.5 | % | |||||||||||||||||
Investment grade | 1,023,250 | 40.4 | 827,993 | 33.2 | |||||||||||||||||||||
Average | 183,250 | 7.2 | 155,914 | 6.2 | |||||||||||||||||||||
Watch list | 32,936 | 1.3 | 49,404 | 2 | |||||||||||||||||||||
In or near default | 28,605 | 1.1 | 26,231 | 1.1 | |||||||||||||||||||||
Total | $ | 2,534,694 | 100 | % | $ | 2,496,786 | 100 | % | |||||||||||||||||
The age analysis of the Company’s past due recorded investment in mortgage loans, gross of valuation allowances, as of March 31, 2014 and December 31, 2013 is as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
$ | — | $ | — | ||||||||||||||||||||||
31-60 days past due | |||||||||||||||||||||||||
— | — | ||||||||||||||||||||||||
61-90 days past due | |||||||||||||||||||||||||
7,087 | — | ||||||||||||||||||||||||
Greater than 90 days | |||||||||||||||||||||||||
7,087 | — | ||||||||||||||||||||||||
Total past due | |||||||||||||||||||||||||
2,527,607 | 2,496,786 | ||||||||||||||||||||||||
Current | |||||||||||||||||||||||||
$ | 2,534,694 | $ | 2,496,786 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||
The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||
Individually measured for impairment | $ | 32,344 | $ | 37,841 | |||||||||||||||||||||
Collectively measured for impairment | 2,502,350 | 2,458,945 | |||||||||||||||||||||||
Mortgage loans, gross of valuation allowances | 2,534,694 | 2,496,786 | |||||||||||||||||||||||
Valuation allowances: | |||||||||||||||||||||||||
Individually measured for impairment | 1,677 | 3,211 | |||||||||||||||||||||||
Collectively measured for impairment | 6,789 | 6,895 | |||||||||||||||||||||||
Total valuation allowances | 8,466 | 10,106 | |||||||||||||||||||||||
$ | 2,526,228 | $ | 2,486,680 | ||||||||||||||||||||||
Mortgage loans, net of valuation allowances | |||||||||||||||||||||||||
Information regarding the Company’s loan valuation allowances for mortgage loans for the three months ended March 31, 2014 and 2013 is as follows (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 10,106 | $ | 11,580 | |||||||||||||||||||||
Recoveries | 24 | — | |||||||||||||||||||||||
Charge-offs | — | (852 | ) | ||||||||||||||||||||||
Provision (release) | (1,664 | ) | (804 | ) | |||||||||||||||||||||
Balance, end of period | $ | 8,466 | $ | 9,924 | |||||||||||||||||||||
Information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2014 and December 31, 2013 is as follows (dollars in thousands): | |||||||||||||||||||||||||
Unpaid | Recorded | Related | Carrying | ||||||||||||||||||||||
Principal | Investment | Allowance | Value | ||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 20,610 | $ | 20,007 | $ | — | $ | 20,007 | |||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | 12,308 | 12,337 | 1,677 | 10,660 | |||||||||||||||||||||
Total impaired mortgage loans | $ | 32,918 | $ | 32,344 | $ | 1,677 | $ | 30,667 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 21,698 | $ | 21,100 | $ | — | $ | 21,100 | |||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | 16,772 | 16,741 | 3,211 | 13,530 | |||||||||||||||||||||
Total impaired mortgage loans | $ | 38,470 | $ | 37,841 | $ | 3,211 | $ | 34,630 | |||||||||||||||||
The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Investment(1) | Income | Investment(1) | Income | ||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 14,539 | $ | 318 | $ | 13,378 | $ | 135 | |||||||||||||||||
20,554 | 193 | 27,184 | 240 | ||||||||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | |||||||||||||||||||||||||
Total | $ | 35,093 | $ | 511 | $ | 40,562 | $ | 375 | |||||||||||||||||
(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances. | |||||||||||||||||||||||||
The Company did not acquire any impaired mortgage loans during the three months ended March 31, 2014 and 2013. The Company had $7.1 million of mortgage loans, gross of valuation allowances, that were on nonaccrual status at March 31, 2014. The Company had no mortgage loans that were on a nonaccrual status at December 31, 2013. | |||||||||||||||||||||||||
Policy Loans | |||||||||||||||||||||||||
Policy loans comprised approximately 3.9% and 3.8% of the Company’s total investments as of both March 31, 2014 and December 31, 2013, substantially all of which are associated with one client. These policy loans present no credit risk because the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. As policy loans represent premature distributions of policy liabilities, they have the effect of reducing future disintermediation risk. In addition, the Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities. | |||||||||||||||||||||||||
Funds Withheld at Interest | |||||||||||||||||||||||||
Funds withheld at interest comprised approximately 17.5% and 17.8% of the Company’s total investments as of March 31, 2014 and December 31, 2013, respectively. Of the $5.8 billion funds withheld at interest balance, net of embedded derivatives, as of March 31, 2014, $4.1 billion of the balance is associated with one client. For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest on the Company’s condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances with amounts owed to the Company from the ceding company. The Company is subject to the investment performance on the withheld assets, although it does not directly control them. These assets are primarily fixed maturity investment securities and pose risks similar to the fixed maturity securities the Company owns. To mitigate this risk, the Company helps set the investment guidelines followed by the ceding company and monitors compliance. | |||||||||||||||||||||||||
Other Invested Assets | |||||||||||||||||||||||||
Other invested assets include equity securities, limited partnership interests, real estate joint ventures, structured loans, derivative contracts, fair value option ("FVO") contractholder-directed unit-linked investments, Federal Home Loan Bank of Des Moines ("FHLB") common stock (included in other), and real estate held-for-investment (included in other). The fair value option was elected for contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation and reporting as separate accounts. Other invested assets represented approximately 3.7% and 4.1% of the Company’s total investments as of both March 31, 2014 and December 31, 2013. Carrying values of these assets as of March 31, 2014 and December 31, 2013 are as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Equity securities | $ | 282,015 | $ | 405,731 | |||||||||||||||||||||
Limited partnerships and real estate joint ventures | 403,874 | 411,456 | |||||||||||||||||||||||
Structured loans | 209,590 | 223,549 | |||||||||||||||||||||||
Derivatives | 121,173 | 75,227 | |||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 147,342 | 138,892 | |||||||||||||||||||||||
Other | 70,785 | 70,105 | |||||||||||||||||||||||
Total other invested assets | $ | 1,234,779 | $ | 1,324,960 | |||||||||||||||||||||
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||||
Derivatives, except embedded derivatives, are carried on the Company’s condensed consolidated balance sheets in other invested assets or other liabilities, at fair value. Embedded derivative liabilities on modified coinsurance or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Notional | Carrying Value/Fair Value | Notional | Carrying Value/Fair Value | ||||||||||||||||||||||
Amount | Assets | Liabilities | Amount | Assets | Liabilities | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swaps | $ | 1,330,276 | $ | 46,649 | $ | 10,978 | $ | 1,592,943 | $ | 32,555 | $ | 21,873 | |||||||||||||
Interest rate options | 240,000 | 3,836 | — | 240,000 | 2,554 | — | |||||||||||||||||||
Financial futures | 143,629 | — | — | 123,780 | — | — | |||||||||||||||||||
Foreign currency forwards | 68,885 | — | 10,067 | 79,618 | — | 12,772 | |||||||||||||||||||
Consumer price index swaps | 62,254 | 13 | 83 | 59,922 | — | 309 | |||||||||||||||||||
Credit default swaps | 663,700 | 8,639 | 1,425 | 682,700 | 10,438 | 2,156 | |||||||||||||||||||
Equity options | 821,432 | 30,866 | — | 757,352 | 33,902 | — | |||||||||||||||||||
Synthetic guaranteed investment contracts | 4,993,100 | — | — | 4,629,859 | — | — | |||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | — | — | 99,029 | — | — | 176,270 | |||||||||||||||||||
Indexed annuity products | — | — | 858,270 | — | — | 838,670 | |||||||||||||||||||
Variable annuity products | — | — | 53,717 | — | — | 30,055 | |||||||||||||||||||
Total non-hedging derivatives | 8,323,276 | 90,003 | 1,033,569 | 8,166,174 | 79,449 | 1,082,105 | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swaps | 51,043 | — | 4,055 | 49,131 | — | 4,606 | |||||||||||||||||||
Foreign currency swaps | 682,206 | 44,213 | — | 728,674 | 21,903 | 620 | |||||||||||||||||||
Total hedging derivatives | 733,249 | 44,213 | 4,055 | 777,805 | 21,903 | 5,226 | |||||||||||||||||||
Total derivatives | $ | 9,056,525 | $ | 134,216 | $ | 1,037,624 | $ | 8,943,979 | $ | 101,352 | $ | 1,087,331 | |||||||||||||
Netting Arrangements | |||||||||||||||||||||||||
Certain of the Company’s derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements. | |||||||||||||||||||||||||
The Company has elected to include all derivatives, except embedded derivatives, in the tables below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 4 – "Investments" for information regarding the Company’s securities borrowing and repurchase/reverse repurchase programs. See “Embedded Derivatives” below for information regarding the Company’s bifurcated embedded derivatives. | |||||||||||||||||||||||||
The following table provides information relating to the Company’s derivative instruments as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the Balance Sheet | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Recognized | Offset in the | Presented in the | Instruments | Pledged/ | |||||||||||||||||||||
Balance Sheet | Balance Sheet | Received | |||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||
Derivative assets | $ | 134,216 | $ | (13,043 | ) | $ | 121,173 | $ | (20,985 | ) | $ | (84,252 | ) | $ | 15,936 | ||||||||||
Derivative liabilities | 26,608 | (13,043 | ) | 13,565 | (17,423 | ) | (8,450 | ) | (12,308 | ) | |||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Derivative assets | $ | 101,352 | $ | (26,125 | ) | $ | 75,227 | $ | (11,095 | ) | $ | (51,006 | ) | $ | 13,126 | ||||||||||
Derivative liabilities | 42,336 | (26,125 | ) | 16,211 | (18,081 | ) | (8,033 | ) | (9,903 | ) | |||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||
The Company does not enter into derivative instruments for speculative purposes. As discussed below under “Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging,” the Company uses various derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. As of March 31, 2014 and December 31, 2013, the Company held interest rate swaps that were designated and qualified as cash flow hedges of interest rate risk, held foreign currency swaps that were designated and qualified as hedges of a portion of its net investment in its foreign operations and had derivative instruments that were not designated as hedging instruments. See Note 2 – “Summary of Significant Accounting Policies” of the Company’s 2013 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. Derivative instruments are carried at fair value and generally require an insignificant amount of cash at inception of the contracts. | |||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
The Company designates and accounts for certain interest rate swaps, in which the cash flows are denominated in different currencies, commonly referred to as cross-currency swaps, as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. | |||||||||||||||||||||||||
The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), balance beginning of period | $ | (4,578 | ) | $ | 403 | ||||||||||||||||||||
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | 776 | 1,863 | |||||||||||||||||||||||
Amounts reclassified to investment income | (218 | ) | (305 | ) | |||||||||||||||||||||
Accumulated other comprehensive income (loss), balance end of period | $ | (4,020 | ) | $ | 1,961 | ||||||||||||||||||||
As of March 31, 2014, the before-tax deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $0.6 million. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to investment income over the term of the investment cash flows. There were no hedged forecasted transactions, other than the receipt or payment of variable interest payments on existing financial instruments, for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
The following table presents the effects of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and AOCI for the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
Derivatives in Cash Flow | Amount of Gains | Amount and Location of Gains (Losses) | Amount and Location of Gains (Losses) | ||||||||||||||||||||||
Hedging Relationships | (Losses) Deferred in | Reclassified from AOCI into Income (Loss) | Recognized in Income (Loss) on Derivatives | ||||||||||||||||||||||
AOCI on Derivatives | |||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion and Amounts Excluded | |||||||||||||||||||||||
from Effectiveness Testing) | |||||||||||||||||||||||||
Investment Related | Investment Income | Investment Related | Investment Income | ||||||||||||||||||||||
Gains (Losses) | Gains (Losses) | ||||||||||||||||||||||||
For the three months ended March 31, 2014: | |||||||||||||||||||||||||
Interest rate swaps | $ | 776 | $ | — | $ | 218 | $ | (6 | ) | $ | — | ||||||||||||||
For the three months ended March 31, 2013: | |||||||||||||||||||||||||
Interest rate swaps | $ | 1,863 | $ | — | $ | 305 | $ | (17 | ) | $ | — | ||||||||||||||
Hedges of Net Investments in Foreign Operations | |||||||||||||||||||||||||
The Company uses foreign currency swaps to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
Derivative Gains (Losses) Deferred in AOCI | |||||||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||||||
Type of NIFO Hedge (1) (2) | 2014 | 2013 | |||||||||||||||||||||||
Foreign currency swaps | $ | 23,080 | $ | 10,922 | |||||||||||||||||||||
-1 | There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented. | ||||||||||||||||||||||||
-2 | There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. | ||||||||||||||||||||||||
The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $47.0 million and $23.9 million at March 31, 2014 and December 31, 2013, respectively. If a foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a foreign operation. | |||||||||||||||||||||||||
Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging | |||||||||||||||||||||||||
The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), in the condensed consolidated statements of income, except where otherwise noted. The Company recognized investment related gains (losses) of $19.8 million and $(60.4) million for the three months ended March 31, 2014 and 2013, respectively, related to derivatives (not including embedded derivatives) that do not qualify or have not been qualified for hedge accounting. | |||||||||||||||||||||||||
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s income statement for the three months ended March 31, 2014 and 2013 is as follows (dollars in thousands): | |||||||||||||||||||||||||
Gain (Loss) for the three months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
Type of Non-hedging Derivative | Income Statement Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||
Interest rate swaps | Investment related gains (losses), net | $ | 29,653 | $ | (22,265 | ) | |||||||||||||||||||
Interest rate options | Investment related gains (losses), net | 1,282 | 1,982 | ||||||||||||||||||||||
Financial futures | Investment related gains (losses), net | (1,584 | ) | (6,881 | ) | ||||||||||||||||||||
Foreign currency forwards | Investment related gains (losses), net | 1,154 | (5,659 | ) | |||||||||||||||||||||
CPI swaps | Investment related gains (losses), net | 352 | (871 | ) | |||||||||||||||||||||
Credit default swaps | Investment related gains (losses), net | (2,114 | ) | 3,904 | |||||||||||||||||||||
Equity options | Investment related gains (losses), net | (8,966 | ) | (30,623 | ) | ||||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | Investment related gains (losses), net | 77,241 | 90,257 | ||||||||||||||||||||||
Indexed annuity products | Interest credited | (23,840 | ) | (32,996 | ) | ||||||||||||||||||||
Variable annuity products | Investment related gains (losses), net | (23,661 | ) | 51,314 | |||||||||||||||||||||
Total non-hedging derivatives | $ | 49,517 | $ | 48,162 | |||||||||||||||||||||
Types of Derivatives Used by the Company | |||||||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||||||
Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). With an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between two rates, which can be either fixed-rate or floating-rate interest amounts, tied to an agreed-upon notional principal amount. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments at each due date. | |||||||||||||||||||||||||
Interest Rate Options | |||||||||||||||||||||||||
Interest rate options, commonly referred to as swaptions, are used by the Company primarily to hedge living benefit guarantees embedded in certain variable annuity products. A swaption, used to hedge against adverse changes in interest rates, is an option to enter into a swap with a forward starting effective date. The Company pays an upfront premium for the right to exercise this option in the future. | |||||||||||||||||||||||||
Financial Futures | |||||||||||||||||||||||||
Exchange-traded futures are used primarily to economically hedge liabilities embedded in certain variable annuity products. With exchange-traded futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the relevant indices, and to post variation margin on a daily basis in an amount equal to the difference between the daily estimated fair values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. | |||||||||||||||||||||||||
Equity Options | |||||||||||||||||||||||||
Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products. To hedge against adverse changes in equity indices volatility, the Company buys put options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price. | |||||||||||||||||||||||||
Consumer Price Index Swaps | |||||||||||||||||||||||||
Consumer price index (“CPI”) swaps are used by the Company primarily to economically hedge liabilities embedded in certain insurance products where value is directly affected by changes in a designated benchmark consumer price index. With a CPI swap transaction, the Company agrees with another party to exchange the actual amount of inflation realized over a specified period of time for a fixed amount of inflation determined at inception. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments to be made by the counterparty at each due date. Most of these swaps will require a single payment to be made by one counterparty at the maturity date of the swap. | |||||||||||||||||||||||||
Foreign Currency Swaps | |||||||||||||||||||||||||
Foreign currency swaps are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon principal amount. The principal amount of each currency is exchanged at the termination of the currency swap by each party. The Company uses foreign currency swaps to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. | |||||||||||||||||||||||||
Foreign Currency Forwards | |||||||||||||||||||||||||
Foreign currency forwards are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a different currency at the specified future date. | |||||||||||||||||||||||||
Credit Default Swaps | |||||||||||||||||||||||||
The Company sells protection under single name credit default swaps and credit default swap index tranches to diversify its credit risk exposure in certain portfolios and, in combination with purchasing securities, to replicate characteristics of similar investments based on the credit quality and term of the credit default swap. Credit default triggers for indexed reference entities and single name reference entities are defined in the contracts. The Company’s maximum exposure to credit loss equals the notional value for credit default swaps. In the event of default of a referencing entity, the Company is typically required to pay the protection holder the full notional value less a recovery amount determined at auction. | |||||||||||||||||||||||||
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Rating Agency Designation of Referenced Credit Obligations(1) | Estimated Fair | Maximum | Weighted | Estimated Fair | Maximum | Weighted | |||||||||||||||||||
Value of Credit | Amount of Future | Average | Value of Credit | Amount of Future | Average | ||||||||||||||||||||
Default Swaps | Payments under | Years to | Default Swaps | Payments under | Years to | ||||||||||||||||||||
Credit Default | Maturity(3) | Credit Default | Maturity(3) | ||||||||||||||||||||||
Swaps(2) | Swaps(2) | ||||||||||||||||||||||||
AAA/AA-/A+/A/A- | |||||||||||||||||||||||||
Single name credit default swaps | $ | 1,059 | $ | 112,500 | 5 | $ | 614 | $ | 117,500 | 5.1 | |||||||||||||||
Credit default swaps referencing indices | — | — | — | — | — | — | |||||||||||||||||||
Subtotal | 1,059 | 112,500 | 5 | 614 | 117,500 | 5.1 | |||||||||||||||||||
BBB+/BBB/BBB- | |||||||||||||||||||||||||
Single name credit default swaps | 608 | 127,200 | 5 | 656 | 142,200 | 4.9 | |||||||||||||||||||
Credit default swaps referencing indices | 6,291 | 406,000 | 5.2 | 7,295 | 405,000 | 5 | |||||||||||||||||||
Subtotal | 6,899 | 533,200 | 5.2 | 7,951 | 547,200 | 5 | |||||||||||||||||||
Total | $ | 7,958 | $ | 645,700 | 5.1 | $ | 8,565 | $ | 664,700 | 4.4 | |||||||||||||||
-1 | The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). | ||||||||||||||||||||||||
-2 | Assumes the value of the referenced credit obligations is zero. | ||||||||||||||||||||||||
-3 | The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. | ||||||||||||||||||||||||
The Company also purchases credit default swaps to reduce its risk against a drop in bond prices due to credit concerns of certain bond issuers. If a credit event, as defined by the contract, occurs, the Company is able to put the bond back to the counterparty at par. | |||||||||||||||||||||||||
Synthetic Guaranteed Investment Contracts | |||||||||||||||||||||||||
The Company sells fee-based synthetic guaranteed investment contracts which include investment-only, stable value contracts, to retirement plans. The assets are owned by the trustees of such plans, who invest the assets under the terms of investment guidelines agreed to with the Company. The contracts contain a guarantee of a minimum rate of return on participant balances supported by the underlying assets, and a guarantee of liquidity to meet certain participant-initiated plan cash flow requirements. These contracts are reported as derivatives, recorded at fair value and classified as interest rate derivatives. | |||||||||||||||||||||||||
Embedded Derivatives | |||||||||||||||||||||||||
The Company has certain embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance treaties structured on a modified coinsurance (“modco”) or funds withheld basis. Changes in fair values of embedded derivatives on modco or funds withheld treaties are net of a decrease in investment related gains (losses), net of $0.9 million and $1.7 million for the three months ended March 31, 2014 and 2013, respectively, associated with the Company’s own credit risk. Changes in fair values of embedded derivatives on variable annuity contracts are net of a decrease in investment related gains (losses), net of $0.5 million and $11.9 million for the three months ended March 31, 2014 and 2013, respectively, associated with the Company’s own credit risk. Additionally, the Company reinsures equity-indexed annuity and variable annuity contracts with benefits that are considered embedded derivatives, including guaranteed minimum withdrawal benefits, guaranteed minimum accumulation benefits, and guaranteed minimum income benefits. The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three months ended March 31, 2014 and 2013 are reflected in the following table (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Embedded derivatives in modco or funds withheld arrangements included in investment related gains | $ | 77,241 | $ | 90,257 | |||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | 18,079 | 21,624 | |||||||||||||||||||||||
Embedded derivatives in variable annuity contracts included in investment related gains | (23,661 | ) | 51,314 | ||||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (13,669 | ) | 12,192 | ||||||||||||||||||||||
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses | (23,840 | ) | (32,996 | ) | |||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (18,375 | ) | (29,550 | ) | |||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||
The Company manages its credit risk related to over-the-counter ("OTC") derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. | |||||||||||||||||||||||||
The credit exposure of the Company's OTC derivative transactions is represented by the contracts with a positive fair value (market value) at the reporting date. To reduce credit exposures, the Company seeks to (i) enter into OTC derivative transactions pursuant to master netting agreements that provide for a netting of payments and receipts with a single counterparty, and (ii) enter into agreements that allow the use of credit support annexes, which are bilateral rating-sensitive agreements that require collateral postings at established threshold levels. Certain of the Company's OTC derivatives are cleared derivatives, which are bilateral transactions between the Company and a counterparty where the transactions are cleared through a clearinghouse, such that each derivative counterparty is only exposed to the default of the clearinghouse. These cleared transactions require initial and daily variation margin collateral postings and include certain interest rate swaps and credit default swaps entered into on or after June 10, 2013, related to new guidelines implemented under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Also, the Company enters into exchange-traded futures through regulated exchanges and these transactions are settled on a daily basis, thereby reducing credit risk exposure in the event of non-performance by counterparties to such financial instruments. | |||||||||||||||||||||||||
The Company enters into various collateral arrangements, which require both the posting and accepting of collateral in connection with its derivative instruments. Collateral agreements contain attachment thresholds that may vary depending on the posting party’s ratings. Additionally, a decline in the Company’s or the counterparty’s credit ratings to specified levels could result in potential settlement of the derivative positions under the Company’s agreements with its counterparties. The Company also has exchange-traded futures, which require the maintenance of a margin account. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties. | |||||||||||||||||||||||||
The Company’s credit exposure related to derivative contracts is generally limited to the fair value at the reporting date plus or minus any collateral posted or held by the Company. Information regarding the Company’s credit exposure related to its over-the-counter derivative contracts and margin account for exchange-traded futures at March 31, 2014 and December 31, 2013 are reflected in the following table (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Estimated fair value of derivatives in net asset position | $ | 107,608 | $ | 59,016 | |||||||||||||||||||||
Cash provided as collateral(1) | 8,450 | 8,033 | |||||||||||||||||||||||
Securities pledged to counterparties as collateral(2) | 17,423 | 18,081 | |||||||||||||||||||||||
Cash pledged from counterparties as collateral(3) | (84,252 | ) | (51,006 | ) | |||||||||||||||||||||
Securities pledged from counterparties as collateral(4) | (20,985 | ) | (11,095 | ) | |||||||||||||||||||||
Initial margin for cleared derivatives | (12,927 | ) | (13,350 | ) | |||||||||||||||||||||
Net credit exposure | $ | 15,317 | $ | 9,679 | |||||||||||||||||||||
Margin account related to exchange-traded futures(5) | $ | 3,904 | $ | 2,566 | |||||||||||||||||||||
-1 | Consists of receivable from counterparty, included in other assets. | ||||||||||||||||||||||||
-2 | Included in other invested assets, primarily consists of U.S. Treasury securities. | ||||||||||||||||||||||||
-3 | Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. | ||||||||||||||||||||||||
-4 | Consists of U.S. Treasury securities. | ||||||||||||||||||||||||
-5 | Included in cash and cash equivalents. |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||||||||||
Fair Value of Assets and Liabilities | |||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||
General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||||||
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined as having the following characteristics for the measured asset/liability: (i) many transactions, (ii) current prices, (iii) price quotes not varying substantially among market makers, (iv) narrow bid/ask spreads and (v) most information publicly available. The Company’s Level 1 assets include investment securities that are traded in exchange markets. | |||||||||||||||||||||||||
Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions with significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Such observable inputs include benchmarking prices for similar assets in active, liquid markets, quoted prices in markets that are not active and observable yields and spreads in the market. The Company’s Level 2 assets and liabilities include investment securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose values are determined using market standard valuation techniques. This category primarily includes corporate securities, Canadian and Canadian provincial government securities, and residential and commercial mortgage-backed securities, among others. Level 2 valuations are generally obtained from third party pricing services for identical or comparable assets or liabilities or through the use of valuation methodologies using observable market inputs. Prices from servicers are validated through analytical reviews and assessment of current market activity. | |||||||||||||||||||||||||
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using market standard valuation techniques described above. When observable inputs are not available, the market standard techniques for determining the estimated fair value of certain securities that trade infrequently, and therefore have little transparency, rely on inputs that are significant to the estimated fair value and that are not observable in the market or cannot be derived principally from or corroborated by observable market data. These unobservable inputs can be based in large part on management judgment or estimation and cannot be supported by reference to market activity. Even though unobservable, management believes these inputs are based on assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing similar assets and liabilities. For the Company’s invested assets, this category generally includes corporate securities (primarily private placements and bank loans), asset-backed securities (including collateralized debt obligations and those with exposure to subprime mortgages), and to a lesser extent, certain residential and commercial mortgage-backed securities, among others. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques. Non-binding broker quotes, which are utilized when pricing service information is not available, are reviewed for reasonableness based on the Company’s understanding of the market, and are generally considered Level 3. Under certain circumstances, based on its observations of transactions in active markets, the Company may conclude the prices received from independent third party pricing services or brokers are not reasonable or reflective of market activity. In those instances, the Company would apply internally developed valuation techniques to the related assets or liabilities. Additionally, the Company’s embedded derivatives, all of which are associated with reinsurance treaties, are classified in Level 3 since their values include significant unobservable inputs. | |||||||||||||||||||||||||
When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains and losses for such assets and liabilities categorized within Level 3 may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). | |||||||||||||||||||||||||
Assets and Liabilities by Hierarchy Level | |||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 are summarized below (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2014: | Fair Value Measurements Using: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fixed maturity securities – available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 12,518,300 | $ | 71,152 | $ | 11,155,447 | $ | 1,291,701 | |||||||||||||||||
Canadian and Canadian provincial governments | 3,450,164 | — | 3,450,164 | — | |||||||||||||||||||||
Residential mortgage-backed securities | 1,001,871 | — | 823,944 | 177,927 | |||||||||||||||||||||
Asset-backed securities | 944,579 | — | 441,904 | 502,675 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,450,503 | — | 1,360,130 | 90,373 | |||||||||||||||||||||
U.S. government and agencies securities | 462,262 | 360,017 | 64,214 | 38,031 | |||||||||||||||||||||
State and political subdivision securities | 390,632 | — | 346,799 | 43,833 | |||||||||||||||||||||
Other foreign government supranational and foreign government-sponsored enterprises | 1,938,871 | 298,309 | 1,629,405 | 11,157 | |||||||||||||||||||||
Total fixed maturity securities – available-for-sale | 22,157,182 | 729,478 | 19,272,007 | 2,155,697 | |||||||||||||||||||||
Funds withheld at interest – embedded derivatives | (99,029 | ) | — | — | (99,029 | ) | |||||||||||||||||||
Cash equivalents | 532,957 | 532,957 | — | — | |||||||||||||||||||||
Short-term investments | 85,292 | 78,710 | 6,582 | — | |||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||
Non-redeemable preferred stock | 88,767 | 87,382 | 1,385 | — | |||||||||||||||||||||
Other equity securities | 193,248 | 193,248 | — | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 34,911 | — | 34,911 | — | |||||||||||||||||||||
Financial futures | 3,836 | — | 3,836 | — | |||||||||||||||||||||
Foreign currency forwards | — | — | — | — | |||||||||||||||||||||
CPI swaps | (70 | ) | — | (70 | ) | — | |||||||||||||||||||
Credit default swaps | 7,421 | — | 7,421 | — | |||||||||||||||||||||
Equity options | 30,862 | — | 30,862 | — | |||||||||||||||||||||
Foreign currency swaps | 44,213 | — | 44,213 | — | |||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 147,342 | 140,659 | 6,683 | — | |||||||||||||||||||||
Collateral | — | — | — | — | |||||||||||||||||||||
Other | 7,193 | 7,193 | — | — | |||||||||||||||||||||
Total other invested assets | 557,723 | 428,482 | 129,241 | — | |||||||||||||||||||||
Total | $ | 23,234,125 | $ | 1,769,627 | $ | 19,407,830 | $ | 2,056,668 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives | $ | 911,987 | $ | — | $ | — | $ | 911,987 | |||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 3,295 | — | 3,295 | — | |||||||||||||||||||||
Foreign currency forwards | 10,067 | — | 10,067 | — | |||||||||||||||||||||
Credit default swaps | 207 | — | 207 | — | |||||||||||||||||||||
Equity options | (4 | ) | — | (4 | ) | — | |||||||||||||||||||
Foreign currency swaps | — | — | — | — | |||||||||||||||||||||
Total | $ | 925,552 | $ | — | $ | 13,565 | $ | 911,987 | |||||||||||||||||
December 31, 2013: | Fair Value Measurements Using: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fixed maturity securities – available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 12,110,755 | $ | 68,934 | $ | 10,696,532 | $ | 1,345,289 | |||||||||||||||||
Canadian and Canadian provincial governments | 3,381,025 | — | 3,381,025 | — | |||||||||||||||||||||
Residential mortgage-backed securities | 989,643 | — | 836,138 | 153,505 | |||||||||||||||||||||
Asset-backed securities | 894,832 | — | 422,984 | 471,848 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,388,946 | — | 1,287,161 | 101,785 | |||||||||||||||||||||
U.S. government and agencies securities | 501,351 | 396,092 | 64,340 | 40,919 | |||||||||||||||||||||
State and political subdivision securities | 320,820 | — | 277,044 | 43,776 | |||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 1,886,764 | 304,487 | 1,544,280 | 37,997 | |||||||||||||||||||||
Total fixed maturity securities – available-for-sale | 21,474,136 | 769,513 | 18,509,504 | 2,195,119 | |||||||||||||||||||||
Funds withheld at interest – embedded derivatives | (176,270 | ) | — | — | (176,270 | ) | |||||||||||||||||||
Cash equivalents | 371,345 | 371,345 | — | — | |||||||||||||||||||||
Short-term investments | 111,572 | 105,649 | 5,923 | — | |||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||
Non-redeemable preferred stock | 81,854 | 74,220 | 2,672 | 4,962 | |||||||||||||||||||||
Other equity securities | 323,877 | 323,877 | — | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 9,904 | — | 9,904 | — | |||||||||||||||||||||
Foreign currency forwards | 2,554 | — | 2,554 | — | |||||||||||||||||||||
CPI swaps | (309 | ) | — | (309 | ) | — | |||||||||||||||||||
Credit default swaps | 7,926 | — | 7,926 | — | |||||||||||||||||||||
Equity options | 33,869 | — | 33,869 | — | |||||||||||||||||||||
Collateral | 21,283 | — | 21,283 | — | |||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 138,892 | 132,643 | 6,249 | — | |||||||||||||||||||||
Other | 9,142 | 9,142 | — | — | |||||||||||||||||||||
Total other invested assets | 628,992 | 539,882 | 84,148 | 4,962 | |||||||||||||||||||||
Total | $ | 22,409,775 | $ | 1,786,389 | $ | 18,599,575 | $ | 2,023,811 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives | $ | 868,725 | $ | — | $ | — | $ | 868,725 | |||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 3,828 | — | 3,828 | — | |||||||||||||||||||||
Foreign currency forwards | 12,772 | — | 12,772 | — | |||||||||||||||||||||
Credit default swaps | (356 | ) | — | (356 | ) | — | |||||||||||||||||||
Foreign currency swaps | (33 | ) | — | (33 | ) | — | |||||||||||||||||||
Total | $ | 884,936 | $ | — | $ | 16,211 | $ | 868,725 | |||||||||||||||||
The Company may utilize information from third parties, such as pricing services and brokers, to assist in determining the fair value for certain assets and liabilities; however, management is ultimately responsible for all fair values presented in the Company’s condensed consolidated financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of financial instruments, and approving changes to valuation methodologies and pricing sources. The selection of the valuation technique(s) to apply considers the definition of an exit price and the nature of the asset or liability being valued and significant expertise and judgment is required. | |||||||||||||||||||||||||
The Company performs initial and ongoing analysis and review of the various techniques utilized in determining fair value to ensure that the valuation approaches utilized are appropriate and consistently applied, and that the various assumptions are reasonable. The Company also performs ongoing analysis and review of the information and prices received from third parties to ensure that the prices represent a reasonable estimate of the fair value and to monitor controls around pricing, which includes quantitative and qualitative analysis and is overseen by the Company’s investment and accounting personnel. Examples of procedures performed include, but are not limited to, review of pricing trends, comparison of a sample of executed prices of securities sold to the fair value estimates, comparison of fair value estimates to management’s knowledge of the current market, and ongoing confirmation that third party pricing services use, wherever possible, market-based parameters for valuation. In addition, the Company utilizes both internal and external cash flow models to analyze the reasonableness of fair values utilizing credit spread and other market assumptions, where appropriate. As a result of the analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly. The Company also determines if the inputs used in estimated fair values received from pricing services are observable by assessing whether these inputs can be corroborated by observable market data. | |||||||||||||||||||||||||
The fair value of embedded derivative liabilities, including those calculated by third parties, are monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatilities, from period to period. Actuarial assumptions are based on experience studies performed internally in combination with available industry information and are reviewed on a periodic basis, at least annually. | |||||||||||||||||||||||||
For assets and liabilities reported at fair value, the Company utilizes, when available, fair values based on quoted prices in active markets that are regularly and readily obtainable. Generally, these are very liquid investments and the valuation does not require management judgment. When quoted prices in active markets are not available, fair value is based on market valuation techniques, market comparable pricing and the income approach. The use of different techniques, assumptions and inputs may have a material effect on the estimated fair values of the Company’s securities holdings. For the quarters ended March 31, 2014 and 2013, the application of market standard valuation techniques applied to similar assets and liabilities has been consistent. | |||||||||||||||||||||||||
The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below. | |||||||||||||||||||||||||
Fixed Maturity Securities – The fair values of the Company’s publicly-traded fixed maturity securities are generally based on prices obtained from independent pricing services. Prices from pricing services are sourced from multiple vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company generally receives prices from multiple pricing services for each security, but ultimately uses the price from the pricing service highest in the vendor hierarchy based on the respective asset type. To validate reasonableness, prices are periodically reviewed as explained above. Consistent with the fair value hierarchy described above, securities with validated quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. If the pricing information received from third party pricing services is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service. | |||||||||||||||||||||||||
If the Company ultimately concludes that pricing information received from the independent pricing service is not reflective of market activity, non-binding broker quotes are used, if available. If the Company concludes the values from both pricing services and brokers are not reflective of market activity, it may override the information from the pricing service or broker with an internally developed valuation; however, this occurs infrequently. Internally developed valuations or non-binding broker quotes are also used to determine fair value in circumstances where vendor pricing is not available. These estimates may use significant unobservable inputs, which reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset. Circumstances where observable market data are not available may include events such as market illiquidity and credit events related to the security. Pricing service overrides, internally developed valuations and non-binding broker quotes are generally based on significant unobservable inputs and are reflected as Level 3 in the valuation hierarchy. | |||||||||||||||||||||||||
The inputs used in the valuation of corporate and government securities include, but are not limited to standard market observable inputs which are derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer. For structured securities, valuation is based primarily on matrix pricing or other similar techniques using standard market inputs including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information including, but not limited to: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans. | |||||||||||||||||||||||||
When observable inputs are not available, the market standard valuation techniques for determining the estimated fair value of certain types of securities that trade infrequently, and therefore have little or no price transparency, rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from or corroborated by observable market data. These unobservable inputs can be based in large part on management judgment or estimation, and cannot be supported by reference to market activity. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and are believed to be consistent with what other market participants would use when pricing such securities. | |||||||||||||||||||||||||
The fair values of private placement securities are primarily determined using a discounted cash flow model. In certain cases these models primarily use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 3. For certain private fixed maturities, the discounted cash flow model may also incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the security. To the extent management determines that such unobservable inputs are not significant to the price of a security, a Level 2 classification is made. Otherwise, a Level 3 classification is used. | |||||||||||||||||||||||||
Embedded Derivatives – For embedded derivative liabilities associated with the underlying products in reinsurance treaties, primarily equity-indexed and variable annuity treaties, the Company utilizes a discounted cash flow model, which includes an estimate of future equity option purchases and an adjustment for the Company’s own credit risk. The variable annuity embedded derivative calculations are performed by third parties based on methodology and input assumptions provided by the Company. To validate the reasonableness of the resulting fair value, the Company’s internal actuaries perform reviews and analytical procedures on the results. The capital market inputs to the model, such as equity indexes, short-term equity volatility and interest rates, are generally observable. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy, see “Level 3 Measurements and Transfers” below for a description. | |||||||||||||||||||||||||
The fair value of embedded derivatives associated with funds withheld reinsurance treaties is determined based upon a total return swap technique with reference to the fair value of the investments held by the ceding company that support the Company’s funds withheld at interest asset with an adjustment for the Company’s own credit risk. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy, see “Level 3 Measurements and Transfers” below for a description. | |||||||||||||||||||||||||
Company’s Own Credit Risk – The Company uses a structural default risk model to estimate its own credit risk. The input assumptions are a combination of externally derived and published values (default threshold and uncertainty), market inputs (interest rate, Company equity price per share, Company debt per share, Company equity price volatility) and insurance industry data (Loss Given Default), adjusted for market recoverability. | |||||||||||||||||||||||||
Cash Equivalents and Short-Term Investments – Cash equivalents and short-term investments include money market instruments, commercial paper and other highly liquid debt instruments. Money market instruments are generally valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The fair value of certain other short-term investments, such as floating rate notes and bonds with original maturities less than twelve months, are based upon other market observable data and are typically classified as Level 2. However, certain short-term investments may incorporate significant unobservable inputs resulting in a Level 3 classification. Various time deposits carried as cash equivalents or short-term investments are not measured at estimated fair value and therefore are excluded from the tables presented. | |||||||||||||||||||||||||
Equity Securities – Equity securities consist principally of exchange-traded funds and preferred stock of publicly and privately traded companies. The fair values of publicly traded equity securities are primarily based on quoted market prices in active markets and are classified within Level 1 in the fair value hierarchy. The fair values of preferred equity securities, for which quoted market prices are not readily available, are based on prices obtained from independent pricing services and these securities are generally classified within Level 2 in the fair value hierarchy. Non-binding broker quotes for equity securities are generally based on significant unobservable inputs and are reflected as Level 3 in the fair value hierarchy. | |||||||||||||||||||||||||
FVO Contractholder-Directed Unit-Linked Investments - FVO contractholder-directed investments supporting unit-linked variable annuity type liabilities primarily consist of exchange-traded funds and, to a lesser extent, fixed maturity securities and cash and cash equivalents. The fair values of the exchange-traded securities are primarily based on quoted market prices in active markets and are classified within Level 1 of the hierarchy. The fair value of the fixed maturity contractholder-directed securities is determined on a basis consistent with the methodologies described above for fixed maturity securities and are classified within Level 2 of the hierarchy. | |||||||||||||||||||||||||
Derivative Assets and Derivative Liabilities – All of the derivative instruments utilized by the Company are classified within Level 2 on the fair value hierarchy. These derivatives are principally valued using an income approach. Valuations of interest rate contracts are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, and repurchase rates. Valuations of foreign currency contracts, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, currency spot rates, and cross currency basis curves. Valuations of credit contracts are based on present value techniques, which utilize significant inputs that may include the swap yield curve, credit curves, and recovery rates. Valuations of equity market contracts, non-option-based, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, spot equity index levels, and dividend yield curves. Valuations of equity market contracts, option-based, are based on option pricing models, which utilize significant inputs that may include the swap yield curve, spot equity index levels, dividend yield curves, and equity volatility. The Company does not currently have derivatives included in Level 3 measurement. | |||||||||||||||||||||||||
Level 3 Measurements and Transfers | |||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, respectively, the Company classified approximately 9.7% and 10.2% of its fixed maturity securities in the Level 3 category. These securities primarily consist of private placement corporate securities and bank loans with inactive trading markets. Additionally, the Company has included asset-backed securities with subprime exposure and mortgage-backed securities with below investment grade ratings in the Level 3 category due to market uncertainty associated with these securities and the Company’s utilization of unobservable information from third parties for the valuation of these securities. | |||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s corporate, sovereign, government-backed, and other political subdivision investments are probability of default, liquidity premium and subordination premium. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumptions used for the liquidity premium and subordination premium. For securities with a fair value derived using the market comparable pricing valuation technique, liquidity premium is the only significant unobservable input. | |||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s asset and mortgage-backed securities are prepayment rates, probability of default, liquidity premium and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the liquidity premium and loss severity and a directionally opposite change in the assumption used for prepayment rates. | |||||||||||||||||||||||||
The actuarial assumptions used in the fair value of embedded derivatives which include assumptions related to lapses, withdrawals, and mortality, are based on experience studies performed by the Company in combination with available industry information and are reviewed on a periodic basis, at least annually. The significant unobservable inputs used in the fair value measurement of embedded derivatives are assumptions associated with policyholder experience and selected capital market assumptions for equity-indexed and variable annuities. The selected capital market assumptions, which include long-term implied volatilities, are projections based on short-term historical information. Changes in interest rates, equity indices, equity volatility, the Company’s own credit risk, and actuarial assumptions regarding policyholder experience may result in significant fluctuations in the value of embedded derivatives. | |||||||||||||||||||||||||
Fair value measurements associated with funds withheld reinsurance treaties are generally not materially sensitive to changes in unobservable inputs associated with policyholder experience. The primary drivers of change in these fair values are related to movements of credit spreads, which are generally observable. Increases (decreases) in market credit spreads tend to decrease (increase) the fair value of embedded derivatives. Increases (decreases) in the own credit assumption tend to decrease (increase) the magnitude of the fair value of embedded derivatives. | |||||||||||||||||||||||||
Fair value measurements associated with variable annuity treaties are sensitive to both capital markets inputs and policyholder experience inputs. Increases (decreases) in lapse rates tend to decrease (increase) the value of the embedded derivatives associated with variable annuity treaties. Increases (decreases) in the long-term volatility assumption tend to increase (decrease) the fair value of embedded derivatives. Increases (decreases) in the own credit assumption tend to decrease (increase) the magnitude of the fair value of embedded derivatives. | |||||||||||||||||||||||||
The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed by the Company, which does not include unobservable Level 3 asset and liability measurements provided by third parties, as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2014: | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 21,689 | Market comparable securities | Liquidity premium | 1 | % | |||||||||||||||||||
Corporate securities | 267,015 | Market comparable securities | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
U.S. government and agencies | 34,693 | Market comparable securities | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
Funds withheld at interest- embedded derivatives | (99,029 | ) | Total return swap | Mortality | 0-100% (2%) | ||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
Own Credit | 0-1% (1%) | ||||||||||||||||||||||||
Crediting rate | 2-4% (3%) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 858,270 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
Option budget projection | 2-4% (3%) | ||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- variable annuities | 53,717 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-25% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-7% (3%) | ||||||||||||||||||||||||
Own Credit | 0-1% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (10%) | ||||||||||||||||||||||||
December 31, 2013: | Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 29,024 | Market comparable securities | Liquidity premium | 1 | % | |||||||||||||||||||
Corporate securities | 312,887 | Market comparable securities | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
Short-term investments | 37,539 | Market comparable securities | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
Funds withheld at interest- embedded derivatives | (176,270 | ) | Total return swap | Mortality | 0-100% (2%) | ||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
Own Credit | 0-1% (1%) | ||||||||||||||||||||||||
Crediting Rate | 2-4% (3%) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 838,670 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
Option budget projection | 2-4% (3%) | ||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- variable annuities | 30,055 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-25% (6%) | ||||||||||||||||||||||||
Withdrawal | 0-7% (3%) | ||||||||||||||||||||||||
Own Credit | 0-1% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (10%) | ||||||||||||||||||||||||
The Company recognizes transfers of financial instruments into and out of levels within the fair value hierarchy at the beginning of the quarter in which the actual event or change in circumstances that caused the transfer occurs. Financial instruments transferred into Level 3 are due to a lack of observable market transactions and price information. Financial instruments are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data. This may be due to a significant increase in market activity for the financial instrument, a specific event, one or more significant input(s) becoming observable. Transfers out of Level 3 were primarily the result of the Company using observable pricing information or a third party pricing quotation that appropriately reflects the fair value of those financial instruments, without the need for adjustment based on the Company’s own assumptions regarding the characteristics of a specific financial instrument or the current liquidity in the market. In addition, certain transfers out of Level 3 were also due to increased observations of market transactions and price information for those financial instruments. | |||||||||||||||||||||||||
Transfers from Level 1 to Level 2 are due to the lack of observable market data when pricing these securities, while transfers from Level 2 to Level 1 are due to an increase in the availability of market observable data in an active market. The following tables present the transfers between Level 1 and Level 2 during the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Transfers from | Transfers from | Transfers from | Transfers from | ||||||||||||||||||||||
Level 1 to | Level 2 to | Level 1 to | Level 2 to | ||||||||||||||||||||||
Level 2 | Level 1 | Level 2 | Level 1 | ||||||||||||||||||||||
Fixed maturity securities - available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | — | $ | — | $ | — | $ | 14,012 | |||||||||||||||||
Total fixed maturity securities | $ | — | $ | — | $ | — | $ | 14,012 | |||||||||||||||||
The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three months ended March 31, 2014, as well as the portion of gains or losses included in income for the three months ended March 31, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at March 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
For the three months ended March 31, 2014: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. Government | |||||||||||||||||||||
securities | mortgage- | securities | mortgage- | and agencies | |||||||||||||||||||||
backed | backed | securities | |||||||||||||||||||||||
securities | securities | ||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,345,289 | $ | 153,505 | $ | 471,848 | $ | 101,785 | $ | 40,919 | |||||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (1,111 | ) | 56 | 2,057 | 372 | (97 | ) | ||||||||||||||||||
Investment related gains (losses), net | (161 | ) | 106 | 304 | 86 | (195 | ) | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | — | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income | 2,450 | 2,887 | 5,501 | 3,035 | 305 | ||||||||||||||||||||
Purchases(1) | 79,512 | 18,750 | 59,224 | — | 128 | ||||||||||||||||||||
Sales(1) | (38,747 | ) | (744 | ) | (6,612 | ) | (14,626 | ) | — | ||||||||||||||||
Settlements(1) | (51,944 | ) | (6,172 | ) | (6,315 | ) | (279 | ) | (3,029 | ) | |||||||||||||||
Transfers into Level 3 | 6,930 | 10,563 | 5,948 | — | — | ||||||||||||||||||||
Transfers out of Level 3 | (50,517 | ) | (1,024 | ) | (29,280 | ) | — | — | |||||||||||||||||
Fair value, end of period | $ | 1,291,701 | $ | 177,927 | $ | 502,675 | $ | 90,373 | $ | 38,031 | |||||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | (1,062 | ) | $ | 52 | $ | 2,050 | $ | 428 | $ | (97 | ) | |||||||||||||
Investment related gains (losses), net | — | — | — | — | — | ||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | — | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
For the three months ended March 31, 2014 (continued): | Fixed maturity securities | ||||||||||||||||||||||||
available-for-sale | |||||||||||||||||||||||||
State | Other foreign government, supranational and foreign government-sponsored enterprises | Funds withheld | Other invested assets- non-redeemable preferred stock | Interest sensitive contract liabilities embedded derivatives | |||||||||||||||||||||
and political | at interest- | ||||||||||||||||||||||||
subdivision | embedded | ||||||||||||||||||||||||
securities | derivative | ||||||||||||||||||||||||
Fair value, beginning of period | $ | 43,776 | $ | 37,997 | $ | (176,270 | ) | $ | 4,962 | $ | (868,725 | ) | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | 12 | — | — | — | — | ||||||||||||||||||||
Investment related gains (losses), net | (4 | ) | — | 77,241 | — | (23,661 | ) | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (23,840 | ) | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income | 113 | — | — | — | — | ||||||||||||||||||||
Purchases(1) | — | — | — | — | (15,193 | ) | |||||||||||||||||||
Sales(1) | — | — | — | — | — | ||||||||||||||||||||
Settlements(1) | (64 | ) | (298 | ) | — | — | 19,432 | ||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | ||||||||||||||||||||
Transfers out of Level 3 | — | (26,542 | ) | — | (4,962 | ) | — | ||||||||||||||||||
Fair value, end of period | $ | 43,833 | $ | 11,157 | $ | (99,029 | ) | $ | — | $ | (911,987 | ) | |||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | 12 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Investment related gains (losses), net | — | — | 77,241 | — | (24,211 | ) | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (43,273 | ) | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
-1 | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. | ||||||||||||||||||||||||
The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three months ended March 31, 2013, as well as the portion of gains or losses included in income for the three months ended March 31, 2013 attributable to unrealized gains or losses related to those assets and liabilities still held at March 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
For the three months ended March 31, 2013: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential mortgage-backed securities | Asset-backed securities | Commercial mortgage-backed securities | U.S. Government and agencies securities | State and political subdivision securities | ||||||||||||||||||||
securities | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,668,563 | $ | 93,931 | $ | 232,391 | $ | 167,006 | $ | 4,538 | $ | 43,212 | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (2,027 | ) | 105 | 878 | 502 | — | 9 | ||||||||||||||||||
Investment related gains (losses), net | (1,262 | ) | (173 | ) | (1,747 | ) | (870 | ) | — | (4 | ) | ||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | 963 | 2,514 | 12,036 | 12,500 | — | (553 | ) | ||||||||||||||||||
Purchases (1) | 74,671 | 40,538 | 55,881 | — | — | — | |||||||||||||||||||
Sales(1) | (16,278 | ) | (1,599 | ) | (8,297 | ) | (1,604 | ) | — | — | |||||||||||||||
Settlements(1) | (65,366 | ) | (4,923 | ) | (5,877 | ) | (2,240 | ) | — | (25 | ) | ||||||||||||||
Transfers into Level 3 | 3,773 | 10,324 | 2,966 | — | — | — | |||||||||||||||||||
Transfers out of Level 3 | (16,134 | ) | — | — | — | (4,538 | ) | — | |||||||||||||||||
Fair value, end of period | $ | 1,646,903 | $ | 140,717 | $ | 288,231 | $ | 175,294 | $ | — | $ | 42,639 | |||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | (2,027 | ) | $ | 105 | $ | 882 | $ | 501 | $ | — | $ | 9 | ||||||||||||
Investment related gains (losses), net | (202 | ) | — | — | — | — | — | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Fixed maturity securities - available-for-sale | |||||||||||||||||||||||||
For the three months ended March 31, 2013 (continued): | Other foreign government securities | Funds withheld | Short-term | Interest sensitive contract liabilities embedded derivatives | |||||||||||||||||||||
at interest- | investments | ||||||||||||||||||||||||
embedded | |||||||||||||||||||||||||
derivatives | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 28,280 | $ | (243,177 | ) | $ | 22,031 | $ | (912,361 | ) | |||||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (75 | ) | — | (3 | ) | — | |||||||||||||||||||
Investment related gains (losses), net | — | 86,988 | — | 51,314 | |||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | |||||||||||||||||||||
Interest credited | — | — | — | (32,996 | ) | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | |||||||||||||||||||||
Included in other comprehensive income | (340 | ) | — | (27 | ) | — | |||||||||||||||||||
Purchases(1) | — | — | — | (13,860 | ) | ||||||||||||||||||||
Sales(1) | — | — | — | — | |||||||||||||||||||||
Settlements(1) | — | — | — | 17,427 | |||||||||||||||||||||
Transfers into Level 3 | — | — | — | — | |||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | |||||||||||||||||||||
Fair value, end of period | $ | 27,865 | $ | (156,189 | ) | $ | 22,001 | $ | (890,476 | ) | |||||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | (75 | ) | $ | — | $ | (4 | ) | $ | — | |||||||||||||||
Investment related gains (losses), net | — | 86,988 | — | 50,123 | |||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | |||||||||||||||||||||
Interest credited | — | — | — | (50,424 | ) | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | |||||||||||||||||||||
-1 | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. | ||||||||||||||||||||||||
Nonrecurring Fair Value Measurements | |||||||||||||||||||||||||
The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods presented; that is, they are not measured at fair value on a recurring basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Carrying Value | Estimated Fair | Net | Carrying Value | Estimated Fair | Net | ||||||||||||||||||||
Prior to | Value After | Investment | Prior to Measurement | Value After | Investment | ||||||||||||||||||||
Measurement | Measurement | Gains (Losses) | Measurement | Gains (Losses) | |||||||||||||||||||||
Mortgage loans(1) | $ | 10,280 | $ | 10,660 | $ | 380 | $ | 13,581 | $ | 13,700 | $ | 119 | |||||||||||||
Limited partnership interests(2) | — | — | — | 11,590 | 9,161 | (2,429 | ) | ||||||||||||||||||
-1 | Mortgage loans — The impaired mortgage loans presented above were written down to their estimated fair values at the date the impairments were recognized and are reported as losses above. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains above. Nonrecurring fair value adjustments on mortgage loans are based on the fair value of underlying collateral or discounted cash flows. | ||||||||||||||||||||||||
-2 | Limited partnership interests — The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency. | ||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
The Company is required by general accounting principles for Fair Value Measurements and Disclosures to disclose the fair value of certain financial instruments including those that are not carried at fair value. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2014: | Carrying Value | Estimated | Fair Value Measurement Using: | ||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Mortgage loans on real estate | $ | 2,526,228 | $ | 2,576,966 | $ | — | $ | — | $ | 2,576,966 | |||||||||||||||
Policy loans | 1,296,897 | 1,296,897 | — | 1,296,897 | — | ||||||||||||||||||||
Funds withheld at interest(1) | 5,912,727 | 6,236,412 | — | — | 6,236,412 | ||||||||||||||||||||
Cash and cash equivalents(2) | 594,175 | 594,175 | 594,175 | — | — | ||||||||||||||||||||
Short-term investments(2) | 33,497 | 33,497 | 33,497 | — | — | ||||||||||||||||||||
Other invested assets(2) | 476,249 | 519,548 | 5,108 | 36,046 | 478,394 | ||||||||||||||||||||
Accrued investment income | 233,816 | 233,816 | — | 233,816 | — | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest-sensitive contract liabilities(1) | $ | 10,065,850 | $ | 9,812,347 | $ | — | $ | — | $ | 9,812,347 | |||||||||||||||
Short-term debt | 50,000 | 50,000 | — | 50,000 | — | ||||||||||||||||||||
Long-term debt | 2,214,526 | 2,407,939 | — | — | 2,407,939 | ||||||||||||||||||||
Collateral finance facility | 484,747 | 376,193 | — | — | 376,193 | ||||||||||||||||||||
December 31, 2013: | Carrying Value | Estimated | Fair Value Measurement Using: | ||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Mortgage loans on real estate | $ | 2,486,680 | $ | 2,489,721 | $ | — | $ | — | $ | 2,489,721 | |||||||||||||||
Policy loans | 1,244,469 | 1,244,469 | — | 1,244,469 | — | ||||||||||||||||||||
Funds withheld at interest(1) | 5,948,374 | 6,207,342 | — | — | 6,207,342 | ||||||||||||||||||||
Cash and cash equivalents(2) | 552,302 | 552,302 | 552,302 | — | — | ||||||||||||||||||||
Short-term investments(2) | 27,823 | 27,823 | 27,823 | — | — | ||||||||||||||||||||
Other invested assets(2) | 491,545 | 534,442 | 5,070 | 33,886 | 495,486 | ||||||||||||||||||||
Accrued investment income | 267,908 | 267,908 | — | 267,908 | — | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest-sensitive contract liabilities(1) | $ | 10,228,120 | $ | 9,989,514 | $ | — | $ | — | $ | 9,989,514 | |||||||||||||||
Long-term debt | 2,214,350 | 2,333,023 | — | — | 2,333,023 | ||||||||||||||||||||
Collateral finance facility | 484,752 | 374,984 | — | — | 374,984 | ||||||||||||||||||||
-1 | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis. | ||||||||||||||||||||||||
-2 | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis. | ||||||||||||||||||||||||
Mortgage Loans on Real Estate – The fair value of mortgage loans on real estate is estimated by discounting cash flows, both principal and interest, using current interest rates for mortgage loans with similar credit ratings and similar remaining maturities. As such, inputs include current treasury yields and spreads, which are based on the credit rating and average life of the loan, corresponding to the market spreads. The valuation of mortgage loans on real estate is considered Level 3 in the fair value hierarchy. | |||||||||||||||||||||||||
Policy Loans – Policy loans typically carry an interest rate that is adjusted annually based on an observable market index and therefore carrying value approximates fair value. The valuation of policy loans is considered Level 2 in the fair value hierarchy. | |||||||||||||||||||||||||
Funds Withheld at Interest – The carrying value of funds withheld at interest approximates fair value except where the funds withheld are specifically identified in the agreement. When funds withheld are specifically identified in the agreement, the fair value is based on the fair value of the underlying assets which are held by the ceding company. Ceding companies use a variety of sources and pricing methodologies, which are not transparent to the Company and may include significant unobservable inputs, to value the securities that are held in distinct portfolios, therefore the valuation of these funds withheld assets are considered Level 3 in the fair value hierarchy. | |||||||||||||||||||||||||
Cash and Cash Equivalents and Short-term Investments – The carrying values of cash and cash equivalents and short-term investments approximates fair values due to the short-term maturities of these instruments and are considered Level 1 in the fair value hierarchy. | |||||||||||||||||||||||||
Other Invested Assets – This primarily includes limited partnership interests accounted for using the cost method, structured loans, FHLB common stock and cash collateral. The fair value of limited partnerships and other investments accounted for using the cost method is determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The valuation of these investments is considered Level 3 in the fair value hierarchy due to the limited activity and price transparency inherent in the market for such investments. The fair value of structured loans is estimated based on a discounted cash flow analysis using discount rates applicable to each structured loan, this is considered Level 3 in the fair value hierarchy. The fair value of the Company’s common stock investment in the Federal Home Loan Bank of Des Moines is considered to be the carrying value and it is considered Level 2 in the fair value hierarchy. The fair value of the Company's cash collateral is considered to be the carrying value and considered to be Level 1 in the fair value hierarchy. | |||||||||||||||||||||||||
Accrued Investment Income – The carrying value for accrued investment income approximates fair value as there are no adjustments made to the carrying value. This is considered Level 2 in the fair value hierarchy. | |||||||||||||||||||||||||
Interest-Sensitive Contract Liabilities – The carrying and fair values of interest-sensitive contract liabilities reflected in the table above exclude contracts with significant mortality risk. The fair value of the Company’s interest-sensitive contract liabilities utilizes a market standard technique with both capital market inputs and policyholder behavior assumptions, as well as cash values adjusted for recapture fees. The capital market inputs to the model, such as interest rates, are generally observable. Policyholder behavior assumptions are generally not observable and may require use of significant management judgment. The valuation of interest-sensitive contract liabilities is considered Level 3 in the fair value hierarchy. | |||||||||||||||||||||||||
Short-term Debt – The carrying amount of short-term debt approximates its fair value because of the relatively short time between origination of the debt instrument and its maturity, which is reflected in Level 2. | |||||||||||||||||||||||||
Long-term Debt and Collateral Finance Facility – The fair value of the Company’s long-term debt and collateral finance facility is generally estimated by discounting future cash flows using market rates currently available for debt with similar remaining maturities and reflecting the credit risk of the Company, including inputs when available, from actively traded debt of the Company or other companies with similar credit quality. The valuation of long-term debt and collateral finance facility are generally obtained from brokers and are considered Level 3 in the fair value hierarchy. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
Segment Information | |||||||||
Effective January 1, 2014, the Company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Operations in Mexico and Latin America have been moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. Operations in India have been moved from Europe & South Africa to the Asia Pacific segment. The Europe & South Africa segment has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new segment reporting structure. | |||||||||
The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in Note 2 of the consolidated financial statements accompanying the 2013 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets. Investment income is allocated to the segments based upon average assets and related capital levels deemed appropriate to support the segment business volumes. | |||||||||
The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income and investment related gains and losses are attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses. | |||||||||
The Company’s reportable segments are strategic business units that are primarily segregated by geographic region. Information related to revenues, income before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in thousands). | |||||||||
Three months ended March 31, | |||||||||
Total revenues: | 2014 | 2013 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 1,278,692 | $ | 1,196,924 | |||||
Non-Traditional | 288,621 | 314,100 | |||||||
Canada | 277,749 | 297,089 | |||||||
Europe, Middle East and Africa | 365,857 | 307,587 | |||||||
Asia Pacific | 415,029 | 409,851 | |||||||
Corporate and Other | 31,225 | 75,551 | |||||||
Total | $ | 2,657,173 | $ | 2,601,102 | |||||
Three months ended March 31, | |||||||||
Income before income taxes: | 2014 | 2013 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 50,972 | $ | 79,543 | |||||
Non-Traditional | 83,124 | 97,564 | |||||||
Canada | 20,064 | 36,308 | |||||||
Europe, Middle East and Africa | 15,205 | 10,963 | |||||||
Asia Pacific | 26,311 | 18,242 | |||||||
Corporate and Other | 3,764 | 36,207 | |||||||
Total | $ | 199,440 | $ | 278,827 | |||||
Total Assets: | 31-Mar-13 | 31-Dec-13 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 13,326,226 | $ | 13,285,423 | |||||
Non-Traditional | 11,743,411 | 11,716,908 | |||||||
Canada | 4,012,037 | 4,103,730 | |||||||
Europe, Middle East and Africa | 2,572,563 | 2,230,568 | |||||||
Asia Pacific | 3,657,850 | 3,597,456 | |||||||
Corporate and Other | 5,229,494 | 4,740,388 | |||||||
Total | $ | 40,541,581 | $ | 39,674,473 | |||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||
Commitments and Contingent Liabilities | ' | ||||||||||||||
Commitments and Contingent Liabilities | |||||||||||||||
At March 31, 2014, the Company’s commitments to fund investments were $302.5 million in limited partnerships, $23.5 million in commercial mortgage loans, $39.8 million in private placements and $46.9 million in bank loans, including revolving credit agreements. At December 31, 2013, the Company’s commitments to fund investments were $239.5 million in limited partnerships, $4.6 million in commercial mortgage loans, $22.0 million in private placements and $37.0 million in bank loans, including revolving credit agreements. The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Investments in limited partnerships and private placements are carried at cost or reported using the equity method and included in other invested assets in the condensed consolidated balance sheets. Bank loans are carried at fair value and included in fixed maturities available-for-sale. | |||||||||||||||
The Company is subject to litigation in the normal course of its business. The Company currently has no material litigation. A legal reserve is established when the Company is notified of an arbitration demand or litigation or is notified that an arbitration demand or litigation is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated. | |||||||||||||||
The Company has obtained bank letters of credit in favor of various affiliated and unaffiliated insurance companies from which the Company assumes business. These letters of credit represent guarantees of performance under the reinsurance agreements and allow ceding companies to take statutory reserve credits. Certain of these letters of credit contain financial covenant restrictions. At March 31, 2014 and December 31, 2013, there were approximately $209.4 million and $210.3 million, respectively, of undrawn outstanding bank letters of credit in favor of third parties. Additionally, the Company utilizes letters of credit primarily to secure reserve credits when it retrocedes business to its subsidiaries, including Parkway Reinsurance Company (“Parkway Re”), Rockwood Reinsurance Company (“Rockwood Re”), Timberlake Financial L.L.C. (“Timberlake Financial”), RGA Americas Reinsurance, Ltd. (“RGA Americas”), RGA Reinsurance Company (Barbados) Ltd. (“RGA Barbados”) and RGA Atlantic Reinsurance Company, Ltd. (“RGA Atlantic”). The Company cedes business to its affiliates to help reduce the amount of regulatory capital required in certain jurisdictions such as the U.S. and the United Kingdom. The capital required to support the business in the affiliates reflects more realistic expectations than the original jurisdiction of the business, where capital requirements are often considered to be quite conservative. As of March 31, 2014 and December 31, 2013, $966.3 million and $995.5 million, respectively, in undrawn letters of credit from various banks were outstanding, primarily backing reinsurance between the various subsidiaries of the Company. The banks providing letters of credit to the Company are included on the National Association of Insurance Commissioners (“NAIC”) list of approved banks. | |||||||||||||||
The Company maintains seven credit facilities, a syndicated revolving credit facility with a capacity of $850.0 million and six letter of credit facilities with a combined capacity of $880.1 million. The Company may borrow cash and obtain letters of credit in multiple currencies under its syndicated revolving credit facility. The following table provides additional information on the Company’s credit facilities as of March 31, 2014 and December 31, 2013 (dollars in millions): | |||||||||||||||
Amount Utilized(1) | |||||||||||||||
Facility Capacity | Maturity Date | 31-Mar-14 | 31-Dec-13 | Basis of Fees | |||||||||||
$ | 850 | December 2015 | $ | 65.1 | $ | 67.6 | Senior unsecured long-term debt rating | ||||||||
200 | September 2019 | 200 | 200 | Fixed | |||||||||||
120 | May-16 | 80 | 85.1 | Fixed | |||||||||||
270 | Nov-17 | 270 | 270 | Fixed | |||||||||||
100 | Jun-17 | 86 | 89.4 | Fixed | |||||||||||
75.0(2) | Nov-13 | 75 | 58.4 | Fixed | |||||||||||
115.1(2) | Mar-19 | 115.1 | 132.5 | Fixed | |||||||||||
-1 | Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. | ||||||||||||||
-2 | Foreign currency facility, U.S. dollar amount may vary. | ||||||||||||||
RGA has issued guarantees to third parties on behalf of its subsidiaries for the payment of amounts due under certain reinsurance treaties, securities borrowing arrangements, financing arrangements and office lease obligations, whereby, if a subsidiary fails to meet an obligation, RGA or one of its other subsidiaries will make a payment to fulfill the obligation. In limited circumstances, treaty guarantees are granted to ceding companies in order to provide them additional security, particularly in cases where RGA’s subsidiary is relatively new, unrated, or not of a significant size, relative to the ceding company. Liabilities supported by the treaty guarantees, before consideration for any legally offsetting amounts due from the guaranteed party, totaled $939.7 million and $826.9 million as of March 31, 2014 and December 31, 2013, respectively, and are reflected on the Company’s condensed consolidated balance sheets in future policy benefits. As of March 31, 2014 and December 31, 2013, the Company’s exposure related to treaty guarantees, net of assets held in trust, was $753.0 million and $647.9 million, respectively. Potential guaranteed amounts of future payments will vary depending on production levels and underwriting results. Guarantees related to borrowed securities provide additional security to third parties should a subsidiary fail to return the borrowed securities when due. As of March 31, 2014 and December 31, 2013, RGA’s obligation related to borrowed securities guarantees was $184.5 million and $93.0 million, respectively. There were no amounts guaranteed under financing arrangements as of March 31, 2014 and December 31, 2013. | |||||||||||||||
Manor Reinsurance, Ltd. (“Manor Re”), a subsidiary of RGA, has obtained $300.0 million of collateral financing through 2020 from an international bank which enabled Manor Re to deposit assets in trust to support statutory reserve credits for an affiliated reinsurance transaction. The bank has recourse to RGA should Manor Re fail to make payments or otherwise not perform its obligations under this financing. | |||||||||||||||
RGA, through wholly-owned subsidiaries, has committed to provide statutory reserve support to third-parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). The third-parties have recourse to RGA should the subsidiary fail to provide the required funding, however, as of March 31, 2014, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents information about these commitments (dollars in millions): | |||||||||||||||
Maximum Potential Obligation | |||||||||||||||
Commitment Period | 31-Mar-14 | 31-Dec-13 | |||||||||||||
2026 | $ | 500 | $ | 500 | |||||||||||
2033 | 1,350.00 | 1,350.00 | |||||||||||||
2036 | 1,250.00 | 1,250.00 | |||||||||||||
In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future. |
Income_Tax_Notes
Income Tax (Notes) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
Income Tax | |||||||||
Provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 35% to pre-tax income as a result of the following (dollars in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Tax provision at U.S. statutory rate | $ | 69,804 | $ | 97,589 | |||||
Increase (decrease) in income taxes resulting from: | |||||||||
Foreign tax rate differing from U.S. tax rate | (3,221 | ) | (2,388 | ) | |||||
Differences in tax basis in foreign jurisdictions | 250 | 900 | |||||||
Deferred tax valuation allowance | (3,157 | ) | (22 | ) | |||||
Amounts related to tax audit contingencies | 778 | 1,099 | |||||||
Corporate rate changes | (17 | ) | (1,371 | ) | |||||
Subpart F | 2,439 | 465 | |||||||
Foreign tax credits | (855 | ) | (670 | ) | |||||
Return to provision adjustments | (3,353 | ) | (2,484 | ) | |||||
Other, net | 108 | 174 | |||||||
Total provision for income taxes | $ | 62,776 | $ | 93,292 | |||||
Effective tax rate | 31.5 | % | 33.5 | % | |||||
During the quarter ended March 31, 2014, the company released a valuation allowance on tax benefits associated with claims experience on certain treaties, which was partially offset by a tax accrual related to the Active Financing Exception business extender provision that the U.S. Congress did not pass prior to the end of the quarter. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Employee Benefit Plans | |||||||||||||||||
The components of net periodic benefit costs for the three months ended March 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
Three months ended March 31, | Three months ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1,501 | $ | 1,883 | $ | 470 | $ | 410 | |||||||||
Interest Cost | 808 | 1,018 | 338 | 312 | |||||||||||||
Expected return on plan assets | (933 | ) | (767 | ) | — | — | |||||||||||
Amortization of prior service cost | 2 | 94 | — | — | |||||||||||||
Amortization of prior actuarial loss | 673 | 837 | 217 | 186 | |||||||||||||
Net periodic benefit cost | $ | 2,051 | $ | 3,065 | $ | 1,025 | $ | 908 | |||||||||
The Company has not made any pension contributions during the first three months of 2014, but expects to make total pension contributions of $6.1 million in 2014. |
Equity_Based_Compensation
Equity Based Compensation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Equity Based Compensation | ' |
Equity Based Compensation | |
Equity compensation expense was $4.3 million and $9.7 million in the first quarter of 2014 and 2013, respectively. In the first quarter of 2014, the Company granted 0.3 million stock appreciation rights at $78.48 weighted average exercise price per share and 0.2 million performance contingent units to employees. Additionally, non-employee directors were granted a total of 15,925 shares of common stock. As of March 31, 2014, 1.9 million share options at $50.84 weighted average per share were vested and exercisable with a remaining weighted average exercise period of 5.4 years. As of March 31, 2014, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $43.9 million. It is estimated that these costs will vest over a weighted average period of 2.3 years. | |
Effective with the 2014 grants, certain eligible associates were granted a greater portion of equity awards in performance contingent units, while others were granted a greater portion of awards settled in cash. This change increases the performance based nature of the awards while reducing share issuance. |
Retrocession_Arrangements_and_
Retrocession Arrangements and Reinsurance Ceded Receivables | 3 Months Ended |
Mar. 31, 2014 | |
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] | ' |
Retrocession Arrangements and Reinsurance Ceded Receivables | ' |
Retrocession Arrangements and Reinsurance Ceded Receivables | |
The Company generally reports retrocession activity on a gross basis. Amounts paid or deemed to have been paid for reinsurance are reflected in reinsurance ceded receivables. The cost of reinsurance related to long-duration contracts is recognized over the terms of the reinsured policies on a basis consistent with the reporting of those policies. | |
Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. At March 31, 2014 and December 31, 2013, no allowances were deemed necessary. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. | |
Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of March 31, 2014 and December 31, 2013, all rated retrocession pool participants followed by the A.M. Best Company were rated “A- (excellent)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets has been given as additional security. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. In addition to its third party retrocessionaires, various RGA reinsurance subsidiaries retrocede amounts in excess of their retention to RGA Reinsurance, Parkway Re, RGA Barbados, RGA Americas, Rockwood Re, Manor Reinsurance, Ltd. (“Manor Re”), RGA Worldwide or RGA Atlantic. | |
At March 31, 2014, the Company had $594.8 million of ceded reinsurance receivables, of which $358.9 million, or 60.3%, were with the Company’s four largest ceded reinsurers. Included in the March 31, 2014 total ceded reinsurance receivables balance were $141.7 million of claims recoverable, of which $7.5 million were in excess of 90 days past due. At December 31, 2013, the Company had $594.5 million of ceded reinsurance receivables, of which $359.2 million, or 60.4%, were with the Company’s four largest ceded reinsurers. Included in the December 31, 2013 total ceded reinsurance receivables balance were $134.1 million of claims recoverable, of which $4.2 million were in excess of 90 days past due. |
Stock_Transactions
Stock Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Financing Activities And Stock Transactions [Abstract] | ' |
Stock Transactions | ' |
Stock Transactions | |
On February 20, 2014, RGA’s board of directors authorized a share repurchase program for up to $300.0 million of the RGA’s outstanding common stock. The authorization is effective immediately and does not have an expiration date. Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice. In connection with this new authorization, the board of directors terminated the stock repurchase authority granted in 2013. | |
During the first quarter of 2014, RGA repurchased 1,449,293 shares of common stock under this program for $112.6 million. The common shares repurchased have been placed into treasury to be used for general corporate purposes. As of March 31, 2014 there was $187.4 million remaining under the board of directors authorized share repurchase program. |
New_Accounting_Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Standards | ' |
New Accounting Standards | |
Changes to the general accounting principles are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial statements. | |
Adoption of New Accounting Standards | |
Basis of Presentation | |
In December 2011, the FASB amended the general accounting principles for Balance Sheet as it relates to the disclosures about offsetting assets and liabilities. The amendment requires disclosures about the Company’s rights of offset and related arrangements associated with its financial instruments and derivative instruments. This amendment also requires the disclosure of both gross and net information about both instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. In January 2013, the FASB amended the general accounting principles for Balance Sheet as it relates to the disclosures about offsetting assets and liabilities. This amendment clarifies that the scope of the Balance Sheet amendment made in December 2011 applies only to derivatives, including bifurcated embedded derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions that are either offset or subject to an enforceable master netting agreement or a similar agreement. These amendments are effective for interim and annual reporting periods beginning on or after January 1, 2013. The Company adopted these amendments and the required disclosures are provided in Note 5 — “Derivative Instruments”. | |
Income Taxes | |
In July 2013, the FASB amended the general accounting principles for Income Taxes as it relates to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This amendment clarifies that an unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and not combined with deferred tax assets. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this amendment did not have an impact on the Company's condensed consolidated financial statements. | |
Comprehensive Income | |
In February 2013, the FASB amended the general accounting principles for Comprehensive Income as it relates to the reporting of amounts reclassified out of accumulated other comprehensive income. The amendment requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. This amendment also requires entities to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. However, this is only necessary if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. The amendment is effective for interim and annual reporting periods beginning after December 15, 2012. The Company adopted this amendment and the required disclosures are provided in Note 3 — “Accumulated Other Comprehensive Income.” |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block] | ' | ||||||||
The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Earnings: | |||||||||
Net income (numerator for basic and diluted calculations) | $ | 136,664 | $ | 185,535 | |||||
Shares: | |||||||||
Weighted average outstanding shares (denominator for basic calculation) | 70,574 | 73,838 | |||||||
Equivalent shares from outstanding stock options | 690 | 551 | |||||||
Denominator for diluted calculation | 71,264 | 74,389 | |||||||
Earnings per share: | |||||||||
Basic | $ | 1.94 | $ | 2.51 | |||||
Diluted | $ | 1.92 | $ | 2.49 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2014 and 2013 are as follows (dollars in thousands): | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Income Tax | |||||||||||||||||
Accumulated | Unrealized | Pension and | Total | ||||||||||||||
Currency | Appreciation | Postretirement | |||||||||||||||
Translation | (Depreciation) | Benefits | |||||||||||||||
Adjustments | of Investments(1) | ||||||||||||||||
Balance, December 31, 2013 | $ | 207,083 | $ | 820,245 | $ | (21,721 | ) | $ | 1,005,607 | ||||||||
Other comprehensive income (loss) before reclassifications | (42,683 | ) | 319,758 | 161 | 277,236 | ||||||||||||
Amounts reclassified to (from) AOCI | — | (3,924 | ) | 580 | (3,344 | ) | |||||||||||
Net current-period other comprehensive income (loss) | (42,683 | ) | 315,834 | 741 | 273,892 | ||||||||||||
Balance, March 31, 2014 | $ | 164,400 | $ | 1,136,079 | $ | (20,980 | ) | $ | 1,279,499 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Income Tax | |||||||||||||||||
Accumulated | Unrealized | Pension and | Total | ||||||||||||||
Currency | Appreciation | Postretirement | |||||||||||||||
Translation | (Depreciation) | Benefits | |||||||||||||||
Adjustments | of Investments(1) | ||||||||||||||||
Balance, December 31, 2012 | $ | 267,475 | $ | 1,877,657 | $ | (36,230 | ) | $ | 2,108,902 | ||||||||
Other comprehensive income (loss) before reclassifications | (14,105 | ) | (112,711 | ) | 99 | (126,717 | ) | ||||||||||
Amounts reclassified to (from) AOCI | — | (6,171 | ) | 726 | (5,445 | ) | |||||||||||
Net current-period other comprehensive income (loss) | (14,105 | ) | (118,882 | ) | 825 | (132,162 | ) | ||||||||||
Balance, March 31, 2013 | $ | 253,370 | $ | 1,758,775 | $ | (35,405 | ) | $ | 1,976,740 | ||||||||
-1 | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. | ||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||
Amount Reclassified from AOCI | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
Details about AOCI Components | 2014 | 2013 | Affected Line Item in Statement of Income | ||||||||||||||
Unrealized gains and losses on available-for-sale securities | $ | 1,189 | $ | 10,348 | Investment related gains (losses), net | ||||||||||||
Gains and losses on cash flow hedge - interest rate swap | 218 | 305 | Investment income | ||||||||||||||
Deferred policy acquisition costs attributed to unrealized gains and losses(1) | 4,421 | (1,548 | ) | ||||||||||||||
5,828 | 9,105 | Total before tax | |||||||||||||||
(1,904 | ) | (2,934 | ) | Tax expense | |||||||||||||
$ | 3,924 | $ | 6,171 | Net of tax | |||||||||||||
Amortization of unrealized pension and postretirement benefits: | |||||||||||||||||
Prior service cost(2) | $ | (2 | ) | $ | (94 | ) | |||||||||||
Actuarial gains/(losses)(2) | (890 | ) | (1,023 | ) | |||||||||||||
(892 | ) | (1,117 | ) | Total before tax | |||||||||||||
312 | 391 | Tax benefit | |||||||||||||||
$ | (580 | ) | $ | (726 | ) | Net of tax | |||||||||||
Total reclassifications for the period | $ | 3,344 | $ | 5,445 | Net of tax | ||||||||||||
-1 | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2013 Annual Report for additional details. | ||||||||||||||||
-2 | These AOCI components are included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details. |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Available For Sale Securities | ' | ||||||||||||||||||||||||
The following tables provide information relating to investments in fixed maturity and equity securities by sector as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2014: | Amortized | Unrealized | Unrealized | Estimated Fair | % of | Other-than- | |||||||||||||||||||
temporary impairments | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Total | in AOCI | ||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 11,858,578 | $ | 762,137 | $ | 102,415 | $ | 12,518,300 | 56.4 | % | $ | — | |||||||||||||
Canadian and Canadian provincial governments | 2,655,865 | 802,236 | 7,937 | 3,450,164 | 15.6 | — | |||||||||||||||||||
Residential mortgage-backed securities | 969,944 | 45,270 | 13,343 | 1,001,871 | 4.5 | (300 | ) | ||||||||||||||||||
Asset-backed securities | 933,130 | 23,247 | 11,798 | 944,579 | 4.3 | (2,259 | ) | ||||||||||||||||||
Commercial mortgage-backed securities | 1,367,205 | 95,154 | 11,856 | 1,450,503 | 6.5 | (1,609 | ) | ||||||||||||||||||
U.S. government and agencies | 447,071 | 18,158 | 2,967 | 462,262 | 2.1 | — | |||||||||||||||||||
State and political subdivisions | 368,465 | 31,367 | 9,200 | 390,632 | 1.8 | — | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 1,897,266 | 57,073 | 15,468 | 1,938,871 | 8.8 | — | |||||||||||||||||||
Total fixed maturity securities | $ | 20,497,524 | $ | 1,834,642 | $ | 174,984 | $ | 22,157,182 | 100 | % | $ | (4,168 | ) | ||||||||||||
Non-redeemable preferred stock | $ | 84,156 | $ | 7,273 | $ | 2,662 | $ | 88,767 | 31.5 | % | |||||||||||||||
Other equity securities | 191,988 | 2,921 | 1,661 | 193,248 | 68.5 | ||||||||||||||||||||
Total equity securities | $ | 276,144 | $ | 10,194 | $ | 4,323 | $ | 282,015 | 100 | % | |||||||||||||||
December 31, 2013: | Amortized | Unrealized | Unrealized | Estimated Fair | % of | Other-than- | |||||||||||||||||||
temporary impairments | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Total | in AOCI | ||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 11,697,394 | $ | 616,147 | $ | 202,786 | $ | 12,110,755 | 56.4 | % | $ | — | |||||||||||||
Canadian and Canadian provincial governments | 2,728,111 | 669,762 | 16,848 | 3,381,025 | 15.7 | — | |||||||||||||||||||
Residential mortgage-backed securities | 970,434 | 38,126 | 18,917 | 989,643 | 4.6 | (300 | ) | ||||||||||||||||||
Asset-backed securities | 891,751 | 18,893 | 15,812 | 894,832 | 4.2 | (2,259 | ) | ||||||||||||||||||
Commercial mortgage-backed securities | 1,314,782 | 91,651 | 17,487 | 1,388,946 | 6.5 | (1,609 | ) | ||||||||||||||||||
U.S. government and agencies | 489,631 | 16,468 | 4,748 | 501,351 | 2.3 | — | |||||||||||||||||||
State and political subdivisions | 313,252 | 21,907 | 14,339 | 320,820 | 1.5 | — | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 1,865,379 | 45,347 | 23,962 | 1,886,764 | 8.8 | — | |||||||||||||||||||
Total fixed maturity securities | $ | 20,270,734 | $ | 1,518,301 | $ | 314,899 | $ | 21,474,136 | 100 | % | $ | (4,168 | ) | ||||||||||||
Non-redeemable preferred stock | $ | 81,993 | $ | 5,342 | $ | 5,481 | $ | 81,854 | 20.2 | % | |||||||||||||||
Other equity securities | 327,479 | 618 | 4,220 | 323,877 | 79.8 | ||||||||||||||||||||
Total equity securities | $ | 409,472 | $ | 5,960 | $ | 9,701 | $ | 405,731 | 100 | % | |||||||||||||||
Investments Classified By Contractual Maturity Date | ' | ||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 616,796 | $ | 624,013 | |||||||||||||||||||||
Due after one year through five years | 3,673,274 | 3,873,527 | |||||||||||||||||||||||
Due after five years through ten years | 7,148,863 | 7,474,062 | |||||||||||||||||||||||
Due after ten years | 5,788,312 | 6,788,627 | |||||||||||||||||||||||
Asset and mortgage-backed securities | 3,270,279 | 3,396,953 | |||||||||||||||||||||||
Total | $ | 20,497,524 | $ | 22,157,182 | |||||||||||||||||||||
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block] | ' | ||||||||||||||||||||||||
The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2014: | Estimated | ||||||||||||||||||||||||
Amortized Cost | Fair Value | % of Total | |||||||||||||||||||||||
Finance | $ | 3,993,669 | $ | 4,204,783 | 33.6 | % | |||||||||||||||||||
Industrial | 5,967,291 | 6,295,510 | 50.3 | ||||||||||||||||||||||
Utility | 1,886,833 | 2,007,246 | 16 | ||||||||||||||||||||||
Other | 10,785 | 10,761 | 0.1 | ||||||||||||||||||||||
Total | $ | 11,858,578 | $ | 12,518,300 | 100 | % | |||||||||||||||||||
December 31, 2013: | Estimated | ||||||||||||||||||||||||
Amortized Cost | Fair Value | % of Total | |||||||||||||||||||||||
Finance | $ | 3,838,716 | $ | 3,983,623 | 32.9 | % | |||||||||||||||||||
Industrial | 5,943,353 | 6,138,150 | 50.7 | ||||||||||||||||||||||
Utility | 1,904,100 | 1,978,218 | 16.3 | ||||||||||||||||||||||
Other | 11,225 | 10,764 | 0.1 | ||||||||||||||||||||||
Total | $ | 11,697,394 | $ | 12,110,755 | 100 | % | |||||||||||||||||||
RollForward Of Cumulative Credit Loss Component Of OTTI Income Loss | ' | ||||||||||||||||||||||||
The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 11,696 | $ | 16,675 | |||||||||||||||||||||
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period | — | (1,902 | ) | ||||||||||||||||||||||
Balance, end of period | $ | 11,696 | $ | 14,773 | |||||||||||||||||||||
Accounting for Certain Loans and Debt Securities Acquired in Transfer Disclosure [Text Block] | ' | ||||||||||||||||||||||||
The following tables present information on the Company’s purchased credit impaired securities, which are included in fixed maturity securities available-for-sale (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Outstanding principal and interest balance(1) | $ | 208,044 | $ | 192,644 | |||||||||||||||||||||
Carrying value, including accrued interest(2) | 165,740 | 148,822 | |||||||||||||||||||||||
-1 | Represents the contractually required payments which is the sum of contractual principal, whether or not currently due, and accrued interest. | ||||||||||||||||||||||||
-2 | Estimated fair value plus accrued interest. | ||||||||||||||||||||||||
Schedule Of Certain Loans Acquired In Transfer Accounted For As Available For Sale Debt Securities At Acquisition Date [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents information about purchased credit impaired investments acquired during the periods, as of the acquisition dates (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contractually required payments (including interest) | $ | 31,672 | $ | 91,863 | |||||||||||||||||||||
Cash flows expected to be collected(1) | 25,722 | 72,940 | |||||||||||||||||||||||
Fair value of investments acquired | 18,151 | 50,874 | |||||||||||||||||||||||
-1 | Represents undiscounted principal and interest cash flow expectations at the date of acquisition. | ||||||||||||||||||||||||
Schedule Of Certain Loans Acquired In Transfer Accounted For As Available For Sale Debt Securities Accretable Yield [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents activity for the accretable yield on purchased credit impaired securities for the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 69,469 | $ | 39,239 | |||||||||||||||||||||
Investments purchased | 7,571 | 22,066 | |||||||||||||||||||||||
Accretion | (2,139 | ) | (1,943 | ) | |||||||||||||||||||||
Disposals | (379 | ) | — | ||||||||||||||||||||||
Reclassification from nonaccretable difference | (1,155 | ) | 553 | ||||||||||||||||||||||
Balance, end of period | $ | 73,367 | $ | 59,915 | |||||||||||||||||||||
Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures | ' | ||||||||||||||||||||||||
The following table presents the total gross unrealized losses for the 1,046 and 1,396 fixed maturity and equity securities as of March 31, 2014 and December 31, 2013, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross | % of Total | Gross | % of Total | ||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Less than 20% | $ | 161,371 | 90 | % | $ | 296,731 | 91.4 | % | |||||||||||||||||
20% or more for less than six months | 163 | 0.1 | 6,444 | 2 | |||||||||||||||||||||
20% or more for six months or greater | 17,773 | 9.9 | 21,425 | 6.6 | |||||||||||||||||||||
Total | $ | 179,307 | 100 | % | $ | 324,600 | 100 | % | |||||||||||||||||
Fair Value And Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosures | ' | ||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
March 31, 2014: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Investment grade securities: | |||||||||||||||||||||||||
Corporate securities | $ | 2,057,301 | $ | 64,535 | $ | 311,738 | $ | 31,273 | $ | 2,369,039 | $ | 95,808 | |||||||||||||
Canadian and Canadian provincial governments | 114,845 | 6,334 | 12,421 | 1,603 | 127,266 | 7,937 | |||||||||||||||||||
Residential mortgage-backed securities | 190,212 | 9,802 | 32,621 | 3,294 | 222,833 | 13,096 | |||||||||||||||||||
Asset-backed securities | 214,774 | 3,140 | 79,532 | 7,023 | 294,306 | 10,163 | |||||||||||||||||||
Commercial mortgage-backed securities | 106,146 | 1,295 | 26,181 | 5,443 | 132,327 | 6,738 | |||||||||||||||||||
U.S. government and agencies | 75,193 | 2,777 | 4,104 | 190 | 79,297 | 2,967 | |||||||||||||||||||
State and political subdivisions | 103,058 | 5,440 | 8,158 | 3,760 | 111,216 | 9,200 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 502,280 | 10,605 | 68,811 | 4,829 | 571,091 | 15,434 | |||||||||||||||||||
Total investment grade securities | 3,363,809 | 103,928 | 543,566 | 57,415 | 3,907,375 | 161,343 | |||||||||||||||||||
Non-investment grade securities: | |||||||||||||||||||||||||
Corporate securities | 191,113 | 3,886 | 43,178 | 2,721 | 234,291 | 6,607 | |||||||||||||||||||
Residential mortgage-backed securities | 26,209 | 197 | 1,776 | 50 | 27,985 | 247 | |||||||||||||||||||
Asset-backed securities | 1,694 | 10 | 8,483 | 1,625 | 10,177 | 1,635 | |||||||||||||||||||
Commercial mortgage-backed securities | — | — | 5,969 | 5,118 | 5,969 | 5,118 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 2,440 | 34 | — | — | 2,440 | 34 | |||||||||||||||||||
Total non-investment grade securities | 221,456 | 4,127 | 59,406 | 9,514 | 280,862 | 13,641 | |||||||||||||||||||
Total fixed maturity securities | $ | 3,585,265 | $ | 108,055 | $ | 602,972 | $ | 66,929 | $ | 4,188,237 | $ | 174,984 | |||||||||||||
Non-redeemable preferred stock | $ | 20,765 | $ | 2,660 | $ | 1 | $ | 2 | $ | 20,766 | $ | 2,662 | |||||||||||||
Other equity securities | — | — | 32,833 | 1,661 | 32,833 | 1,661 | |||||||||||||||||||
Total equity securities | $ | 20,765 | $ | 2,660 | $ | 32,834 | $ | 1,663 | $ | 53,599 | $ | 4,323 | |||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
December 31, 2013: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Investment grade securities: | |||||||||||||||||||||||||
Corporate securities | $ | 3,141,179 | $ | 148,895 | $ | 301,303 | $ | 40,548 | $ | 3,442,482 | $ | 189,443 | |||||||||||||
Canadian and Canadian provincial governments | 188,491 | 14,419 | 12,029 | 2,429 | 200,520 | 16,848 | |||||||||||||||||||
Residential mortgage-backed securities | 283,967 | 15,900 | 23,068 | 1,688 | 307,035 | 17,588 | |||||||||||||||||||
Asset-backed securities | 255,656 | 4,916 | 56,668 | 4,983 | 312,324 | 9,899 | |||||||||||||||||||
Commercial mortgage-backed securities | 219,110 | 3,725 | 20,068 | 5,745 | 239,178 | 9,470 | |||||||||||||||||||
U.S. government and agencies | 133,697 | 4,469 | 4,406 | 279 | 138,103 | 4,748 | |||||||||||||||||||
State and political subdivisions | 120,193 | 9,723 | 15,202 | 4,616 | 135,395 | 14,339 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 665,313 | 21,075 | 36,212 | 2,847 | 701,525 | 23,922 | |||||||||||||||||||
Total investment grade securities | 5,007,606 | 223,122 | 468,956 | 63,135 | 5,476,562 | 286,257 | |||||||||||||||||||
Non-investment grade securities: | |||||||||||||||||||||||||
Corporate securities | 283,603 | 9,451 | 38,256 | 3,892 | 321,859 | 13,343 | |||||||||||||||||||
Residential mortgage-backed securities | 62,146 | 1,075 | 3,945 | 254 | 66,091 | 1,329 | |||||||||||||||||||
Asset-backed securities | 28,670 | 415 | 32,392 | 5,498 | 61,062 | 5,913 | |||||||||||||||||||
Commercial mortgage-backed securities | 15,762 | 81 | 10,980 | 7,936 | 26,742 | 8,017 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 9,403 | 40 | — | — | 9,403 | 40 | |||||||||||||||||||
Total non-investment grade securities | 399,584 | 11,062 | 85,573 | 17,580 | 485,157 | 28,642 | |||||||||||||||||||
Total fixed maturity securities | $ | 5,407,190 | $ | 234,184 | $ | 554,529 | $ | 80,715 | $ | 5,961,719 | $ | 314,899 | |||||||||||||
Non-redeemable preferred stock | $ | 51,386 | $ | 5,479 | $ | 1 | $ | 2 | $ | 51,387 | $ | 5,481 | |||||||||||||
Other equity securities | 218,834 | 1,748 | 32,550 | 2,472 | 251,384 | 4,220 | |||||||||||||||||||
Total equity securities | $ | 270,220 | $ | 7,227 | $ | 32,551 | $ | 2,474 | $ | 302,771 | $ | 9,701 | |||||||||||||
Investment Income | ' | ||||||||||||||||||||||||
Major categories of investment income, net of related expenses, consist of the following (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Fixed maturity securities available-for-sale | $ | 243,962 | $ | 239,244 | |||||||||||||||||||||
Mortgage loans on real estate | 33,092 | 28,243 | |||||||||||||||||||||||
Policy loans | 13,438 | 17,910 | |||||||||||||||||||||||
Funds withheld at interest | 112,739 | 137,259 | |||||||||||||||||||||||
Short-term investments | 965 | 813 | |||||||||||||||||||||||
Other invested assets | 14,501 | 13,922 | |||||||||||||||||||||||
Investment income | 418,697 | 437,391 | |||||||||||||||||||||||
Investment expense | (14,322 | ) | (12,260 | ) | |||||||||||||||||||||
Investment income, net of related expenses | $ | 404,375 | $ | 425,131 | |||||||||||||||||||||
Gain Loss On Investments | ' | ||||||||||||||||||||||||
Investment related gains (losses), net consist of the following (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Fixed maturities and equity securities available for sale: | |||||||||||||||||||||||||
Other-than-temporary impairment losses on fixed maturities | $ | (303 | ) | $ | (202 | ) | |||||||||||||||||||
Portion of loss recognized in accumulated other comprehensive income (before taxes) | — | — | |||||||||||||||||||||||
Net other-than-temporary impairment losses on fixed maturity securities recognized in earnings | (303 | ) | (202 | ) | |||||||||||||||||||||
Impairment losses on equity securities | — | — | |||||||||||||||||||||||
Gain on investment activity | 8,067 | 21,680 | |||||||||||||||||||||||
Loss on investment activity | (6,583 | ) | (11,212 | ) | |||||||||||||||||||||
Other impairment losses and change in mortgage loan provision | 1,664 | (1,626 | ) | ||||||||||||||||||||||
Derivatives and other, net | 81,726 | 85,731 | |||||||||||||||||||||||
Total investment related gains (losses), net | $ | 84,571 | $ | 94,371 | |||||||||||||||||||||
Disclosure Of Real Estate Holdings By Property Type [Table Text Block] | ' | ||||||||||||||||||||||||
The distribution of mortgage loans, gross of valuation allowances, by property type is as follows as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Recorded | % of Total | Recorded | % of Total | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Apartment | $ | 346,918 | 13.7 | % | $ | 289,394 | 11.6 | % | |||||||||||||||||
Retail | 720,921 | 28.4 | 748,731 | 30 | |||||||||||||||||||||
Office building | 917,985 | 36.2 | 917,284 | 36.7 | |||||||||||||||||||||
Industrial | 412,322 | 16.3 | 439,890 | 17.6 | |||||||||||||||||||||
Other commercial | 136,548 | 5.4 | 101,487 | 4.1 | |||||||||||||||||||||
Total | $ | 2,534,694 | 100 | % | $ | 2,496,786 | 100 | % | |||||||||||||||||
Disclosure Of Real Estate Holdings By Geographical Region [Table Text Block] | ' | ||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company’s mortgage loans, gross of valuation allowances, were distributed throughout the United States as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Recorded | % of Total | Recorded | % of Total | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Pacific | $ | 678,578 | 26.8 | % | $ | 671,822 | 26.9 | % | |||||||||||||||||
South Atlantic | 521,853 | 20.6 | 543,658 | 21.8 | |||||||||||||||||||||
Mountain | 374,874 | 14.8 | 334,446 | 13.4 | |||||||||||||||||||||
Middle Atlantic | 251,235 | 10 | 266,802 | 10.7 | |||||||||||||||||||||
West North Central | 160,561 | 6.3 | 138,442 | 5.5 | |||||||||||||||||||||
East North Central | 243,936 | 9.6 | 236,766 | 9.5 | |||||||||||||||||||||
West South Central | 167,894 | 6.6 | 168,246 | 6.7 | |||||||||||||||||||||
East South Central | 59,384 | 2.3 | 59,625 | 2.4 | |||||||||||||||||||||
New England | 76,379 | 3 | 76,979 | 3.1 | |||||||||||||||||||||
Total | $ | 2,534,694 | 100 | % | $ | 2,496,786 | 100 | % | |||||||||||||||||
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||
The maturities of the mortgage loans, gross of valuation allowances, as of March 31, 2014 and December 31, 2013 are as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Recorded | % of Total | Recorded | % of Total | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Due within five years | $ | 968,162 | 38.2 | % | $ | 987,109 | 39.5 | % | |||||||||||||||||
Due after five years through ten years | 998,196 | 39.4 | 984,289 | 39.4 | |||||||||||||||||||||
Due after ten years | 568,336 | 22.4 | 525,388 | 21.1 | |||||||||||||||||||||
Total | $ | 2,534,694 | 100 | % | $ | 2,496,786 | 100 | % | |||||||||||||||||
Mortgage Loan Internal Credit Risk Grade [Table Text Block] | ' | ||||||||||||||||||||||||
Information regarding the Company’s credit quality indicators, as determined by the Company's internal evaluation methodology for its recorded investment in mortgage loans, gross of valuation allowances, as of March 31, 2014 and December 31, 2013 is as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Internal credit quality grade: | Recorded | % of Total | Recorded | % of Total | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
High investment grade | $ | 1,266,653 | 50 | % | $ | 1,437,244 | 57.5 | % | |||||||||||||||||
Investment grade | 1,023,250 | 40.4 | 827,993 | 33.2 | |||||||||||||||||||||
Average | 183,250 | 7.2 | 155,914 | 6.2 | |||||||||||||||||||||
Watch list | 32,936 | 1.3 | 49,404 | 2 | |||||||||||||||||||||
In or near default | 28,605 | 1.1 | 26,231 | 1.1 | |||||||||||||||||||||
Total | $ | 2,534,694 | 100 | % | $ | 2,496,786 | 100 | % | |||||||||||||||||
Schedule Of Analysis Of Past Due Financing Receivables | ' | ||||||||||||||||||||||||
The age analysis of the Company’s past due recorded investment in mortgage loans, gross of valuation allowances, as of March 31, 2014 and December 31, 2013 is as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
$ | — | $ | — | ||||||||||||||||||||||
31-60 days past due | |||||||||||||||||||||||||
— | — | ||||||||||||||||||||||||
61-90 days past due | |||||||||||||||||||||||||
7,087 | — | ||||||||||||||||||||||||
Greater than 90 days | |||||||||||||||||||||||||
7,087 | — | ||||||||||||||||||||||||
Total past due | |||||||||||||||||||||||||
2,527,607 | 2,496,786 | ||||||||||||||||||||||||
Current | |||||||||||||||||||||||||
$ | 2,534,694 | $ | 2,496,786 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||
Recorded Investment And Allowance For Credit Losses | ' | ||||||||||||||||||||||||
The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||
Individually measured for impairment | $ | 32,344 | $ | 37,841 | |||||||||||||||||||||
Collectively measured for impairment | 2,502,350 | 2,458,945 | |||||||||||||||||||||||
Mortgage loans, gross of valuation allowances | 2,534,694 | 2,496,786 | |||||||||||||||||||||||
Valuation allowances: | |||||||||||||||||||||||||
Individually measured for impairment | 1,677 | 3,211 | |||||||||||||||||||||||
Collectively measured for impairment | 6,789 | 6,895 | |||||||||||||||||||||||
Total valuation allowances | 8,466 | 10,106 | |||||||||||||||||||||||
$ | 2,526,228 | $ | 2,486,680 | ||||||||||||||||||||||
Mortgage loans, net of valuation allowances | |||||||||||||||||||||||||
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net | ' | ||||||||||||||||||||||||
Information regarding the Company’s loan valuation allowances for mortgage loans for the three months ended March 31, 2014 and 2013 is as follows (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 10,106 | $ | 11,580 | |||||||||||||||||||||
Recoveries | 24 | — | |||||||||||||||||||||||
Charge-offs | — | (852 | ) | ||||||||||||||||||||||
Provision (release) | (1,664 | ) | (804 | ) | |||||||||||||||||||||
Balance, end of period | $ | 8,466 | $ | 9,924 | |||||||||||||||||||||
Impaired Financing Receivables Table | ' | ||||||||||||||||||||||||
Information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2014 and December 31, 2013 is as follows (dollars in thousands): | |||||||||||||||||||||||||
Unpaid | Recorded | Related | Carrying | ||||||||||||||||||||||
Principal | Investment | Allowance | Value | ||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 20,610 | $ | 20,007 | $ | — | $ | 20,007 | |||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | 12,308 | 12,337 | 1,677 | 10,660 | |||||||||||||||||||||
Total impaired mortgage loans | $ | 32,918 | $ | 32,344 | $ | 1,677 | $ | 30,667 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 21,698 | $ | 21,100 | $ | — | $ | 21,100 | |||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | 16,772 | 16,741 | 3,211 | 13,530 | |||||||||||||||||||||
Total impaired mortgage loans | $ | 38,470 | $ | 37,841 | $ | 3,211 | $ | 34,630 | |||||||||||||||||
The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Investment(1) | Income | Investment(1) | Income | ||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 14,539 | $ | 318 | $ | 13,378 | $ | 135 | |||||||||||||||||
20,554 | 193 | 27,184 | 240 | ||||||||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | |||||||||||||||||||||||||
Total | $ | 35,093 | $ | 511 | $ | 40,562 | $ | 375 | |||||||||||||||||
(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances | |||||||||||||||||||||||||
Schedule Of Other Invested Assets [Table Text Block] | ' | ||||||||||||||||||||||||
Carrying values of these assets as of March 31, 2014 and December 31, 2013 are as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Equity securities | $ | 282,015 | $ | 405,731 | |||||||||||||||||||||
Limited partnerships and real estate joint ventures | 403,874 | 411,456 | |||||||||||||||||||||||
Structured loans | 209,590 | 223,549 | |||||||||||||||||||||||
Derivatives | 121,173 | 75,227 | |||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 147,342 | 138,892 | |||||||||||||||||||||||
Other | 70,785 | 70,105 | |||||||||||||||||||||||
Total other invested assets | $ | 1,234,779 | $ | 1,324,960 | |||||||||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value | ' | ||||||||||||||||||||||||
The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Notional | Carrying Value/Fair Value | Notional | Carrying Value/Fair Value | ||||||||||||||||||||||
Amount | Assets | Liabilities | Amount | Assets | Liabilities | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swaps | $ | 1,330,276 | $ | 46,649 | $ | 10,978 | $ | 1,592,943 | $ | 32,555 | $ | 21,873 | |||||||||||||
Interest rate options | 240,000 | 3,836 | — | 240,000 | 2,554 | — | |||||||||||||||||||
Financial futures | 143,629 | — | — | 123,780 | — | — | |||||||||||||||||||
Foreign currency forwards | 68,885 | — | 10,067 | 79,618 | — | 12,772 | |||||||||||||||||||
Consumer price index swaps | 62,254 | 13 | 83 | 59,922 | — | 309 | |||||||||||||||||||
Credit default swaps | 663,700 | 8,639 | 1,425 | 682,700 | 10,438 | 2,156 | |||||||||||||||||||
Equity options | 821,432 | 30,866 | — | 757,352 | 33,902 | — | |||||||||||||||||||
Synthetic guaranteed investment contracts | 4,993,100 | — | — | 4,629,859 | — | — | |||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | — | — | 99,029 | — | — | 176,270 | |||||||||||||||||||
Indexed annuity products | — | — | 858,270 | — | — | 838,670 | |||||||||||||||||||
Variable annuity products | — | — | 53,717 | — | — | 30,055 | |||||||||||||||||||
Total non-hedging derivatives | 8,323,276 | 90,003 | 1,033,569 | 8,166,174 | 79,449 | 1,082,105 | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swaps | 51,043 | — | 4,055 | 49,131 | — | 4,606 | |||||||||||||||||||
Foreign currency swaps | 682,206 | 44,213 | — | 728,674 | 21,903 | 620 | |||||||||||||||||||
Total hedging derivatives | 733,249 | 44,213 | 4,055 | 777,805 | 21,903 | 5,226 | |||||||||||||||||||
Total derivatives | $ | 9,056,525 | $ | 134,216 | $ | 1,037,624 | $ | 8,943,979 | $ | 101,352 | $ | 1,087,331 | |||||||||||||
Offsetting Assets And Liabilities | ' | ||||||||||||||||||||||||
The following table provides information relating to the Company’s derivative instruments as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the Balance Sheet | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Recognized | Offset in the | Presented in the | Instruments | Pledged/ | |||||||||||||||||||||
Balance Sheet | Balance Sheet | Received | |||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||
Derivative assets | $ | 134,216 | $ | (13,043 | ) | $ | 121,173 | $ | (20,985 | ) | $ | (84,252 | ) | $ | 15,936 | ||||||||||
Derivative liabilities | 26,608 | (13,043 | ) | 13,565 | (17,423 | ) | (8,450 | ) | (12,308 | ) | |||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Derivative assets | $ | 101,352 | $ | (26,125 | ) | $ | 75,227 | $ | (11,095 | ) | $ | (51,006 | ) | $ | 13,126 | ||||||||||
Derivative liabilities | 42,336 | (26,125 | ) | 16,211 | (18,081 | ) | (8,033 | ) | (9,903 | ) | |||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), balance beginning of period | $ | (4,578 | ) | $ | 403 | ||||||||||||||||||||
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | 776 | 1,863 | |||||||||||||||||||||||
Amounts reclassified to investment income | (218 | ) | (305 | ) | |||||||||||||||||||||
Accumulated other comprehensive income (loss), balance end of period | $ | (4,020 | ) | $ | 1,961 | ||||||||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents the effects of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and AOCI for the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
Derivatives in Cash Flow | Amount of Gains | Amount and Location of Gains (Losses) | Amount and Location of Gains (Losses) | ||||||||||||||||||||||
Hedging Relationships | (Losses) Deferred in | Reclassified from AOCI into Income (Loss) | Recognized in Income (Loss) on Derivatives | ||||||||||||||||||||||
AOCI on Derivatives | |||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion and Amounts Excluded | |||||||||||||||||||||||
from Effectiveness Testing) | |||||||||||||||||||||||||
Investment Related | Investment Income | Investment Related | Investment Income | ||||||||||||||||||||||
Gains (Losses) | Gains (Losses) | ||||||||||||||||||||||||
For the three months ended March 31, 2014: | |||||||||||||||||||||||||
Interest rate swaps | $ | 776 | $ | — | $ | 218 | $ | (6 | ) | $ | — | ||||||||||||||
For the three months ended March 31, 2013: | |||||||||||||||||||||||||
Interest rate swaps | $ | 1,863 | $ | — | $ | 305 | $ | (17 | ) | $ | — | ||||||||||||||
Derivatives Hedging Instruments In Net Investment Hedging Relationships | ' | ||||||||||||||||||||||||
The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
Derivative Gains (Losses) Deferred in AOCI | |||||||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||||||
Type of NIFO Hedge (1) (2) | 2014 | 2013 | |||||||||||||||||||||||
Foreign currency swaps | $ | 23,080 | $ | 10,922 | |||||||||||||||||||||
-1 | There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented. | ||||||||||||||||||||||||
-2 | There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. | ||||||||||||||||||||||||
Derivative Instruments Gain Loss By Income Statement Location | ' | ||||||||||||||||||||||||
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s income statement for the three months ended March 31, 2014 and 2013 is as follows (dollars in thousands): | |||||||||||||||||||||||||
Gain (Loss) for the three months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
Type of Non-hedging Derivative | Income Statement Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||
Interest rate swaps | Investment related gains (losses), net | $ | 29,653 | $ | (22,265 | ) | |||||||||||||||||||
Interest rate options | Investment related gains (losses), net | 1,282 | 1,982 | ||||||||||||||||||||||
Financial futures | Investment related gains (losses), net | (1,584 | ) | (6,881 | ) | ||||||||||||||||||||
Foreign currency forwards | Investment related gains (losses), net | 1,154 | (5,659 | ) | |||||||||||||||||||||
CPI swaps | Investment related gains (losses), net | 352 | (871 | ) | |||||||||||||||||||||
Credit default swaps | Investment related gains (losses), net | (2,114 | ) | 3,904 | |||||||||||||||||||||
Equity options | Investment related gains (losses), net | (8,966 | ) | (30,623 | ) | ||||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | Investment related gains (losses), net | 77,241 | 90,257 | ||||||||||||||||||||||
Indexed annuity products | Interest credited | (23,840 | ) | (32,996 | ) | ||||||||||||||||||||
Variable annuity products | Investment related gains (losses), net | (23,661 | ) | 51,314 | |||||||||||||||||||||
Total non-hedging derivatives | $ | 49,517 | $ | 48,162 | |||||||||||||||||||||
Disclosure Of Credit Derivatives | ' | ||||||||||||||||||||||||
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Rating Agency Designation of Referenced Credit Obligations(1) | Estimated Fair | Maximum | Weighted | Estimated Fair | Maximum | Weighted | |||||||||||||||||||
Value of Credit | Amount of Future | Average | Value of Credit | Amount of Future | Average | ||||||||||||||||||||
Default Swaps | Payments under | Years to | Default Swaps | Payments under | Years to | ||||||||||||||||||||
Credit Default | Maturity(3) | Credit Default | Maturity(3) | ||||||||||||||||||||||
Swaps(2) | Swaps(2) | ||||||||||||||||||||||||
AAA/AA-/A+/A/A- | |||||||||||||||||||||||||
Single name credit default swaps | $ | 1,059 | $ | 112,500 | 5 | $ | 614 | $ | 117,500 | 5.1 | |||||||||||||||
Credit default swaps referencing indices | — | — | — | — | — | — | |||||||||||||||||||
Subtotal | 1,059 | 112,500 | 5 | 614 | 117,500 | 5.1 | |||||||||||||||||||
BBB+/BBB/BBB- | |||||||||||||||||||||||||
Single name credit default swaps | 608 | 127,200 | 5 | 656 | 142,200 | 4.9 | |||||||||||||||||||
Credit default swaps referencing indices | 6,291 | 406,000 | 5.2 | 7,295 | 405,000 | 5 | |||||||||||||||||||
Subtotal | 6,899 | 533,200 | 5.2 | 7,951 | 547,200 | 5 | |||||||||||||||||||
Total | $ | 7,958 | $ | 645,700 | 5.1 | $ | 8,565 | $ | 664,700 | 4.4 | |||||||||||||||
-1 | The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). | ||||||||||||||||||||||||
-2 | Assumes the value of the referenced credit obligations is zero. | ||||||||||||||||||||||||
-3 | The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. | ||||||||||||||||||||||||
Changes In Estimated Fair Value Related To Embedded Derivatives | ' | ||||||||||||||||||||||||
The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three months ended March 31, 2014 and 2013 are reflected in the following table (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Embedded derivatives in modco or funds withheld arrangements included in investment related gains | $ | 77,241 | $ | 90,257 | |||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | 18,079 | 21,624 | |||||||||||||||||||||||
Embedded derivatives in variable annuity contracts included in investment related gains | (23,661 | ) | 51,314 | ||||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (13,669 | ) | 12,192 | ||||||||||||||||||||||
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses | (23,840 | ) | (32,996 | ) | |||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (18,375 | ) | (29,550 | ) | |||||||||||||||||||||
Credit Risk | ' | ||||||||||||||||||||||||
Information regarding the Company’s credit exposure related to its over-the-counter derivative contracts and margin account for exchange-traded futures at March 31, 2014 and December 31, 2013 are reflected in the following table (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Estimated fair value of derivatives in net asset position | $ | 107,608 | $ | 59,016 | |||||||||||||||||||||
Cash provided as collateral(1) | 8,450 | 8,033 | |||||||||||||||||||||||
Securities pledged to counterparties as collateral(2) | 17,423 | 18,081 | |||||||||||||||||||||||
Cash pledged from counterparties as collateral(3) | (84,252 | ) | (51,006 | ) | |||||||||||||||||||||
Securities pledged from counterparties as collateral(4) | (20,985 | ) | (11,095 | ) | |||||||||||||||||||||
Initial margin for cleared derivatives | (12,927 | ) | (13,350 | ) | |||||||||||||||||||||
Net credit exposure | $ | 15,317 | $ | 9,679 | |||||||||||||||||||||
Margin account related to exchange-traded futures(5) | $ | 3,904 | $ | 2,566 | |||||||||||||||||||||
-1 | Consists of receivable from counterparty, included in other assets. | ||||||||||||||||||||||||
-2 | Included in other invested assets, primarily consists of U.S. Treasury securities. | ||||||||||||||||||||||||
-3 | Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. | ||||||||||||||||||||||||
-4 | Consists of U.S. Treasury securities. | ||||||||||||||||||||||||
-5 | Included in cash and cash equivalents. |
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block | ' | ||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 are summarized below (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2014: | Fair Value Measurements Using: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fixed maturity securities – available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 12,518,300 | $ | 71,152 | $ | 11,155,447 | $ | 1,291,701 | |||||||||||||||||
Canadian and Canadian provincial governments | 3,450,164 | — | 3,450,164 | — | |||||||||||||||||||||
Residential mortgage-backed securities | 1,001,871 | — | 823,944 | 177,927 | |||||||||||||||||||||
Asset-backed securities | 944,579 | — | 441,904 | 502,675 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,450,503 | — | 1,360,130 | 90,373 | |||||||||||||||||||||
U.S. government and agencies securities | 462,262 | 360,017 | 64,214 | 38,031 | |||||||||||||||||||||
State and political subdivision securities | 390,632 | — | 346,799 | 43,833 | |||||||||||||||||||||
Other foreign government supranational and foreign government-sponsored enterprises | 1,938,871 | 298,309 | 1,629,405 | 11,157 | |||||||||||||||||||||
Total fixed maturity securities – available-for-sale | 22,157,182 | 729,478 | 19,272,007 | 2,155,697 | |||||||||||||||||||||
Funds withheld at interest – embedded derivatives | (99,029 | ) | — | — | (99,029 | ) | |||||||||||||||||||
Cash equivalents | 532,957 | 532,957 | — | — | |||||||||||||||||||||
Short-term investments | 85,292 | 78,710 | 6,582 | — | |||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||
Non-redeemable preferred stock | 88,767 | 87,382 | 1,385 | — | |||||||||||||||||||||
Other equity securities | 193,248 | 193,248 | — | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 34,911 | — | 34,911 | — | |||||||||||||||||||||
Financial futures | 3,836 | — | 3,836 | — | |||||||||||||||||||||
Foreign currency forwards | — | — | — | — | |||||||||||||||||||||
CPI swaps | (70 | ) | — | (70 | ) | — | |||||||||||||||||||
Credit default swaps | 7,421 | — | 7,421 | — | |||||||||||||||||||||
Equity options | 30,862 | — | 30,862 | — | |||||||||||||||||||||
Foreign currency swaps | 44,213 | — | 44,213 | — | |||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 147,342 | 140,659 | 6,683 | — | |||||||||||||||||||||
Collateral | — | — | — | — | |||||||||||||||||||||
Other | 7,193 | 7,193 | — | — | |||||||||||||||||||||
Total other invested assets | 557,723 | 428,482 | 129,241 | — | |||||||||||||||||||||
Total | $ | 23,234,125 | $ | 1,769,627 | $ | 19,407,830 | $ | 2,056,668 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives | $ | 911,987 | $ | — | $ | — | $ | 911,987 | |||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 3,295 | — | 3,295 | — | |||||||||||||||||||||
Foreign currency forwards | 10,067 | — | 10,067 | — | |||||||||||||||||||||
Credit default swaps | 207 | — | 207 | — | |||||||||||||||||||||
Equity options | (4 | ) | — | (4 | ) | — | |||||||||||||||||||
Foreign currency swaps | — | — | — | — | |||||||||||||||||||||
Total | $ | 925,552 | $ | — | $ | 13,565 | $ | 911,987 | |||||||||||||||||
December 31, 2013: | Fair Value Measurements Using: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fixed maturity securities – available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 12,110,755 | $ | 68,934 | $ | 10,696,532 | $ | 1,345,289 | |||||||||||||||||
Canadian and Canadian provincial governments | 3,381,025 | — | 3,381,025 | — | |||||||||||||||||||||
Residential mortgage-backed securities | 989,643 | — | 836,138 | 153,505 | |||||||||||||||||||||
Asset-backed securities | 894,832 | — | 422,984 | 471,848 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,388,946 | — | 1,287,161 | 101,785 | |||||||||||||||||||||
U.S. government and agencies securities | 501,351 | 396,092 | 64,340 | 40,919 | |||||||||||||||||||||
State and political subdivision securities | 320,820 | — | 277,044 | 43,776 | |||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 1,886,764 | 304,487 | 1,544,280 | 37,997 | |||||||||||||||||||||
Total fixed maturity securities – available-for-sale | 21,474,136 | 769,513 | 18,509,504 | 2,195,119 | |||||||||||||||||||||
Funds withheld at interest – embedded derivatives | (176,270 | ) | — | — | (176,270 | ) | |||||||||||||||||||
Cash equivalents | 371,345 | 371,345 | — | — | |||||||||||||||||||||
Short-term investments | 111,572 | 105,649 | 5,923 | — | |||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||
Non-redeemable preferred stock | 81,854 | 74,220 | 2,672 | 4,962 | |||||||||||||||||||||
Other equity securities | 323,877 | 323,877 | — | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 9,904 | — | 9,904 | — | |||||||||||||||||||||
Foreign currency forwards | 2,554 | — | 2,554 | — | |||||||||||||||||||||
CPI swaps | (309 | ) | — | (309 | ) | — | |||||||||||||||||||
Credit default swaps | 7,926 | — | 7,926 | — | |||||||||||||||||||||
Equity options | 33,869 | — | 33,869 | — | |||||||||||||||||||||
Collateral | 21,283 | — | 21,283 | — | |||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 138,892 | 132,643 | 6,249 | — | |||||||||||||||||||||
Other | 9,142 | 9,142 | — | — | |||||||||||||||||||||
Total other invested assets | 628,992 | 539,882 | 84,148 | 4,962 | |||||||||||||||||||||
Total | $ | 22,409,775 | $ | 1,786,389 | $ | 18,599,575 | $ | 2,023,811 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives | $ | 868,725 | $ | — | $ | — | $ | 868,725 | |||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 3,828 | — | 3,828 | — | |||||||||||||||||||||
Foreign currency forwards | 12,772 | — | 12,772 | — | |||||||||||||||||||||
Credit default swaps | (356 | ) | — | (356 | ) | — | |||||||||||||||||||
Foreign currency swaps | (33 | ) | — | (33 | ) | — | |||||||||||||||||||
Total | $ | 884,936 | $ | — | $ | 16,211 | $ | 868,725 | |||||||||||||||||
Fair Value Unobservable Input Measurements [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed by the Company, which does not include unobservable Level 3 asset and liability measurements provided by third parties, as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2014: | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 21,689 | Market comparable securities | Liquidity premium | 1 | % | |||||||||||||||||||
Corporate securities | 267,015 | Market comparable securities | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
U.S. government and agencies | 34,693 | Market comparable securities | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
Funds withheld at interest- embedded derivatives | (99,029 | ) | Total return swap | Mortality | 0-100% (2%) | ||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
Own Credit | 0-1% (1%) | ||||||||||||||||||||||||
Crediting rate | 2-4% (3%) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 858,270 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
Option budget projection | 2-4% (3%) | ||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- variable annuities | 53,717 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-25% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-7% (3%) | ||||||||||||||||||||||||
Own Credit | 0-1% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (10%) | ||||||||||||||||||||||||
December 31, 2013: | Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 29,024 | Market comparable securities | Liquidity premium | 1 | % | |||||||||||||||||||
Corporate securities | 312,887 | Market comparable securities | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
Short-term investments | 37,539 | Market comparable securities | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
Funds withheld at interest- embedded derivatives | (176,270 | ) | Total return swap | Mortality | 0-100% (2%) | ||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
Own Credit | 0-1% (1%) | ||||||||||||||||||||||||
Crediting Rate | 2-4% (3%) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 838,670 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
Option budget projection | 2-4% (3%) | ||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- variable annuities | 30,055 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-25% (6%) | ||||||||||||||||||||||||
Withdrawal | 0-7% (3%) | ||||||||||||||||||||||||
Own Credit | 0-1% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (10%) | ||||||||||||||||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Level Transfers [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables present the transfers between Level 1 and Level 2 during the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Transfers from | Transfers from | Transfers from | Transfers from | ||||||||||||||||||||||
Level 1 to | Level 2 to | Level 1 to | Level 2 to | ||||||||||||||||||||||
Level 2 | Level 1 | Level 2 | Level 1 | ||||||||||||||||||||||
Fixed maturity securities - available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | — | $ | — | $ | — | $ | 14,012 | |||||||||||||||||
Total fixed maturity securities | $ | — | $ | — | $ | — | $ | 14,012 | |||||||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Text Block] | ' | ||||||||||||||||||||||||
For the three months ended March 31, 2013: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential mortgage-backed securities | Asset-backed securities | Commercial mortgage-backed securities | U.S. Government and agencies securities | State and political subdivision securities | ||||||||||||||||||||
securities | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,668,563 | $ | 93,931 | $ | 232,391 | $ | 167,006 | $ | 4,538 | $ | 43,212 | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (2,027 | ) | 105 | 878 | 502 | — | 9 | ||||||||||||||||||
Investment related gains (losses), net | (1,262 | ) | (173 | ) | (1,747 | ) | (870 | ) | — | (4 | ) | ||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | 963 | 2,514 | 12,036 | 12,500 | — | (553 | ) | ||||||||||||||||||
Purchases (1) | 74,671 | 40,538 | 55,881 | — | — | — | |||||||||||||||||||
Sales(1) | (16,278 | ) | (1,599 | ) | (8,297 | ) | (1,604 | ) | — | — | |||||||||||||||
Settlements(1) | (65,366 | ) | (4,923 | ) | (5,877 | ) | (2,240 | ) | — | (25 | ) | ||||||||||||||
Transfers into Level 3 | 3,773 | 10,324 | 2,966 | — | — | — | |||||||||||||||||||
Transfers out of Level 3 | (16,134 | ) | — | — | — | (4,538 | ) | — | |||||||||||||||||
Fair value, end of period | $ | 1,646,903 | $ | 140,717 | $ | 288,231 | $ | 175,294 | $ | — | $ | 42,639 | |||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | (2,027 | ) | $ | 105 | $ | 882 | $ | 501 | $ | — | $ | 9 | ||||||||||||
Investment related gains (losses), net | (202 | ) | — | — | — | — | — | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Fixed maturity securities - available-for-sale | |||||||||||||||||||||||||
For the three months ended March 31, 2013 (continued): | Other foreign government securities | Funds withheld | Short-term | Interest sensitive contract liabilities embedded derivatives | |||||||||||||||||||||
at interest- | investments | ||||||||||||||||||||||||
embedded | |||||||||||||||||||||||||
derivatives | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 28,280 | $ | (243,177 | ) | $ | 22,031 | $ | (912,361 | ) | |||||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (75 | ) | — | (3 | ) | — | |||||||||||||||||||
Investment related gains (losses), net | — | 86,988 | — | 51,314 | |||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | |||||||||||||||||||||
Interest credited | — | — | — | (32,996 | ) | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | |||||||||||||||||||||
Included in other comprehensive income | (340 | ) | — | (27 | ) | — | |||||||||||||||||||
Purchases(1) | — | — | — | (13,860 | ) | ||||||||||||||||||||
Sales(1) | — | — | — | — | |||||||||||||||||||||
Settlements(1) | — | — | — | 17,427 | |||||||||||||||||||||
Transfers into Level 3 | — | — | — | — | |||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | |||||||||||||||||||||
Fair value, end of period | $ | 27,865 | $ | (156,189 | ) | $ | 22,001 | $ | (890,476 | ) | |||||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | (75 | ) | $ | — | $ | (4 | ) | $ | — | |||||||||||||||
Investment related gains (losses), net | — | 86,988 | — | 50,123 | |||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | |||||||||||||||||||||
Interest credited | — | — | — | (50,424 | ) | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | |||||||||||||||||||||
-1 | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. | ||||||||||||||||||||||||
The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three months ended March 31, 2014, as well as the portion of gains or losses included in income for the three months ended March 31, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at March 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
For the three months ended March 31, 2014: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. Government | |||||||||||||||||||||
securities | mortgage- | securities | mortgage- | and agencies | |||||||||||||||||||||
backed | backed | securities | |||||||||||||||||||||||
securities | securities | ||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,345,289 | $ | 153,505 | $ | 471,848 | $ | 101,785 | $ | 40,919 | |||||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (1,111 | ) | 56 | 2,057 | 372 | (97 | ) | ||||||||||||||||||
Investment related gains (losses), net | (161 | ) | 106 | 304 | 86 | (195 | ) | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | — | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income | 2,450 | 2,887 | 5,501 | 3,035 | 305 | ||||||||||||||||||||
Purchases(1) | 79,512 | 18,750 | 59,224 | — | 128 | ||||||||||||||||||||
Sales(1) | (38,747 | ) | (744 | ) | (6,612 | ) | (14,626 | ) | — | ||||||||||||||||
Settlements(1) | (51,944 | ) | (6,172 | ) | (6,315 | ) | (279 | ) | (3,029 | ) | |||||||||||||||
Transfers into Level 3 | 6,930 | 10,563 | 5,948 | — | — | ||||||||||||||||||||
Transfers out of Level 3 | (50,517 | ) | (1,024 | ) | (29,280 | ) | — | — | |||||||||||||||||
Fair value, end of period | $ | 1,291,701 | $ | 177,927 | $ | 502,675 | $ | 90,373 | $ | 38,031 | |||||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | (1,062 | ) | $ | 52 | $ | 2,050 | $ | 428 | $ | (97 | ) | |||||||||||||
Investment related gains (losses), net | — | — | — | — | — | ||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | — | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
For the three months ended March 31, 2014 (continued): | Fixed maturity securities | ||||||||||||||||||||||||
available-for-sale | |||||||||||||||||||||||||
State | Other foreign government, supranational and foreign government-sponsored enterprises | Funds withheld | Other invested assets- non-redeemable preferred stock | Interest sensitive contract liabilities embedded derivatives | |||||||||||||||||||||
and political | at interest- | ||||||||||||||||||||||||
subdivision | embedded | ||||||||||||||||||||||||
securities | derivative | ||||||||||||||||||||||||
Fair value, beginning of period | $ | 43,776 | $ | 37,997 | $ | (176,270 | ) | $ | 4,962 | $ | (868,725 | ) | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | 12 | — | — | — | — | ||||||||||||||||||||
Investment related gains (losses), net | (4 | ) | — | 77,241 | — | (23,661 | ) | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (23,840 | ) | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income | 113 | — | — | — | — | ||||||||||||||||||||
Purchases(1) | — | — | — | — | (15,193 | ) | |||||||||||||||||||
Sales(1) | — | — | — | — | — | ||||||||||||||||||||
Settlements(1) | (64 | ) | (298 | ) | — | — | 19,432 | ||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | ||||||||||||||||||||
Transfers out of Level 3 | — | (26,542 | ) | — | (4,962 | ) | — | ||||||||||||||||||
Fair value, end of period | $ | 43,833 | $ | 11,157 | $ | (99,029 | ) | $ | — | $ | (911,987 | ) | |||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | 12 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Investment related gains (losses), net | — | — | 77,241 | — | (24,211 | ) | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (43,273 | ) | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
-1 | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. | ||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Carrying Value | Estimated Fair | Net | Carrying Value | Estimated Fair | Net | ||||||||||||||||||||
Prior to | Value After | Investment | Prior to Measurement | Value After | Investment | ||||||||||||||||||||
Measurement | Measurement | Gains (Losses) | Measurement | Gains (Losses) | |||||||||||||||||||||
Mortgage loans(1) | $ | 10,280 | $ | 10,660 | $ | 380 | $ | 13,581 | $ | 13,700 | $ | 119 | |||||||||||||
Limited partnership interests(2) | — | — | — | 11,590 | 9,161 | (2,429 | ) | ||||||||||||||||||
-1 | Mortgage loans — The impaired mortgage loans presented above were written down to their estimated fair values at the date the impairments were recognized and are reported as losses above. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains above. Nonrecurring fair value adjustments on mortgage loans are based on the fair value of underlying collateral or discounted cash flows. | ||||||||||||||||||||||||
-2 | Limited partnership interests — The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency. | ||||||||||||||||||||||||
Financial Instruments Carrying Amounts And Estimated Fair Value [Text Block] | ' | ||||||||||||||||||||||||
March 31, 2014: | Carrying Value | Estimated | Fair Value Measurement Using: | ||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Mortgage loans on real estate | $ | 2,526,228 | $ | 2,576,966 | $ | — | $ | — | $ | 2,576,966 | |||||||||||||||
Policy loans | 1,296,897 | 1,296,897 | — | 1,296,897 | — | ||||||||||||||||||||
Funds withheld at interest(1) | 5,912,727 | 6,236,412 | — | — | 6,236,412 | ||||||||||||||||||||
Cash and cash equivalents(2) | 594,175 | 594,175 | 594,175 | — | — | ||||||||||||||||||||
Short-term investments(2) | 33,497 | 33,497 | 33,497 | — | — | ||||||||||||||||||||
Other invested assets(2) | 476,249 | 519,548 | 5,108 | 36,046 | 478,394 | ||||||||||||||||||||
Accrued investment income | 233,816 | 233,816 | — | 233,816 | — | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest-sensitive contract liabilities(1) | $ | 10,065,850 | $ | 9,812,347 | $ | — | $ | — | $ | 9,812,347 | |||||||||||||||
Short-term debt | 50,000 | 50,000 | — | 50,000 | — | ||||||||||||||||||||
Long-term debt | 2,214,526 | 2,407,939 | — | — | 2,407,939 | ||||||||||||||||||||
Collateral finance facility | 484,747 | 376,193 | — | — | 376,193 | ||||||||||||||||||||
December 31, 2013: | Carrying Value | Estimated | Fair Value Measurement Using: | ||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Mortgage loans on real estate | $ | 2,486,680 | $ | 2,489,721 | $ | — | $ | — | $ | 2,489,721 | |||||||||||||||
Policy loans | 1,244,469 | 1,244,469 | — | 1,244,469 | — | ||||||||||||||||||||
Funds withheld at interest(1) | 5,948,374 | 6,207,342 | — | — | 6,207,342 | ||||||||||||||||||||
Cash and cash equivalents(2) | 552,302 | 552,302 | 552,302 | — | — | ||||||||||||||||||||
Short-term investments(2) | 27,823 | 27,823 | 27,823 | — | — | ||||||||||||||||||||
Other invested assets(2) | 491,545 | 534,442 | 5,070 | 33,886 | 495,486 | ||||||||||||||||||||
Accrued investment income | 267,908 | 267,908 | — | 267,908 | — | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest-sensitive contract liabilities(1) | $ | 10,228,120 | $ | 9,989,514 | $ | — | $ | — | $ | 9,989,514 | |||||||||||||||
Long-term debt | 2,214,350 | 2,333,023 | — | — | 2,333,023 | ||||||||||||||||||||
Collateral finance facility | 484,752 | 374,984 | — | — | 374,984 | ||||||||||||||||||||
-1 | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis. | ||||||||||||||||||||||||
-2 | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Reconciliation Of Revenue From Segments To Consolidated Text Block | ' | ||||||||
The Company’s reportable segments are strategic business units that are primarily segregated by geographic region. Information related to revenues, income before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in thousands). | |||||||||
Three months ended March 31, | |||||||||
Total revenues: | 2014 | 2013 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 1,278,692 | $ | 1,196,924 | |||||
Non-Traditional | 288,621 | 314,100 | |||||||
Canada | 277,749 | 297,089 | |||||||
Europe, Middle East and Africa | 365,857 | 307,587 | |||||||
Asia Pacific | 415,029 | 409,851 | |||||||
Corporate and Other | 31,225 | 75,551 | |||||||
Total | $ | 2,657,173 | $ | 2,601,102 | |||||
Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block | ' | ||||||||
Three months ended March 31, | |||||||||
Income before income taxes: | 2014 | 2013 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 50,972 | $ | 79,543 | |||||
Non-Traditional | 83,124 | 97,564 | |||||||
Canada | 20,064 | 36,308 | |||||||
Europe, Middle East and Africa | 15,205 | 10,963 | |||||||
Asia Pacific | 26,311 | 18,242 | |||||||
Corporate and Other | 3,764 | 36,207 | |||||||
Total | $ | 199,440 | $ | 278,827 | |||||
Reconciliation Of Assets From Segment To Consolidated Text Block | ' | ||||||||
Total Assets: | 31-Mar-13 | 31-Dec-13 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 13,326,226 | $ | 13,285,423 | |||||
Non-Traditional | 11,743,411 | 11,716,908 | |||||||
Canada | 4,012,037 | 4,103,730 | |||||||
Europe, Middle East and Africa | 2,572,563 | 2,230,568 | |||||||
Asia Pacific | 3,657,850 | 3,597,456 | |||||||
Corporate and Other | 5,229,494 | 4,740,388 | |||||||
Total | $ | 40,541,581 | $ | 39,674,473 | |||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||
Credit Facilities | ' | ||||||||||||||
The following table provides additional information on the Company’s credit facilities as of March 31, 2014 and December 31, 2013 (dollars in millions): | |||||||||||||||
Amount Utilized(1) | |||||||||||||||
Facility Capacity | Maturity Date | 31-Mar-14 | 31-Dec-13 | Basis of Fees | |||||||||||
$ | 850 | December 2015 | $ | 65.1 | $ | 67.6 | Senior unsecured long-term debt rating | ||||||||
200 | September 2019 | 200 | 200 | Fixed | |||||||||||
120 | May-16 | 80 | 85.1 | Fixed | |||||||||||
270 | Nov-17 | 270 | 270 | Fixed | |||||||||||
100 | Jun-17 | 86 | 89.4 | Fixed | |||||||||||
75.0(2) | Nov-13 | 75 | 58.4 | Fixed | |||||||||||
115.1(2) | Mar-19 | 115.1 | 132.5 | Fixed | |||||||||||
-1 | Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. | ||||||||||||||
Commitment Obligations | ' | ||||||||||||||
The following table presents information about these commitments (dollars in millions): | |||||||||||||||
Maximum Potential Obligation | |||||||||||||||
Commitment Period | 31-Mar-14 | 31-Dec-13 | |||||||||||||
2026 | $ | 500 | $ | 500 | |||||||||||
2033 | 1,350.00 | 1,350.00 | |||||||||||||
2036 | 1,250.00 | 1,250.00 | |||||||||||||
Income_Tax_Income_Tax_Tables
Income Tax Income Tax (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
Provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 35% to pre-tax income as a result of the following (dollars in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Tax provision at U.S. statutory rate | $ | 69,804 | $ | 97,589 | |||||
Increase (decrease) in income taxes resulting from: | |||||||||
Foreign tax rate differing from U.S. tax rate | (3,221 | ) | (2,388 | ) | |||||
Differences in tax basis in foreign jurisdictions | 250 | 900 | |||||||
Deferred tax valuation allowance | (3,157 | ) | (22 | ) | |||||
Amounts related to tax audit contingencies | 778 | 1,099 | |||||||
Corporate rate changes | (17 | ) | (1,371 | ) | |||||
Subpart F | 2,439 | 465 | |||||||
Foreign tax credits | (855 | ) | (670 | ) | |||||
Return to provision adjustments | (3,353 | ) | (2,484 | ) | |||||
Other, net | 108 | 174 | |||||||
Total provision for income taxes | $ | 62,776 | $ | 93,292 | |||||
Effective tax rate | 31.5 | % | 33.5 | % | |||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule Of Defined Benefit Plans Disclosures Text Block | ' | ||||||||||||||||
The components of net periodic benefit costs for the three months ended March 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
Three months ended March 31, | Three months ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1,501 | $ | 1,883 | $ | 470 | $ | 410 | |||||||||
Interest Cost | 808 | 1,018 | 338 | 312 | |||||||||||||
Expected return on plan assets | (933 | ) | (767 | ) | — | — | |||||||||||
Amortization of prior service cost | 2 | 94 | — | — | |||||||||||||
Amortization of prior actuarial loss | 673 | 837 | 217 | 186 | |||||||||||||
Net periodic benefit cost | $ | 2,051 | $ | 3,065 | $ | 1,025 | $ | 908 | |||||||||
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Shares) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings: | ' | ' |
Net income (numerator for basic and diluted calculations) | $136,664 | $185,535 |
Shares: | ' | ' |
Weighted average outstanding shares (denominator for basic calculation) | 70,574 | 73,838 |
Equivalent shares from outstanding stock options | 690 | 551 |
Denominator for diluted calculation | 71,264 | 74,389 |
Earnings Per Share: | ' | ' |
Basic earnings per share | $1.94 | $2.51 |
Diluted earnings per share | $1.92 | $2.49 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0.3 | 1.5 |
Contingently Issuable Shares [Member] | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0.9 | 0.9 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Balance of and Changes in Each Component of AOCI) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ||
Balance, Beginning of Period | $1,005,607 | $2,108,902 | ||
Other comprehensive income (loss) before reclassifications | 277,236 | -126,717 | ||
Amounts reclassified from AOCI | -3,344 | -5,445 | ||
Net current-period other comprehensive income (loss) | 273,892 | -132,162 | ||
Balance, End of Period | 1,279,499 | 1,976,740 | ||
Accumulated Currency Translation Adjustments [Member] | ' | ' | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ||
Balance, Beginning of Period | 207,083 | 267,475 | ||
Other comprehensive income (loss) before reclassifications | -42,683 | -14,105 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Net current-period other comprehensive income (loss) | -42,683 | -14,105 | ||
Balance, End of Period | 164,400 | 253,370 | ||
Unrealized Appreciation Of Securities [Member] | ' | ' | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ||
Balance, Beginning of Period | 820,245 | [1] | 1,877,657 | |
Other comprehensive income (loss) before reclassifications | 319,758 | [1] | -112,711 | [1] |
Amounts reclassified from AOCI | -3,924 | [1] | -6,171 | [1] |
Net current-period other comprehensive income (loss) | 315,834 | [1] | -118,882 | [1] |
Balance, End of Period | 1,136,079 | [1] | 1,758,775 | [1] |
Pension And Postretirement Benefits [Member] | ' | ' | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ||
Balance, Beginning of Period | -21,721 | -36,230 | ||
Other comprehensive income (loss) before reclassifications | 161 | 99 | ||
Amounts reclassified from AOCI | 580 | 726 | ||
Net current-period other comprehensive income (loss) | 741 | 825 | ||
Balance, End of Period | ($20,980) | ($35,405) | ||
[1] | Includes cash flow hedges. See Note 5 - “Derivative Instruments†for additional information on cash flow hedges. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Investment related gains (losses), net | $84,874 | $94,573 | ||
Investment income | 404,375 | 425,131 | ||
Total before tax | 199,440 | 278,827 | ||
Tax (expense) benefit | -62,776 | -93,292 | ||
Net income | 136,664 | 185,535 | ||
Unrealized Appreciation Depreciation Of Investments [Member] | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Total before tax | 5,828 | 9,105 | ||
Tax (expense) benefit | -1,904 | -2,934 | ||
Net income | 3,924 | 6,171 | ||
Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Investment related gains (losses), net | 1,189 | 10,348 | ||
Unrealized Appreciation Depreciation Of Investments [Member] | Gains Losses On Qualifying Cash Flow Hedging Instruments [Member] | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Investment income | 218 | 305 | ||
Unrealized Appreciation Depreciation Of Investments [Member] | DAC Attributed To Unrealized Gains Losses [Member] | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Deferred policy acquisition costs attributed to unrealized gains and losses | 4,421 | [1] | -1,548 | [1] |
Amortization Of Unrealized Pension And Postretirement Benefits [Member] | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Total before tax | -892 | -1,117 | ||
Tax (expense) benefit | 312 | 391 | ||
Net income | -580 | -726 | ||
Amounts Reclassified From AOCI [Member] | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Net income | 3,344 | 5,445 | ||
Prior Service Cost [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member] | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Prior service cost | -2 | [2] | -94 | [2] |
Actuarial Gains Losses [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member] | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Actuarial gains/(losses) | ($890) | [2] | ($1,023) | [2] |
[1] | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs†of the 2013 Annual Report for additional details. | |||
[2] | These AOCI components are included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans†for additional details. |
Investments_Investments_in_Fix
Investments (Investments in Fixed Maturity and Equity Securities Available-for-Sale by Sector) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $11,858,578 | $11,697,394 |
Unrealized Losses | 179,307 | 324,600 |
Estimated Fair Value | 12,518,300 | 12,110,755 |
% of Total | 100.00% | 100.00% |
Fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 20,497,524 | 20,270,734 |
Unrealized Gains | 1,834,642 | 1,518,301 |
Unrealized Losses | 174,984 | 314,899 |
Estimated Fair Value | 22,157,182 | 21,474,136 |
% of Total | 100.00% | 100.00% |
Other-than-temporary impairments in AOCI | -4,168 | -4,168 |
Equity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 276,144 | 409,472 |
Unrealized Gains | 10,194 | 5,960 |
Unrealized Losses | 4,323 | 9,701 |
Estimated Fair Value | 282,015 | 405,731 |
% of Total | 100.00% | 100.00% |
Corporate securities | Fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 11,858,578 | 11,697,394 |
Unrealized Gains | 762,137 | 616,147 |
Unrealized Losses | 102,415 | 202,786 |
Estimated Fair Value | 12,518,300 | 12,110,755 |
% of Total | 56.40% | 56.40% |
Other-than-temporary impairments in AOCI | 0 | 0 |
Canadian and Canadian provincial governments | Fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,655,865 | 2,728,111 |
Unrealized Gains | 802,236 | 669,762 |
Unrealized Losses | 7,937 | 16,848 |
Estimated Fair Value | 3,450,164 | 3,381,025 |
% of Total | 15.60% | 15.70% |
Other-than-temporary impairments in AOCI | 0 | 0 |
Residential mortgage-backed securities | Fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 969,944 | 970,434 |
Unrealized Gains | 45,270 | 38,126 |
Unrealized Losses | 13,343 | 18,917 |
Estimated Fair Value | 1,001,871 | 989,643 |
% of Total | 4.50% | 4.60% |
Other-than-temporary impairments in AOCI | -300 | -300 |
Asset-backed securities | Fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 933,130 | 891,751 |
Unrealized Gains | 23,247 | 18,893 |
Unrealized Losses | 11,798 | 15,812 |
Estimated Fair Value | 944,579 | 894,832 |
% of Total | 4.30% | 4.20% |
Other-than-temporary impairments in AOCI | -2,259 | -2,259 |
Commercial Mortgage Backed Securities [Member] | Fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,367,205 | 1,314,782 |
Unrealized Gains | 95,154 | 91,651 |
Unrealized Losses | 11,856 | 17,487 |
Estimated Fair Value | 1,450,503 | 1,388,946 |
% of Total | 6.50% | 6.50% |
Other-than-temporary impairments in AOCI | -1,609 | -1,609 |
US government and agencies | Fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 447,071 | 489,631 |
Unrealized Gains | 18,158 | 16,468 |
Unrealized Losses | 2,967 | 4,748 |
Estimated Fair Value | 462,262 | 501,351 |
% of Total | 2.10% | 2.30% |
Other-than-temporary impairments in AOCI | 0 | 0 |
State and political subdivisions | Fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 368,465 | 313,252 |
Unrealized Gains | 31,367 | 21,907 |
Unrealized Losses | 9,200 | 14,339 |
Estimated Fair Value | 390,632 | 320,820 |
% of Total | 1.80% | 1.50% |
Other-than-temporary impairments in AOCI | 0 | 0 |
Other foreign government, supranational and foreign government-sponsored enterprises | Fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,897,266 | 1,865,379 |
Unrealized Gains | 57,073 | 45,347 |
Unrealized Losses | 15,468 | 23,962 |
Estimated Fair Value | 1,938,871 | 1,886,764 |
% of Total | 8.80% | 8.80% |
Other-than-temporary impairments in AOCI | 0 | 0 |
Nonredeemable Preferred Stock [Member] | Equity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 84,156 | 81,993 |
Unrealized Gains | 7,273 | 5,342 |
Unrealized Losses | 2,662 | 5,481 |
Estimated Fair Value | 88,767 | 81,854 |
% of Total | 31.50% | 20.20% |
Other equity securities | Equity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 191,988 | 327,479 |
Unrealized Gains | 2,921 | 618 |
Unrealized Losses | 1,661 | 4,220 |
Estimated Fair Value | $193,248 | $323,877 |
% of Total | 68.50% | 79.80% |
Investments_Amortized_Cost_and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available For Sale Securities Debt Maturities Amortized Cost | ' | ' |
Due in one year or less | $616,796 | ' |
Due after one year through five years | 3,673,274 | ' |
Due after five year through ten years | 7,148,863 | ' |
Due after ten years | 5,788,312 | ' |
Asset and mortgage-backed securities | 3,270,279 | ' |
Total | 20,497,524 | 20,270,734 |
Available For Sale Securities Debt Maturities Fair Value | ' | ' |
Due in one year or less | 624,013 | ' |
Due after one year through five years | 3,873,527 | ' |
Due after five year through ten years | 7,474,062 | ' |
Due after ten years | 6,788,627 | ' |
Asset and mortgage-backed securities | 3,396,953 | ' |
Total | $22,157,182 | $21,474,136 |
Investments_Amortized_Cost_and1
Investments (Amortized Cost and Fair Value of Fixed Maturitiy Holdings by Industry Type) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ' | ' |
Amortized Cost | $11,858,578 | $11,697,394 |
Estimated Fair Value | 12,518,300 | 12,110,755 |
% of Total | 100.00% | 100.00% |
Finance | ' | ' |
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ' | ' |
Amortized Cost | 3,993,669 | 3,838,716 |
Estimated Fair Value | 4,204,783 | 3,983,623 |
% of Total | 33.60% | 32.90% |
Industrial | ' | ' |
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ' | ' |
Amortized Cost | 5,967,291 | 5,943,353 |
Estimated Fair Value | 6,295,510 | 6,138,150 |
% of Total | 50.30% | 50.70% |
Utility | ' | ' |
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ' | ' |
Amortized Cost | 1,886,833 | 1,904,100 |
Estimated Fair Value | 2,007,246 | 1,978,218 |
% of Total | 16.00% | 16.30% |
Other | ' | ' |
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ' | ' |
Amortized Cost | 10,785 | 11,225 |
Estimated Fair Value | $10,761 | $10,764 |
% of Total | 0.10% | 0.10% |
Investments_Credit_Losses_Reco
Investments (Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Roll Forward | ' | ' |
Balance, beginning of period | $11,696 | $16,675 |
Credit loss impairments previously recognized on securities which were sold during the period | 0 | -1,902 |
Balance, end of period | $11,696 | $14,773 |
Investments_Purchased_Credit_I
Investments (Purchased Credit Impaired Securities Included in Fixed Maturity Securities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities [Abstract] | ' | ' | ||
Outstanding principal and interest balance | $208,044 | [1] | $192,644 | [1] |
Carrying value, including accrued interest | $165,740 | [2] | $148,822 | [2] |
[1] | Represents the contractually required payments which is the sum of contractual principal, whether or not currently due, and accrued interest. | |||
[2] | Estimated fair value plus accrued interest. |
Investments_Purchased_Credit_I1
Investments (Purchased Credit Impaired Investments) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Acquired [Abstract] | ' | ' | ||
Contractually required payments (including interest) | $31,672 | $91,863 | ||
Cash flows expected to be collected | 25,722 | [1] | 72,940 | [1] |
Fair value of investments acquired | $18,151 | $50,874 | ||
[1] | Represents undiscounted principal and interest cash flow expectations at the date of acquisition. |
Investments_Accretable_Yield_o
Investments (Accretable Yield on Purchased Credit Impaired Securities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' |
Balance, beginning of period | $69,469 | $39,239 |
Investments purchased | 7,571 | 22,066 |
Accretion | -2,139 | -1,943 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | -379 | 0 |
Reclassification to nonaccretable difference | -1,155 | 553 |
Balance, end of period | $73,367 | $59,915 |
Investments_Fair_Value_Below_A
Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity and Equity Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Gross unrealized losses with number of securities [Line Items] | ' | ' |
Gross Unrealized Losses | $179,307 | $324,600 |
% of Total | 100.00% | 100.00% |
Less than 20% | ' | ' |
Gross unrealized losses with number of securities [Line Items] | ' | ' |
Gross Unrealized Losses | 161,371 | 296,731 |
% of Total | 90.00% | 91.40% |
20% or more for less than six months | ' | ' |
Gross unrealized losses with number of securities [Line Items] | ' | ' |
Gross Unrealized Losses | 163 | 6,444 |
% of Total | 0.10% | 2.00% |
20% or more for six months or greater | ' | ' |
Gross unrealized losses with number of securities [Line Items] | ' | ' |
Gross Unrealized Losses | $17,773 | $21,425 |
% of Total | 9.90% | 6.60% |
Investments_Fair_Value_and_Los
Investments (Fair Value and Losses by Investment Category and Legth of Time in a Loss Position) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | $3,585,265 | $5,407,190 |
Gross Unrealized Losses - Less than 12 months | 108,055 | 234,184 |
Estimated Fair Value - 12 months or greater | 602,972 | 554,529 |
Gross Unrealized Losses - 12 months or greater | 66,929 | 80,715 |
Estimated Fair Value | 4,188,237 | 5,961,719 |
Gross Unrealized Losses | 174,984 | 314,899 |
Equity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 20,765 | 270,220 |
Gross Unrealized Losses - Less than 12 months | 2,660 | 7,227 |
Estimated Fair Value - 12 months or greater | 32,834 | 32,551 |
Gross Unrealized Losses - 12 months or greater | 1,663 | 2,474 |
Estimated Fair Value | 53,599 | 302,771 |
Gross Unrealized Losses | 4,323 | 9,701 |
Non-investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 221,456 | 399,584 |
Gross Unrealized Losses - Less than 12 months | 4,127 | 11,062 |
Estimated Fair Value - 12 months or greater | 59,406 | 85,573 |
Gross Unrealized Losses - 12 months or greater | 9,514 | 17,580 |
Estimated Fair Value | 280,862 | 485,157 |
Gross Unrealized Losses | 13,641 | 28,642 |
Investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 3,363,809 | 5,007,606 |
Gross Unrealized Losses - Less than 12 months | 103,928 | 223,122 |
Estimated Fair Value - 12 months or greater | 543,566 | 468,956 |
Gross Unrealized Losses - 12 months or greater | 57,415 | 63,135 |
Estimated Fair Value | 3,907,375 | 5,476,562 |
Gross Unrealized Losses | 161,343 | 286,257 |
Corporate securities | Non-investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 191,113 | 283,603 |
Gross Unrealized Losses - Less than 12 months | 3,886 | 9,451 |
Estimated Fair Value - 12 months or greater | 43,178 | 38,256 |
Gross Unrealized Losses - 12 months or greater | 2,721 | 3,892 |
Estimated Fair Value | 234,291 | 321,859 |
Gross Unrealized Losses | 6,607 | 13,343 |
Corporate securities | Investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 2,057,301 | 3,141,179 |
Gross Unrealized Losses - Less than 12 months | 64,535 | 148,895 |
Estimated Fair Value - 12 months or greater | 311,738 | 301,303 |
Gross Unrealized Losses - 12 months or greater | 31,273 | 40,548 |
Estimated Fair Value | 2,369,039 | 3,442,482 |
Gross Unrealized Losses | 95,808 | 189,443 |
Canadian and Canadian provincial governments | Investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 114,845 | 188,491 |
Gross Unrealized Losses - Less than 12 months | 6,334 | 14,419 |
Estimated Fair Value - 12 months or greater | 12,421 | 12,029 |
Gross Unrealized Losses - 12 months or greater | 1,603 | 2,429 |
Estimated Fair Value | 127,266 | 200,520 |
Gross Unrealized Losses | 7,937 | 16,848 |
Residential mortgage-backed securities | Non-investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 26,209 | 62,146 |
Gross Unrealized Losses - Less than 12 months | 197 | 1,075 |
Estimated Fair Value - 12 months or greater | 1,776 | 3,945 |
Gross Unrealized Losses - 12 months or greater | 50 | 254 |
Estimated Fair Value | 27,985 | 66,091 |
Gross Unrealized Losses | 247 | 1,329 |
Residential mortgage-backed securities | Investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 190,212 | 283,967 |
Gross Unrealized Losses - Less than 12 months | 9,802 | 15,900 |
Estimated Fair Value - 12 months or greater | 32,621 | 23,068 |
Gross Unrealized Losses - 12 months or greater | 3,294 | 1,688 |
Estimated Fair Value | 222,833 | 307,035 |
Gross Unrealized Losses | 13,096 | 17,588 |
Asset-backed securities | Non-investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 1,694 | 28,670 |
Gross Unrealized Losses - Less than 12 months | 10 | 415 |
Estimated Fair Value - 12 months or greater | 8,483 | 32,392 |
Gross Unrealized Losses - 12 months or greater | 1,625 | 5,498 |
Estimated Fair Value | 10,177 | 61,062 |
Gross Unrealized Losses | 1,635 | 5,913 |
Asset-backed securities | Investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 214,774 | 255,656 |
Gross Unrealized Losses - Less than 12 months | 3,140 | 4,916 |
Estimated Fair Value - 12 months or greater | 79,532 | 56,668 |
Gross Unrealized Losses - 12 months or greater | 7,023 | 4,983 |
Estimated Fair Value | 294,306 | 312,324 |
Gross Unrealized Losses | 10,163 | 9,899 |
Commercial mortgage-backed securities | Non-investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 0 | 15,762 |
Gross Unrealized Losses - Less than 12 months | 0 | 81 |
Estimated Fair Value - 12 months or greater | 5,969 | 10,980 |
Gross Unrealized Losses - 12 months or greater | 5,118 | 7,936 |
Estimated Fair Value | 5,969 | 26,742 |
Gross Unrealized Losses | 5,118 | 8,017 |
Commercial mortgage-backed securities | Investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 106,146 | 219,110 |
Gross Unrealized Losses - Less than 12 months | 1,295 | 3,725 |
Estimated Fair Value - 12 months or greater | 26,181 | 20,068 |
Gross Unrealized Losses - 12 months or greater | 5,443 | 5,745 |
Estimated Fair Value | 132,327 | 239,178 |
Gross Unrealized Losses | 6,738 | 9,470 |
US Government Agencies Debt Securities [Member] | Investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 75,193 | 133,697 |
Gross Unrealized Losses - Less than 12 months | 2,777 | 4,469 |
Estimated Fair Value - 12 months or greater | 4,104 | 4,406 |
Gross Unrealized Losses - 12 months or greater | 190 | 279 |
Estimated Fair Value | 79,297 | 138,103 |
Gross Unrealized Losses | 2,967 | 4,748 |
State and political subdivisions | Investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 103,058 | 120,193 |
Gross Unrealized Losses - Less than 12 months | 5,440 | 9,723 |
Estimated Fair Value - 12 months or greater | 8,158 | 15,202 |
Gross Unrealized Losses - 12 months or greater | 3,760 | 4,616 |
Estimated Fair Value | 111,216 | 135,395 |
Gross Unrealized Losses | 9,200 | 14,339 |
Other foreign government, supranational and foreign government-sponsored enterprises | Non-investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 2,440 | 9,403 |
Gross Unrealized Losses - Less than 12 months | 34 | 40 |
Estimated Fair Value - 12 months or greater | 0 | 0 |
Gross Unrealized Losses - 12 months or greater | 0 | 0 |
Estimated Fair Value | 2,440 | 9,403 |
Gross Unrealized Losses | 34 | 40 |
Other foreign government, supranational and foreign government-sponsored enterprises | Investment grade securities | Fixed maturity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 502,280 | 665,313 |
Gross Unrealized Losses - Less than 12 months | 10,605 | 21,075 |
Estimated Fair Value - 12 months or greater | 68,811 | 36,212 |
Gross Unrealized Losses - 12 months or greater | 4,829 | 2,847 |
Estimated Fair Value | 571,091 | 701,525 |
Gross Unrealized Losses | 15,434 | 23,922 |
Nonredeemable Preferred Stock [Member] | Equity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 20,765 | 51,386 |
Gross Unrealized Losses - Less than 12 months | 2,660 | 5,479 |
Estimated Fair Value - 12 months or greater | 1 | 1 |
Gross Unrealized Losses - 12 months or greater | 2 | 2 |
Estimated Fair Value | 20,766 | 51,387 |
Gross Unrealized Losses | 2,662 | 5,481 |
Other equity securities | Equity securities | ' | ' |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ' | ' |
Estimated Fair Value - Less than 12 months | 0 | 218,834 |
Gross Unrealized Losses - Less than 12 months | 0 | 1,748 |
Estimated Fair Value - 12 months or greater | 32,833 | 32,550 |
Gross Unrealized Losses - 12 months or greater | 1,661 | 2,472 |
Estimated Fair Value | 32,833 | 251,384 |
Gross Unrealized Losses | $1,661 | $4,220 |
Investments_Investment_Income_
Investments (Investment Income Net of Related Expenses) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Major Categories Of Investment Income Net of Expenses [Line Items] | ' | ' |
Investment revenue | $418,697 | $437,391 |
Investment expense | -14,322 | -12,260 |
Investment income, net of related expenses | 404,375 | 425,131 |
Available-for-sale Securities [Member] | ' | ' |
Major Categories Of Investment Income Net of Expenses [Line Items] | ' | ' |
Investment revenue | 243,962 | 239,244 |
Mortgage Loans on Real Estate [Member] | ' | ' |
Major Categories Of Investment Income Net of Expenses [Line Items] | ' | ' |
Investment revenue | 33,092 | 28,243 |
Policy loans | ' | ' |
Major Categories Of Investment Income Net of Expenses [Line Items] | ' | ' |
Investment revenue | 13,438 | 17,910 |
Funds withheld at interest | ' | ' |
Major Categories Of Investment Income Net of Expenses [Line Items] | ' | ' |
Investment revenue | 112,739 | 137,259 |
Short-term Investments [Member] | ' | ' |
Major Categories Of Investment Income Net of Expenses [Line Items] | ' | ' |
Investment revenue | 965 | 813 |
Other invested assets | ' | ' |
Major Categories Of Investment Income Net of Expenses [Line Items] | ' | ' |
Investment revenue | $14,501 | $13,922 |
Investments_Investment_Related
Investments (Investment Related Gains (Losses) Net) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investment Gains And Losses [Abstract] | ' | ' |
Other-than-temporary impairments on fixed maturity securities | ($303) | ($202) |
Portion of loss recognized in accumulated other comprehensive income (before taxes) | 0 | 0 |
Net other-than-temporary impairment losses on fixed maturities recognized in earnings | -303 | -202 |
Impairment losses on equity securities | 0 | 0 |
Gain on investment activity | 8,067 | 21,680 |
Loss on investment activity | -6,583 | -11,212 |
Other impairment losses and change in mortgage loan provision | 1,664 | -1,626 |
Derivatives and other, net | 81,726 | 85,731 |
Total investment related gains (losses), net | $84,571 | $94,371 |
Investments_Mortgage_Loans_by_
Investments (Mortgage Loans by Property Type) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Loans Property Type Indicators [Line Items] | ' | ' |
Recorded investment | $2,534,694 | $2,496,786 |
Percentage of total | 100.00% | 100.00% |
Apartment | ' | ' |
Mortgage Loans Property Type Indicators [Line Items] | ' | ' |
Recorded investment | 346,918 | 289,394 |
Percentage of total | 13.70% | 11.60% |
Retail | ' | ' |
Mortgage Loans Property Type Indicators [Line Items] | ' | ' |
Recorded investment | 720,921 | 748,731 |
Percentage of total | 28.40% | 30.00% |
Office building | ' | ' |
Mortgage Loans Property Type Indicators [Line Items] | ' | ' |
Recorded investment | 917,985 | 917,284 |
Percentage of total | 36.20% | 36.70% |
Industrial | ' | ' |
Mortgage Loans Property Type Indicators [Line Items] | ' | ' |
Recorded investment | 412,322 | 439,890 |
Percentage of total | 16.30% | 17.60% |
Other commercial | ' | ' |
Mortgage Loans Property Type Indicators [Line Items] | ' | ' |
Recorded investment | $136,548 | $101,487 |
Percentage of total | 5.40% | 4.10% |
Investments_Mortgage_Loans_by_1
Investments (Mortgage Loans by Real Estate Geographic Location) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items] | ' | ' |
Recorded investment | $2,534,694 | $2,496,786 |
Percentage of total | 100.00% | 100.00% |
Pacific | ' | ' |
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items] | ' | ' |
Recorded investment | 678,578 | 671,822 |
Percentage of total | 26.80% | 26.90% |
South Atlantic | ' | ' |
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items] | ' | ' |
Recorded investment | 521,853 | 543,658 |
Percentage of total | 20.60% | 21.80% |
Mountain | ' | ' |
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items] | ' | ' |
Recorded investment | 374,874 | 334,446 |
Percentage of total | 14.80% | 13.40% |
Middle Atlantic | ' | ' |
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items] | ' | ' |
Recorded investment | 251,235 | 266,802 |
Percentage of total | 10.00% | 10.70% |
West North Central | ' | ' |
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items] | ' | ' |
Recorded investment | 160,561 | 138,442 |
Percentage of total | 6.30% | 5.50% |
East North Central | ' | ' |
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items] | ' | ' |
Recorded investment | 243,936 | 236,766 |
Percentage of total | 9.60% | 9.50% |
West South Central | ' | ' |
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items] | ' | ' |
Recorded investment | 167,894 | 168,246 |
Percentage of total | 6.60% | 6.70% |
East South Central | ' | ' |
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items] | ' | ' |
Recorded investment | 59,384 | 59,625 |
Percentage of total | 2.30% | 2.40% |
New England | ' | ' |
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items] | ' | ' |
Recorded investment | $76,379 | $76,979 |
Percentage of total | 3.00% | 3.10% |
Investments_Mortgage_Loans_by_2
Investments (Mortgage Loans by Maturity Date) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mortgage loans, gross of valuation allowances | $2,534,694 | $2,496,786 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Due within five years | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mortgage loans, gross of valuation allowances | 968,162 | 987,109 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 38.20% | 39.50% |
Due after five years through ten years | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mortgage loans, gross of valuation allowances | 998,196 | 984,289 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 39.40% | 39.40% |
Due after ten years | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mortgage loans, gross of valuation allowances | $568,336 | $525,388 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 22.40% | 21.10% |
Investments_Mortgage_Loans_by_3
Investments (Mortgage Loans by Credit Quality Indicator) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Credit Quality Indicators [Line Items] | ' | ' |
Mortgage loans, gross of valuation allowances | $2,534,694 | $2,496,786 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
High investment grade | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Mortgage loans, gross of valuation allowances | 1,266,653 | 1,437,244 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 50.00% | 57.50% |
Investment grade | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Mortgage loans, gross of valuation allowances | 1,023,250 | 827,993 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 40.40% | 33.20% |
Average | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Mortgage loans, gross of valuation allowances | 183,250 | 155,914 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 7.20% | 6.20% |
Watch list | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Mortgage loans, gross of valuation allowances | 32,936 | 49,404 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 1.30% | 2.00% |
In or near default | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Mortgage loans, gross of valuation allowances | $28,605 | $26,231 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 1.10% | 1.10% |
Investments_Age_Analysis_of_Pa
Investments (Age Analysis of Past Due Recorded Investment In Mortgage Loans) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment Aging | ' | ' |
Total mortgage loans | $2,534,694 | $2,496,786 |
Investment in mortgage loans | ' | ' |
Financing Receivable Recorded Investment Aging | ' | ' |
31-60 days past due | 0 | 0 |
61-90 days past due | 0 | 0 |
Greater than 90 days | 7,087 | 0 |
Total past due | 7,087 | 0 |
Current | 2,527,607 | 2,496,786 |
Total mortgage loans | $2,534,694 | $2,496,786 |
Investments_Mortgage_Loans_by_4
Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Loans: | ' | ' |
Total mortgage loans | $2,534,694 | $2,496,786 |
Mortgage Loans Net Of Valuation Allowances [Abstract] | ' | ' |
Mortgage loans on real estate (net of valuation allowances) | 2,526,228 | 2,486,680 |
Commercial Real Estate Portfolio Segment | ' | ' |
Mortgage Loans: | ' | ' |
Evaluated individually for credit losses | 32,344 | 37,841 |
Evaluated collectively for credit losses | 2,502,350 | 2,458,945 |
Total mortgage loans | 2,534,694 | 2,496,786 |
Valuation Allowances: | ' | ' |
Specific for credit losses | 1,677 | 3,211 |
Non-specifically identified credit losses | 6,789 | 6,895 |
Total valuation allowances | $8,466 | $10,106 |
Investments_Loan_Valuation_All
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investments [Abstract] | ' | ' |
Proceeds from Recoveries of Loans Previously Charged off | $24 | $0 |
Allowance For Loan And Lease Losses Roll Forward | ' | ' |
Balance, Beginning of Period | 10,106 | 11,580 |
Charge-offs | 0 | -852 |
Provision (release) | -1,664 | -804 |
Balance, End of Period | $8,466 | $9,924 |
Investments_Impaired_Mortgage_
Investments (Impaired Mortgage Loans) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Financing Receivable Impaired [Line Items] | ' | ' | ' | ||
Unpaid Principal Balance | $32,918 | ' | $38,470 | ||
Recorded Investment | 32,344 | ' | 37,841 | ||
Related Allowance | 1,677 | ' | 3,211 | ||
Carrying Value | 30,667 | ' | 34,630 | ||
Average Investment | 35,093 | [1] | 40,562 | [1] | ' |
Interest Income | 511 | 375 | ' | ||
Impaired mortgage loans with valuation allowance recorded | ' | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ' | ||
Unpaid Principal Balance | 12,308 | ' | 16,772 | ||
Recorded Investment | 12,337 | ' | 16,741 | ||
Related Allowance | 1,677 | ' | 3,211 | ||
Carrying Value | 10,660 | ' | 13,530 | ||
Average Investment | 20,554 | [1] | 27,184 | [1] | ' |
Interest Income | 193 | 240 | ' | ||
Impaired mortgage loans with no valuation allowance recorded | ' | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ' | ||
Unpaid Principal Balance | 20,610 | ' | 21,698 | ||
Recorded Investment | 20,007 | ' | 21,100 | ||
Related Allowance | 0 | ' | 0 | ||
Carrying Value | 20,007 | ' | 21,100 | ||
Average Investment | 14,539 | [1] | 13,378 | [1] | ' |
Interest Income | $318 | $135 | ' | ||
[1] | Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances. |
Investments_Other_Invested_Ass
Investments (Other Invested Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Investments [Line Items] | ' | ' |
Other invested assets | $1,234,779 | $1,324,960 |
Equity securities | ' | ' |
Other Investments [Line Items] | ' | ' |
Other invested assets | 282,015 | 405,731 |
Limited Partner [Member] | ' | ' |
Other Investments [Line Items] | ' | ' |
Other invested assets | 403,874 | 411,456 |
Structured loans | ' | ' |
Other Investments [Line Items] | ' | ' |
Other invested assets | 209,590 | 223,549 |
Derivatives | ' | ' |
Other Investments [Line Items] | ' | ' |
Other invested assets | 121,173 | 75,227 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ' | ' |
Other Investments [Line Items] | ' | ' |
Other invested assets | 147,342 | 138,892 |
Other | ' | ' |
Other Investments [Line Items] | ' | ' |
Other invested assets | $70,785 | $70,105 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
securities | securities | Collateral Fixed Maturity Securities | Collateral Fixed Maturity Securities | Canadian Province Of Ontario Securities | Canadian Province Of Ontario Securities | Canadian Province Of Quebec Securities | Canadian Province Of Quebec Securities | Available For Sale Securities Amortized Cost [Member] | Available For Sale Securities Amortized Cost [Member] | Available For Sale Securities Fair Value Disclosure [Member] | Available For Sale Securities Fair Value Disclosure [Member] | Collateral Received Fixed Maturity Securities [Member] | Collateral Received Fixed Maturity Securities [Member] | Investment in mortgage loans | Investment in mortgage loans | Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | ||
Non-investment grade securities | Non-investment grade securities | Corporate securities | Corporate securities | ||||||||||||||||||||
Non-investment grade securities | Non-investment grade securities | ||||||||||||||||||||||
Investment Narrative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $174,984,000 | $314,899,000 | $13,641,000 | $28,642,000 | $6,607,000 | $13,343,000 |
Available-for-sale Securities, Amortized Cost Basis | 11,858,578,000 | ' | 11,697,394,000 | 60,800,000 | 57,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities held in trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,051,400,000 | 7,842,900,000 | 8,505,100,000 | 8,125,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Sale Of Available For Sale Securities Sold At Loss | 235,100,000 | 204,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities | 12,518,300,000 | ' | 12,110,755,000 | 62,600,000 | 58,000,000 | 1,245,700,000 | 1,222,300,000 | 1,419,000,000 | 1,389,100,000 | ' | ' | ' | ' | 107,200,000 | 94,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Securities as a percentage of consolidated stockholder equity | 10.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of fixed maturity and equity securities in an unrealized loss position | 1,046 | ' | 1,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Unrealized Losses - 12 months or greater | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,929,000 | 80,715,000 | 9,514,000 | 17,580,000 | 2,721,000 | 3,892,000 |
Net other-than-temporary impairment losses on fixed maturities recognized in earnings | -303,000 | -202,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized losses on fixed maturity and equity securities sold | -6,583,000 | -11,212,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage of fair value | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities Borrowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 184,500,000 | 93,000,000 | 183,400,000 | 93,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral Obtained Percent Of Fair Value Reverse Repurchase Agreements | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities pledged or received | 300,500,000 | ' | 300,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 312,800,000 | ' | 310,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 349,700,000 | ' | 344,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans percentage of total investments | 7.60% | ' | 7.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum loan to value ratio on mortgage loan approval | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans on nonaccrual status | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,087,000 | 0 | ' | ' | ' | ' | ' | ' |
Policy loans, percentage of total investments | 3.90% | ' | 3.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funds withheld at interest, percentage of total investments | 17.50% | ' | 17.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funds withheld at interest | 5,814,231,000 | ' | 5,771,467,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funds withheld at interest, percentage attibutable to one client | $4,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other invested assets, percentage of total investments | 3.70% | ' | 4.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Gross_N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Notional Amount | $9,056,525 | $8,943,979 |
Carrying Value / Fair Value of Assets | 134,216 | 101,352 |
Carrying Value / Fair Value of Liabilities | 1,037,624 | 1,087,331 |
Not Designated as Hedging Instrument | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 8,323,276 | 8,166,174 |
Carrying Value / Fair Value of Assets | 90,003 | 79,449 |
Carrying Value / Fair Value of Liabilities | 1,033,569 | 1,082,105 |
Not Designated as Hedging Instrument | Interest Rate Swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 1,330,276 | 1,592,943 |
Carrying Value / Fair Value of Assets | 46,649 | 32,555 |
Carrying Value / Fair Value of Liabilities | 10,978 | 21,873 |
Not Designated as Hedging Instrument | Interest Rate Options | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 240,000 | 240,000 |
Carrying Value / Fair Value of Assets | 3,836 | 2,554 |
Carrying Value / Fair Value of Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Financial Futures | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 143,629 | 123,780 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 68,885 | 79,618 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 10,067 | 12,772 |
Not Designated as Hedging Instrument | Consumer Price Index Swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 62,254 | 59,922 |
Carrying Value / Fair Value of Assets | 13 | 0 |
Carrying Value / Fair Value of Liabilities | 83 | 309 |
Not Designated as Hedging Instrument | Credit Default Swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 663,700 | 682,700 |
Carrying Value / Fair Value of Assets | 8,639 | 10,438 |
Carrying Value / Fair Value of Liabilities | 1,425 | 2,156 |
Not Designated as Hedging Instrument | Equity Options | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 821,432 | 757,352 |
Carrying Value / Fair Value of Assets | 30,866 | 33,902 |
Carrying Value / Fair Value of Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 99,029 | 176,270 |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity Products | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 858,270 | 838,670 |
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity Products | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 53,717 | 30,055 |
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 4,993,100 | 4,629,859 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 0 | 0 |
Designated As Hedging Instrument | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 733,249 | 777,805 |
Carrying Value / Fair Value of Assets | 44,213 | 21,903 |
Carrying Value / Fair Value of Liabilities | 4,055 | 5,226 |
Designated As Hedging Instrument | Interest Rate Swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 51,043 | 49,131 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 4,055 | 4,606 |
Designated As Hedging Instrument | Foreign Currency Swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 682,206 | 728,674 |
Carrying Value / Fair Value of Assets | 44,213 | 21,903 |
Carrying Value / Fair Value of Liabilities | $0 | $620 |
Derivative_Instruments_Derivat
Derivative Instruments (Derivative Instruments Offsetting Balance Sheet) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivative Assets [Abstract] | ' | ' | ||
Gross Amounts Recognized | $134,216 | $101,352 | ||
Gross Amounts Offset in the Balance Sheet | -13,043 | -26,125 | ||
Net Amounts Presented in the Balance Sheet | 121,173 | 75,227 | ||
Derivative Asset, Fair Value of Collateral | -20,985 | [1] | -11,095 | [1] |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | -84,252 | [2] | -51,006 | [2] |
Net Amount | 15,936 | 13,126 | ||
Derivative Liabilities [Abstract] | ' | ' | ||
Gross Amounts Recognized | 26,608 | 42,336 | ||
Gross Amounts Offset in the Balance Sheet | -13,043 | -26,125 | ||
Net Amounts Presented in the Balance Sheet | 13,565 | 16,211 | ||
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments | -17,423 | [3] | -18,081 | [3] |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | -8,450 | [4] | -8,033 | [4] |
Net Amount | ($12,308) | ($9,903) | ||
[1] | Consists of U.S. Treasury securities. | |||
[2] | Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. | |||
[3] | Included in other invested assets, primarily consists of U.S. Treasury securities. | |||
[4] | Consists of receivable from counterparty, included in other assets. |
Derivative_Instruments_Current
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
AOCI Cash Flow Hedges [Roll Forward] | ' | ' |
Balance beginning | ($4,578) | $403 |
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | 776 | 1,863 |
Amounts reclassified to investment income | -218 | -305 |
Balance ending | ($4,020) | $1,961 |
Derivative_Instruments_Cash_Fl
Derivative Instruments (Cash Flow Hedges) (Details) (Interest Rate Swaps, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivatives In Cash Flow Hedging Relationships [Line Items] | ' | ' |
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion | $776 | $1,863 |
Investment Related Gains Losses [Member] | ' | ' |
Derivatives In Cash Flow Hedging Relationships [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -6 | -17 |
Investment Income [Member] | ' | ' |
Derivatives In Cash Flow Hedging Relationships [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 218 | 305 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $0 | $0 |
Derivative_Instruments_Hedges_
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) (Currency Swap [Member], USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Currency Swap [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Net Derivatives Gains (Losses) Deferred in AOCI | $23,080 | [1],[2] | $10,922 | [1],[2] |
[1] | There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented. | |||
[2] | There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. |
Derivative_Instruments_Non_Hed
Derivative Instruments (Non Hedging Derivatives and Embedded Derivatives Effect on Income Statement) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | $84,571 | $94,371 |
Policy acquisition costs and other insurance expenses | -354,873 | -357,357 |
Interest credited | -110,594 | -125,483 |
Not Designated as Hedging Instrument | ' | ' |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | 49,517 | 48,162 |
Not Designated as Hedging Instrument | Interest Rate Swaps | ' | ' |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | 29,653 | -22,265 |
Not Designated as Hedging Instrument | Interest Rate Options | ' | ' |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | 1,282 | 1,982 |
Not Designated as Hedging Instrument | Financial Futures | ' | ' |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | -1,584 | -6,881 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ' | ' |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | 1,154 | -5,659 |
Not Designated as Hedging Instrument | Consumer Price Index Swaps | ' | ' |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | 352 | -871 |
Not Designated as Hedging Instrument | Credit Default Swaps | ' | ' |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | -2,114 | 3,904 |
Not Designated as Hedging Instrument | Equity Options | ' | ' |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | -8,966 | -30,623 |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ' | ' |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | 77,241 | 90,257 |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity Products | ' | ' |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Interest credited | -23,840 | -32,996 |
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity Products | ' | ' |
Income Affect Of Non Hedging Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | ($23,661) | $51,314 |
Derivative_Instruments_Exposur
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Credit Derivatives [Line Items] | ' | ' | ||
Credit Derivative Current Fair Value | $7,958 | [1] | $8,565 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 645,700 | [1],[2] | 664,700 | [1],[2] |
Derivative Average Remaining Maturity | '5 years 1 month | [1],[3] | '4 years 5 months | [1],[3] |
Standard Poors AAA To A Minus Ratings [Member] | Single Name Credit Default Swaps [Member] | ' | ' | ||
Credit Derivatives [Line Items] | ' | ' | ||
Credit Derivative Current Fair Value | 1,059 | [1] | 614 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 112,500 | [1],[2] | 117,500 | [1],[2] |
Derivative Average Remaining Maturity | '5 years | [1],[3] | '5 years 1 month | [1],[3] |
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Swaps Referencing Indices [Member] | ' | ' | ||
Credit Derivatives [Line Items] | ' | ' | ||
Credit Derivative Current Fair Value | 0 | [1] | 0 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 0 | [1],[2] | 0 | [1],[2] |
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member] | ' | ' | ||
Credit Derivatives [Line Items] | ' | ' | ||
Credit Derivative Current Fair Value | 1,059 | [1] | 614 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 112,500 | [1],[2] | 117,500 | [1],[2] |
Derivative Average Remaining Maturity | '5 years | [1],[3] | '5 years 1 month | [1],[3] |
Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member] | ' | ' | ||
Credit Derivatives [Line Items] | ' | ' | ||
Credit Derivative Current Fair Value | 608 | [1] | 656 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 127,200 | [1],[2] | 142,200 | [1],[2] |
Derivative Average Remaining Maturity | '5 years | [1],[3] | '4 years 11 months | [1],[3] |
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | ' | ' | ||
Credit Derivatives [Line Items] | ' | ' | ||
Credit Derivative Current Fair Value | 6,291 | [1] | 7,295 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 406,000 | [1],[2] | 405,000 | [1],[2] |
Derivative Average Remaining Maturity | '5 years 2 months | [1],[3] | '5 years | [1],[3] |
Standard Poors BBB Rating [Member] | Credit Default Subtotal [Member] | ' | ' | ||
Credit Derivatives [Line Items] | ' | ' | ||
Credit Derivative Current Fair Value | 6,899 | [1] | 7,951 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | $533,200 | [1],[2] | $547,200 | [1],[2] |
Derivative Average Remaining Maturity | '5 years 2 months | [1],[3] | '5 years | [1],[3] |
[1] | The rating agency designations are based on ratings from Standard and Poor’s (“S&Pâ€). | |||
[2] | Assumes the value of the referenced credit obligations is zero. | |||
[3] | The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. |
Derivative_Instruments_Changes
Derivative Instruments (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | $84,571 | $94,371 |
Total benefits and expenses | 2,457,733 | 2,322,275 |
Net income | 136,664 | 185,535 |
Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ' | ' |
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | 77,241 | 90,257 |
Net income | 18,079 | 21,624 |
Embedded Derivatives In Equity Indexed Annuities [Member] | ' | ' |
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ' | ' |
Total benefits and expenses | -23,840 | -32,996 |
Net income | -18,375 | -29,550 |
Embedded Derivatives In Variable Annuity Contracts [Member] | ' | ' |
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ' | ' |
Total investment related gains (losses), net | -23,661 | 51,314 |
Net income | ($13,669) | $12,192 |
Derivative_Instruments_Credit_
Derivative Instruments (Credit Exposure of Derivative Contracts) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Credit Exposure of Derivative Contracts | ' | ' | ||
Estimated fair value of derivatives in net asset (liability) position | $107,608 | $59,016 | ||
Derivative, Collateral, Right to Reclaim Cash | 8,450 | [1] | 8,033 | [1] |
Derivative Liability, Fair Value of Collateral | 17,423 | [2] | 18,081 | [2] |
Derivative, Collateral, Obligation to Return Cash | -84,252 | [3] | -51,006 | [3] |
Derivative Asset, Fair Value of Collateral | -20,985 | [4] | -11,095 | [4] |
Deposits with Clearing Organizations and Others, Securities | -12,927 | -13,350 | ||
Net credit exposure | 15,317 | 9,679 | ||
Margin account related to exchange-traded futures | $3,904 | [5] | $2,566 | [5] |
[1] | Consists of receivable from counterparty, included in other assets. | |||
[2] | Included in other invested assets, primarily consists of U.S. Treasury securities. | |||
[3] | Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. | |||
[4] | Consists of U.S. Treasury securities. | |||
[5] | Included in cash and cash equivalents. |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $0.60 | ' | ' |
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges | 47 | ' | 23.9 |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | 19.8 | -60.4 | ' |
Embedded Derivative Gain Loss In Financial Statements From Use Of Own Credit Risk | 0.9 | 1.7 | ' |
Embedded Derivative Gain Loss On Variable Annuity Contracts In Financial Statements From Use Of Own Credit Risk | $0.50 | $11.90 | ' |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | $22,157,182 | $21,474,136 |
Funds withheld at interest embedded derivatives | -99,029 | -176,270 |
Cash and cash equivalents | 532,957 | 371,345 |
Short-term investments | 85,292 | 111,572 |
Other invested assets | 557,723 | 628,992 |
Total Assets | 23,234,125 | 22,409,775 |
Liabilities Fair Value Disclosure | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives | 911,987 | 868,725 |
Total Liabilities | 925,552 | 884,936 |
Nonredeemable Preferred Stock [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 88,767 | 81,854 |
Other equity securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 193,248 | 323,877 |
Securities Pledged as Collateral [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | ' | 21,283 |
Other | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 7,193 | 9,142 |
Interest Rate Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 34,911 | 9,904 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 3,295 | 3,828 |
Interest Rate Options | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 3,836 | ' |
Foreign Currency Forwards | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 2,554 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 10,067 | 12,772 |
Equity Option | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 30,862 | 33,869 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | -4 | ' |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 147,342 | 138,892 |
Consumer Price Index Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | -70 | -309 |
Credit Default Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 7,421 | 7,926 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 207 | -356 |
Foreign Currency Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 44,213 | ' |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | -33 |
Corporate securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 12,518,300 | 12,110,755 |
Canadian and Canadian provincial governments | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 3,450,164 | 3,381,025 |
Residential mortgage-backed securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 1,001,871 | 989,643 |
Asset-backed securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 944,579 | 894,832 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 1,450,503 | 1,388,946 |
US Treasury And Government Member | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 462,262 | 501,351 |
State and political subdivisions | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 390,632 | 320,820 |
Other foreign government, supranational and foreign government-sponsored enterprises | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 1,938,871 | 1,886,764 |
Fair Value Inputs Level 1 Member | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 729,478 | 769,513 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 532,957 | 371,345 |
Short-term investments | 78,710 | 105,649 |
Other invested assets | 428,482 | 539,882 |
Total Assets | 1,769,627 | 1,786,389 |
Liabilities Fair Value Disclosure | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Nonredeemable Preferred Stock [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 87,382 | 74,220 |
Fair Value Inputs Level 1 Member | Other equity securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 193,248 | 323,877 |
Fair Value Inputs Level 1 Member | Securities Pledged as Collateral [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | ' | 0 |
Fair Value Inputs Level 1 Member | Other | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 7,193 | 9,142 |
Fair Value Inputs Level 1 Member | Interest Rate Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Interest Rate Options | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | ' |
Fair Value Inputs Level 1 Member | Foreign Currency Forwards | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Equity Option | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | ' |
Fair Value Inputs Level 1 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 140,659 | 132,643 |
Fair Value Inputs Level 1 Member | Consumer Price Index Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Fair Value Inputs Level 1 Member | Credit Default Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Foreign Currency Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | ' |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Corporate securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 71,152 | 68,934 |
Fair Value Inputs Level 1 Member | Canadian and Canadian provincial governments | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Residential mortgage-backed securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Asset-backed securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Commercial Mortgage Backed Securities [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | US Treasury And Government Member | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 360,017 | 396,092 |
Fair Value Inputs Level 1 Member | State and political subdivisions | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Other foreign government, supranational and foreign government-sponsored enterprises | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 298,309 | 304,487 |
Fair Value Inputs Level 2 Member | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 19,272,007 | 18,509,504 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 6,582 | 5,923 |
Other invested assets | 129,241 | 84,148 |
Total Assets | 19,407,830 | 18,599,575 |
Liabilities Fair Value Disclosure | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives | 0 | 0 |
Total Liabilities | 13,565 | 16,211 |
Fair Value Inputs Level 2 Member | Nonredeemable Preferred Stock [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 1,385 | 2,672 |
Fair Value Inputs Level 2 Member | Other equity securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Fair Value Inputs Level 2 Member | Securities Pledged as Collateral [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | ' | 21,283 |
Fair Value Inputs Level 2 Member | Other | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Fair Value Inputs Level 2 Member | Interest Rate Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 34,911 | 9,904 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 3,295 | 3,828 |
Fair Value Inputs Level 2 Member | Interest Rate Options | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 3,836 | ' |
Fair Value Inputs Level 2 Member | Foreign Currency Forwards | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 2,554 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 10,067 | 12,772 |
Fair Value Inputs Level 2 Member | Equity Option | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 30,862 | 33,869 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | -4 | ' |
Fair Value Inputs Level 2 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 6,683 | 6,249 |
Fair Value Inputs Level 2 Member | Consumer Price Index Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | -70 | -309 |
Fair Value Inputs Level 2 Member | Credit Default Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 7,421 | 7,926 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 207 | -356 |
Fair Value Inputs Level 2 Member | Foreign Currency Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 44,213 | ' |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | -33 |
Fair Value Inputs Level 2 Member | Corporate securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 11,155,447 | 10,696,532 |
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 3,450,164 | 3,381,025 |
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 823,944 | 836,138 |
Fair Value Inputs Level 2 Member | Asset-backed securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 441,904 | 422,984 |
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 1,360,130 | 1,287,161 |
Fair Value Inputs Level 2 Member | US Treasury And Government Member | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 64,214 | 64,340 |
Fair Value Inputs Level 2 Member | State and political subdivisions | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 346,799 | 277,044 |
Fair Value Inputs Level 2 Member | Other foreign government, supranational and foreign government-sponsored enterprises | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 1,629,405 | 1,544,280 |
Fair Value Inputs Level 3 Member | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 2,155,697 | 2,195,119 |
Funds withheld at interest embedded derivatives | -99,029 | -176,270 |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Other invested assets | 0 | 4,962 |
Total Assets | 2,056,668 | 2,023,811 |
Liabilities Fair Value Disclosure | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives | 911,987 | 868,725 |
Total Liabilities | 911,987 | 868,725 |
Fair Value Inputs Level 3 Member | Nonredeemable Preferred Stock [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 4,962 |
Fair Value Inputs Level 3 Member | Other equity securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Fair Value Inputs Level 3 Member | Securities Pledged as Collateral [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | ' | 0 |
Fair Value Inputs Level 3 Member | Other | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Fair Value Inputs Level 3 Member | Interest Rate Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | 0 |
Fair Value Inputs Level 3 Member | Interest Rate Options | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | ' |
Fair Value Inputs Level 3 Member | Foreign Currency Forwards | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | 0 |
Fair Value Inputs Level 3 Member | Equity Option | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | ' |
Fair Value Inputs Level 3 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Fair Value Inputs Level 3 Member | Consumer Price Index Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Fair Value Inputs Level 3 Member | Credit Default Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | 0 |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | 0 |
Fair Value Inputs Level 3 Member | Foreign Currency Swaps | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Other invested assets | 0 | ' |
Liabilities Fair Value Disclosure | ' | ' |
Other liabilities | 0 | 0 |
Fair Value Inputs Level 3 Member | Corporate securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 1,291,701 | 1,345,289 |
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 177,927 | 153,505 |
Fair Value Inputs Level 3 Member | Asset-backed securities | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 502,675 | 471,848 |
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member] | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 90,373 | 101,785 |
Fair Value Inputs Level 3 Member | US Treasury And Government Member | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 38,031 | 40,919 |
Fair Value Inputs Level 3 Member | State and political subdivisions | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | 43,833 | 43,776 |
Fair Value Inputs Level 3 Member | Other foreign government, supranational and foreign government-sponsored enterprises | ' | ' |
Assets Fair Value Disclosure | ' | ' |
Fixed maturity securities, available-for-sale | $11,157 | $37,997 |
Fair_Value_of_Assets_and_Liabi3
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Discounted Cash Flow [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities | $858,270 | $838,670 |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities | 53,717 | 30,055 |
Discounted Cash Flow [Member] | Mortality [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 0.00% | 0.00% |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 0.00% | 0.00% |
Discounted Cash Flow [Member] | Mortality [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 100.00% | 100.00% |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 100.00% | 100.00% |
Discounted Cash Flow [Member] | Mortality [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 2.00% | 2.00% |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 2.00% | 2.00% |
Discounted Cash Flow [Member] | Lapse [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 0.00% | 0.00% |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 0.00% | 0.00% |
Discounted Cash Flow [Member] | Lapse [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 35.00% | 35.00% |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 25.00% | 25.00% |
Discounted Cash Flow [Member] | Lapse [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 7.00% | 7.00% |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 7.00% | 6.00% |
Discounted Cash Flow [Member] | Withdrawal [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 0.00% | 0.00% |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 0.00% | 0.00% |
Discounted Cash Flow [Member] | Withdrawal [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 5.00% | 5.00% |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 7.00% | 7.00% |
Discounted Cash Flow [Member] | Withdrawal [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 3.00% | 3.00% |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 3.00% | 3.00% |
Discounted Cash Flow [Member] | Own Credit [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 0.00% | 0.00% |
Discounted Cash Flow [Member] | Own Credit [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 1.00% | 1.00% |
Discounted Cash Flow [Member] | Own Credit [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 1.00% | 1.00% |
Discounted Cash Flow [Member] | Option Budget Projection [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 2.00% | 2.00% |
Discounted Cash Flow [Member] | Option Budget Projection [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 4.00% | 4.00% |
Discounted Cash Flow [Member] | Option Budget Projection [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range | 3.00% | 3.00% |
Discounted Cash Flow [Member] | Long Term Volatility [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 0.00% | 0.00% |
Discounted Cash Flow [Member] | Long Term Volatility [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 27.00% | 27.00% |
Discounted Cash Flow [Member] | Long Term Volatility [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range | 10.00% | 10.00% |
Total Return Swap [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives | -99,029 | 176,270 |
Total Return Swap [Member] | Mortality [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 0.00% | 0.00% |
Total Return Swap [Member] | Mortality [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 100.00% | 100.00% |
Total Return Swap [Member] | Mortality [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 2.00% | 2.00% |
Total Return Swap [Member] | Lapse [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 0.00% | 0.00% |
Total Return Swap [Member] | Lapse [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 35.00% | 35.00% |
Total Return Swap [Member] | Lapse [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 7.00% | 7.00% |
Total Return Swap [Member] | Withdrawal [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 0.00% | 0.00% |
Total Return Swap [Member] | Withdrawal [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 5.00% | 5.00% |
Total Return Swap [Member] | Withdrawal [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 3.00% | 3.00% |
Total Return Swap [Member] | Own Credit [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 0.00% | 0.00% |
Total Return Swap [Member] | Own Credit [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 1.00% | 1.00% |
Total Return Swap [Member] | Own Credit [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 1.00% | 1.00% |
Total Return Swap [Member] | Crediting Rate [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 2.00% | 2.00% |
Total Return Swap [Member] | Crediting Rate [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 4.00% | 4.00% |
Total Return Swap [Member] | Crediting Rate [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
Funds withheld at interest - embedded derivatives Unobservable Input Range | 3.00% | 3.00% |
Market Comparable Securities [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
State And Political Subdivision Securities | 21,689 | ' |
Corporate Securities | 267,015 | ' |
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 34,693 | ' |
Market Comparable Securities [Member] | Liquidity Premium [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
State And Political Subdivision Securities | ' | 29,024 |
Corporate Securities | ' | 312,887 |
Short-term Investments | ' | $37,539 |
Market Comparable Securities [Member] | Liquidity Premium [Member] | Minimum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
US Government And Agencies Securities Unobservable Input Range | 0.00% | ' |
Corporate Securities Unobservable Input Range | 0.00% | 0.00% |
Short Term Investments Unobservable Input Range | ' | 0.00% |
State And Political Subdivision Securities Unobservable Input Range | 1.00% | 1.00% |
Market Comparable Securities [Member] | Liquidity Premium [Member] | Maximum [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
US Government And Agencies Securities Unobservable Input Range | 1.00% | ' |
Corporate Securities Unobservable Input Range | 2.00% | 2.00% |
Short Term Investments Unobservable Input Range | ' | 1.00% |
State And Political Subdivision Securities Unobservable Input Range | 1.00% | 1.00% |
Market Comparable Securities [Member] | Liquidity Premium [Member] | Weighted Average [Member] | ' | ' |
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items] | ' | ' |
US Government And Agencies Securities Unobservable Input Range | 1.00% | ' |
Corporate Securities Unobservable Input Range | 1.00% | 1.00% |
Short Term Investments Unobservable Input Range | ' | 1.00% |
State And Political Subdivision Securities Unobservable Input Range | 1.00% | 1.00% |
Fair_Value_of_Assets_and_Liabi4
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Fair Value Assets Transfers between Level 1 and Level 2) (Details) (Available-for-sale Securities [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Fair Value Assets, Level 1 to level 2 Transfers During Period, Amount | $0 | $0 |
Fair Value Assets, Level 2 to Level 1 Transfers During Period, Amount | 0 | 14,012 |
Corporate securities | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Fair Value Assets, Level 1 to level 2 Transfers During Period, Amount | 0 | 0 |
Fair Value Assets, Level 2 to Level 1 Transfers During Period, Amount | $0 | $14,012 |
Fair_Value_of_Assets_and_Liabi5
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Other foreign government, supranational and foreign government-sponsored enterprises | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | $28,280 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | ' | -340 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | ' | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | ' | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | ' | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | ' | 0 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | ' | 27,865 | ||
Other foreign government, supranational and foreign government-sponsored enterprises | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | -75 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | -75 | ||
Other foreign government, supranational and foreign government-sponsored enterprises | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ||
Other foreign government, supranational and foreign government-sponsored enterprises | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ||
Other foreign government, supranational and foreign government-sponsored enterprises | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ||
Other foreign government, supranational and foreign government-sponsored enterprises | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ||
Funds Withheld At Interest Embedded Derivatives [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | -176,270 | -243,177 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -99,029 | -156,189 | ||
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 77,241 | 86,988 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 77,241 | 86,988 | ||
Funds Withheld At Interest Embedded Derivatives [Member] | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Funds Withheld At Interest Embedded Derivatives [Member] | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Funds Withheld At Interest Embedded Derivatives [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Short-term Debt [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | 22,031 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | ' | -27 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | ' | 0 | [1] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | 0 | [1] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | ' | 0 | [1] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | ' | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | ' | 0 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | ' | 22,001 | ||
Short-term Debt [Member] | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | -4 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | -3 | ||
Short-term Debt [Member] | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ||
Short-term Debt [Member] | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ||
Short-term Debt [Member] | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ||
Short-term Debt [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ||
Nonredeemable Preferred Stock [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,962 | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | [1] | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -4,962 | ' | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | ' | ||
Nonredeemable Preferred Stock [Member] | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ||
Nonredeemable Preferred Stock [Member] | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ||
Nonredeemable Preferred Stock [Member] | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ||
Nonredeemable Preferred Stock [Member] | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ||
Nonredeemable Preferred Stock [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ' | ' | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -868,725 | -912,361 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | -15,193 | [1] | -13,860 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 19,432 | [1] | 17,427 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -911,987 | -890,476 | ||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | ||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -24,211 | 50,123 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | -23,661 | 51,314 | ||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | ||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -43,273 | -50,424 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | -23,840 | -32,996 | ||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Corporate securities | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,345,289 | 1,668,563 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2,450 | 963 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 79,512 | [1] | 74,671 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -38,747 | [1] | -16,278 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -51,944 | [1] | -65,366 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 6,930 | 3,773 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -50,517 | -16,134 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 1,291,701 | 1,646,903 | ||
Available-for-sale Securities [Member] | Corporate securities | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -1,062 | -2,027 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -1,111 | -2,027 | ||
Available-for-sale Securities [Member] | Corporate securities | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | -202 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -161 | -1,262 | ||
Available-for-sale Securities [Member] | Corporate securities | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Corporate securities | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Corporate securities | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 153,505 | 93,931 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2,887 | 2,514 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 18,750 | [1] | 40,538 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -744 | [1] | -1,599 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -6,172 | [1] | -4,923 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 10,563 | 10,324 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -1,024 | 0 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 177,927 | 140,717 | ||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 52 | 105 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 56 | 105 | ||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 106 | -173 | ||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Asset-backed securities | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 471,848 | 232,391 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 5,501 | 12,036 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 59,224 | [1] | 55,881 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -6,612 | [1] | -8,297 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -6,315 | [1] | -5,877 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5,948 | 2,966 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -29,280 | 0 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 502,675 | 288,231 | ||
Available-for-sale Securities [Member] | Asset-backed securities | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 2,050 | 882 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2,057 | 878 | ||
Available-for-sale Securities [Member] | Asset-backed securities | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 304 | -1,747 | ||
Available-for-sale Securities [Member] | Asset-backed securities | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Asset-backed securities | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Asset-backed securities | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 101,785 | 167,006 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 3,035 | 12,500 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -14,626 | [1] | -1,604 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -279 | [1] | -2,240 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 90,373 | 175,294 | ||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 428 | 501 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 372 | 502 | ||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 86 | -870 | ||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | US Treasury And Government Member | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 40,919 | 4,538 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 305 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 128 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -3,029 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | -4,538 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 38,031 | 0 | ||
Available-for-sale Securities [Member] | US Treasury And Government Member | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -97 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -97 | 0 | ||
Available-for-sale Securities [Member] | US Treasury And Government Member | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -195 | 0 | ||
Available-for-sale Securities [Member] | US Treasury And Government Member | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | US Treasury And Government Member | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | US Treasury And Government Member | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | State and political subdivisions | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 43,776 | 43,212 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 113 | -553 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -64 | [1] | -25 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 43,833 | 42,639 | ||
Available-for-sale Securities [Member] | State and political subdivisions | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 12 | 9 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 12 | 9 | ||
Available-for-sale Securities [Member] | State and political subdivisions | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -4 | -4 | ||
Available-for-sale Securities [Member] | State and political subdivisions | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | State and political subdivisions | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | State and political subdivisions | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Available-for-sale Securities [Member] | Other foreign government, supranational and foreign government-sponsored enterprises | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 37,997 | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -298 | [1] | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -26,542 | ' | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 11,157 | ' | ||
Available-for-sale Securities [Member] | Other foreign government, supranational and foreign government-sponsored enterprises | Investment Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ||
Available-for-sale Securities [Member] | Other foreign government, supranational and foreign government-sponsored enterprises | Investment Related Gains Losses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ||
Available-for-sale Securities [Member] | Other foreign government, supranational and foreign government-sponsored enterprises | Insurance Claims [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ||
Available-for-sale Securities [Member] | Other foreign government, supranational and foreign government-sponsored enterprises | Interest Income [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ||
Available-for-sale Securities [Member] | Other foreign government, supranational and foreign government-sponsored enterprises | Policy Acquisition Costs And Other Insurance Expenses [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $0 | ' | ||
[1] | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. |
Fair_Value_of_Assets_and_Liabi6
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Fair Value Assets Measured on Non-Recurring Basis) (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Mortgage Loans [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value Assets Carrying Value Prior To Impairment | $10,280 | [1] | $13,581 | [1] | ' | ' |
Fair Value Assets Estimate Of Fair Value | 10,660 | [1] | 13,700 | [1] | ' | ' |
Fair Value Assets Gains Losses | 380 | [1] | 119 | [1] | ' | ' |
Limited Partnership Interest [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value Assets Carrying Value Prior To Impairment | 0 | 11,590 | ' | ' | ||
Fair Value Assets Estimate Of Fair Value | 0 | 9,161 | ' | ' | ||
Fair Value Assets Gains Losses | 0 | -2,429 | ' | ' | ||
Short-term Debt [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | ' | ' | 22,031 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | ' | -27 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | ' | 0 | [2] | ' | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | 0 | [2] | ' | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | ' | 0 | [2] | ' | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | ' | 0 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | ' | 0 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | ' | 22,001 | ' | ' | ||
Funds Withheld At Interest Embedded Derivatives [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | ' | -176,270 | -243,177 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [2] | 0 | [2] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [2] | 0 | [2] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | [2] | 0 | [2] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -99,029 | -156,189 | ' | ' | ||
Nonredeemable Preferred Stock [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | ' | 4,962 | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [2] | ' | ' | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [2] | ' | ' | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | [2] | ' | ' | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -4,962 | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | ' | ' | ' | ||
Investment Income [Member] | Short-term Debt [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | -3 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | -4 | ' | ' | ||
Investment Income [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ' | ' | ||
Investment Income [Member] | Nonredeemable Preferred Stock [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ' | ' | ||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Short-term Debt [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ' | ' | ||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ' | ' | ||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Nonredeemable Preferred Stock [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ' | ' | ||
Investment Related Gains Losses [Member] | Short-term Debt [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ' | ' | ||
Investment Related Gains Losses [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 77,241 | 86,988 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 77,241 | 86,988 | ' | ' | ||
Investment Related Gains Losses [Member] | Nonredeemable Preferred Stock [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ' | ' | ||
Insurance Claims [Member] | Short-term Debt [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ' | ' | ||
Insurance Claims [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ' | ' | ||
Insurance Claims [Member] | Nonredeemable Preferred Stock [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ' | ' | ||
Interest Income [Member] | Short-term Debt [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | 0 | ' | ' | ||
Interest Income [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ' | ' | ||
Interest Income [Member] | Nonredeemable Preferred Stock [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ' | ' | ' | ||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | ' | 101,785 | 167,006 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 3,035 | 12,500 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [2] | 0 | [2] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -14,626 | [2] | -1,604 | [2] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -279 | [2] | -2,240 | [2] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 90,373 | 175,294 | ' | ' | ||
Available-for-sale Securities [Member] | US Treasury And Government Member | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | ' | 40,919 | 4,538 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 305 | 0 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 128 | [2] | 0 | [2] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [2] | 0 | [2] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -3,029 | [2] | 0 | [2] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | -4,538 | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 38,031 | 0 | ' | ' | ||
Available-for-sale Securities [Member] | Investment Income [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 372 | 502 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 428 | 501 | ' | ' | ||
Available-for-sale Securities [Member] | Investment Income [Member] | US Treasury And Government Member | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -97 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -97 | 0 | ' | ' | ||
Available-for-sale Securities [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ' | ' | ||
Available-for-sale Securities [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | US Treasury And Government Member | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ' | ' | ||
Available-for-sale Securities [Member] | Investment Related Gains Losses [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 86 | -870 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ' | ' | ||
Available-for-sale Securities [Member] | Investment Related Gains Losses [Member] | US Treasury And Government Member | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -195 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ' | ' | ||
Available-for-sale Securities [Member] | Insurance Claims [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ' | ' | ||
Available-for-sale Securities [Member] | Insurance Claims [Member] | US Treasury And Government Member | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ' | ' | ||
Available-for-sale Securities [Member] | Interest Income [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ' | ' | ||
Available-for-sale Securities [Member] | Interest Income [Member] | US Treasury And Government Member | ' | ' | ' | ' | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $0 | $0 | ' | ' | ||
[1] | Mortgage loans — The impaired mortgage loans presented above were written down to their estimated fair values at the date the impairments were recognized and are reported as losses above. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains above. Nonrecurring fair value adjustments on mortgage loans are based on the fair value of underlying collateral or discounted cash flows. | |||||
[2] | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. |
Fair_Value_of_Assets_and_Liabi7
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Assets | ' | ' | ' | ' | ||
Mortgage loans on real estate (net of valuation allowances) | $2,526,228 | $2,486,680 | ' | ' | ||
Policy loans | 1,296,897 | 1,244,469 | ' | ' | ||
Funds withheld at interest | 5,814,231 | 5,771,467 | ' | ' | ||
Cash and cash equivalents | 1,127,132 | 923,647 | 1,001,841 | 1,259,892 | ||
Short-term investments | 118,789 | 139,395 | ' | ' | ||
Other invested assets | 1,234,779 | 1,324,960 | ' | ' | ||
Accrued investment income | 233,816 | 267,908 | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Interest-sensitive contract liabilities | 12,809,003 | 12,947,557 | ' | ' | ||
Short-term Debt | 50,000 | 0 | ' | ' | ||
Short-term Debt, Fair Value | 50,000 | ' | ' | ' | ||
Long-term debt | 2,214,526 | 2,214,350 | ' | ' | ||
Long-term Debt, Fair Value | 2,407,939 | ' | ' | ' | ||
Collateral finance facility | 484,747 | 484,752 | ' | ' | ||
Fair Value Inputs Level 1 Member | ' | ' | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Short-term Debt, Fair Value | 0 | ' | ' | ' | ||
Long-term Debt, Fair Value | 0 | ' | ' | ' | ||
Fair Value Inputs Level 2 Member | ' | ' | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Short-term Debt, Fair Value | 50,000 | ' | ' | ' | ||
Long-term Debt, Fair Value | 0 | ' | ' | ' | ||
Fair Value Inputs Level 3 Member | ' | ' | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Short-term Debt, Fair Value | 0 | ' | ' | ' | ||
Long-term Debt, Fair Value | 2,407,939 | ' | ' | ' | ||
Carrying Value [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Mortgage loans on real estate (net of valuation allowances) | 2,526,228 | 2,486,680 | ' | ' | ||
Policy loans | 1,296,897 | 1,244,469 | ' | ' | ||
Funds withheld at interest | 5,912,727 | [1] | 5,948,374 | [1] | ' | ' |
Cash and cash equivalents | 594,175 | [2] | 552,302 | [2] | ' | ' |
Short-term investments | 33,497 | [2] | 27,823 | [2] | ' | ' |
Other invested assets | 476,249 | [2] | 491,545 | [2] | ' | ' |
Accrued investment income | 233,816 | 267,908 | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Interest-sensitive contract liabilities | 10,065,850 | [1] | 10,228,120 | [1] | ' | ' |
Short-term Debt | 50,000 | ' | ' | ' | ||
Debt, Long-term and Short-term, Combined Amount | ' | 2,214,350 | ' | ' | ||
Collateral finance facility | 484,747 | 484,752 | ' | ' | ||
Estimated Fair Value [Member] | ' | ' | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Debt, Long-term and Short-term, Combined Amount | ' | 2,333,023 | ' | ' | ||
Estimated Fair Value [Member] | Fair Value Inputs Level 1 Member | ' | ' | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Debt, Long-term and Short-term, Combined Amount | ' | 0 | ' | ' | ||
Estimated Fair Value [Member] | Fair Value Inputs Level 2 Member | ' | ' | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Debt, Long-term and Short-term, Combined Amount | ' | 0 | ' | ' | ||
Estimated Fair Value [Member] | Fair Value Inputs Level 3 Member | ' | ' | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Debt, Long-term and Short-term, Combined Amount | ' | 2,333,023 | ' | ' | ||
Estimate of Fair Value Measurement [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Mortgage loans on real estate (net of valuation allowances) | 2,576,966 | 2,489,721 | ' | ' | ||
Policy loans | 1,296,897 | 1,244,469 | ' | ' | ||
Funds withheld at interest | 6,236,412 | [1] | 6,207,342 | [1] | ' | ' |
Cash and cash equivalents | 594,175 | [2] | 552,302 | [2] | ' | ' |
Short-term investments | 33,497 | [2] | 27,823 | [2] | ' | ' |
Other invested assets | 519,548 | [2] | 534,442 | [2] | ' | ' |
Accrued investment income | 233,816 | 267,908 | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Interest-sensitive contract liabilities | 9,812,347 | [1] | 9,989,514 | [1] | ' | ' |
Collateral finance facility | 376,193 | 374,984 | ' | ' | ||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 1 Member | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | ' | ' | ||
Policy loans | 0 | 0 | ' | ' | ||
Funds withheld at interest | 0 | [1] | 0 | [1] | ' | ' |
Cash and cash equivalents | 594,175 | [2] | 552,302 | [2] | ' | ' |
Short-term investments | 33,497 | [2] | 27,823 | [2] | ' | ' |
Other invested assets | 5,108 | [2] | 5,070 | [2] | ' | ' |
Accrued investment income | 0 | 0 | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Interest-sensitive contract liabilities | 0 | [1] | 0 | [1] | ' | ' |
Collateral finance facility | 0 | 0 | ' | ' | ||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 2 Member | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | ' | ' | ||
Policy loans | 1,296,897 | 1,244,469 | ' | ' | ||
Funds withheld at interest | 0 | [1] | 0 | [1] | ' | ' |
Cash and cash equivalents | 0 | [2] | 0 | [2] | ' | ' |
Short-term investments | 0 | [2] | 0 | [2] | ' | ' |
Other invested assets | 36,046 | [2] | 33,886 | [2] | ' | ' |
Accrued investment income | 233,816 | 267,908 | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Interest-sensitive contract liabilities | 0 | [1] | 0 | [1] | ' | ' |
Collateral finance facility | 0 | 0 | ' | ' | ||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 3 Member | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Mortgage loans on real estate (net of valuation allowances) | 2,576,966 | 2,489,721 | ' | ' | ||
Policy loans | 0 | 0 | ' | ' | ||
Funds withheld at interest | 6,236,412 | [1] | 6,207,342 | [1] | ' | ' |
Cash and cash equivalents | 0 | [2] | 0 | [2] | ' | ' |
Short-term investments | 0 | [2] | 0 | [2] | ' | ' |
Other invested assets | 478,394 | [2] | 495,486 | [2] | ' | ' |
Accrued investment income | 0 | 0 | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Interest-sensitive contract liabilities | 9,812,347 | [1] | 9,989,514 | [1] | ' | ' |
Collateral finance facility | $376,193 | $374,984 | ' | ' | ||
[1] | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis. | |||||
[2] | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis. |
Fair_Value_of_Assets_and_Liabi8
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Narrative) (Details) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Percentage Of Fixed Maturity Securities Classified As Level 3 | 9.70% | 10.20% |
Segment_Information_Total_Reve
Segment Information (Total Revenues of Reportable Segments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Total Revenue [Line Items] | ' | ' |
Total revenues | $2,657,173 | $2,601,102 |
US Traditional Segment Reporting Information [Member] | ' | ' |
Segment Total Revenue [Line Items] | ' | ' |
Total revenues | 1,278,692 | 1,196,924 |
US Non-Traditional Segment Reporting Information [Member] | ' | ' |
Segment Total Revenue [Line Items] | ' | ' |
Total revenues | 288,621 | 314,100 |
Canada Segment Reporting Information [Member] | ' | ' |
Segment Total Revenue [Line Items] | ' | ' |
Total revenues | 277,749 | 297,089 |
Europe And South Africa Segment Reporting Information [Member] | ' | ' |
Segment Total Revenue [Line Items] | ' | ' |
Total revenues | 365,857 | 307,587 |
Asia Pacific Segment Reporting Information [Member] | ' | ' |
Segment Total Revenue [Line Items] | ' | ' |
Total revenues | 415,029 | 409,851 |
Corporate And Other Segment Reporting Information [Member] | ' | ' |
Segment Total Revenue [Line Items] | ' | ' |
Total revenues | $31,225 | $75,551 |
Segment_Information_Income_Los
Segment Information (Income Loss Before Provision for Income Tax of Reportable Segments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items] | ' | ' |
Income Loss From Continuing Operations Before Provision For Income Tax Segment | $199,440 | $278,827 |
US Traditional Segment Reporting Information [Member] | ' | ' |
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items] | ' | ' |
Income Loss From Continuing Operations Before Provision For Income Tax Segment | 50,972 | 79,543 |
US Non-Traditional Segment Reporting Information [Member] | ' | ' |
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items] | ' | ' |
Income Loss From Continuing Operations Before Provision For Income Tax Segment | 83,124 | 97,564 |
Canada Segment Reporting Information [Member] | ' | ' |
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items] | ' | ' |
Income Loss From Continuing Operations Before Provision For Income Tax Segment | 20,064 | 36,308 |
Europe And South Africa Segment Reporting Information [Member] | ' | ' |
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items] | ' | ' |
Income Loss From Continuing Operations Before Provision For Income Tax Segment | 15,205 | 10,963 |
Asia Pacific Segment Reporting Information [Member] | ' | ' |
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items] | ' | ' |
Income Loss From Continuing Operations Before Provision For Income Tax Segment | 26,311 | 18,242 |
Corporate And Other Segment Reporting Information [Member] | ' | ' |
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items] | ' | ' |
Income Loss From Continuing Operations Before Provision For Income Tax Segment | $3,764 | $36,207 |
Segment_Information_Total_Asse
Segment Information (Total Assets of Reportable Segments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Total Assets [Line Items] | ' | ' |
Total assets | $40,541,581 | $39,674,473 |
US Traditional Segment Reporting Information [Member] | ' | ' |
Segment Total Assets [Line Items] | ' | ' |
Total assets | 13,326,226 | 13,285,423 |
US Non-Traditional Segment Reporting Information [Member] | ' | ' |
Segment Total Assets [Line Items] | ' | ' |
Total assets | 11,743,411 | 11,716,908 |
Canada Segment Reporting Information [Member] | ' | ' |
Segment Total Assets [Line Items] | ' | ' |
Total assets | 4,012,037 | 4,103,730 |
Europe And South Africa Segment Reporting Information [Member] | ' | ' |
Segment Total Assets [Line Items] | ' | ' |
Total assets | 2,572,563 | 2,230,568 |
Asia Pacific Segment Reporting Information [Member] | ' | ' |
Segment Total Assets [Line Items] | ' | ' |
Total assets | 3,657,850 | 3,597,456 |
Corporate And Other Segment Reporting Information [Member] | ' | ' |
Segment Total Assets [Line Items] | ' | ' |
Total assets | $5,229,494 | $4,740,388 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Credit Facility) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Credit Facility One Hundred Million [Member] | ' | ' | ||
Line Of Credit Facility [Line Items] | ' | ' | ||
Facility Capacity | $100 | ' | ||
Maturity Date | 'June 2017 | ' | ||
Amount Utilized | 86 | [1] | 89.4 | [1] |
Basis Of Fees | 'Fixed | ' | ||
Credit Facility Fifty Three Million [Member] | ' | ' | ||
Line Of Credit Facility [Line Items] | ' | ' | ||
Facility Capacity | 75 | [2] | ' | |
Maturity Date | 'November 2013 | ' | ||
Amount Utilized | 75 | [1] | 58.4 | [1] |
Basis Of Fees | 'Fixed | ' | ||
Credit Facility 270 Million [Member] | ' | ' | ||
Line Of Credit Facility [Line Items] | ' | ' | ||
Facility Capacity | 270 | ' | ||
Maturity Date | 'November 2017 | ' | ||
Amount Utilized | 270 | [1] | 270 | [1] |
Basis Of Fees | 'Fixed | ' | ||
Credit Facility 120 Million [Member] | ' | ' | ||
Line Of Credit Facility [Line Items] | ' | ' | ||
Facility Capacity | 120 | ' | ||
Maturity Date | 'May 2016 | ' | ||
Amount Utilized | 80 | [1] | 85.1 | [1] |
Basis Of Fees | 'Fixed | ' | ||
Credit Facility 200 Million [Member] | ' | ' | ||
Line Of Credit Facility [Line Items] | ' | ' | ||
Facility Capacity | 200 | ' | ||
Maturity Date | 'September 2019 | ' | ||
Amount Utilized | 200 | [1] | 200 | [1] |
Basis Of Fees | 'Fixed | ' | ||
Credit Facility 850 Million [Member] | ' | ' | ||
Line Of Credit Facility [Line Items] | ' | ' | ||
Facility Capacity | 850 | ' | ||
Maturity Date | 'December 2015 | ' | ||
Amount Utilized | 65.1 | [1] | 67.6 | [1] |
Basis Of Fees | 'Senior unsecured long-term debt rating | ' | ||
Credit Facility One Hundred Fifty Million [Member] | ' | ' | ||
Line Of Credit Facility [Line Items] | ' | ' | ||
Facility Capacity | 115.1 | [2] | ' | |
Maturity Date | 'March 2019 | ' | ||
Amount Utilized | $115.10 | [1] | $132.50 | [1] |
Basis Of Fees | 'Fixed | ' | ||
[1] | Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. | |||
[2] | Foreign currency facility, U.S. dollar amount may vary. |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities Commitments and Contingent Liabilities (Maximum Potential Obligation) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitment Period Two Thousand Twenty Six [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $500 | $500 |
Commitment Period Two Thousand Thirty Three [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,350 | 1,350 |
Commitment Period Two Thousand Thirty Six [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $1,250 | $1,250 |
Commitments_and_Contingent_Lia4
Commitments and Contingent Liabilities (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | credit_facilities | |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Undrawn outstanding letters of credit in favor of third parties | $209.40 | $210.30 |
Undrawn outstanding letters of credit between subsidiaries | 966.3 | 995.5 |
Number of credit facilities | 7 | ' |
Syndicated revolving credit facility capacity | 850 | ' |
Insurance Treaty Guarantee [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Guarantor Obligations, Current Carrying Value | 939.7 | 826.9 |
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Guarantor Obligations, Current Carrying Value | 753 | 647.9 |
Guarantee Of Borrowed Securities [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Guarantor Obligations, Current Carrying Value | 184.5 | 93 |
Guarantee Of Subsidiary Collateral Financing [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Guarantor Obligations, Current Carrying Value | 300 | ' |
Letter of Credit [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Number of credit facilities | 6 | ' |
Facility Capacity | 880.1 | ' |
Commitment Period Two Thousand Twenty Six [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 500 | 500 |
Commitment Period 2033 [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,350 | 1,350 |
Commitment Period Two Thousand Thirty Six [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,250 | 1,250 |
Limited Partner [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Unfunded commitments to fund partnership investments, mortgage loans and private corporate bond investments | 302.5 | 239.5 |
Commercial Loan [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Unfunded commitments to fund partnership investments, mortgage loans and private corporate bond investments | 23.5 | 4.6 |
Private Placement [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Unfunded commitments to fund partnership investments, mortgage loans and private corporate bond investments | 39.8 | 22 |
Bank Loans [Member] | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Unfunded commitments to fund partnership investments, mortgage loans and private corporate bond investments | $46.90 | $37 |
Income_Tax_Income_Tax_Provisio
Income Tax Income Tax (Provision for Income Tax Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $69,804 | $97,589 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | -3,221 | -2,388 |
Income Tax Reconciliation Foreign Income Tax Basis Differential | 250 | 900 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | -3,157 | -22 |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | 778 | 1,099 |
Income Tax Reconciliation Change In Foreign Enacted Tax Rate | -17 | -1,371 |
Income Tax Reconciliation Subpart F | 2,439 | 465 |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 855 | 670 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | -3,353 | -2,484 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 108 | 174 |
Provision for income taxes | $62,776 | $93,292 |
Effective Income Tax Rate Reconciliation, Percent | 31.50% | 33.50% |
Employee_Benefit_Plans_Defined
Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $1,501 | $1,883 |
Interest cost | 808 | 1,018 |
Expected return on plan assets | -933 | -767 |
Amortization of prior service cost | 2 | 94 |
Amortization of prior actuarial loss | 673 | 837 |
Total | 2,051 | 3,065 |
Other Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 470 | 410 |
Interest cost | 338 | 312 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of prior actuarial loss | 217 | 186 |
Total | $1,025 | $908 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Defined Benefit Plan, Contributions by Employer | $0 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $6,100,000 |
Equity_Based_Compensation_Narr
Equity Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Equity compensation expense | $4.30 | $9.70 |
Stock appreciation rights granted | 300,000 | ' |
Stock appreciation rights granted, weighted average exercise price (per share) | $78.48 | ' |
Performance contingent units | 200,000 | ' |
Shares Granted To Non Employee Directors | 15,925 | ' |
Options exercisable (shares) | 1,900,000 | ' |
Options exercisable, weighted average price (per share) | $50.84 | ' |
Options, remaining term | '5 years 4 months 24 days | ' |
Compensation cost not yet recognized | $43.90 | ' |
Period for recognition | '2 years 4 months | ' |
Retrocession_Arrangements_and_1
Retrocession Arrangements and Reinsurance Ceded Receivables (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Effects of Reinsurance [Line Items] | ' | ' |
Reinsurance ceded receivables | 594,794,000 | 594,515,000 |
Reinsurance Claims Recoverables | 141,700,000 | 134,100,000 |
Claims Recoverable From Retrocessionaires Past Due | 7,500,000 | 4,200,000 |
Reinsurance Recoverables Ceded Credit Risk | 358,900,000 | 359,200,000 |
Reinsurance Recoverables, Percentage of Total | 60.30% | 60.40% |
AM Best, A- Rating [Member] | ' | ' |
Effects of Reinsurance [Line Items] | ' | ' |
Ceded Credit Risk, Disclosure | '“A- (excellent)†| '“A- (excellent)†|
Stock_Transactions_Stock_Trans
Stock Transactions Stock Transactions (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Equity, Class of Treasury Stock [Line Items] | ' |
Stock Repurchase Program, Authorized Amount | $300 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 187.4 |
January 2013 Share Repurchase Authorization [Member] | ' |
Equity, Class of Treasury Stock [Line Items] | ' |
Treasury Stock, Shares, Acquired | 1,449,293 |
Treasury Stock, Value, Acquired, Cost Method | $112.60 |