Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 |
Document And Entitiy Information [Abstract] | |||
Document type | 10-K | ||
Document period end date | 31-Dec-14 | ||
Amendment flag | FALSE | ||
Entity registrant name | REINSURANCE GROUP OF AMERICA INC | ||
Entity central index key | 898174 | ||
Entity current reporting status | Yes | ||
Entity voluntary filers | No | ||
Current fiscal year end date | -19 | ||
Entity filer category | Large Accelerated Filer | ||
Entity well known seasoned issuer | Yes | ||
Common Shares Outstanding | 68,785,369 | ||
Entity public float | $5.40 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fixed Maturity Securities [Abstract] | ||
Available-for-sale at fair value (amortized cost of $23,105,597 and $20,270,734) | $25,480,972 | $21,474,136 |
Mortgage loans on real estate (net of allowances of $6,471 and $10,106) | 2,712,238 | 2,486,680 |
Policy loans | 1,284,284 | 1,244,469 |
Funds withheld at interest | 5,922,561 | 5,771,467 |
Short-term investments | 97,694 | 139,395 |
Other invested assets | 1,198,319 | 1,324,960 |
Total investments | 36,696,068 | 32,441,107 |
Cash and cash equivalents | 1,645,669 | 923,647 |
Accrued investment income | 261,096 | 267,908 |
Premiums receivable and other reinsurance balances | 1,527,729 | 1,439,528 |
Reinsurance ceded receivables | 578,206 | 594,515 |
Deferred policy acquisition costs | 3,342,575 | 3,517,796 |
Other assets | 628,268 | 489,972 |
Total assets | 44,679,611 | 39,674,473 |
Liabilities and Stockholders’ Equity | ||
Future policy benefits | 14,476,637 | 11,866,776 |
Interest-sensitive contract liabilities | 12,591,497 | 12,947,557 |
Other policy claims and benefits | 3,824,069 | 3,571,761 |
Other reinsurance balances | 306,915 | 275,138 |
Deferred income taxes | 2,365,817 | 1,837,577 |
Other liabilities | 994,230 | 541,035 |
Long-term debt | 2,314,293 | 2,214,350 |
Collateral finance and securitization notes | 782,701 | 484,752 |
Total liabilities | 37,656,159 | 33,738,946 |
Commitments and contingent liabilities (See Note 12) | ||
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; shares issued: 79,137,758 at December 31, 2014 and 2013) | 791 | 791 |
Additional paid-in-capital | 1,798,279 | 1,777,906 |
Retained earnings | 4,239,647 | 3,659,938 |
Treasury stock, at cost - 10,364,797 and 8,369,540 shares | -672,394 | -508,715 |
Accumulated other comprehensive income | 1,657,129 | 1,005,607 |
Total stockholders’ equity | 7,023,452 | 5,935,527 |
Total liabilities and stockholders’ equity | $44,679,611 | $39,674,473 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS PARENTHETICAL (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Available for Sale at Fair value - Amortized cost | $23,105,597 | $20,270,734 |
Preferred stock par value | $0.01 | $0.01 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value | $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 | 68,772,961 | 70,768,218 |
Treasury Shares Held | 10,364,797 | 8,369,540 |
Allowances for Loan and Lease Losses, Real Estate | $6,471 | $10,106 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Net premiums | $8,669,854 | $8,254,027 | $7,906,596 |
Investment income, net of related expenses | 1,713,691 | 1,699,865 | 1,436,206 |
Investment related gains (losses), net: | |||
Other-than-temporary impairments on fixed maturity securities | -7,766 | -12,654 | -15,908 |
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income | 0 | -247 | -7,618 |
Other investment related gains (losses), net | 193,959 | 76,891 | 277,662 |
Total investment related gains (losses), net | 186,193 | 63,990 | 254,136 |
Other revenues | 334,456 | 300,471 | 243,973 |
Total revenues | 10,904,194 | 10,318,353 | 9,840,911 |
Benefits and expenses | |||
Claims and other policy benefits | 7,406,641 | 7,304,332 | 6,665,999 |
Interest credited | 451,031 | 476,514 | 379,915 |
Policy acquisition costs and other insurance expenses | 1,391,433 | 1,300,780 | 1,306,470 |
Other operating expenses | 538,415 | 466,717 | 451,759 |
Interest expense | 96,700 | 124,307 | 105,348 |
Collateral finance and securitization expense | 11,441 | 10,449 | 12,197 |
Total benefits and expenses | 9,895,661 | 9,683,099 | 8,921,688 |
Income before income taxes | 1,008,533 | 635,254 | 919,223 |
Provision for income taxes | 324,486 | 216,417 | 287,330 |
Net income | $684,047 | $418,837 | $631,893 |
Earnings per share | |||
Basic earnings per share (in dollars per share) | $9.88 | $5.82 | $8.57 |
Diluted earnings per share (in dollars per share) | $9.78 | $5.78 | $8.52 |
Dividends declared per share | $1.26 | $1.08 | $0.84 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Comprehensive income | ||||||||||||||
Net Income (Loss) Attributable to Parent | $191,091 | $157,996 | $198,296 | $136,664 | $144,959 | $137,955 | ($49,612) | $185,535 | $684,047 | $418,837 | $631,893 | |||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -125,236 | -60,392 | 37,680 | |||||||||||
Change in net unrealized gain on investments | 802,830 | [1] | -1,060,308 | [1] | 451,905 | [1] | ||||||||
Change in other-than-temporary impairment losses on fixed maturity securities | 1,698 | 2,896 | 6,434 | |||||||||||
Changes in pension and other postretirement plan adjustments | -27,770 | 14,509 | -5,270 | |||||||||||
Total other comprehensive income (loss), net of tax | 651,522 | -1,103,295 | 490,749 | |||||||||||
Total comprehensive income (loss) | $1,335,569 | ($684,458) | $1,122,642 | |||||||||||
[1] | Includes cash flow hedges. See Note 5 - “Derivative Instruments†for additional information on cash flow hedges. |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock Member | Additional Paid In Capital Member | Retained Earnings Member | Treasury Stock Member | Accumulated Other Comprehensive Income Member |
In Thousands, unless otherwise specified | ||||||
Total stockholders equity at Dec. 31, 2011 | $5,818,698 | $791 | $1,727,774 | $2,818,429 | ($346,449) | $1,618,153 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 631,893 | 631,893 | ||||
Other Comprehensive Income (Loss), Net of Tax | 490,749 | 490,749 | ||||
Dividends to stockholders | -61,945 | -61,945 | ||||
Purchase of treasury stock | -6,924 | -6,924 | ||||
Reissuance of treasury stock | 37,716 | 27,647 | -31,122 | 41,191 | ||
Total stockholders equity at Dec. 31, 2012 | 6,910,187 | 791 | 1,755,421 | 3,357,255 | -312,182 | 2,108,902 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 418,837 | 418,837 | ||||
Other Comprehensive Income (Loss), Net of Tax | -1,103,295 | -1,103,295 | ||||
Dividends to stockholders | -77,642 | -77,642 | ||||
Purchase of treasury stock | -269,204 | -269,204 | ||||
Reissuance of treasury stock | 56,644 | 22,485 | -38,512 | 72,671 | ||
Total stockholders equity at Dec. 31, 2013 | 5,935,527 | 791 | 1,777,906 | 3,659,938 | -508,715 | 1,005,607 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 684,047 | 684,047 | ||||
Other Comprehensive Income (Loss), Net of Tax | 651,522 | 651,522 | ||||
Dividends to stockholders | -87,256 | -87,256 | ||||
Purchase of treasury stock | -201,525 | -201,525 | ||||
Reissuance of treasury stock | 41,137 | 20,373 | -17,082 | 37,846 | ||
Total stockholders equity at Dec. 31, 2014 | $7,023,452 | $791 | $1,798,279 | $4,239,647 | ($672,394) | $1,657,129 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net Income | $684,047 | $418,837 | $631,893 |
Change in operating assets and liabilities: | |||
Accrued investment income | -855 | -69,875 | -12,088 |
Premiums receivable and other reinsurance balances | -136,710 | -106,136 | -285,193 |
Deferred policy acquisition costs | 101,493 | 58,313 | -65,050 |
Reinsurance ceded receivable balances | 39,345 | 62,058 | 5,293 |
Future policy benefits, other policy claims and benefits, and other reinsurance balances | 1,625,561 | 1,429,697 | 1,792,207 |
Deferred income taxes | 170,731 | 230,778 | 198,112 |
Other assets and other liabilities, net | -17,244 | -186,978 | -37,831 |
Amortization of net investment premiums, discounts and other | -102,459 | -95,547 | -83,787 |
Investment related gains, net | -186,193 | -63,990 | -254,136 |
Gain on repurchase of collateral finance notes | 0 | -46,506 | 0 |
Excess tax benefits from share-based payment arrangement | 3,011 | -3,125 | -416 |
Other, net | 155,428 | 99,634 | 85,523 |
Net cash provided by operating activities | 2,336,155 | 1,727,160 | 1,974,527 |
Cash flows from investing activities | |||
Sales of fixed maturity securities available-for-sale | 4,309,985 | 3,629,378 | 5,465,014 |
Principal payments on mortgage loans on real estate | 539,789 | 155,237 | 145,423 |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 479,908 | 391,654 | 173,962 |
Principal payments on policy loans | 63,785 | 33,724 | 40,466 |
Payments to Acquire Available-for-sale Securities | -6,129,956 | -4,766,275 | -6,818,378 |
Purchases of fixed maturity securities available-for-sale | -721,836 | -613,413 | -491,466 |
Payments to Fund Policy Loans | -103,599 | -18 | -58,240 |
Cash invested in funds withheld at interest | -86,588 | -90,707 | -107,289 |
Purchase of business, net of cash acquired of $9,709 | 0 | 2,805 | 0 |
Payments to Acquire Property, Plant, and Equipment | -88,361 | 0 | 0 |
Increase (Decrease) in Payables under Repurchase Agreements | 101,203 | 0 | 0 |
Change in short-term investments | 38,060 | 138,024 | -101,214 |
Change in other invested assets | 286,665 | -209,900 | -216,274 |
Net cash used in investing activities | -1,310,945 | -1,335,101 | -1,967,996 |
Cash flows from financing activities | |||
Dividends to stockholders | -87,256 | -77,642 | -61,945 |
Repurchase and repayment of collateral finance notes | 0 | -119,255 | 0 |
Proceeds from Issuance of Secured Debt | 300,000 | 0 | 0 |
Proceeds from long-term debt issuance | 100,000 | 398,492 | 400,000 |
Debt issuance costs | -4,260 | -3,400 | -6,255 |
Principal payments of long-term debt | -772 | 0 | 0 |
Purchases of treasury stock | -201,525 | -269,204 | -6,924 |
Excess tax benefits from share-based payment arrangement | -3,011 | 3,125 | 416 |
Exercise of stock options, net | 9,246 | 28,390 | -3,087 |
Change in cash collateral for derivative positions and other arrangements | 162,435 | -73,338 | -132,933 |
Deposits on universal life and other investment type policies and contracts | 150,922 | 201,957 | 457,711 |
Withdrawals on universal life and other investment type policies and contracts | -681,338 | -770,338 | -365,044 |
Net cash (used in) provided by financing activities | -255,559 | -681,213 | 281,939 |
Effect of exchange rate changes on cash | -47,629 | -47,091 | 8,552 |
Change in cash and cash equivalents | 722,022 | -336,245 | 297,022 |
Cash and cash equivalents, beginning of period | 923,647 | 1,259,892 | 962,870 |
Cash and cash equivalents, end of period | 1,645,669 | 923,647 | 1,259,892 |
Supplementary information: | |||
Cash paid for interest | 136,499 | 116,809 | 100,984 |
Cash paid for income taxes, net of refunds | 70,342 | 110,773 | 97,000 |
Transfer to Investments | 2,001,439 | 0 | 4,861,566 |
Capital Expenditures Incurred but Not yet Paid | 24,458 | 0 | 0 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | -134,791 | 0 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $0 | $137,596 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CASH FLOWS PARENTHETICAL (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Statement of Cash Flows [Abstract] | |
Cash Acquired from Acquisition | $9,709 |
Business_and_Basis_of_Presenta
Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | BUSINESS AND BASIS OF PRESENTATION |
Business | |
Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. The consolidated financial statements herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned (collectively, the “Company”). | |
The Company is engaged in providing traditional reinsurance, which includes individual and group life and health, disability, and critical illness reinsurance. The Company also provides non-traditional reinsurance, which includes longevity reinsurance, asset-intensive products, primarily annuities, and financial reinsurance. | |
Reinsurance is an arrangement under which an insurance company, the reinsurer, agrees to indemnify another insurance company, the ceding company, for all or a portion of the insurance risks underwritten by the ceding company. Reinsurance is designed to (i) reduce the net liability on individual risks, thereby enabling the ceding company to increase the volume of business it can underwrite, as well as increase the maximum risk it can underwrite on a single life or risk; (ii) stabilize operating results by leveling fluctuations in the ceding company’s loss experience; (iii) assist the ceding company to meet applicable regulatory requirements; and (iv) enhance the ceding company’s financial strength and surplus position. | |
Basis of Presentation | |
The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates include those used in determining deferred policy acquisition costs, premiums receivable, future policy benefits, incurred but not reported claims, income taxes, valuation of investments and investment impairments, and valuation of embedded derivatives. Actual results could differ materially from the estimates and assumptions used by management. | |
The accompanying consolidated financial statements include the accounts of RGA and its subsidiaries, all of which are wholly owned, and any variable interest entities where the Company is the primary beneficiary. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting. The Company evaluates variable interest entities in accordance with the general accounting principles for Consolidation. Intercompany balances and transactions have been eliminated. | |
There were no subsequent events, other than as disclosed in Note 20 - "Subsequent Events", that would require disclosure or adjustments to the accompanying consolidated financial statements through the date the consolidated financial statements were issued. | |
Reclassification | |
The Company has reclassified certain securities from the utility sector to the industrial sector in its 2013 presentation to conform to the 2014 classification of these securities within its corporate fixed maturities by industry type table. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Investments | ||
Fixed Maturity Securities | ||
Fixed maturity securities classified as available-for-sale are reported at fair value and are so classified based upon the possibility that such securities could be sold prior to maturity if that action enables the Company to execute its investment philosophy and appropriately match investment results to operating and liquidity needs. | ||
Unrealized gains and losses on fixed maturity securities classified as available-for-sale, less applicable deferred income taxes as well as related adjustments to deferred acquisition costs, if applicable, are reflected as a direct charge or credit to accumulated other comprehensive income (“AOCI”) in stockholders’ equity on the consolidated balance sheets. | ||
Investment income is recognized as it accrues or is legally due. Realized gains and losses on sales of investments are included in investment related gains (losses), net, as are credit impairments that are other-than-temporary in nature. The cost of investments sold is primarily determined based upon the specific identification method. | ||
Mortgage Loans on Real Estate | ||
Mortgage loans on real estate are carried at unpaid principal balances, net of any unamortized premium or discount and valuation allowances. Interest income is accrued on the principal amount of the mortgage loan based on its contractual interest rate. Amortization of premiums and discounts is recorded using the effective yield method. The Company accrues interest on loans until it is probable the Company will not receive interest or the loan is 90 days past due. Interest income, amortization of premiums, accretion of discounts and prepayment fees are reported in investment income, net of related expenses in the consolidated statements of income. | ||
A mortgage loan is considered to be impaired when, based on the current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances on mortgage loans are established based upon inherent losses expected by management to be realized in connection with future dispositions or settlement of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan’s original effective interest rate, the value of the loan’s collateral if the loan is in the process of foreclosure or otherwise collateral dependent, or the loan’s market value if the loan is being sold. Non-specific valuation allowances are established for mortgage loans based upon several loan factors, including the Company’s historical experience for loan losses, defaults and loss severity, loss expectations for loans with similar risk characteristics and industry statistics. These evaluations are revised as conditions change and new information becomes available. In addition to historical experience, management considers qualitative factors that include the impact of changing macro-economic conditions, which may not be currently reflected in the loan portfolio performance, and the quality of the loan portfolio per internal credit quality ratings. Any interest accrued or received on the net carrying amount of the impaired loan will be included in investment income or applied to the principal of the loan, depending on the assessment of the collectability of the loan. Mortgage loans deemed to be uncollectible or that have been foreclosed are charged off against the valuation allowances and subsequent recoveries, if any, are credited to the valuation allowances. Changes in valuation allowances are reported in investment related gains (losses), net on the consolidated statements of income. | ||
The Company evaluates whether a mortgage loan modification represents a troubled debt restructuring. In a troubled debt restructuring, the Company grants concessions related to the borrower’s financial difficulties. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates and/or a reduction of accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. Through the continuous monitoring process, the Company may have recorded a specific valuation allowance prior to when the mortgage loan is modified in a troubled debt restructuring. Accordingly, the carrying value (after specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. | ||
The Company’s internal credit quality rating model is used to estimate the probability of mortgage loan default and the likelihood of loss upon default. The rating scale ranges from “high investment grade” to “in or near default” with high investment grade being the highest quality and least likely to default and lose principal. Likewise, a rating of in or near default indicates the lowest quality and the most likely to default or lose principal. All loans are assigned a rating at origination and ratings are updated at least annually. Lower rated loans appear on the Company’s watch list and are re-evaluated more frequently. The debt service coverage ratio and the loan to value ratio are the most heavily weighted factors in determining the loan rating. Other factors involved in determining the final rating are loan amortization, tenant rollover, location and market stability, and borrowers’ financial condition and experience. | ||
Policy Loans | ||
Policy loans are reported at the unpaid principal balance. Interest income on such loans is recorded as earned using the contractually agreed upon interest rate. These policy loans present no credit risk because the amount of the loan cannot exceed the obligation due the ceding company upon the death of the insured or surrender of the underlying policy. | ||
Funds Withheld at Interest | ||
Funds withheld at interest represent amounts contractually withheld by ceding companies in accordance with reinsurance agreements. For agreements written on a modified coinsurance basis and agreements written on a coinsurance funds withheld basis, assets which support the net statutory reserves or as defined in the treaty, are withheld and legally owned by the ceding company. Interest, recorded in investment income in the consolidated statements of income, accrues to these assets at calculated rates as defined by the treaty terms. Changes in the value of the equity options held within the funds withheld portfolio associated with equity-indexed annuity treaties are reflected in investment income. | ||
Short-term Investments | ||
Short-term investments represent investments with remaining maturities greater than three months but less than twelve months, at the date of purchase, and are stated at estimated fair value or amortized cost, which approximates estimated fair value. Interest on short-term investments is recorded in investment income in the consolidated statements of income. | ||
Other Invested Assets | ||
In addition to derivative contracts discussed below, other invested assets include equity securities, contractholder-directed investments, limited partnership interests, investments in joint ventures (other than operating joint ventures), real estate-held-for-investment, equity release mortgages and structured loans. Equity securities are primarily carried at fair value. The fair value option ("FVO") was elected for contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation and reporting as separate accounts. Changes in estimated fair value of these securities are included in investment related gains (losses), net. Limited partnership interests and structured loans are primarily carried at cost. Based on the nature and structure of these investments, they do not meet the characteristics of an equity security in accordance with applicable accounting standards. Joint ventures and certain limited partnerships are reported using the equity method of accounting. | ||
Real estate held-for-investment, including related improvements, is stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful life of the property. The Company’s real estate held-for-investment is primarily acquired upon foreclosure of mortgage loans, where the Company's cost basis is considered to be the estimated fair value of the property, less the estimated cost to sell, at the date of foreclosure. Equity release mortgages are carried at unpaid principal balances, net of any amortized premium or discount and valuation allowance. | ||
Other-than-Temporary Impairment | ||
The Company identifies fixed maturity and equity securities that could potentially have credit impairments that are other-than-temporary by monitoring market events that could impact issuers’ credit ratings, business climates, management changes, litigation, government actions and other similar factors. The Company also monitors late payments, pricing levels, rating agency actions, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. | ||
The Company reviews all securities on a case-by-case basis to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. The Company considers relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (1)the extent and length of time the fair value has been below cost; (2) the reasons for the decline in fair value; (3) the issuers financial position and access to capital; and (4) for fixed maturity securities, the Company’s intent to sell a security or whether it is more likely than not it will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity and for equity securities, the Company’s ability and intent to hold the security for a period of time that allows for the recovery in value. To the extent the Company determines that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized. | ||
Impairment losses on equity securities are reported in investment related gains (losses), net on the consolidated statements of income. Impairment losses on fixed maturity securities recognized in the financial statements are dependent on the facts and circumstances related to the specific security. If the Company intends to sell a security or it is more likely than not that it would be required to sell a security before the recovery of its amortized cost, less any recorded credit loss, it recognizes an other-than-temporary impairment in investment related gains (losses), net on the consolidated statements of income for the difference between amortized cost and fair value. If neither of these two conditions exists then the recognition of the other-than-temporary impairment is bifurcated and the Company recognizes the credit loss portion in investment related gains (losses), net and the non-credit loss portion in AOCI. | ||
The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The techniques and assumptions for establishing the best estimate cash flows vary depending on the type of security. The asset-backed securities’ cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The corporate fixed maturity security cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using security specific facts and circumstances including timing, security interests and loss severity. | ||
In periods after an other-than-temporary impairment loss is recognized on a fixed maturity security, the Company will report the impaired security as if it had been purchased on the date it was impaired and will continue to estimate the present value of the estimated cash flows of the security. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into net investment income over the remaining term of the fixed maturity security in a prospective manner based on the amount and timing of estimated future cash flows. | ||
The cost of other invested assets is adjusted for impairments in value deemed to be other-than-temporary in the period in which the determination is made. These impairments are included within investment related gains (losses), net and the cost basis of the investment securities is reduced accordingly. The Company does not change the revised cost basis for subsequent recoveries in value. | ||
The Company considers its cost method investments for other-than-temporary impairment when the carrying value of these investments exceeds the net asset value. The Company takes into consideration the severity and duration of this excess when deciding if the cost method investment is other-than-temporarily impaired. For equity method investments (including real estate ventures), the Company considers financial and other information provided by the investee, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether an impairment has occurred. | ||
The Company periodically reviews its real estate held-for-investment for impairment and tests these investments for recoverability whenever events or changes in circumstances indicate the carrying amount of the property may not be recoverable and the carrying value of the property exceeds its estimated fair value. Properties for which carrying values are greater than their undiscounted cash flows are written down to the estimated fair value. | ||
Derivative Instruments | ||
Overview | ||
The Company utilizes a variety of derivative instruments including swaps, options, forwards and futures, primarily to manage or hedge interest rate risk, credit risk, inflation risk, foreign currency risk, market volatility and various other market risks associated with its business. The Company does not invest in derivatives for speculative purposes. It is the Company’s policy to enter into derivative contracts primarily with highly rated parties. See Note 5 – “Derivative Instruments” for additional detail on the Company’s derivative positions. | ||
Accounting and Financial Statement Presentation of Derivatives | ||
Derivatives are carried on the Company’s consolidated balance sheets primarily in other invested assets or other liabilities, at fair value. Certain derivatives are subject to master netting provisions and reported as a net asset or liability. On the date a derivative contract is executed, the Company designates the derivative as (1) a fair value hedge, (2) a cash flow hedge, (3) a net investment hedge in a foreign operation or (4) free-standing derivatives held for other risk management purposes, which primarily involve managing asset or liability risks associated with the Company’s reinsurance treaties which do not qualify for hedge accounting. | ||
Changes in the fair value of free-standing derivative instruments, which do not receive accounting hedge treatment, are primarily reflected in investment related gains (losses), net. | ||
Changes in the fair value of non-investment free-standing derivative instruments, which do not receive accounting hedge treatment, are reflected in other income. | ||
Hedge Documentation and Hedge Effectiveness | ||
To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (i) a fair value hedge; (ii) a cash flow hedge; or (iii) a hedge of a net investment in a foreign operation. In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. | ||
Under a fair value hedge, changes in the fair value of the hedging derivative, including amounts measured as ineffective, and changes in the fair value of the hedged item related to the designated risk being hedged, are reported within investment related gains (losses), net. The fair values of the hedging derivatives are exclusive of any accruals that are separately reported in the consolidated statement of income within interest income or interest expense to match the location of the hedged item. | ||
Under a cash flow hedge, changes in the fair value of the hedging derivative measured as effective are reported within AOCI and the deferred gains or losses on the derivative are reclassified into the consolidated statement of income when the Company’s earnings are affected by the variability in cash flows of the hedged item. Changes in the fair value of the hedging instrument measured as ineffective are reported within investment related gains (losses), net. The fair values of the hedging derivatives are exclusive of any accruals that are separately reported in the consolidated statement of income within interest income or interest expense to match the location of the hedged item. | ||
In a hedge of a net investment in a foreign operation, changes in the fair value of the hedging derivative that are measured as effective are reported within AOCI consistent with the translation adjustment for the hedged net investment in the foreign operation. Changes in the fair value of the hedging instrument measured as ineffective are reported within investment related gains (losses), net. | ||
The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument. | ||
When hedge accounting is discontinued because it is determined that the derivative is not highly effective, the derivative continues to be carried in the consolidated balance sheets at fair value, with changes in fair value recognized in investment related gains (losses), net. The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction occurrence is still probable, the changes in estimated fair value of derivatives recorded in other comprehensive income (“OCI”) related to discontinued cash flow hedges are released into the consolidated statement of income when the Company’s earnings are affected by the variability in cash flows of the hedged item. | ||
When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized currently in investment related gains (losses), net. Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in investment related gains (losses), net. | ||
In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value in the consolidated balance sheets, with changes in its estimated fair value recognized in the current period as investment related gains (losses), net. | ||
Embedded Derivatives | ||
The Company reinsures certain annuity products that contain terms that are deemed to be embedded derivatives, primarily equity-indexed annuities and variable annuities with guaranteed minimum benefits. The Company assesses reinsurance contract terms to identify embedded derivatives which are required to be bifurcated under the general accounting principles for Derivatives and Hedging. If the contract is not reported for in its entirety at fair value and it is determined that the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract, and that a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately. | ||
Such embedded derivatives are carried on the consolidated balance sheets at fair value in the same line item as the host contract. Changes in the fair value of embedded derivatives associated with equity-indexed annuities are reflected in interest credited on the consolidated statements of income and changes in the fair value of embedded derivatives associated with variable annuity guaranteed minimum benefits are reflected in investment related gains (losses), net on the consolidated statements of income. See “Interest-Sensitive Contract Liabilities” below for additional information on embedded derivatives related to equity-indexed and variable annuities. The Company has implemented an economic hedging strategy to mitigate the volatility associated with its reinsurance of variable annuity guaranteed minimum benefits. The hedging strategy is designed such that changes in the fair value of the hedge contracts, primarily futures, swap contracts and options, move in the opposite direction of changes in the fair value of the embedded derivatives. While the Company actively manages its hedging program, the hedges that are in place may not be totally effective in offsetting the embedded derivative changes due to the many variables that must be managed. The Company has elected not to assess this hedging strategy for hedge accounting treatment. | ||
Additionally, reinsurance treaties written on a modified coinsurance or funds withheld basis are subject to the general accounting principles for Derivatives and Hedging related to embedded derivatives. The Company’s funds withheld at interest balances are primarily associated with its reinsurance treaties structured on a modified coinsurance or funds withheld basis, the majority of which were subject to the general accounting principles for Derivatives and Hedging related to embedded derivatives. Management believes the embedded derivative feature in each of these reinsurance treaties is similar to a total return swap on the assets held by the ceding companies. The valuation of embedded derivatives is sensitive to the investment credit spread environment. Changes in investment credit spreads are also affected by the application of a credit valuation adjustment (“CVA”). The fair value calculation of an embedded derivative in an asset position utilizes a CVA based on the ceding company’s credit risk. Conversely, the fair value calculation of an embedded derivative in a liability position utilizes a CVA based on the Company’s credit risk. Generally, an increase in investment credit spreads, ignoring changes in the CVA, will have a negative impact on the fair value of the embedded derivative (decrease in income). The fair value of the embedded derivatives is included in the funds withheld at interest line item on the consolidated balance sheets. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses), net on the consolidated statements of income. | ||
The Company has entered into various financial reinsurance treaties on a funds withheld and modified coinsurance basis. These treaties do not transfer significant insurance risk and are recorded on a deposit method of accounting with the Company earning a net fee. As a result of the experience refund provisions contained in these treaties, the value of the embedded derivatives in these contracts is currently considered immaterial. The Company monitors the performance of these treaties on a quarterly basis. Significant adverse performance or losses on these treaties may result in a loss associated with the embedded derivative. | ||
Fair Value Measurements | ||
General accounting principles for Fair Value Measurements and Disclosures define fair value, establish a framework for measuring fair value, establish a fair value hierarchy based on the inputs used to measure fair value and enhance disclosure requirements for fair value measurements. In compliance with these principles, the Company has categorized its assets and liabilities, based on the priority of the inputs to the valuation technique, into a three level hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), the second highest priority to quoted prices in markets that are not active or inputs that are observable either directly or indirectly (Level 2) and the lowest priority to unobservable inputs (Level 3). | ||
If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the asset or liability. | ||
See Note 6 - “Fair Value of Assets and Liabilities” for further details on the Company’s assets and liabilities recorded at fair value. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents include cash on deposit and highly liquid debt instruments purchased with an original maturity of three months or less. | ||
Premiums Receivable | ||
Premiums are accrued when due and in accordance with information received from the ceding company. When the Company enters into a new reinsurance agreement, it records accruals based on the terms of the reinsurance treaty. Similarly, when a ceding company fails to report information on a timely basis, the Company records accruals based on the terms of the reinsurance treaty as well as historical experience. Other management estimates include adjustments for increased in force on existing treaties, lapsed premiums given historical experience, the financial health of specific ceding companies, collateral value and the legal right of offset on related amounts (i.e. allowances and claims) owed to the ceding company. Under the legal right of offset provisions in its reinsurance treaties, the Company can withhold payments for allowances and claims from unpaid premiums. Based on its review of these factors and historical experience, the Company did not believe a provision for doubtful accounts was necessary as of December 31, 2014 or 2013. | ||
Deferred Policy Acquisition Costs | ||
Costs of acquiring new business, which vary with and are directly related to the production of new business, have been deferred to the extent that such costs are deemed recoverable from future premiums or gross profits. Such costs include commissions and allowances as well as certain costs of policy issuance and underwriting. Non-commission costs related to the acquisition of new and renewal insurance contracts may be deferred only if they meet the following criteria: | ||
• | Incremental direct costs of a successful contract acquisition | |
• | Portions of employees’ salaries and benefits directly related to time spent performing specified acquisition activities for a contract that has been acquired or renewed | |
• | Other costs directly related to the specified acquisition or renewal activities that would not have been incurred had that acquisition contract transaction not occurred | |
The Company tests the recoverability for each year of business at issue before establishing additional deferred acquisition costs (“DAC”). The Company also performs annual tests to establish that DAC are expected to remain recoverable, and if financial performance significantly deteriorates to the point where a deficiency exists, a cumulative charge to current operations will be recorded. No such adjustments related to DAC recoverability were made in 2014, 2013 or 2012. | ||
DAC related to traditional life insurance contracts are amortized with interest over the premium-paying period of the related policies in proportion to the ratio of individual period premium revenues to total anticipated premium revenues over the life of the policy. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits. | ||
DAC related to interest-sensitive life and investment-type policies are amortized over the lives of the policies, in proportion to the gross profits realized from mortality, investment income less interest credited, and expense margins. | ||
Other Reinsurance Balances | ||
The Company assumes and retrocedes financial reinsurance contracts that do not expose it to a reasonable possibility of loss from insurance risk. These contracts are reported as deposits and are included in other reinsurance assets/liabilities. The amount of revenue reported in other revenues on these contracts represents fees and the cost of insurance under the terms of the reinsurance agreement. Assets and liabilities are reported on a net or gross basis, depending on the specific details within each treaty. Reinsurance agreements reported on a net basis, where a legal right of offset exists, are generally included in other reinsurance balances on the consolidated balance sheets. Balances resulting from the assumption and/or subsequent transfer of benefits and obligations resulting from cash flows related to variable annuities have also been classified as other reinsurance balance assets and/or liabilities. Other reinsurance assets are included in premiums receivable and other reinsurance balances while other reinsurance liabilities are included in other reinsurance balances on the consolidated balance sheets. | ||
Goodwill and Value of Business Acquired | ||
Goodwill, reported in other assets, is not amortized into results of operations, but instead is reviewed at least annually for impairment and written down only in the periods in which the recorded value of goodwill exceeds its fair value. Goodwill as of December 31, 2014 and 2013 totaled $7.0 million. The value of business acquired (“VOBA”) is amortized in proportion to the ratio of annual premium revenues to total anticipated premium revenues or in relation to the present value of estimated profits. Anticipated premium revenues have been estimated using assumptions consistent with those used in estimating reserves for future policy benefits. The carrying value is reviewed at least annually for indicators of impairment in value. The VOBA was approximately $4.5 million and $5.5 million, including accumulated amortization of $13.5 million and $13.0 million, as of December 31, 2014 and 2013, respectively. The VOBA amortization expense for the years ended December 31, 2014, 2013 and 2012 was $0.4 million, $0.3 million, and $0.2 million, respectively. These amortized balances are included in other assets on the consolidated balance sheets. Future amortization of the VOBA is not material. | ||
Value of Distribution Agreements and Customer Relationships Acquired | ||
Value of distribution agreements (“VODA”) is reported in other assets and represents the present value of future profits associated with the expected future business derived from the distribution agreements. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. The Company’s VODA and VOCRA are related to the acquisition of Reliastar Life Insurance Company’s U.S. and Canadian group life, accident and health reinsurance business in 2010. The VODA is amortized over a useful life of 15 years and the VOCRA is also amortized over a 15 year period in proportion to expected revenues generated. Such amortization is included in policy acquisition costs and other insurance expenses. Each year the Company reviews VODA and VOCRA to determine the recoverability of these balances. VODA and VOCRA totaled approximately $76.3 million and $85.8 million, including accumulated amortization of $44.4 million and $34.9 million, as of December 31, 2014 and 2013, respectively. The VODA and VOCRA amortization expense for the years ended December 31, 2014, 2013 and 2012 was $9.5 million, $10.1 million and $10.5 million, respectively. Amortization of the VODA and VOCRA is estimated to be $9.4 million, $9.0 million, $8.7 million, $8.3 million and $8.1 million during 2015, 2016, 2017, 2018 and 2019, respectively. | ||
Property, Equipment, Leasehold Improvements and Computer Software | ||
Property, equipment and leasehold improvements, which are included in other assets, are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is determined using the straight-line method over the estimated useful lives of the assets, as appropriate. The estimated life is generally 40 years for company occupied real estate property, from one to seven years for leasehold improvements, and from three to seven years for all other property and equipment. The cost basis of the property, equipment and leasehold improvements was $222.7 million and $117.3 million at December 31, 2014 and 2013, respectively. Accumulated depreciation and amortization of property, equipment and leasehold improvements was $38.5 million and $42.3 million at December 31, 2014 and 2013, respectively. Related depreciation and amortization expense was $9.4 million, $8.4 million and $9.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||
As of December 31, 2014, the Company had assets acquired under capital leases, included in the total above, of $167.3 million, net of accumulated amortization of $1.4 million. Amortization on assets under capital leases charged to expense is included in other operating expenses. Amortization expense for the year ended December 31, 2014 was $1.4 million. | ||
Computer software, which is included in other assets, is stated at cost, less accumulated amortization. Purchased software costs, as well as certain internal and external costs incurred to develop internal-use computer software during the application development stage, are capitalized. Amortization of software costs is recorded on a straight-line basis over periods ranging from three to ten years. Carrying values are reviewed periodically for indicators of impairment in value. Unamortized computer software costs were $77.6 million and $49.6 million at December 31, 2014 and 2013, respectively. The increase in unamortized software costs in 2014 was primarily related to the development or acquisition of software for internal use in connection with the Company's information technology and infrastructure initiatives. Amortization expense was $5.9 million, $6.9 million, and $6.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||
Future Policy Benefits | ||
Liabilities for future benefits on life policies are established in an amount adequate to meet the estimated future obligations on policies in force. Liabilities for future policy benefits under long-term life insurance policies have been computed based upon expected investment yields, mortality and withdrawal (lapse) rates, and other assumptions. These assumptions include a margin for adverse deviation and vary with the characteristics of the plan of insurance, year of issue, age of insured, and other appropriate factors. Interest rates range from 3.0% to 6.0%. The mortality and withdrawal assumptions are based on the Company’s experience as well as industry experience and standards. In establishing reserves for future policy benefits, the Company assigns policy liability assumptions to particular timeframes (eras) in such a manner as to be consistent with the underlying assumptions and economic conditions at the time the risks are assumed. The Company maintains a consistent approach to setting the provision for adverse deviation between eras. | ||
Liabilities for future benefits on longevity business, including annuities in the payout phase, are established in an amount adequate to meet the estimated future obligations on policies in force. Liabilities for future benefits related to the longevity business, including annuities in the payout phase have been calculated using expected mortality, investment yields, and other assumptions. These assumptions include a margin for adverse deviation and vary with the characteristics of the plan of insurance, year of issue, age of insured, and other appropriate factors. The mortality assumptions are based on the Company’s experience as well as industry experience and standards. A deferred profit liability is established when the gross premium exceeds the net premium. | ||
The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish policy benefits. The Company establishes premium deficiency reserves if actual and anticipated experience indicates that existing policy liabilities together with the present value of future gross premiums will not be sufficient to cover the present value of future benefits, settlement and maintenance costs and to recover unamortized acquisition costs. Anticipated investment income is considered in the calculation of premium deficiency losses for short duration contracts. The premium deficiency reserve is established by a charge to income, as well as a reduction in unamortized acquisition costs and, to the extent there are no unamortized acquisition costs, an increase in future policy benefits. | ||
The reserving process includes normal periodic reviews of assumptions used and adjustments of reserves to incorporate the refinement of the assumptions. Any such adjustments relate only to policies assumed in recent periods and the adjustments are reflected by a cumulative charge or credit to current operations. | ||
The Company reinsures disability products in various markets. Liabilities for future benefits on disability policies’ active lives are established in an amount adequate to meet the estimated future obligations on policies in force. These reserves are the amounts which, with the additional premiums to be received and interest thereon compounded annually at certain assumed rates, are calculated to be sufficient to meet the various policy and contract obligations as they mature. | ||
The Company establishes future policy benefits for guaranteed minimum death benefits (“GMDB”) relating to the reinsurance of certain variable annuity contracts by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess proportionally over the accumulation period based on total expected assessments. The Company regularly evaluates estimates used and adjusts the additional liability balance, with a related charge or credit to claims and other policy benefits, if actual experience or other evidence suggests that earlier assumptions should be revised. The assumptions used in estimating the GMDB liabilities are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. The Company’s GMDB liabilities at December 31, 2014 and 2013 were not material. | ||
Interest-Sensitive Contract Liabilities | ||
Liabilities for future benefits on interest-sensitive life and investment-type contract liabilities are carried at the accumulated contract holder values without reduction for potential surrender or withdrawal charges. The Company reinsures asset-intensive products, including annuities and corporate-owned life insurance. The investment portfolios for these products are segregated for management purposes within the general account of RGA Reinsurance Company ("RGA Reinsurance"). The liabilities under asset-intensive reinsurance contracts reinsured on a coinsurance basis are included in interest-sensitive contract liabilities on the consolidated balance sheets. Asset-intensive contracts principally include individual fixed annuities in the accumulation phase, single premium immediate annuities, equity-indexed annuities and individual variable annuity contracts. Interest-sensitive contract liabilities are equal to (i) policy account values, which consist of an accumulation of gross premium payments; (ii) credited interest less expenses, mortality charges, and withdrawals; and (iii) fair value adjustments relating to business combinations. Liabilities for immediate annuities are calculated as the present value of the expected cash flows, with the locked-in discount rate determined such that there is no gain or loss at inception. Additionally, certain annuity contracts the Company reinsures contain terms, such as guaranteed minimum benefits and equity participation options, which are deemed to be embedded derivatives and are accounted for based on the general accounting principles for Derivatives and Hedging. | ||
The Company establishes liabilities for guaranteed minimum living benefits relating to certain variable annuity products as follows: | ||
Guaranteed minimum income benefits (“GMIB”) provide the contract holder, after a specified period of time determined at the time of issuance of the variable annuity contract, with a minimum level of income (annuity) payments. Under the reinsurance treaty, the Company makes a payment to the ceding company equal to the GMIB net amount-at-risk at the time of annuitization and thus these contracts meet the net settlement criteria of the general accounting principles for Derivatives and Hedging and the Company assumes no mortality risk. Accordingly, the GMIB is considered an embedded derivative, which is measured at fair value separately from the host variable annuity product. | ||
Guaranteed minimum withdrawal benefits (“GMWB”) guarantee the contract holder a return of their purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that the contract holder’s cumulative withdrawals in a contract year do not exceed a certain limit. The initial guaranteed withdrawal amount is equal to the initial benefit base as defined in the contract (typically, the initial purchase payments plus applicable bonus amounts). The GMWB is also an embedded derivative, which is measured at fair value separately from the host variable annuity product. | ||
Guaranteed minimum accumulation benefits (“GMAB”) provide the contract holder, after a specified period of time determined at the time of issuance of the variable annuity contract, with a minimum accumulation of their purchase payments even if the account value is reduced to zero. The initial guaranteed accumulation amount is equal to the initial benefit base as defined in the contract (typically, the initial purchase payments plus applicable bonus amounts). The GMAB is also an embedded derivative, which is measured at fair value separately from the host variable annuity product. | ||
For GMIB, GMWB and GMAB, the initial benefit base is increased by additional purchase payments made within a certain time period and decreased by benefits paid and/or withdrawal amounts. After a specified period of time, the benefit base may also increase as a result of an optional reset as defined in the contract. | ||
The fair values of the GMIB, GMWB and GMAB embedded derivative liabilities are reflected in interest-sensitive contract liabilities on the consolidated balance sheets and are calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges over the lives of the contracts. These projected cash flows incorporate expectations concerning policyholder behavior, such as lapses, withdrawals and benefit selections, and capital market assumptions such as interest rates and equity market volatilities. In measuring the fair value of GMIBs, GMWBs and GMABs, the Company attributes a portion of the fees collected from the policyholder equal to the present value of expected future guaranteed minimum income, withdrawal and accumulation benefits (at inception). The changes in fair value are reported in investment related gains (losses), net. Any additional fees represent “excess” fees and are reported in other revenues on the consolidated statements of income. These variable annuity guaranteed living benefits may be more costly than expected in volatile or declining markets, causing an increase in interest-sensitive contract liabilities, negatively affecting net income. | ||
The Company reinsures equity-indexed annuity contracts. These contracts allow the contract holder to elect an interest rate return or an equity market component where interest credited is based on the performance of common stock market indices, such as the S&P 500 Index®, the Dow Jones Industrial Average, or the NASDAQ. The equity market option is considered an embedded derivative, similar to a call option, which is reflected at fair value on the consolidated balance sheets in interest-sensitive contract liabilities. The fair value of embedded derivatives is computed based on a projection of future equity option costs using a budget methodology, discounted back to the balance sheet date using current market indicators of volatility and interest rates. Changes in the fair value of the embedded derivatives are included as a component of interest credited on the consolidated statements of income. | ||
The Company reviews its estimates of actuarial liabilities for interest-sensitive contract liabilities and compares them with its actual experience. Differences between actual experience and the assumptions used in pricing these guarantees and benefits and in the establishment of the related liabilities result in variances in profit and could result in losses. The effects of changes in such estimated liabilities are included in the results of operations in the period in which the changes occur. | ||
Other Policy Claims and Benefits | ||
Claims payable for incurred but not reported losses are determined using case-basis estimates and lag studies of past experience. The time lag from the date of the claim or death to when the ceding company reports the claim to the Company can vary significantly by ceding company, business segment and product type, but generally averages around 3.3 months. Incurred but not reported claims are estimates on an undiscounted basis, using actuarial estimates of historical claims expense, adjusted for current trends and conditions. These estimates are continually reviewed and the ultimate liability may vary significantly from the amount recognized, which are reflected in claims and other policy benefits in the consolidated statements of income in the period in which they are determined. | ||
Other Liabilities | ||
Other liabilities primarily include investments in transit, separate accounts, employee benefits and current federal income taxes payable. | ||
Income Taxes | ||
RGA and its eligible subsidiaries file a consolidated federal income tax return. The U.S. consolidated tax return includes the operations of RGA, RGA Americas Reinsurance Company, Ltd. ("RGA Americas"), RGA Reinsurance, RGA Reinsurance Company (Barbados) Ltd. ("RGA Barbados"), RGA Technology Partners, Inc., Reinsurance Company of Missouri ("RCM"), Timberlake Reinsurance Company II (“Timberlake Re”), Reinsurance Partners, Inc., RGA Worldwide Reinsurance Company, Ltd. (“RGA Worldwide”), Rockwood Reinsurance Company (“Rockwood Re”), Parkway Reinsurance Company (“Parkway Re”), Castlewood Reinsurance Company (“Castlewood Re”), Chesterfield Reinsurance Company ("Chesterfield Re") and RGA Capital LLC. The Company’s Australian, certain Barbadian, Bermudian, Canadian, South African, Indian, Irish, Singaporean, Brazilian, United Arab Emirates, Dutch and United Kingdom subsidiaries are taxed under applicable local statutes. | ||
The Company provides for federal, state and foreign income taxes currently payable, as well as those deferred due to temporary differences between the financial reporting and tax bases of assets and liabilities and are recognized in net income or in certain cases in OCI. The Company’s accounting for income taxes represents management’s best estimate of various events and transactions considering the laws enacted as of the reporting date. | ||
Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates in the relevant jurisdictions expected to apply to taxable income in the years the temporary differences are expected to reverse. | ||
The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. The Company has deferred tax assets related to net operating and capital losses. The Company has projected its ability to utilize its U.S. and foreign net operating losses and has determined that all of the U.S. losses are expected to be utilized prior to their expiration and established a valuation allowance on the portion of the foreign deferred tax assets the Company believes more likely than not that deferred income tax assets will not be realized. | ||
The Company will establish a valuation allowance if management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established as well as the amount of such allowances. When making such a determination, consideration is given to, among other things, the following: | ||
(i) | future taxable income exclusive of reversing temporary differences and carryforwards; | |
(ii) | future reversals of existing taxable temporary differences; | |
(iii) | taxable income in prior carryback years; and | |
(iv) | tax planning strategies. | |
Any such changes could significantly affect the amounts reported in the consolidated financial statements in the year these changes occur. The Company accounts for its total liability for uncertain tax positions considering the recognition and measurement thresholds established in general accounting principles for income taxes. The tax effects of a position are recognized in the consolidated statement of income only if it is more likely than not to be sustained upon examination by the appropriate taxing authority. Unrecognized tax benefits due to tax uncertainties that do not meet the more likely than not criteria are included within other liabilities and are charged to earnings in the period that such determination is made. The Company classifies interest related to tax uncertainties as interest expense whereas penalties related to tax uncertainties are classified as a component of income tax. | ||
Collateral Finance and Securitization Notes | ||
Collateral finance and securitization notes represent private placement asset-backed structured financing transactions. Collateral finance notes are issued on specified insurance policies reinsured by the Company’s regulated subsidiaries. Transaction costs, primarily interest expense, are reflected in collateral finance and securitization expense. See Note 14 - "Collateral Finance and Securitization Notes" for additional information. | ||
Foreign Currency Translation | ||
The translation of the foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using weighted-average exchange rates during each year. Gains or losses, net of applicable deferred income taxes, resulting from such translation are included in accumulated currency translation adjustments, in AOCI on the consolidated balance sheets until the underlying functional currency operation is sold or substantially liquidated. The Company’s material functional currencies are the U.S. dollar, Canadian dollar, British pound, Australian dollar, Japanese yen, Korean won, Euro and South African rand. | ||
Recognition of Revenues and Related Expenses | ||
Life and health premiums are recognized as revenue when due from the insured, and are reported net of amounts retroceded. Benefits and expenses are reported net of amounts retroceded and are associated with earned premiums so that profits are recognized over the life of the related contract. This association is accomplished through the provision for future policy benefits and the amortization of deferred policy acquisition costs. Other revenue includes items such as treaty recapture fees, fees associated with financial reinsurance and policy changes on interest-sensitive and investment-type products that the Company reinsures. Any fees that are collected in advance of the period benefited are deferred and recognized over the period benefited. | ||
For certain reinsurance transactions involving in force blocks of business, the ceding company pays a premium equal to the initial required reserve (future policy benefit). In such transactions, for income statement presentation, the Company nets the expense associated with the establishment of the reserve on the consolidated balance sheets against the premiums from the transaction. | ||
Revenues for interest-sensitive and investment-type products consist of investment income, policy charges for the cost of insurance, policy administration, and surrenders that have been assessed against policy account balances during the period. Interest-sensitive contract liabilities for these products represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expenses include claims incurred in the period in excess of related policy account balances and interest credited to policy account balances. Interest is credited to policyholder account balances according to terms of the policies or contracts. | ||
For each of its reinsurance contracts, the Company must determine if the contract provides indemnification against loss or liability relating to insurance risk, in accordance with GAAP. The Company must review all contractual features, particularly those that may limit the amount of insurance risk to which the Company is subject or features that delay the timely reimbursement of claims. If the Company determines that a contract does not expose it to a reasonable possibility of a significant loss from insurance risk, the Company records the contract on a deposit method of accounting with any net amount receivable reflected as an asset within premiums receivable and other reinsurance balances, and any net amount payable reflected as a liability within other reinsurance balances on the consolidated balance sheets. Fees earned on the contracts are reflected as other revenues, rather than premiums, on the consolidated statements of income. | ||
Equity Based Compensation | ||
The Company expenses the fair value of stock awards included in its incentive compensation plans. As of the date stock awards are approved, the fair value of stock options is determined using a Black-Scholes options valuation methodology, and the fair value of other stock awards is based upon the market value of the stock. The fair value of the awards is expensed over the performance or service period, which generally corresponds to the vesting period, and is recognized as an increase to additional paid-in-capital in stockholders’ equity. Stock-based compensation expense is reflected in other operating expenses in the consolidated statements of income. | ||
Earnings Per Share | ||
Basic earnings per share exclude any dilutive effects of any outstanding options. Diluted earnings per share include the dilutive effects assuming outstanding stock options were exercised. | ||
New Accounting Pronouncements | ||
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 CodificationTM. 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 were 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 were 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 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 was 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 18 - “Comprehensive Income.” | ||
Future Adoption of New Accounting Standards | ||
Compensation | ||
In June 2014, the FASB amended the general accounting principles for Compensation as it relates to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. This amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendment further clarifies that the performance target should not be reflected in estimating the grant-date fair value of the award and that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. These amendments are effective for annual years, and interim periods within those years, beginning after December 15, 2015. The Company is currently evaluating the impact of this amendment on its consolidated financial statements. | ||
Transfers and Servicing | ||
In June 2014, the FASB amended the general accounting principles for Transfers and Servicing as it relates to the accounting for repurchase-to-maturity transactions, repurchase financings, and disclosures. This amendment requires entities to account for repurchase-to-maturity transactions as secured borrowings, eliminates guidance on linked repurchase financing transactions, and expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers accounted for as secured borrowings. These amendments are effective for annual years, and interim periods within those years, beginning after December 15, 2014.The adoption of this amendment is not expected to have an impact on the Company's consolidated financial statements other than the addition of the required disclosures. |
Stock_Transactions
Stock Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stock Transactions | STOCK TRANSACTIONS |
During 2014, in connection with the distribution of benefits due under its employee benefit plans, RGA issued 584,915 shares of common stock from treasury and repurchased from recipients 49,564 of its common shares, at $78.22 per share, in settlement of income tax withholding requirements incurred by recipients. Additionally, in 2014, non-employee directors were granted a total of 13,800 shares of common stock. | |
In January 2013, RGA’s board of directors authorized a share repurchase program, with no expiration date, for up to $200.0 million of RGA’s outstanding common stock. In April 2013, RGA’s board of directors authorized an increase of $100.0 million to the share repurchase program previously authorized in January 2013. In July 2013, RGA’s board of directors authorized an additional increase of $100.0 million to the share repurchase program previously authorized in January 2013. During 2013, RGA repurchased 4,151,312 shares of common stock under this program for $261.3 million. The common shares repurchased have been placed into treasury to be used for general corporate purposes. | |
In February 2014, RGA’s board of directors authorized a share repurchase program, with no expiration date, to repurchase up to $300.0 million of RGA’s outstanding common stock. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2013. During 2014, RGA repurchased 2,530,608 shares of common stock under this program for $197.7 million. The common shares repurchased have been placed into treasury to be used for general corporate purposes. | |
On January 22, 2015, 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. In connection with this new authorization, the board of directors terminated the stock repurchase authority granted in 2014. |
Investments
Investments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2014: | Amortized | Unrealized | Unrealized | Estimated | % of Total | Other-than- | |||||||||||||||||||
Cost | Gains | Losses | Fair Value | temporary | |||||||||||||||||||||
impairments | |||||||||||||||||||||||||
in AOCI | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 14,010,604 | $ | 965,523 | $ | 90,544 | $ | 14,885,583 | 58.4 | % | $ | — | |||||||||||||
Canadian and Canadian provincial governments | 2,668,852 | 1,196,420 | 7 | 3,865,265 | 15.2 | — | |||||||||||||||||||
Residential mortgage-backed securities | 991,867 | 52,640 | 6,611 | 1,037,896 | 4.1 | (300 | ) | ||||||||||||||||||
Asset-backed securities | 1,059,660 | 20,301 | 10,375 | 1,069,586 | 4.2 | 354 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,453,657 | 87,593 | 8,659 | 1,532,591 | 6 | (1,609 | ) | ||||||||||||||||||
U.S. government and agencies | 501,352 | 25,014 | 515 | 525,851 | 2 | — | |||||||||||||||||||
State and political subdivisions | 378,457 | 51,117 | 3,498 | 426,076 | 1.7 | — | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 2,041,148 | 110,065 | 13,089 | 2,138,124 | 8.4 | — | |||||||||||||||||||
Total fixed maturity securities | $ | 23,105,597 | $ | 2,508,673 | $ | 133,298 | $ | 25,480,972 | 100 | % | $ | (1,555 | ) | ||||||||||||
Non-redeemable preferred stock | $ | 93,540 | $ | 7,350 | $ | 1,527 | $ | 99,363 | 78.3 | % | |||||||||||||||
Other equity securities | 26,994 | 597 | 94 | 27,497 | 21.7 | ||||||||||||||||||||
Total equity securities | $ | 120,534 | $ | 7,947 | $ | 1,621 | $ | 126,860 | 100 | % | |||||||||||||||
December 31, 2013: | Amortized | Unrealized | Unrealized | Estimated | % of Total | Other-than- | |||||||||||||||||||
Cost | Gains | Losses | Fair Value | temporary | |||||||||||||||||||||
impairments | |||||||||||||||||||||||||
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 with derivative and reinsurance counterparties. Pledged fixed maturity securities are included in fixed maturity securities, available-for-sale in the consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge collateral it receives; however, as of December 31, 2014 and 2013, none of the collateral received had been sold or re-pledged. The Company also holds securities in trust to satisfy collateral requirements under certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral, and assets in trust held to satisfy collateral requirements under certain third-party reinsurance treaties as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Fixed maturity securities pledged as collateral | $ | 127,229 | $ | 134,863 | $ | 57,241 | $ | 57,963 | |||||||||||||||||
Fixed maturity securities received as collateral | n/a | 117,227 | n/a | 94,143 | |||||||||||||||||||||
Securities held in trust | 10,197,489 | 10,922,947 | 7,842,893 | 8,125,402 | |||||||||||||||||||||
The Company monitors its concentrations of financial instruments on an ongoing basis, and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s stockholders’ equity as of December 31, 2014 and 2013 is as follows (dollars in thousands). | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Fixed maturity securities guaranteed or issued by: | |||||||||||||||||||||||||
Canadian province of Ontario | $ | 979,908 | $ | 1,359,339 | $ | 1,023,427 | $ | 1,222,296 | |||||||||||||||||
Canadian province of Quebec | 1,006,315 | 1,599,673 | 1,041,462 | 1,389,138 | |||||||||||||||||||||
The amortized cost and estimated fair value of fixed maturity securities available-for-sale at December 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 Cost | Estimated Fair Value | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 556,034 | $ | 561,396 | |||||||||||||||||||||
Due after one year through five years | 4,354,866 | 4,580,388 | |||||||||||||||||||||||
Due after five years through ten years | 7,587,194 | 7,965,907 | |||||||||||||||||||||||
Due after ten years | 7,102,319 | 8,733,208 | |||||||||||||||||||||||
Asset and mortgage-backed securities | 3,505,184 | 3,640,073 | |||||||||||||||||||||||
Total | $ | 23,105,597 | $ | 25,480,972 | |||||||||||||||||||||
Corporate Fixed Maturity Securities | |||||||||||||||||||||||||
The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2014: | Amortized Cost | Estimated | % of Total | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Finance | $ | 4,789,568 | $ | 5,066,408 | 34 | % | |||||||||||||||||||
Industrial | 7,639,330 | 8,086,067 | 54.3 | ||||||||||||||||||||||
Utility | 1,581,706 | 1,733,108 | 11.7 | ||||||||||||||||||||||
Total | $ | 14,010,604 | $ | 14,885,583 | 100 | % | |||||||||||||||||||
December 31, 2013: | Amortized Cost | Estimated | % of Total | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Finance | $ | 3,838,716 | $ | 3,983,623 | 32.9 | % | |||||||||||||||||||
Industrial | 6,607,100 | 6,824,063 | 56.3 | ||||||||||||||||||||||
Utility | 1,240,353 | 1,292,305 | 10.7 | ||||||||||||||||||||||
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,” a portion of certain other-than-temporary impairment (“OTTI”) losses on fixed maturity securities is recognized in AOCI. For these securities the net amount recognized in the consolidated statements of income (“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): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Balance, beginning of period | $ | 11,696 | $ | 16,675 | $ | 63,947 | |||||||||||||||||||
Initial impairments - credit loss OTTI recognized on securities not previously impaired | — | — | 1,962 | ||||||||||||||||||||||
Additional impairments - credit loss OTTI recognized on securities previously impaired | — | 134 | 10,186 | ||||||||||||||||||||||
Credit loss OTTI previously recognized on securities impaired to fair value during the period | — | (1,449 | ) | (22,290 | ) | ||||||||||||||||||||
Credit loss previously recognized on securities which matured, paid down, prepaid or were sold during the period | (4,412 | ) | (3,664 | ) | (37,130 | ) | |||||||||||||||||||
Balance, end of period | $ | 7,284 | $ | 11,696 | $ | 16,675 | |||||||||||||||||||
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 as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Outstanding principal and interest balance(1) | $ | 226,121 | $ | 192,644 | |||||||||||||||||||||
Carrying value, including accrued interest(2) | $ | 185,842 | $ | 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 ended December 31, 2014 and 2013, as of the acquisition dates (dollars in thousands). | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contractually required payments (including interest) | $ | 96,617 | $ | 161,975 | |||||||||||||||||||||
Cash flows expected to be collected(1) | $ | 76,551 | $ | 130,578 | |||||||||||||||||||||
Fair value of investments acquired | $ | 53,950 | $ | 87,643 | |||||||||||||||||||||
-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 years ended December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 69,469 | $ | 39,239 | |||||||||||||||||||||
Investments purchased | 22,601 | 42,935 | |||||||||||||||||||||||
Accretion | (9,339 | ) | (7,755 | ) | |||||||||||||||||||||
Disposals | (379 | ) | (3,564 | ) | |||||||||||||||||||||
Reclassification from nonaccretable difference | (15,181 | ) | (1,386 | ) | |||||||||||||||||||||
Balance, end of period | $ | 67,171 | $ | 69,469 | |||||||||||||||||||||
Unrealized Losses for Fixed Maturity and Equity Securities Available-for-Sale | |||||||||||||||||||||||||
The following table presents the total gross unrealized losses for the 932 and 1,396 fixed maturity and equity securities at December 31, 2014 and 2013, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross | % of Total | Gross | % of Total | ||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Less than 20% | $ | 111,965 | 83 | % | $ | 296,731 | 91.4 | % | |||||||||||||||||
20% or more for less than six months | 13,698 | 10.1 | 6,444 | 2 | |||||||||||||||||||||
20% or more for six months or greater | 9,256 | 6.9 | 21,425 | 6.6 | |||||||||||||||||||||
Total | $ | 134,919 | 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 932 and 1,396 fixed maturity and equity securities that have estimated fair values below amortized cost as of December 31, 2014 and 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 | |||||||||||||||||||||||
December 31, 2014: | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Investment grade securities: | |||||||||||||||||||||||||
Corporate securities | $ | 1,225,767 | $ | 27,784 | $ | 614,294 | $ | 30,040 | $ | 1,840,061 | $ | 57,824 | |||||||||||||
Canadian and Canadian provincial governments | — | — | 1,235 | 7 | 1,235 | 7 | |||||||||||||||||||
Residential mortgage-backed securities | 78,864 | 846 | 135,414 | 5,247 | 214,278 | 6,093 | |||||||||||||||||||
Asset-backed securities | 332,785 | 4,021 | 109,411 | 4,289 | 442,196 | 8,310 | |||||||||||||||||||
Commercial mortgage-backed securities | 78,632 | 564 | 28,375 | 2,461 | 107,007 | 3,025 | |||||||||||||||||||
U.S. government and agencies | 81,317 | 89 | 32,959 | 426 | 114,276 | 515 | |||||||||||||||||||
State and political subdivisions | 13,780 | 17 | 18,998 | 3,438 | 32,778 | 3,455 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 156,725 | 7,007 | 76,111 | 2,946 | 232,836 | 9,953 | |||||||||||||||||||
Total investment grade securities | 1,967,870 | 40,328 | 1,016,797 | 48,854 | 2,984,667 | 89,182 | |||||||||||||||||||
Non-investment grade securities: | |||||||||||||||||||||||||
Corporate securities | 415,886 | 29,316 | 32,567 | 3,404 | 448,453 | 32,720 | |||||||||||||||||||
Residential mortgage-backed securities | 22,836 | 293 | 6,284 | 225 | 29,120 | 518 | |||||||||||||||||||
Asset-backed securities | 12,448 | 274 | 7,108 | 1,791 | 19,556 | 2,065 | |||||||||||||||||||
Commercial mortgage-backed securities | 3,288 | 249 | 5,580 | 5,385 | 8,868 | 5,634 | |||||||||||||||||||
State and political subdivisions | 964 | 43 | — | — | 964 | 43 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 13,986 | 3,136 | — | — | 13,986 | 3,136 | |||||||||||||||||||
Total non-investment grade securities | 469,408 | 33,311 | 51,539 | 10,805 | 520,947 | 44,116 | |||||||||||||||||||
Total fixed maturity securities | $ | 2,437,278 | $ | 73,639 | $ | 1,068,336 | $ | 59,659 | $ | 3,505,614 | $ | 133,298 | |||||||||||||
Non-redeemable preferred stock | $ | 11,619 | $ | 235 | $ | 19,100 | $ | 1,292 | $ | 30,719 | $ | 1,527 | |||||||||||||
Other equity securities | — | — | 3,545 | 94 | 3,545 | 94 | |||||||||||||||||||
Total equity securities | $ | 11,619 | $ | 235 | $ | 22,645 | $ | 1,386 | $ | 34,264 | $ | 1,621 | |||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
December 31, 2013: | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | 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 | |||||||||||||
The Company neither has an intention to sell nor does it expect to be required to sell the securities outlined in the table above, as of the dates indicated. 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 and liquidity guidelines. | |||||||||||||||||||||||||
Unrealized losses decreased on investment-grade securities as a result of decreases in interest rates during 2014. Increases in unrealized losses during 2014 on non-investment grade securities are principally related to decreases in value on high-yield energy and emerging market corporate securities. | |||||||||||||||||||||||||
Investment Income, Net of Related Expenses | |||||||||||||||||||||||||
Major categories of investment income, net of related expenses consist of the following (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Fixed maturity securities available-for-sale | $ | 1,052,715 | $ | 966,759 | $ | 868,682 | |||||||||||||||||||
Mortgage loans on real estate | 148,417 | 121,476 | 96,901 | ||||||||||||||||||||||
Policy loans | 55,248 | 57,099 | 62,855 | ||||||||||||||||||||||
Funds withheld at interest | 447,364 | 545,550 | 393,586 | ||||||||||||||||||||||
Short-term investments | 2,118 | 2,236 | 4,173 | ||||||||||||||||||||||
Other invested assets | 70,149 | 58,771 | 49,199 | ||||||||||||||||||||||
Investment income | 1,776,011 | 1,751,891 | 1,475,396 | ||||||||||||||||||||||
Investment expense | (62,320 | ) | (52,026 | ) | (39,190 | ) | |||||||||||||||||||
Investment income, net of related expenses | $ | 1,713,691 | $ | 1,699,865 | $ | 1,436,206 | |||||||||||||||||||
Investment Related Gains (Losses), Net | |||||||||||||||||||||||||
Investment related gains (losses), net, consist of the following (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Fixed maturity and equity securities available for sale: | |||||||||||||||||||||||||
Other-than-temporary impairment losses on fixed maturity securities recognized in earnings | $ | (7,766 | ) | $ | (12,901 | ) | $ | (23,526 | ) | ||||||||||||||||
Impairment losses on equity securities | — | — | (3,025 | ) | |||||||||||||||||||||
Gain on investment activity | 65,435 | 82,744 | 145,268 | ||||||||||||||||||||||
Loss on investment activity | (31,295 | ) | (60,575 | ) | (27,474 | ) | |||||||||||||||||||
Other impairment losses and change in mortgage loan provision | (5,315 | ) | (6,933 | ) | (16,602 | ) | |||||||||||||||||||
Derivatives and other, net | 165,134 | 61,655 | 179,495 | ||||||||||||||||||||||
Total investment related gains (losses), net | $ | 186,193 | $ | 63,990 | $ | 254,136 | |||||||||||||||||||
The volatility in derivatives and other is primarily due to changes in the fair value of embedded derivative liabilities associated with modified coinsurance and funds withheld treaties and guaranteed minimum benefit riders. | |||||||||||||||||||||||||
At December 31, 2014 and 2013 the Company held non-income producing securities with amortized costs of $42.7 million and $38.5 million, and estimated fair values of $52.8 million and $47.6 million, respectively. Generally, securities are non-income producing when principal or interest is not paid primarily as a result of bankruptcies or credit defaults, but also include securities where amortization has been discontinued. During 2014, 2013 and 2012 the Company sold fixed maturity and equity securities with fair values of $1,016.5 million, $1,104.0 million, and $828.0 million, which were below amortized cost, at gross realized losses of $31.3 million, $60.6 million and $27.5 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 consolidated balance sheets, are borrowed from a third party. The borrowed securities are used to provide collateral under an affiliated reinsurance transaction. 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 also participates in a repurchase program in which securities, reflected as investments on the Company’s consolidated balance sheets, are pledged to a third party. In return, the Company receives cash from the third party, which is reflected as a payable to the third party, included in other liabilities on the consolidated balance sheets. The Company is required to maintain a minimum collateral balance with a fair value of 105% of the cash received. The gross balance of the repurchase agreement payable was $101.4 million. This was fully collateralized by securities with a fair value of $107.2 million, which were not offset by the payable, resulting in a net exposure of $5.8 million as of December 31, 2014. | |||||||||||||||||||||||||
Additionally, the Company participates in a repurchase/reverse repurchase program in which securities, reflected as investments on the Company’s 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 consolidated balance sheets. | |||||||||||||||||||||||||
The following table includes the amount of borrowed securities, repurchased securities pledged and repurchased/reverse repurchased securities pledged and received as of December 31, 2014 and 2013 (dollars in thousands). | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Borrowed securities | $ | 201,050 | $ | 212,946 | $ | 93,000 | $ | 93,000 | |||||||||||||||||
Repurchase program securities pledged | 92,446 | 107,158 | — | — | |||||||||||||||||||||
Repurchase program/reverse repurchase program: | |||||||||||||||||||||||||
Securities pledged | 298,466 | 314,160 | 300,350 | 310,781 | |||||||||||||||||||||
Securities received | n/a | 338,929 | n/a | 344,169 | |||||||||||||||||||||
Mortgage Loans on Real Estate | |||||||||||||||||||||||||
Mortgage loans represented approximately 7.4% and 7.7% of the Company’s invested assets as of December 31, 2014 and 2013, respectively. The Company makes mortgage loans on income producing properties that are geographically diversified throughout the U.S. with the largest concentration being in California, which represented 18.7% and 23.3% of mortgage loans on real estate as of December 31, 2014 and 2013, respectively. 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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Recorded | Percentage of | Recorded | Percentage of | ||||||||||||||||||||||
Investment | Total | Investment | Total | ||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||
Office building | $ | 851,749 | 31.3 | % | $ | 917,284 | 36.7 | % | |||||||||||||||||
Retail | 802,466 | 29.6 | 748,731 | 30 | |||||||||||||||||||||
Industrial | 466,583 | 17.2 | 439,890 | 17.6 | |||||||||||||||||||||
Apartment | 376,430 | 13.8 | 289,394 | 11.6 | |||||||||||||||||||||
Other commercial | 221,481 | 8.1 | 101,487 | 4.1 | |||||||||||||||||||||
Total | $ | 2,718,709 | 100 | % | $ | 2,496,786 | 100 | % | |||||||||||||||||
The maturities of the mortgage loans, gross of valuation allowances, as of December 31, 2014 and 2013 are as follows (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Due within five years | $ | 860,362 | $ | 987,109 | |||||||||||||||||||||
Due after five years through ten years | 1,165,530 | 984,289 | |||||||||||||||||||||||
Due after ten years | 692,817 | 525,388 | |||||||||||||||||||||||
Total | $ | 2,718,709 | $ | 2,496,786 | |||||||||||||||||||||
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 December 31, 2014 and 2013 are as follows (dollars in thousands): | |||||||||||||||||||||||||
Internal credit quality grade: | 2014 | 2013 | |||||||||||||||||||||||
High investment grade | $ | 1,326,199 | $ | 1,437,244 | |||||||||||||||||||||
Investment grade | 1,235,046 | 827,993 | |||||||||||||||||||||||
Average | 118,152 | 155,914 | |||||||||||||||||||||||
Watch list | 22,285 | 49,404 | |||||||||||||||||||||||
In or near default | 17,027 | 26,231 | |||||||||||||||||||||||
Total | $ | 2,718,709 | $ | 2,496,786 | |||||||||||||||||||||
None of the payments due to the Company on its recorded investment in mortgage loans were delinquent as of December 31, 2014 and 2013. | |||||||||||||||||||||||||
The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances, as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||
Individually measured for impairment | $ | 17,027 | $ | 37,841 | |||||||||||||||||||||
Collectively measured for impairment | 2,701,682 | 2,458,945 | |||||||||||||||||||||||
Mortgage loans, gross of valuation allowances | 2,718,709 | 2,496,786 | |||||||||||||||||||||||
Valuation allowances: | |||||||||||||||||||||||||
Individually measured for impairment | 816 | 3,211 | |||||||||||||||||||||||
Collectively measured for impairment | 5,655 | 6,895 | |||||||||||||||||||||||
Total valuation allowances | 6,471 | 10,106 | |||||||||||||||||||||||
Mortgage loans, net of valuation allowances | $ | 2,712,238 | $ | 2,486,680 | |||||||||||||||||||||
Information regarding the Company’s loan valuation allowances for mortgage loans as of December 31, 2014, 2013 and 2012 are as follows (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Balance, beginning of period | $ | 10,106 | $ | 11,580 | $ | 11,793 | |||||||||||||||||||
Charge-offs, net of recoveries | (2,731 | ) | (3,431 | ) | (6,474 | ) | |||||||||||||||||||
Provision | (904 | ) | 1,957 | 6,261 | |||||||||||||||||||||
Balance, end of period | $ | 6,471 | $ | 10,106 | $ | 11,580 | |||||||||||||||||||
Information regarding the portion of the Company’s mortgage loans that were impaired as of December 31, 2014 and 2013 is as follows (dollars in thousands): | |||||||||||||||||||||||||
Unpaid Principal | Recorded | Related | Carrying Value | ||||||||||||||||||||||
Balance | Investment | Allowance | |||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 7,314 | $ | 6,711 | $ | — | $ | 6,711 | |||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | 10,279 | 10,316 | 816 | 9,500 | |||||||||||||||||||||
Total impaired mortgage loans | $ | 17,593 | $ | 17,027 | $ | 816 | $ | 16,211 | |||||||||||||||||
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 balance of impaired mortgage loans and the related interest income are reflected in the table below for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||
Investment(1) | Income | Investment(1) | Income | Investment(1) | Income | ||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 13,227 | $ | 647 | $ | 15,023 | $ | 852 | $ | 15,549 | $ | 1,244 | |||||||||||||
Impaired mortgage loans with valuation allowance recorded | 13,827 | 637 | 22,818 | 951 | 34,434 | 425 | |||||||||||||||||||
Total | $ | 27,054 | $ | 1,284 | $ | 37,841 | $ | 1,803 | $ | 49,983 | $ | 1,669 | |||||||||||||
-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 years ended December 31, 2014 and 2013. The Company had no mortgage loans that were on a nonaccrual status at December 31, 2014 and 2013. | |||||||||||||||||||||||||
Policy Loans | |||||||||||||||||||||||||
Policy loans comprised approximately 3.5% and 3.8% of the Company’s invested assets as of December 31, 2014 and 2013, respectively, 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 16.1% and 17.8% of the Company’s invested assets as of December 31, 2014 and 2013, respectively. Of the $5.9 billion funds withheld at interest balance, net of embedded derivatives, as of December 31, 2014, $4.2 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 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. | |||||||||||||||||||||||||
Other Invested Assets | |||||||||||||||||||||||||
Other invested assets include equity securities, limited partnership interests, joint ventures (other than operating joint ventures), structured loans, derivative contracts, FVO contractholder-directed unit-linked investments, Federal Home Loan Bank of Des Moines ("FHLB") common stock (included in other), real estate held-for-investment (included in other) and equity release mortgages (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 3.3% and 4.1% of the Company’s invested assets as of December 31, 2014 and 2013, respectively. Carrying values of these assets as of December 31, 2014 and 2013 are as follows (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Equity securities | $ | 126,860 | $ | 405,731 | |||||||||||||||||||||
Limited partnerships and real estate joint ventures | 446,604 | 411,456 | |||||||||||||||||||||||
Structured loans | 164,309 | 223,549 | |||||||||||||||||||||||
Derivatives | 216,966 | 75,227 | |||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 140,344 | 138,892 | |||||||||||||||||||||||
Other | 103,236 | 70,105 | |||||||||||||||||||||||
Total other invested assets | $ | 1,198,319 | $ | 1,324,960 | |||||||||||||||||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Derivative Instruments | DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||
Derivatives, except for embedded derivatives and longevity and mortality swaps, are carried on the Company’s consolidated balance sheets in other invested assets or other liabilities, at fair value. Longevity and mortality swaps are included on the consolidated balance sheets in other assets or other liabilities, at fair value. Embedded derivative liabilities on modified coinsurance or funds withheld arrangements are included on the 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 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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
31-Dec-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 | $ | 1,144,661 | $ | 93,783 | $ | 3,934 | $ | 1,592,943 | $ | 32,555 | $ | 21,873 | |||||||||||||
Interest rate options | 240,000 | 18,195 | — | 240,000 | 2,554 | — | |||||||||||||||||||
Financial futures | 275,983 | — | — | 123,780 | — | — | |||||||||||||||||||
Foreign currency forwards | 67,967 | 87 | 15,098 | 79,618 | — | 12,772 | |||||||||||||||||||
Consumer price index swaps | 41,938 | — | 561 | 59,922 | — | 309 | |||||||||||||||||||
Credit default swaps | 805,700 | 11,689 | 3,502 | 682,700 | 10,438 | 2,156 | |||||||||||||||||||
Equity options | 555,361 | 35,242 | — | 757,352 | 33,902 | — | |||||||||||||||||||
Longevity swaps | 450,000 | 7,727 | — | — | — | — | |||||||||||||||||||
Mortality swaps | 50,000 | — | 797 | — | — | — | |||||||||||||||||||
Synthetic guaranteed investment contracts | 6,500,942 | — | — | 4,629,859 | — | — | |||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | — | 22,094 | — | — | — | 176,270 | |||||||||||||||||||
Indexed annuity products | — | — | 925,887 | — | — | 838,670 | |||||||||||||||||||
Variable annuity products | — | — | 159,279 | — | — | 30,055 | |||||||||||||||||||
Total non-hedging derivatives | 10,132,552 | 188,817 | 1,109,058 | 8,166,174 | 79,449 | 1,082,105 | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swaps | 120,000 | — | 18,228 | 49,131 | — | 4,606 | |||||||||||||||||||
Foreign currency swaps | 676,972 | 70,906 | — | 728,674 | 21,903 | 620 | |||||||||||||||||||
Forward bond purchase commitments | 196,452 | 1,175 | 14,545 | — | — | — | |||||||||||||||||||
Total hedging derivatives | 993,424 | 72,081 | 32,773 | 777,805 | 21,903 | 5,226 | |||||||||||||||||||
Total derivatives | $ | 11,125,976 | $ | 260,898 | $ | 1,141,831 | $ | 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 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, repurchase 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 December 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 | |||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Derivative assets | $ | 238,804 | $ | (14,111 | ) | $ | 224,693 | $ | (20,260 | ) | $ | (178,141 | ) | $ | 26,292 | ||||||||||
Derivative liabilities | 56,665 | (14,111 | ) | 42,554 | (47,222 | ) | — | (4,668 | ) | ||||||||||||||||
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 December 31, 2014 and 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. In addition, as of December 31, 2014, the Company held forward bond purchase commitments that qualified as cash flow hedges. See Note 2 – “Summary of Significant Accounting Policies” 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 | |||||||||||||||||||||||||
Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. 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. In addition, the Company designates and accounts for its forward bond purchase commitments as cash flow hedges. | |||||||||||||||||||||||||
The following table presents the components of AOCI, before income tax, and the consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
Gain (Loss) Included in AOCI | |||||||||||||||||||||||||
Balance December 31, 2011 | $ | (828 | ) | ||||||||||||||||||||||
Gains deferred in other comprehensive income on the effective portion of cash flow hedges | 2,613 | ||||||||||||||||||||||||
Amounts reclassified to investment income | (1,382 | ) | |||||||||||||||||||||||
Balance December 31, 2012 | 403 | ||||||||||||||||||||||||
Losses deferred in other comprehensive loss on the effective portion of cash flow hedges | (3,969 | ) | |||||||||||||||||||||||
Amounts reclassified to investment income | (1,012 | ) | |||||||||||||||||||||||
Balance December 31, 2013 | (4,578 | ) | |||||||||||||||||||||||
Losses deferred in other comprehensive loss on the effective portion of cash flow hedges | (25,801 | ) | |||||||||||||||||||||||
Amounts reclassified to investment income | (1,212 | ) | |||||||||||||||||||||||
Balance December 31, 2014 | $ | (31,591 | ) | ||||||||||||||||||||||
As of December 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 $2.1 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. | |||||||||||||||||||||||||
The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of income and the consolidated statements of stockholders’ equity for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
Effective Portion | Ineffective Portion | ||||||||||||||||||||||||
Derivative Type | Gain (Loss) Recognized in OCI | Gain (Loss) Reclassified into Income from OCI | Classification of Gain (Loss) Reclassified into Net Income | Gain (Loss) Recognized in Income | Classification of Gain (Loss) Recognized in Net Income | ||||||||||||||||||||
For the year ended December 31, 2014: | |||||||||||||||||||||||||
Interest rate swaps | $ | (12,431 | ) | $ | 1,212 | Investment Income | $ | 19 | Gains (Losses) | ||||||||||||||||
Forward bond purchase commitments | (13,370 | ) | — | Investment Income | — | Gains (Losses) | |||||||||||||||||||
Total | $ | (25,801 | ) | $ | 1,212 | $ | 19 | ||||||||||||||||||
For the year ended December 31, 2013: | |||||||||||||||||||||||||
Interest rate swaps | $ | (3,969 | ) | $ | 1,012 | Investment Income | $ | 6 | Gains (Losses) | ||||||||||||||||
For the year ended December 31, 2012: | |||||||||||||||||||||||||
Interest rate swaps | $ | 2,613 | $ | 1,382 | Investment Income | $ | (41 | ) | Gains (Losses) | ||||||||||||||||
All components of each derivative's gain or loss were included in the assessment of hedge effectiveness. | |||||||||||||||||||||||||
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 years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
Derivative Gains (Losses) Deferred in AOCI | |||||||||||||||||||||||||
For the year ended | |||||||||||||||||||||||||
Type of NIFO Hedge (1) (2) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Foreign currency swaps | $ | 51,894 | $ | 40,347 | $ | (20,470 | ) | ||||||||||||||||||
-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 $75.8 million and $23.9 million at December 31, 2014 and 2013, respectively. If a foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the 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 consolidated statements of income, except where otherwise noted. | |||||||||||||||||||||||||
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2014, 2013 and 2012 is as follows (dollars in thousands): | |||||||||||||||||||||||||
Gain (Loss) for the Years Ended December 31, | |||||||||||||||||||||||||
Type of Non-hedging Derivative | Income Statement | 2014 | 2013 | 2012 | |||||||||||||||||||||
Location of Gain (Loss) | |||||||||||||||||||||||||
Interest rate swaps | Investment related gains (losses), net | $ | 94,848 | $ | (84,398 | ) | $ | 16,028 | |||||||||||||||||
Interest rate options | Investment related gains (losses), net | 15,641 | (11,518 | ) | — | ||||||||||||||||||||
Financial futures | Investment related gains (losses), net | (9,550 | ) | (11,157 | ) | (20,245 | ) | ||||||||||||||||||
Foreign currency forwards | Investment related gains (losses), net | (8,691 | ) | (13,201 | ) | (5,644 | ) | ||||||||||||||||||
Consumer price index swaps | Investment related gains (losses), net | (344 | ) | (1,942 | ) | (267 | ) | ||||||||||||||||||
Credit default swaps | Investment related gains (losses), net | 3,938 | 24,188 | 18,359 | |||||||||||||||||||||
Equity options | Investment related gains (losses), net | (22,472 | ) | (79,230 | ) | (69,677 | ) | ||||||||||||||||||
Longevity swaps | Other revenues | 8,088 | — | — | |||||||||||||||||||||
Mortality swaps | Other revenues | (797 | ) | — | — | ||||||||||||||||||||
Subtotal | 80,661 | (177,258 | ) | (61,446 | ) | ||||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | Investment related gains (losses), net | 198,365 | 70,177 | 115,009 | |||||||||||||||||||||
Indexed annuity products | Policy acquisition costs and other insurance expenses | — | — | (630 | ) | ||||||||||||||||||||
Indexed annuity products | Interest credited | (104,844 | ) | (115,409 | ) | (29,804 | ) | ||||||||||||||||||
Variable annuity products | Investment related gains (losses), net | (129,224 | ) | 142,050 | 104,613 | ||||||||||||||||||||
Total non-hedging derivatives | $ | 44,958 | $ | (80,440 | ) | $ | 127,742 | ||||||||||||||||||
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 equity futures are used primarily to economically hedge liabilities embedded in certain variable annuity products. With exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the relevant stock 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 equity 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. | |||||||||||||||||||||||||
Forward Bond Purchase Commitments | |||||||||||||||||||||||||
Forward bond purchase commitments are used by the Company to hedge against the variability in the anticipated cash flows required to purchase securities. With forward bond purchase commitments, the forward price is agreed upon at the time of the contract and payment for such contract is made at the future specified settlement date of the securities. | |||||||||||||||||||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
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 | $ | 1,498 | $ | 167,500 | 4.6 | $ | 614 | $ | 117,500 | 5.1 | |||||||||||||||
Credit default swaps referencing indices | — | — | — | — | — | — | |||||||||||||||||||
Subtotal | 1,498 | 167,500 | 4.6 | 614 | 117,500 | 5.1 | |||||||||||||||||||
BBB+/BBB/BBB- | |||||||||||||||||||||||||
Single name credit default swaps | 168 | 217,200 | 4.9 | 656 | 142,200 | 4.9 | |||||||||||||||||||
Credit default swaps referencing indices | 6,651 | 416,000 | 5 | 7,295 | 405,000 | 5 | |||||||||||||||||||
Subtotal | 6,819 | 633,200 | 4.9 | 7,951 | 547,200 | 5 | |||||||||||||||||||
BB+ | |||||||||||||||||||||||||
Single name credit default swaps | (130 | ) | 5,000 | 4.5 | — | — | — | ||||||||||||||||||
Credit default swaps referencing indices | — | — | — | — | — | — | |||||||||||||||||||
Subtotal | (130 | ) | 5,000 | 4.5 | — | — | — | ||||||||||||||||||
Total | $ | 8,187 | $ | 805,700 | 4.9 | $ | 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. | |||||||||||||||||||||||||
Longevity Swaps | |||||||||||||||||||||||||
The Company enters into longevity swaps in the form of out-of-the-money options, which provide protection against changes in mortality improvement to retirement plans and insurers of such plans. With a longevity swap transaction, the Company agrees with another party to exchange a proportion of a notional value. The proportion is determined by the difference between a predefined benefit, and the realized benefit plus the future expected benefit, calculated by reference to a population index for a fixed premium. | |||||||||||||||||||||||||
Mortality Swaps | |||||||||||||||||||||||||
Mortality swaps are used by the Company to hedge risk from changes in mortality experience associated with its reinsurance of life insurance risk. The Company agrees with another party to exchange, at specified intervals, a proportion of a notional value determined by the difference between a predefined expected and realized claim amount on a designated index of reinsured lives, for a fixed percentage (premium) each term. | |||||||||||||||||||||||||
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 or funds withheld basis. Changes in fair values of embedded derivatives on modified coinsurance or funds withheld treaties are net of a decrease in investment related gains (losses), net of $1.6 million, $1.6 million and $62.7 million for the years ended December 31, 2014, 2013 and 2012, respectively, associated with a CVA. 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. Changes in fair values of embedded derivatives on variable annuity contracts are net of an increase (decrease) in investment related gains (losses), net of $1.6 million, $(12.5) million and $16.5 million for the years ended December 31, 2014, 2013 and 2012, respectively, associated with a CVA. The changes in fair values of embedded derivatives on equity-indexed annuities described below relate to changes in the fair value associated with capital market and other related assumptions. The related gains (losses) and the effect on net income after amortization of DAC and income taxes for the years ended December 31, 2014, 2013 and 2012 are reflected in the following table (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Embedded derivatives in modified coinsurance or funds withheld arrangements included in investment related gains | $ | 198,365 | $ | 70,177 | $ | 115,009 | |||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | 45,171 | 18,920 | 25,454 | ||||||||||||||||||||||
Embedded derivatives in variable annuity contracts included in investment related gains | (129,224 | ) | 142,050 | 104,613 | |||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | 27,601 | 70,123 | 6,367 | ||||||||||||||||||||||
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses | (104,844 | ) | (115,409 | ) | (30,434 | ) | |||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (69,963 | ) | (106,792 | ) | 6,110 | ||||||||||||||||||||
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. The Company’s credit exposure to non-investment swaps is minimal, as mortality swaps are fully collateralized by a counterparty and longevity swaps would require posting of collateral only upon the occurrence of certain agreed upon events. Information regarding the Company’s credit exposure related to its over-the-counter derivative contracts, centrally cleared derivative contracts and margin account for exchange-traded futures, excluding longevity and mortality swaps, at December 31, 2014 and 2013 are reflected in the following table (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Estimated fair value of derivatives in net asset position | $ | 175,209 | $ | 59,016 | |||||||||||||||||||||
Cash provided as collateral(1) | — | 8,033 | |||||||||||||||||||||||
Securities pledged to counterparties as collateral(2) | 47,222 | 18,081 | |||||||||||||||||||||||
Cash pledged from counterparties as collateral(3) | (178,141 | ) | (51,006 | ) | |||||||||||||||||||||
Securities pledged from counterparties as collateral(4) | (20,260 | ) | (11,095 | ) | |||||||||||||||||||||
Initial margin for cleared derivatives | (16,333 | ) | (13,350 | ) | |||||||||||||||||||||
Net credit exposure | $ | 7,697 | $ | 9,679 | |||||||||||||||||||||
Margin account related to exchange-traded futures(5) | $ | 7,976 | $ | 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 | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value of Assets and Liabilities | 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 those 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, and longevity and mortality swaps 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 December 31, 2014 and December 31, 2013 are summarized below (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2014: | Fair Value Measurements Using: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fixed maturity securities – available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 14,885,583 | $ | 115,822 | $ | 13,459,334 | $ | 1,310,427 | |||||||||||||||||
Canadian and Canadian provincial governments | 3,865,265 | — | 3,865,265 | — | |||||||||||||||||||||
Residential mortgage-backed securities | 1,037,896 | — | 849,802 | 188,094 | |||||||||||||||||||||
Asset-backed securities | 1,069,586 | — | 496,626 | 572,960 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,532,591 | — | 1,445,845 | 86,746 | |||||||||||||||||||||
U.S. government and agencies securities | 525,851 | 437,129 | 60,193 | 28,529 | |||||||||||||||||||||
State and political subdivision securities | 426,076 | — | 383,365 | 42,711 | |||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 2,138,124 | 285,995 | 1,832,466 | 19,663 | |||||||||||||||||||||
Total fixed maturity securities – available-for-sale | 25,480,972 | 838,946 | 22,392,896 | 2,249,130 | |||||||||||||||||||||
Funds withheld at interest – embedded derivatives | 22,094 | — | — | 22,094 | |||||||||||||||||||||
Cash equivalents | 899,846 | 899,846 | — | — | |||||||||||||||||||||
Short-term investments | 45,190 | 21,536 | 23,654 | — | |||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||
Non-redeemable preferred stock | 99,363 | 91,450 | 9 | 7,904 | |||||||||||||||||||||
Other equity securities | 27,497 | 27,497 | — | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 84,578 | — | 84,578 | — | |||||||||||||||||||||
Interest rate options | 18,195 | — | 18,195 | — | |||||||||||||||||||||
CPI swaps | (561 | ) | — | (561 | ) | — | |||||||||||||||||||
Credit default swaps | 8,606 | — | 8,606 | — | |||||||||||||||||||||
Equity options | 35,242 | — | 35,242 | — | |||||||||||||||||||||
Foreign currency swaps | 70,906 | — | 70,906 | — | |||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 140,344 | 134,749 | 5,595 | — | |||||||||||||||||||||
Other | 6,420 | 6,420 | — | — | |||||||||||||||||||||
Total other invested assets | 490,590 | 260,116 | 222,570 | 7,904 | |||||||||||||||||||||
Other assets - longevity swaps | 7,727 | — | — | 7,727 | |||||||||||||||||||||
Total | $ | 26,946,419 | $ | 2,020,444 | $ | 22,639,120 | $ | 2,286,855 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives | $ | 1,085,166 | $ | — | $ | — | $ | 1,085,166 | |||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 12,957 | — | 12,957 | — | |||||||||||||||||||||
Foreign currency forwards | 15,011 | — | 15,011 | — | |||||||||||||||||||||
Credit default swaps | 419 | — | 419 | — | |||||||||||||||||||||
Forward purchase commitments | 13,370 | — | 13,370 | — | |||||||||||||||||||||
Mortality swaps | 797 | — | — | 797 | |||||||||||||||||||||
Total | $ | 1,127,720 | $ | — | $ | 41,757 | $ | 1,085,963 | |||||||||||||||||
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 | — | |||||||||||||||||||||
Interest rate options | 2,554 | — | 2,554 | — | |||||||||||||||||||||
CPI swaps | (309 | ) | — | (309 | ) | — | |||||||||||||||||||
Credit default swaps | 7,926 | — | 7,926 | — | |||||||||||||||||||||
Equity options | 33,869 | — | 33,869 | — | |||||||||||||||||||||
Foreign currency swaps | 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 | ) | — | |||||||||||||||||||
Equity options | (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 financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of assets and liabilities, 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 periods presented, 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 a CVA. 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 a CVA. 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. | |||||||||||||||||||||||||
Credit Valuation Adjustment – The Company uses a structural default risk model to estimate a CVA. The input assumptions are a combination of externally derived and published values (default threshold and uncertainty), market inputs (interest rate, equity price per share, debt per share, 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, except for longevity and mortality swaps, 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, 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, except for longevity and mortality swaps, included in Level 3 measurement. | |||||||||||||||||||||||||
Longevity and Mortality Swaps – The Company utilizes a discounted cash flow model to estimate the fair value of longevity and mortality swaps. The fair value of these swaps includes an accrual for premiums payable and receivable. Some inputs to the valuation model are generally observable, such as interest rates and actual population mortality experience. The valuation also requires significant inputs that are generally not observable and, accordingly, the valuation is considered Level 3 in the fair value hierarchy. | |||||||||||||||||||||||||
Level 3 Measurements and Transfers | |||||||||||||||||||||||||
As of December 31, 2014 and December 31, 2013, respectively, the Company classified approximately 8.8% 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, CVA, 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 CVA 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 CVA assumption tend to decrease (increase) the magnitude of the fair value of embedded derivatives. | |||||||||||||||||||||||||
The actuarial assumptions used in the fair value of longevity and mortality swaps include assumptions related to the level and volatility of mortality. The assumptions are based on studies performed by the Company in combination with available industry information and are reviewed on a periodic basis, at least annually. | |||||||||||||||||||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2014: | Valuation | Unobservable | Range | ||||||||||||||||||||||
Fair Value | Technique(s) | Input | (Weighted Average) | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 4,994 | Market comparable | Liquidity premium | 1 | % | |||||||||||||||||||
securities | |||||||||||||||||||||||||
Corporate securities | 205,392 | Market comparable | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
U.S. Government and agencies securities | 28,530 | Market comparable | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
Funds withheld at interest- embedded derivatives | 22,094 | Total return swap | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
CVA | 0-5% (1%) | ||||||||||||||||||||||||
Crediting rate | 2-4% (3%) | ||||||||||||||||||||||||
Longevity swaps | 7,727 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Mortality improvement | (10%)-10% (3%) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 925,887 | 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 | 159,279 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-25% (8%) | ||||||||||||||||||||||||
Withdrawal | 0-7% (3%) | ||||||||||||||||||||||||
CVA | 0-5% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (11%) | ||||||||||||||||||||||||
Mortality swaps | 797 | Discounted cash flow | Mortality | 0-100% (1%) | |||||||||||||||||||||
December 31, 2013: | Valuation | Unobservable | Range | ||||||||||||||||||||||
Fair Value | Technique(s) | Input | (Weighted Average) | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 29,024 | Market comparable | Liquidity premium | 1 | % | |||||||||||||||||||
securities | |||||||||||||||||||||||||
Corporate securities | 312,887 | Market comparable | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
U.S. Government and agencies securities | 37,539 | Market comparable | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
Funds withheld at interest- embedded derivatives | (176,270 | ) | Total return swap | Mortality | 0-100% (2%) | ||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
CVA | 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%) | ||||||||||||||||||||||||
CVA | 0-1% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (10%) | ||||||||||||||||||||||||
The Company recognizes transfers of assets and liabilities 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. Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Assets and liabilities 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 asset or liability, a specific event, or 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 assets and liabilities, without the need for adjustment based on the Company’s own assumptions regarding the characteristics of specific assets and liabilities 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 assets and liabilities. | |||||||||||||||||||||||||
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 years ended December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
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 | $ | 6,000 | $ | 22,537 | $ | — | $ | 30,599 | |||||||||||||||||
The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the year ended December 31, 2014, as well as the portion of gains or losses included in income for the year ended December 31, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
For the year ended December 31, 2014: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. | State | ||||||||||||||||||||
securities | mortgage-backed | securities | mortgage-backed | Government | and political | ||||||||||||||||||||
securities | securities | and agencies | subdivision | ||||||||||||||||||||||
securities | securities | ||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,345,289 | $ | 153,505 | $ | 471,848 | $ | 101,785 | $ | 40,919 | $ | 43,776 | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (4,828 | ) | (93 | ) | 7,929 | 1,892 | (483 | ) | 39 | ||||||||||||||||
Investment related gains (losses), net | (1,984 | ) | (244 | ) | 2,131 | 103 | (401 | ) | (17 | ) | |||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | (3,100 | ) | 1,748 | 1,665 | 1,099 | 1,052 | 3,282 | ||||||||||||||||||
Purchases(1) | 356,706 | 54,412 | 191,662 | 6,180 | 581 | — | |||||||||||||||||||
Sales(1) | (54,386 | ) | (744 | ) | (22,923 | ) | (14,626 | ) | — | — | |||||||||||||||
Settlements(1) | (273,392 | ) | (34,727 | ) | (54,175 | ) | (3,599 | ) | (13,139 | ) | (738 | ) | |||||||||||||
Transfers into Level 3 | 13,180 | 15,981 | 11,614 | 5,712 | — | — | |||||||||||||||||||
Transfers out of Level 3 | (67,058 | ) | (1,744 | ) | (36,791 | ) | (11,800 | ) | — | (3,631 | ) | ||||||||||||||
Fair value, end of period | $ | 1,310,427 | $ | 188,094 | $ | 572,960 | $ | 86,746 | $ | 28,529 | $ | 42,711 | |||||||||||||
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 | $ | (4,686 | ) | $ | (97 | ) | $ | 5,306 | $ | 1,949 | $ | (480 | ) | $ | 39 | ||||||||||
Investment related gains (losses), net | — | — | — | — | — | — | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
For the year ended December 31, 2014 (continued): | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored | Funds | Other invested | Other assets - longevity derivatives | Interest | Other liabilities - mortality derivatives | ||||||||||||||||||||
enterprises | withheld at interest-embedded derivative | assets - non- redeemable preferred stock | sensitive contract | ||||||||||||||||||||||
liabilities embedded derivative | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 37,997 | $ | (176,270 | ) | $ | 4,962 | $ | — | $ | (868,725 | ) | $ | — | |||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (5 | ) | — | — | — | — | — | ||||||||||||||||||
Investment related gains (losses), net | — | 198,364 | — | — | (129,224 | ) | — | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | (104,843 | ) | — | ||||||||||||||||||
Included in other comprehensive income | (59 | ) | — | (96 | ) | (361 | ) | — | — | ||||||||||||||||
Other revenue | — | — | — | 8,088 | — | (797 | ) | ||||||||||||||||||
Purchases(1) | — | — | 8,000 | — | (56,234 | ) | — | ||||||||||||||||||
Sales(1) | — | — | — | — | — | — | |||||||||||||||||||
Settlements(1) | (1,210 | ) | — | — | — | — | — | ||||||||||||||||||
Transfers into Level 3 | 9,482 | — | — | — | 73,860 | — | |||||||||||||||||||
Transfers out of Level 3 | (26,542 | ) | — | (4,962 | ) | — | — | — | |||||||||||||||||
Fair value, end of period | $ | 19,663 | $ | 22,094 | $ | 7,904 | $ | 7,727 | $ | (1,085,166 | ) | $ | (797 | ) | |||||||||||
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 | $ | (5 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Investment related gains (losses), net | — | — | — | — | (134,254 | ) | — | ||||||||||||||||||
Other revenue | — | — | — | 8,088 | — | (797 | ) | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | 198,365 | — | — | (178,704 | ) | — | ||||||||||||||||||
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 year ended December 31, 2013, as well as the portion of gains or losses included in income for the year ended December 31, 2013 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2013 (dollars in thousands). | |||||||||||||||||||||||||
For the year ended December 31, 2013: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. | State | ||||||||||||||||||||
securities | mortgage-backed | securities | mortgage-backed | Government | and political | ||||||||||||||||||||
securities | securities | and agencies | 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 | (8,194 | ) | 19 | 6,430 | 1,917 | (156 | ) | 36 | |||||||||||||||||
Investment related gains (losses), net | (1,078 | ) | (294 | ) | (1,131 | ) | (16,704 | ) | (175 | ) | (16 | ) | |||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | (44,299 | ) | 821 | 17,150 | 36,731 | (639 | ) | 222 | |||||||||||||||||
Purchases (1) | 331,439 | 73,563 | 264,804 | 19,420 | 128 | — | |||||||||||||||||||
Sales (1) | (271,402 | ) | (7,146 | ) | (26,005 | ) | (83,974 | ) | — | — | |||||||||||||||
Settlements (1) | (285,586 | ) | (26,661 | ) | (20,872 | ) | (7,970 | ) | (2,633 | ) | (657 | ) | |||||||||||||
Transfers into Level 3 | 33,776 | 24,727 | 9,031 | 4,081 | 44,394 | 979 | |||||||||||||||||||
Transfers out of Level 3 | (77,930 | ) | (5,455 | ) | (9,950 | ) | (18,722 | ) | (4,538 | ) | — | ||||||||||||||
Fair value, end of period | $ | 1,345,289 | $ | 153,505 | $ | 471,848 | $ | 101,785 | $ | 40,919 | $ | 43,776 | |||||||||||||
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 | $ | (7,885 | ) | $ | 47 | $ | 6,425 | $ | 1,741 | $ | (156 | ) | $ | 36 | |||||||||||
Investment related gains (losses), net | (202 | ) | — | — | (10,243 | ) | — | — | |||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
For the year ended December 31, 2013 (continued): | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | Funds withheld at interest-embedded derivative | Short-term | Other invested | Interest | |||||||||||||||||||||
investments | assets - non- | sensitive contract | |||||||||||||||||||||||
redeemable | liabilities embedded derivative | ||||||||||||||||||||||||
preferred stock | |||||||||||||||||||||||||
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 | (305 | ) | — | (4 | ) | — | — | ||||||||||||||||||
Investment related gains (losses), net | — | 66,907 | — | — | 142,050 | ||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (115,409 | ) | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income | (1,570 | ) | — | (27 | ) | 323 | — | ||||||||||||||||||
Purchases (1) | — | — | — | — | (57,391 | ) | |||||||||||||||||||
Sales (1) | — | — | — | — | — | ||||||||||||||||||||
Settlements (1) | (295 | ) | — | (22,000 | ) | — | 74,386 | ||||||||||||||||||
Transfers into Level 3 | 11,887 | — | — | 4,639 | — | ||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | ||||||||||||||||||||
Fair value, end of period | $ | 37,997 | $ | (176,270 | ) | $ | — | $ | 4,962 | $ | (868,725 | ) | |||||||||||||
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 | $ | (305 | ) | $ | — | $ | (4 | ) | $ | — | $ | — | |||||||||||||
Investment related gains (losses), net | — | 66,907 | — | — | 138,683 | ||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (189,794 | ) | |||||||||||||||||||
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 year ended December 31, 2012, as well as the portion of gains or losses included in income for the year ended December 31, 2012 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2012 (dollars in thousands). | |||||||||||||||||||||||||
For the year ended December 31, 2012: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. | State | ||||||||||||||||||||
securities | mortgage-backed | securities | mortgage-backed | Government | and political | ||||||||||||||||||||
securities | securities | and agencies | subdivision | ||||||||||||||||||||||
securities | securities | ||||||||||||||||||||||||
Fair value, beginning of period | $ | 974,169 | $ | 81,655 | $ | 193,492 | $ | 115,976 | $ | — | $ | 10,373 | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (6,839 | ) | 431 | 1,214 | 2,032 | (89 | ) | 14 | |||||||||||||||||
Investment related gains (losses), net | (2,884 | ) | (311 | ) | (516 | ) | (9,503 | ) | — | (16 | ) | ||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | 34,488 | 2,863 | 21,463 | 24,663 | (12 | ) | 4,491 | ||||||||||||||||||
Purchases (1) | 853,848 | 77,781 | 111,567 | 31,699 | 4,639 | — | |||||||||||||||||||
Sales (1) | (60,224 | ) | (48,828 | ) | (13,140 | ) | (14,060 | ) | — | — | |||||||||||||||
Settlements (1) | (144,667 | ) | (8,541 | ) | (16,235 | ) | (813 | ) | — | (413 | ) | ||||||||||||||
Transfers into Level 3 | 65,283 | 19,632 | 11,832 | 64,116 | — | 37,588 | |||||||||||||||||||
Transfers out of Level 3 | (44,611 | ) | (30,751 | ) | (77,286 | ) | (47,104 | ) | — | (8,825 | ) | ||||||||||||||
Fair value, end of period | $ | 1,668,563 | $ | 93,931 | $ | 232,391 | $ | 167,006 | $ | 4,538 | $ | 43,212 | |||||||||||||
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 | $ | (6,852 | ) | $ | 295 | $ | 1,156 | $ | 2,032 | $ | (89 | ) | $ | 14 | |||||||||||
Investment related gains (losses), net | (1,329 | ) | (269 | ) | (849 | ) | (14,163 | ) | — | — | |||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Fixed maturity securities - available-for-sale | |||||||||||||||||||||||||
For the year ended December 31, 2012 (continued): | Other foreign government, supranational and foreign government-sponsored enterprises | Funds withheld at interest-embedded derivative | Short-term | Other invested | Reinsurance ceded | Interest | |||||||||||||||||||
investments | assets - other | receivable - embedded derivative | sensitive contract | ||||||||||||||||||||||
equity | liabilities embedded derivative | ||||||||||||||||||||||||
securities | |||||||||||||||||||||||||
Fair value, beginning of period | $ | — | $ | (361,456 | ) | $ | — | $ | 11,489 | $ | 4,945 | $ | (1,028,241 | ) | |||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (44 | ) | — | (11 | ) | — | — | — | |||||||||||||||||
Investment related gains (losses), net | — | 118,279 | — | 1,098 | — | 104,613 | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | 770 | |||||||||||||||||||
Interest credited | — | — | — | — | — | (31,552 | ) | ||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | (449 | ) | — | ||||||||||||||||||
Included in other comprehensive income | (139 | ) | — | 28 | 843 | — | — | ||||||||||||||||||
Purchases (1) | 28,463 | — | 22,014 | 108 | — | (63,934 | ) | ||||||||||||||||||
Sales (1) | — | — | — | (3,788 | ) | — | — | ||||||||||||||||||
Settlements (1) | — | — | — | — | (4,496 | ) | 105,983 | ||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | — | |||||||||||||||||||
Transfers out of Level 3 | — | — | — | (9,750 | ) | — | — | ||||||||||||||||||
Fair value, end of period | $ | 28,280 | $ | (243,177 | ) | $ | 22,031 | $ | — | $ | — | $ | (912,361 | ) | |||||||||||
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 | $ | (44 | ) | $ | — | $ | (11 | ) | $ | — | $ | — | $ | — | |||||||||||
Investment related gains (losses), net | — | 118,279 | — | (183 | ) | — | 97,216 | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | 56 | |||||||||||||||||||
Interest credited | — | — | — | — | — | (129,828 | ) | ||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | (33 | ) | — | ||||||||||||||||||
-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; they 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). | |||||||||||||||||||||||||
Carrying Value After Measurement | Net Investment Gains (Losses) | ||||||||||||||||||||||||
At December 31, | Years ended December 31, | ||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Mortgage loans(1) | $ | 9,500 | $ | 10,330 | $ | 521 | $ | 710 | |||||||||||||||||
Limited partnership interests(2) | 19,282 | 8,952 | (6,305 | ) | (2,663 | ) | |||||||||||||||||||
Real estate investments(3) | — | 10,508 | — | (2,164 | ) | ||||||||||||||||||||
-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. | ||||||||||||||||||||||||
-3 | Real estate investments — The impaired real estate investments presented above were written down to their estimated fair value at the date of impairment and are reported as losses above. The impairments were based on third-party appraisal values obtained and reviewed by the Company. | ||||||||||||||||||||||||
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 December 31, 2014 and December 31, 2013 (dollars in thousands).This table excludes any payables or receivables for collateral under repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid. | |||||||||||||||||||||||||
Estimated Fair | Fair Value Measurement Using: | ||||||||||||||||||||||||
31-Dec-14 | Carrying Value | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Mortgage loans on real estate | $ | 2,712,238 | $ | 2,803,942 | $ | — | $ | — | $ | 2,803,942 | |||||||||||||||
Policy loans | 1,284,284 | 1,284,284 | — | 1,284,284 | — | ||||||||||||||||||||
Funds withheld at interest(1) | 5,897,202 | 6,367,165 | — | — | 6,367,165 | ||||||||||||||||||||
Cash and cash equivalents(2) | 745,823 | 745,823 | 745,823 | — | — | ||||||||||||||||||||
Short-term investments(2) | 52,504 | 52,504 | 52,504 | — | — | ||||||||||||||||||||
Other invested assets(2) | 465,720 | 518,261 | 4,674 | 35,446 | 478,141 | ||||||||||||||||||||
Accrued investment income | 261,096 | 261,096 | — | 261,096 | — | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest-sensitive contract liabilities(1) | $ | 9,623,596 | $ | 9,666,240 | $ | — | $ | — | $ | 9,666,240 | |||||||||||||||
Long-term debt | 2,314,293 | 2,518,399 | — | — | 2,518,399 | ||||||||||||||||||||
Collateral finance and securitization notes | 782,701 | 674,984 | — | — | 674,984 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
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 and securitization notes | 484,752 | 374,984 | — | — | 374,984 | ||||||||||||||||||||
-1 | Carrying values presented herein differ from those presented in the 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 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, cash collateral and equity release mortgages. 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 FHLB 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. The fair value of the Company’s equity release mortgage loan portfolio, considered Level 3 in the fair value hierarchy, is estimated by discounting cash flows, both principal and interest, using current interest rates and credit spread adjustments derived from benchmarking against similar loans, allowing also for United Kingdom house price inflation and actuarial analyses of borrower behavior, mortality and morbidity. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
Long-term Debt/Collateral Finance and Securitization Notes – The fair value of the Company’s long-term debt, and collateral finance and securitization notes 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 and securitization notes is generally obtained from brokers and is considered Level 3 in the fair value hierarchy. |
Reinsurance
Reinsurance | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Reinsurance Disclosures [Abstract] | ||||||||||||||||||||
Reinsurance | REINSURANCE | |||||||||||||||||||
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 December 31, 2014 and 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. | ||||||||||||||||||||
In the normal course of business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance enterprises or reinsurers under excess coverage and coinsurance contracts. In the individual life markets, the Company retains a maximum of $8.0 million of coverage per individual life. Claims in excess of this retention amount are retroceded to retrocessionaires; however, the Company remains fully liable to the ceding company for the entire amount of risk it assumes. In certain limited situations the Company has retained more than $8.0 million per individual policy. The Company enters into agreements with other reinsurers to mitigate the residual risk related to the over-retained policies. Additionally, due to some lower face amount reinsurance coverage provided by the Company in addition to individual life, such as group life, disability and health, under certain circumstances, the Company could potentially incur net claims totaling more than $8.0 million per individual life. | ||||||||||||||||||||
Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of December 31, 2014 and 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 affiliated subsidiaries. | ||||||||||||||||||||
The following table presents information for the Company's ceded reinsurance receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Reinsurer | A.M. Best Rating | Amount | % of Total | Amount | % of Total | |||||||||||||||
Reinsurer A | A+ | $ | 210,996 | 36.5 | % | $ | 220,797 | 37.1 | % | |||||||||||
Reinsurer B | A+ | 74,412 | 12.9 | 70,579 | 11.9 | |||||||||||||||
Reinsurer C | A+ | 45,541 | 7.9 | 43,835 | 7.4 | |||||||||||||||
Reinsurer D | A | 43,818 | 7.6 | 46,420 | 7.8 | |||||||||||||||
Reinsurer E | A++ | 43,154 | 7.5 | 39,884 | 6.7 | |||||||||||||||
Other reinsurers | 160,285 | 27.6 | 173,000 | 29.1 | ||||||||||||||||
Total | $ | 578,206 | 100 | % | $ | 594,515 | 100 | % | ||||||||||||
Included in the total ceded reinsurance receivables balance were $143.0 million and $134.1 million of claims recoverable, of which $10.9 million and $4.2 million were in excess of 90 days past due, as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
The effect of reinsurance on net premiums is as follows (dollars in thousands): | ||||||||||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||
Direct | $ | 19,365 | $ | 5,224 | $ | 3,784 | ||||||||||||||
Reinsurance assumed | 9,098,378 | 8,568,222 | 8,228,811 | |||||||||||||||||
Reinsurance ceded | (447,889 | ) | (319,419 | ) | (325,999 | ) | ||||||||||||||
Net premiums | $ | 8,669,854 | $ | 8,254,027 | $ | 7,906,596 | ||||||||||||||
The effect of reinsurance on claims and other policy benefits as follows (dollars in thousands): | ||||||||||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||
Direct | $ | 32,564 | $ | 8,078 | $ | 3,694 | ||||||||||||||
Reinsurance assumed | 7,805,984 | 7,515,524 | 6,912,942 | |||||||||||||||||
Reinsurance ceded | (431,907 | ) | (219,270 | ) | (250,637 | ) | ||||||||||||||
Net claims and other policy benefits | $ | 7,406,641 | $ | 7,304,332 | $ | 6,665,999 | ||||||||||||||
The effect of reinsurance on life insurance in force is shown in the following schedule (dollars in millions): | ||||||||||||||||||||
Direct | Assumed | Ceded | Net | Assumed/Net % | ||||||||||||||||
31-Dec-14 | $ | 78 | $ | 2,943,517 | $ | 230,544 | $ | 2,713,051 | 108.5 | % | ||||||||||
31-Dec-13 | 77 | 2,889,804 | 36,830 | 2,853,051 | 101.3 | |||||||||||||||
31-Dec-12 | 76 | 2,927,573 | 38,048 | 2,889,601 | 101.3 | |||||||||||||||
At December 31, 2014 and 2013, respectively, the Company provided approximately $8.2 billion and $6.8 billion of financial reinsurance, as measured by pre-tax statutory surplus, risk based capital and other financial reinsurance structures, to other insurance companies under financial reinsurance transactions to assist ceding companies in meeting applicable regulatory requirements. Generally, such financial reinsurance is provided by the Company committing cash or assuming insurance liabilities, which are collateralized by future profits on the reinsured business. The Company earns a fee based on the amount of net outstanding financial reinsurance. | ||||||||||||||||||||
Reinsurance agreements, whether facultative or automatic, may provide for recapture rights on the part of the ceding company. Recapture rights permit the ceding company to reassume all or a portion of the risk formerly ceded to the reinsurer after an agreed-upon period of time, generally 10 years, or in some cases due to changes in the financial condition or ratings of the reinsurer. Recapture of business previously ceded does not affect premiums ceded prior to the recapture of such business, but would reduce premiums in subsequent periods. Additionally, some treaties give the ceding company the right to request the Company to place assets in trust for their benefit to support their reserve credits, in the event of a downgrade of the Company’s ratings to specified levels, generally non-investment grade levels, or if minimum levels of financial condition are not maintained. As of December 31, 2014 and 2013, these treaties had approximately$1,558.3 million and $1,552.3 million, respectively, in statutory reserves. Assets placed in trust continue to be owned by the Company, but their use is restricted based on the terms of the trust agreement. Securities with an amortized cost of $1,633.6 million and $2,124.7 million were held in trust to satisfy collateral requirements for reinsurance business for the benefit of certain RGA subsidiaries at December 31, 2014 and 2013, respectively. In addition, the Company’s collateral financing operations have asset in trust requirements. See Note 14 – “Collateral Finance and Securitization Notes” for additional information. Securities with an amortized cost of $10,197.5 million and $7,842.9 million, as of December 31, 2014 and 2013, respectively, were held in trust to satisfy collateral requirements under certain third-party reinsurance treaties. Under certain conditions, RGA may be obligated to move reinsurance from one RGA subsidiary company to another or make payments under the treaty. These conditions include change in control or ratings of the subsidiary, insolvency, nonperformance under a treaty, or loss of reinsurance license of such subsidiary. |
Deferred_Policy_Acquisition_Co
Deferred Policy Acquisition Costs | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Deferred Policy Acquisition Costs Disclosures [Abstract] | |||||||||||||
Deferred Policy Acquisition Costs | DEFERRED POLICY ACQUISITION COSTS | ||||||||||||
The following reflects the amounts of policy acquisition costs deferred and amortized (dollars in thousands): | |||||||||||||
As of December 31, | 2014 | 2013 | |||||||||||
Deferred policy acquisition costs: | |||||||||||||
Assumed | $ | 3,391,291 | $ | 3,573,054 | |||||||||
Retroceded | (48,716 | ) | (55,258 | ) | |||||||||
Net | $ | 3,342,575 | $ | 3,517,796 | |||||||||
Years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 3,517,796 | $ | 3,619,274 | $ | 3,543,925 | |||||||
Capitalized | |||||||||||||
Assumed | 885,944 | 862,767 | 1,081,599 | ||||||||||
Retroceded | (8,335 | ) | (8,604 | ) | (11,814 | ) | |||||||
Amortized (including interest): | |||||||||||||
Assumed | (882,498 | ) | (826,539 | ) | (975,844 | ) | |||||||
Allocated to change in value of embedded derivatives | (111,744 | ) | (98,141 | ) | (42,183 | ) | |||||||
Retroceded | 14,877 | 11,877 | 14,970 | ||||||||||
Attributed to unrealized investment gains (losses) | (4,480 | ) | 16,181 | (14,938 | ) | ||||||||
Foreign currency changes | (68,985 | ) | (59,019 | ) | 23,559 | ||||||||
Balance, end of year | $ | 3,342,575 | $ | 3,517,796 | $ | 3,619,274 | |||||||
Some reinsurance agreements involve reimbursing the ceding company for allowances and commissions in excess of first-year premiums. These amounts represent acquisition costs and are capitalized to the extent deemed recoverable from the future premiums and amortized against future profits of the business. This type of agreement presents a risk to the extent that the business lapses faster than originally anticipated, resulting in future profits being insufficient to recover the Company’s investment. |
Income_Tax
Income Tax | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax | INCOME TAX | ||||||||||||
Pre-tax income for the years ended December 31, 2014, 2013 and 2012 consists of the following (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Pre-tax income - U.S. | $ | 768,857 | $ | 473,223 | $ | 644,219 | |||||||
Pre-tax income - foreign | 239,676 | 162,031 | 275,004 | ||||||||||
Total pre-tax income | $ | 1,008,533 | $ | 635,254 | $ | 919,223 | |||||||
The provision for income tax expense for the years ended December 31, 2014, 2013 and 2012 consists of the following (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current income tax expense (benefit): | |||||||||||||
U.S. | $ | 18,495 | $ | (48,831 | ) | $ | 52,378 | ||||||
Foreign | 135,260 | 34,470 | 36,840 | ||||||||||
Total current | 153,755 | (14,361 | ) | 89,218 | |||||||||
Deferred income tax expense (benefit): | |||||||||||||
U.S. | 242,694 | 226,771 | 183,929 | ||||||||||
Foreign | (71,963 | ) | 4,007 | 14,183 | |||||||||
Total deferred | 170,731 | 230,778 | 198,112 | ||||||||||
Total provision for income taxes | $ | 324,486 | $ | 216,417 | $ | 287,330 | |||||||
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 for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax provision at U.S. statutory rate | $ | 352,987 | $ | 222,339 | $ | 321,728 | |||||||
Increase (decrease) in income taxes resulting from: | |||||||||||||
Foreign tax rate differing from U.S. tax rate | (12,483 | ) | (8,032 | ) | (14,705 | ) | |||||||
Differences in tax basis in foreign jurisdictions | (8,256 | ) | (26,484 | ) | (21,086 | ) | |||||||
Deferred tax valuation allowance | 2,076 | 26,507 | 635 | ||||||||||
Amounts related to tax audit contingencies | (9,083 | ) | 9,034 | 2,260 | |||||||||
Corporate rate changes - Canada | — | (414 | ) | 1,374 | |||||||||
Corporate rate changes - other | 280 | (1,184 | ) | (1,070 | ) | ||||||||
Subpart F | 6,132 | 8,255 | 13,571 | ||||||||||
Foreign tax credits | (1,045 | ) | (1,786 | ) | (7,808 | ) | |||||||
Return to provision adjustments | (8,123 | ) | (12,465 | ) | (7,351 | ) | |||||||
Other, net | 2,001 | 647 | (218 | ) | |||||||||
Total provision for income taxes | $ | 324,486 | $ | 216,417 | $ | 287,330 | |||||||
Effective tax rate | 32.2 | % | 34.1 | % | 31.3 | % | |||||||
The 2014 results benefited from the release of liabilities established for uncertain tax positions due to the closure with the U.S. Internal Revenue Service of tax returns for a recent five-year period. As a result of that release and other adjustments, the tax provision for the period was reduced and the accrued interest liability was reversed. | |||||||||||||
Total income taxes for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Provision for income taxes | $ | 324,486 | $ | 216,417 | $ | 287,330 | |||||||
Income tax from OCI and additional paid-in-capital: | |||||||||||||
Net unrealized holding gain (loss) on debt and equity securities recognized for financial reporting purposes | 348,697 | (467,454 | ) | 246,682 | |||||||||
Exercise of stock options | 3,011 | (3,125 | ) | (2,902 | ) | ||||||||
Foreign currency translation | 22,998 | 12,330 | (921 | ) | |||||||||
Unrealized pension and post retirement | (14,770 | ) | 7,640 | (2,779 | ) | ||||||||
Total income taxes provided | $ | 684,422 | $ | (234,192 | ) | $ | 527,410 | ||||||
The tax effects of temporary differences that give rise to significant portions of the deferred income tax asset and liabilities at December 31, 2014 and 2013, are presented in the following tables (dollars in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Nondeductible accruals | $ | 118,389 | $ | 106,587 | |||||||||
Differences between tax and financial reporting amounts concerning certain reinsurance transactions | 64,445 | 59,942 | |||||||||||
Differences in the tax basis of cash and invested assets | — | 2,106 | |||||||||||
Investment income differences | 56,176 | 108,462 | |||||||||||
Deferred acquisition costs capitalized for tax | 92,832 | 90,187 | |||||||||||
Net operating loss carryforward | 170,965 | 252,192 | |||||||||||
Capital loss and tax credit carryforwards | 26,365 | 2,356 | |||||||||||
Subtotal | 529,172 | 621,832 | |||||||||||
Valuation allowance | (112,005 | ) | (102,228 | ) | |||||||||
Total deferred income tax assets | 417,167 | 519,604 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Deferred acquisition costs capitalized for financial reporting | 961,170 | 1,066,351 | |||||||||||
Differences between tax and financial reporting amounts concerning certain reinsurance transactions | 1,044,097 | 906,197 | |||||||||||
Differences in the tax basis of cash and invested assets | 667,601 | 310,332 | |||||||||||
Investment income differences | 8,187 | 12,959 | |||||||||||
Differences in foreign currency translation | 64,115 | 19,704 | |||||||||||
Total deferred income tax liabilities | 2,745,170 | 2,315,543 | |||||||||||
Net deferred income tax liabilities | $ | 2,328,003 | $ | 1,795,939 | |||||||||
Balance sheet presentation of net deferred income tax liabilities: | |||||||||||||
Included in other assets | $ | 37,814 | $ | 41,638 | |||||||||
Included in deferred income taxes | 2,365,817 | 1,837,577 | |||||||||||
Net deferred income tax liabilities | $ | 2,328,003 | $ | 1,795,939 | |||||||||
As of December 31, 2014, a valuation allowance for deferred tax assets of approximately $112.0 million was provided on the total deferred tax assets. The valuation allowance is primarily related to numerous branches and legal entities for which there is no history of earnings in recent years. Further there is a partial valuation allowance on RGA Reinsurance Company of South Africa, Limited and RGA Reinsurance Company of Australia Limited (“RGA Australia”) net operating losses, RGA International Reinsurance Company Limited’s foreign tax credit and RGA's deferred tax asset related to share expense for foreign entities. As of December 31, 2013, a valuation allowance for deferred tax assets of approximately $102.2 million was provided on the total deferred tax assets. The valuation allowance is primarily related to numerous branches and legal entities for which there is no history of earnings in recent years. Further there is a partial valuation allowance on a portion of RGA Australia's deferred tax asset and on RGA's deferred tax asset related to share expense for foreign entities. The Company utilizes valuation allowances when it believes, based on the weight of the available evidence, that it is more likely than not that the deferred income tax asset will not be realized. | |||||||||||||
The earnings of substantially all of the Company’s foreign subsidiaries have been permanently reinvested in foreign operations. A provision of $4.2 million has been made for U.S. taxes on repatriation. No other provision has been made for U.S. tax or foreign withholding taxes that may be applicable upon any repatriation or sale. The determination of the unrecognized deferred tax liability for temporary differences related to investments in the Company’s foreign subsidiaries is not practicable. At December 31, 2014 and 2013, the financial reporting basis in excess of the tax basis for which no deferred taxes have been recognized was approximately $1,115.2 million and $1,154.4 million, respectively. | |||||||||||||
During 2014, 2013 and 2012, the Company received federal and foreign income tax refunds of approximately $9.3 million, $2.6 million and $16.2 million, respectively. The Company made cash income tax payments of approximately $79.6 million, $113.4 million and $113.2 million in 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, the Company recognized gross deferred tax assets associated with net operating losses of approximately $647.0 million and $916.4 million, respectively, $19.1 million of which will begin to expire in 2025. The remaining net operating losses have either a valuation allowance or indefinite carryforward periods. However, these net operating losses, other than the net operating losses for which there is a valuation allowance, are expected to be utilized in the normal course of business during the period allowed for carryforwards and in any event, are not expected to be lost, due to the application of tax planning strategies that the Company would utilize. | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is under continuous examination by the Internal Revenue Service and is subject to audit by taxing authorities in other foreign jurisdictions in which the Company has significant business operations. The income tax years under examination vary by jurisdiction. With a few exceptions, the Company is no longer subject to U.S. federal, state and foreign income tax examinations by tax authorities for years prior to 2011. | |||||||||||||
As of December 31, 2014, the Company’s total amount of unrecognized tax benefits was $274.7 million and the total amount of unrecognized tax benefits that would affect the effective tax rate, if recognized, was $30.8 million. Management believes there will be no material impact to the Company’s effective tax rate related to unrecognized tax benefits over the next 12 months. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012, is as follows (dollars in thousands): | |||||||||||||
Total Unrecognized Tax Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance, January 1 | $ | 279,801 | $ | 245,636 | $ | 194,260 | |||||||
Additions for tax positions of prior years | 17,431 | 41,228 | 47,438 | ||||||||||
Reductions for tax positions of prior years | (26,001 | ) | (10,401 | ) | — | ||||||||
Additions for tax positions of current year | 3,430 | 3,338 | 3,938 | ||||||||||
Ending balance, December 31 | $ | 274,661 | $ | 279,801 | $ | 245,636 | |||||||
The Company recognized interest expense (benefit) associated with uncertain tax positions in 2014, 2013 and 2012 of $(36.6) million, $7.6 million and $9.9 million, respectively. As of December 31, 2014 and 2013, the Company had $20.7 million and $57.3 million, respectively, of accrued interest related to unrecognized tax benefits. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||
Certain subsidiaries of the Company are sponsors or administrators of both qualified and non-qualified defined benefit pension plans (“Pension Plans”). The largest of these plans is a non-contributory qualified defined benefit pension plan sponsored by RGA Reinsurance that covers U.S. employees. The benefits under the Pension Plans are generally based on years of service and compensation levels. | |||||||||||||||||||||||||
The Company also provides certain health care and life insurance benefits for retired employees. The health care benefits are provided through a self-insured welfare benefit plan. Employees become eligible for these benefits if they meet minimum age and service requirements. The retiree’s cost for health care benefits varies depending upon the credited years of service. The Company recorded benefits expense of approximately $5.4 million, $4.1 million, and $3.6 million in 2014, 2013 and 2012, respectively that are related to these postretirement plans. Virtually all retirees, or their beneficiaries, contribute a portion of the total cost of postretirement health benefits. Prepaid benefit costs and accrued benefit liabilities are included in other assets and other liabilities, respectively, in the Company’s consolidated balance sheets. | |||||||||||||||||||||||||
A December 31 measurement date is used for all of the defined benefit and postretirement plans. The status of these plans as of December 31, 2014 and 2013 is summarized below (dollars in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 111,195 | $ | 112,759 | $ | 30,759 | $ | 33,953 | |||||||||||||||||
Service cost | 8,121 | 8,023 | 2,354 | 1,881 | |||||||||||||||||||||
Interest Cost | 4,972 | 4,072 | 1,962 | 1,353 | |||||||||||||||||||||
Participant contributions | — | — | 174 | 128 | |||||||||||||||||||||
Actuarial (gains) losses | 18,930 | (8,957 | ) | 25,354 | (5,949 | ) | |||||||||||||||||||
Benefits paid | (3,044 | ) | (3,347 | ) | (821 | ) | (607 | ) | |||||||||||||||||
Foreign currency rate change effect | (1,978 | ) | (1,355 | ) | — | — | |||||||||||||||||||
Benefit obligation at end of year | $ | 138,196 | $ | 111,195 | $ | 59,782 | $ | 30,759 | |||||||||||||||||
December 31, | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 59,559 | $ | 49,516 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 2,489 | 6,027 | — | — | |||||||||||||||||||||
Employer contributions | 7,753 | 7,363 | 647 | 479 | |||||||||||||||||||||
Participant contributions | — | — | 174 | 128 | |||||||||||||||||||||
Benefits paid and expenses | (3,044 | ) | (3,347 | ) | (821 | ) | (607 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 66,757 | $ | 59,559 | $ | — | $ | — | |||||||||||||||||
Funded status at end of year | $ | (71,439 | ) | $ | (51,636 | ) | $ | (59,782 | ) | $ | (30,759 | ) | |||||||||||||
December 31, | |||||||||||||||||||||||||
Qualified Plans | Non-Qualified Plans(1) | Total | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Aggregate fair value of plan assets | $ | 66,757 | $ | 59,559 | $ | — | $ | — | $ | 66,757 | $ | 59,559 | |||||||||||||
Aggregate projected benefit obligations | 80,104 | 63,502 | 58,092 | 47,693 | 138,196 | 111,195 | |||||||||||||||||||
Under funded | $ | (13,347 | ) | $ | (3,943 | ) | $ | (58,092 | ) | $ | (47,693 | ) | $ | (71,439 | ) | $ | (51,636 | ) | |||||||
-1 | For non-qualified plans, there are no required funding levels. | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||||||||||||||
Net actuarial loss | $ | 41,238 | $ | 22,507 | $ | 32,949 | $ | 8,655 | |||||||||||||||||
Net prior service cost | 1,496 | 1,981 | — | — | |||||||||||||||||||||
Total | $ | 42,734 | $ | 24,488 | $ | 32,949 | $ | 8,655 | |||||||||||||||||
The following table presents information for qualified and non-qualified pension plans with a projected benefit obligation in excess of plan assets as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 138,196 | $ | 111,195 | |||||||||||||||||||||
Fair value of plan assets | 66,757 | 59,559 | |||||||||||||||||||||||
The accumulated benefit obligations for all defined benefit pension plans were $135.9 million and $107.7 million at December 31, 2014 and 2013, respectively. The following table presents information for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Accumulated benefit obligation | $ | 135,850 | $ | 107,722 | |||||||||||||||||||||
Fair value of plan assets | 66,757 | 59,559 | |||||||||||||||||||||||
The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows (dollars in thousands): | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||
Service cost | $ | 8,121 | $ | 8,023 | $ | 7,531 | $ | 2,354 | $ | 1,881 | $ | 1,641 | |||||||||||||
Interest cost | 4,972 | 4,072 | 4,072 | 1,962 | 1,353 | 1,246 | |||||||||||||||||||
Expected return on plan assets | (4,471 | ) | (3,734 | ) | (3,066 | ) | — | — | — | ||||||||||||||||
Amortization of prior actuarial losses | 1,755 | 3,270 | 3,439 | 1,060 | 868 | 743 | |||||||||||||||||||
Amortization of prior service cost | 333 | 373 | 376 | — | — | — | |||||||||||||||||||
Settlements | — | — | 841 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | 10,710 | 12,004 | 13,193 | 5,376 | 4,102 | 3,630 | |||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||
Net actuarial (gains) losses | 20,912 | (11,250 | ) | 10,888 | 25,354 | (5,949 | ) | 2,341 | |||||||||||||||||
Prior service cost | — | — | — | — | — | — | |||||||||||||||||||
Amortization of actuarial (gains) losses | (1,755 | ) | (3,270 | ) | (3,439 | ) | (1,060 | ) | (868 | ) | (743 | ) | |||||||||||||
Amortization of prior service cost (credit) | (333 | ) | (373 | ) | (376 | ) | — | — | — | ||||||||||||||||
Settlements | — | — | (841 | ) | — | — | — | ||||||||||||||||||
Foreign exchange translations and other adjustments | (578 | ) | (439 | ) | 219 | — | — | — | |||||||||||||||||
Total recognized in other comprehensive income | 18,246 | (15,332 | ) | 6,451 | 24,294 | (6,817 | ) | 1,598 | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 28,956 | $ | (3,328 | ) | $ | 19,644 | $ | 29,670 | $ | (2,715 | ) | $ | 5,228 | |||||||||||
The Company expects to contribute to the plans $13.1 million in pension benefits and $4.3 million in other benefits during 2015. | |||||||||||||||||||||||||
The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (dollars in thousands): | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2015 | $ | 6,423 | $ | 567 | |||||||||||||||||||||
2016 | 9,897 | 703 | |||||||||||||||||||||||
2017 | 7,828 | 814 | |||||||||||||||||||||||
2018 | 7,979 | 970 | |||||||||||||||||||||||
2019 | 9,509 | 1,104 | |||||||||||||||||||||||
2020-2024 | 50,896 | 7,720 | |||||||||||||||||||||||
The estimated net loss and prior service cost for the defined benefit pension plans and post-retirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $3.8 million and $2.2 million, respectively. | |||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||
Weighted average assumptions used to determine the accumulated benefit obligation and net benefit cost or income for the year ended December 31: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Discount rate used to determine benefit obligation | 3.9 | % | 4.45 | % | 3.8 | % | 4.05 | % | 5.05 | % | 4.15 | % | |||||||||||||
Discount rate used to determine net benefit cost or income | 4.3 | % | 3.83 | % | 4.12 | % | 5.05 | % | 4.15 | % | 4.5 | % | |||||||||||||
Expected long-term rate of return on plan assets | 7.35 | % | 7.35 | % | 7.75 | % | — | % | — | % | — | % | |||||||||||||
Rate of compensation increases | 4.08 | % | 4.21 | % | 4.2 | % | — | % | — | % | — | % | |||||||||||||
The expected rate of return on plan assets is based on anticipated performance of the various asset sectors in which the plan invests, weighted by target allocation percentages. Anticipated future performance is based on long-term historical returns of the plan assets by sector, adjusted for the long-term expectations on the performance of the markets. While the precise expected return derived using this approach may fluctuate from year to year, the policy is to hold this long-term assumption constant as long as it remains within reasonable tolerance from the derived rate. This process is consistent for all plan assets as all the assets are invested in mutual funds. | |||||||||||||||||||||||||
The assumed health care cost trend rates used in measuring the accumulated non-pension post-retirement benefit obligation were as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Pre-Medicare eligible claims | 8% down to 5% in 2018 | 9% down to 5% in 2017 | |||||||||||||||||||||||
Medicare eligible claims | 8% down to 5% in 2018 | 9% down to 5% in 2017 | |||||||||||||||||||||||
Assumed health care cost trend rates may have a significant effect on the amounts reported for health care plans. A one-percentage point change in assumed health care cost trend rates would have the following effects (dollars in thousands): | |||||||||||||||||||||||||
One Percent Increase | One Percent Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 1,232 | $ | (881 | ) | ||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | $ | 14,912 | $ | (11,081 | ) | ||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
Target allocations of assets are determined with the objective of maximizing returns and minimizing volatility of net assets through adequate asset diversification and partial liability immunization. Adjustments are made to target allocations based on the Company’s assessment of the effect of economic factors and market conditions. The target allocations for plan assets are 60% equity securities and 40% debt securities as of December 31, 2014 and 2013. The Company’s plan assets are primarily invested in mutual funds. The mutual funds include holdings of S&P 500 securities, large-cap securities, mid-cap securities, small-cap securities, international securities, corporate debt securities, U.S. and other government securities, mortgage-related securities and cash. | |||||||||||||||||||||||||
Equity and debt securities are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, changes in the values of investment securities will occur and any change would affect the amounts reported in the financial statements. | |||||||||||||||||||||||||
The fair values of the Company’s pension plan assets as of December 31, 2014 and 2013 are summarized below (dollars in thousands): | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Mutual Funds(1) | $ | 66,675 | $ | 66,675 | $ | — | $ | — | |||||||||||||||||
Cash | 82 | 82 | — | — | |||||||||||||||||||||
Total | $ | 66,757 | $ | 66,757 | $ | — | $ | — | |||||||||||||||||
-1 | Mutual funds were invested 32% in U.S. equity funds, 30% in U.S. fixed income funds, 22% in non-U.S. equity funds and 16% in other. | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Mutual Funds(2) | $ | 59,485 | $ | 59,485 | $ | — | $ | — | |||||||||||||||||
Cash | 74 | 74 | — | — | |||||||||||||||||||||
Total | $ | 59,559 | $ | 59,559 | $ | — | $ | — | |||||||||||||||||
-2 | Mutual funds were invested 33% in U.S. equity funds, 26% in U.S. fixed income funds, 25% in non-U.S. equity funds and 16% in other. | ||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company classified all of its pension plan assets in the Level 1 category as quoted prices in active markets are available for these assets. See Note 6 – “Fair Value of Asset and Liabilities” for additional detail on the fair value hierarchy. | |||||||||||||||||||||||||
Savings and Investment Plans | |||||||||||||||||||||||||
Certain subsidiaries of RGA also sponsor saving and investment plans under which a portion of employee contributions are matched. Subsidiary contributions to these plans, were $7.8 million, $7.3 million and $6.4 million in 2014, 2013 and 2012, respectively. |
Financial_Condition_and_Net_In
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Statutory Basis [Abstract] | |||||||||||||||||||||
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries | FINANCIAL CONDITION AND NET INCOME ON A STATUTORY BASIS – SIGNIFICANT SUBSIDIARIES | ||||||||||||||||||||
The domestic and foreign insurance subsidiaries of RGA prepare their statutory financial statements in conformity with statutory accounting practices prescribed or permitted by the applicable state insurance department or local regulatory authority, which vary materially from statements prepared in accordance with GAAP. Prescribed statutory accounting practices in the U.S. include publications of the National Association of Insurance Commissioners (“NAIC”), as well as state laws, local regulations and general administrative rules. The differences between statutory financial statements and financial statements prepared in accordance with GAAP vary between jurisdictions. The principal differences between GAAP and NAIC are that statutory financial statements do not reflect deferred policy acquisition costs and limit deferred tax assets, life benefit reserves predominately use interest rate and mortality assumptions prescribed by the NAIC and local regulatory agencies, bonds are generally carried at amortized cost and reinsurance assets and liabilities are presented net of reinsurance. | |||||||||||||||||||||
Statutory net income, and capital and surplus of the Company’s insurance subsidiaries, determined in accordance with statutory accounting practices prescribed by the applicable state insurance department or local regulatory authority are as follows (dollars in thousands): | |||||||||||||||||||||
Statutory Capital & Surplus | Statutory Net Income (Loss) | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||||||
RGA Reinsurance (U.S.) | $ | 1,528,301 | $ | 1,550,070 | $ | 17,085 | $ | 115,814 | $ | 3,497 | |||||||||||
RCM (U.S.) | 1,625,276 | 1,633,356 | 126,326 | 109,084 | 58,549 | ||||||||||||||||
RGA Life Reinsurance Company of Canada | 915,130 | 767,108 | 225,083 | 89,428 | 95,861 | ||||||||||||||||
RGA Barbados | 690,392 | 716,115 | 39,236 | 70,940 | 81,942 | ||||||||||||||||
RGA Australia | 373,606 | 403,584 | 901 | (70,404 | ) | 37,180 | |||||||||||||||
RGA Atlantic Reinsurance Company Ltd. | 435,408 | 379,891 | 113,055 | (27,137 | ) | 91,898 | |||||||||||||||
RGA Americas 1 | 2,787,552 | 2,246,496 | 236,215 | 147,363 | 258,257 | ||||||||||||||||
Other reinsurance subsidiaries | 1,600,197 | 1,003,215 | (663,869 | ) | 253,364 | (428,049 | ) | ||||||||||||||
-1 | RGA Life Reinsurance Company of Canada and RGA Atlantic Reinsurance Company Ltd. were contributed to RGA Americas in 2014 as part of its designation as a certified reinsurer. All prior periods have been adjusted to reflect that change. | ||||||||||||||||||||
Each U.S. domestic insurance subsidiary’s state of domicile imposes minimum risk-based capital (“RBC”) requirements that were developed by the NAIC. The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital, as defined by the NAIC, to authorized control level RBC, as defined by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. Each of RGA’s U.S. domestic insurance subsidiaries exceeded the minimum RBC requirements for all periods presented herein. These requirements do not represent a significant constraint for the payment of dividends by RGA’s U.S. domestic insurance companies. | |||||||||||||||||||||
The licensing orders of the Company’s special purpose companies stipulate a minimum amount of capital required based on the purpose of the entity and the underlying business. These companies are subject to enhanced oversight by the regulator which includes filing detailed plans of operations before commencing operations or making material changes to existing agreements or entering into new agreements. Each of the Company’s Special Purpose Life Reinsurance Captives (“SPLRC”) exceeded the minimum capital requirements for all periods presented herein. | |||||||||||||||||||||
The Company’s foreign insurance subsidiaries prepare financial statements in accordance with local regulatory requirements. The regulatory authorities in these foreign jurisdictions establish some form of minimum regulatory capital and surplus requirements. All of the Company’s foreign insurance subsidiaries have regulatory capital and surplus that exceed the local minimum requirements. These requirements do not represent a significant constraint for the payment of dividends by the Company’s foreign insurance companies. | |||||||||||||||||||||
The state of domicile of certain of the Company’s SPLRCs follow prescribed accounting practices differing from NAIC statutory accounting practices (“NAIC SAP”) applicable to their statutory financial statements. Specifically, these prescribed practices require that surplus note interest accrued but not approved for payment be reported as a direct reduction of surplus and an addition to the surplus note balance. Under NAIC SAP, surplus note interest is not to be reported until approved for payment and is reported as a reduction of net investment income in the Summary of Operations. In addition, these prescribed practices allow the SPLRC to reflect letters of credit issued for its benefit as an admitted asset and a direct credit to unassigned surplus. Under NAIC SAP, letters of credit issued on behalf of the reporting company are not reported on the balance sheet. | |||||||||||||||||||||
A reconciliation of the Company’s surplus between NAIC SAP and practices prescribed by the state of domicile is shown below (dollars in thousands): | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Prescribed practice – surplus note | $ | 515,399 | $ | 343,780 | |||||||||||||||||
Prescribed practice – letters of credit | (642,200 | ) | (436,200 | ) | |||||||||||||||||
Surplus (deficit) – NAIC SAP | $ | (126,801 | ) | $ | (92,420 | ) | |||||||||||||||
RCM, RGA Reinsurance and Chesterfield Re are subject to Missouri statutory provisions that restrict the payment of dividends. They may not pay dividends in any 12-month period in excess of the greater of the prior year’s statutory net gain from operations or 10% of statutory capital and surplus at the preceding year-end, without regulatory approval. The applicable statutory provisions only permit an insurer to pay a shareholder dividend from unassigned surplus. As of January 1, 2015, RGA Reinsurance could pay maximum dividends, without prior approval, of approximately $152.8 million. Any dividends paid by RGA Reinsurance would be paid to RCM, its parent company, which in turn has restrictions related to its ability to pay dividends to RGA. Chesterfield Re would pay dividends to its immediate parent Chesterfield Financial Holdings LLC, ("Chesterfield Financial"), which would in turn pay dividends to RCM, subject to the terms of the indenture for the embedded value securitization transaction, in which Chesterfield Financial cannot declare or pay any dividends so long as any private placement notes are outstanding. The Missouri Department of Insurance, Financial Institution and Professional Registration, allows RCM to pay a dividend to RGA to the extent RCM received the dividend from RGA Reinsurance, without limitation related to the level of unassigned surplus. Dividend payments from other subsidiaries are subject to regulations in the jurisdiction of domicile, which are generally based on their earnings and/or capital level. In addition, the earnings of substantially all of the Company’s foreign subsidiaries have been indefinitely reinvested in foreign operations. | |||||||||||||||||||||
There are no regulatory restrictions that limit the payment of dividends by RGA, except those generally applicable to Missouri corporations. Dividends are payable by Missouri corporations only under the circumstances specified in The General and Business Corporation Law of Missouri. RGA would not be permitted to pay common stock dividends if there is any accrued and unpaid interest on its 6.20% Subordinated Debentures due 2042 and its 6.75% Junior Subordinated Debentures due 2065. Furthermore, the ability of RGA to pay dividends is dependent on business conditions, income, cash requirements of the Company, receipt of dividends from its subsidiaries, financial covenant provisions and other relevant factors. |
Commitments_Contingencies_and_
Commitments Contingencies and Guarantees | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||
Commitments and Contingent Liabilities | COMMITMENTS, CONTINGENCIES AND GUARANTEES | ||||||||||||||
Commitments | |||||||||||||||
Funding of Investments | |||||||||||||||
The Company's commitments to fund investments as of December 31, 2014 and 2013 are presented in the following table (dollars in thousands): | |||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Limited partnerships | $ | 254,314 | $ | 239,453 | |||||||||||
Commercial mortgage loans | 33,850 | 4,600 | |||||||||||||
Private placements | — | 22,000 | |||||||||||||
Bank loans and revolving credit agreements | 52,859 | 36,952 | |||||||||||||
Equity release mortgages | 8,549 | — | |||||||||||||
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 consolidated balance sheets. Bank loans are carried at fair value and included in fixed maturities available-for-sale. Equity release mortgages are carried at unpaid principal balances, net of any amortized premium or discount and valuation allowance and included in other invested assets. | |||||||||||||||
Letters of Credit | |||||||||||||||
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 December 31, 2014 and 2013, there were approximately $176.5 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 affiliated subsidiaries. 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. As of December 31, 2014 and 2013, $1,035.0 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 NAIC list of approved banks. | |||||||||||||||
The Company maintains eight credit facilities, a syndicated revolving credit facility with a capacity of $850.0 million and seven letter of credit facilities with a combined capacity of $836.5 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 existing credit facilities as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||
Amount Utilized(1) | |||||||||||||||
December 31, | |||||||||||||||
Facility Capacity | Maturity Date | 2014 | 2013 | Basis of Fees | |||||||||||
$ | 850,000 | December 2019 | $ | 204,774 | $ | 67,561 (3) | Senior unsecured long-term debt rating | ||||||||
120,000 | May-16 | 80,040 | 85,050 | Fixed | |||||||||||
270,000 | Nov-17 | 270,000 | 270,000 | Fixed | |||||||||||
100,000 | Jun-17 | 81,747 | 89,433 | Fixed | |||||||||||
74,623 (2) | Nov-15 | 74,623 | 58,351 | Fixed | |||||||||||
80,961 (2) | Mar-19 | 80,961 | 132,534 | Fixed | |||||||||||
150,000 | Jun-16 | 130,000 | — | Fixed | |||||||||||
40,875 (2) | May-16 | 28,612 | — | Fixed | |||||||||||
-1 | Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. | ||||||||||||||
-2 | Foreign currency facility, amounts presented are in U.S. dollars. | ||||||||||||||
-3 | 2013 represents amount under expired syndicated credit facility. | ||||||||||||||
Fees associated with the Company’s other letters of credit are not fixed for periods in excess of one year and are based on the Company’s ratings and the general availability of these instruments in the marketplace. Total fees expensed associated with the Company’s letters of credit were $12.6 million, $9.8 million and $7.3 million for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in policy acquisition costs and other insurance expenses. | |||||||||||||||
Leases | |||||||||||||||
The Company leases office space and furniture and equipment under non-cancelable operating lease agreements, which expire at various dates. Future minimum office space annual rentals under non-cancelable operating leases along with associated sublease income at December 31, 2014 are as follows (dollars in thousands): | |||||||||||||||
Operating | Sublease | ||||||||||||||
Leases | Income | ||||||||||||||
2015 | $ | 12,140 | $ | 706 | |||||||||||
2016 | 9,827 | 706 | |||||||||||||
2017 | 8,647 | 663 | |||||||||||||
2018 | 6,929 | 136 | |||||||||||||
2019 | 4,809 | — | |||||||||||||
Thereafter | 18,253 | — | |||||||||||||
Rent expenses amounted to approximately $19.3 million, $18.5 million and $19.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||
Off-Balance Sheet Arrangements | |||||||||||||||
In 2013, the Company executed a series of incentive agreements with the County of St. Louis, Missouri (the “County”). Under these agreements, the Company transferred its newly constructed world headquarters to the County in exchange for taxable industrial revenue bonds (the “bonds”), in a series of bond issuances during 2013 and 2014, with a maximum amount of $150.0 million. As a result, the Company is able to reduce the cost of constructing and operating its world headquarters by reducing certain state and local tax expenditures. The Company simultaneously leased the world headquarters from the County and has an option to purchase the world headquarters for a nominal fee upon tendering the bonds back to the County. The payments due to the Company under the terms of the bonds and the amounts owed by the Company under the terms of the lease agreement qualify for the right of offset under GAAP. As such, neither the bonds nor the lease obligation is recorded on the consolidated balance sheets as an asset or liability, respectively. The world headquarters is recorded as an asset of the Company in “Other assets” on the consolidated balance sheets. | |||||||||||||||
Contingencies | |||||||||||||||
Litigation | |||||||||||||||
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. | |||||||||||||||
Other | |||||||||||||||
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. | |||||||||||||||
Guarantees | |||||||||||||||
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 are reflected on the Company’s consolidated balance sheets in a policy related liability. 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. RGA’s guarantees issued as of December 31, 2014 and 2013 are reflected in the following table (dollars in thousands): | |||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||
Treaty guarantees | $ | 826,496 | $ | 826,947 | |||||||||||
Treaty guarantees, net of assets in trust | 664,913 | 647,941 | |||||||||||||
Borrowed securities | 201,050 | 93,000 | |||||||||||||
Financing arrangements | 100,000 | — | |||||||||||||
Lease obligations | 6,085 | 8,314 | |||||||||||||
Manor Reinsurance, Ltd. ("Manor Re") 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 credit 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. At the election of the Company, this transaction will terminate in March 2015. | |||||||||||||||
RGA, through wholly-owned subsidiaries, has committed to provide statutory reserve support to third-parties through 2035, 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 December 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 | 2014 | 2013 | |||||||||||||
2026 | $ | 500 | $ | 500 | |||||||||||
2033 | 1,950.00 | 1,350.00 | |||||||||||||
2034 | 2,000.00 | — | |||||||||||||
2036 | 1,432.00 | 1,250.00 | |||||||||||||
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | DEBT | ||||||||
The Company’s long-term debt consists of the following (dollars in thousands): | |||||||||
2014 | 2013 | ||||||||
$400 million 6.20% Subordinated Debentures due 2042 | $ | 400,000 | $ | 400,000 | |||||
$400 million 6.75% Junior Subordinated Debentures due 2065 | 318,732 | 318,729 | |||||||
$400 million 4.70% Senior Notes due 2023 | 398,684 | 398,533 | |||||||
$400 million 5.00% Senior Notes due 2021 | 398,583 | 398,362 | |||||||
$400 million 6.45% Senior Notes due 2019 | 399,669 | 399,602 | |||||||
$300 million 5.625% Senior Notes due 2017 | 299,397 | 299,124 | |||||||
$100 million 4.09% Promissory Note due 2039 | 99,228 | — | |||||||
Long-term Debt | $ | 2,314,293 | $ | 2,214,350 | |||||
On August 21, 2014, the Company signed a promissory note due September 1, 2039 with a face amount of $100.0 million, collateralized by the Company’s new headquarters in Chesterfield, Missouri. Principal and interest are paid monthly on the promissory note, with an interest rate of 4.09%. The liability for the note is included in long-term debt on the consolidated balance sheets. | |||||||||
On September 19, 2013, RGA issued 4.70% Senior Notes due September 15, 2023 with a face amount of $400.0 million. These senior notes have been registered with the Securities and Exchange Commission. The net proceeds from the offering were approximately $395.1 million and will be used for general corporate purposes. Capitalized issue costs were approximately$3.4 million. | |||||||||
On August 21, 2012, RGA issued 6.20% Fixed-To-Floating Rate Subordinated Debentures due September 15, 2042 with a face amount of $400.0 million. These subordinated debentures have been registered with the Securities and Exchange Commission. The net proceeds from the offering were approximately $393.7 million and will be used for general corporate purposes. Capitalized issue costs were approximately $6.3 million. | |||||||||
On September 25, 2014 the Company entered into a new syndicated revolving credit facility with a five year term and an overall capacity of $850.0 million, replacing its existing $850.0 million syndicated revolving credit facility, which was scheduled to mature in December 2015. The Company may borrow cash and may obtain letters of credit in multiple currencies under this facility. See - Note 12 "Commitments, Contingencies and Guarantees" for information regarding the Company's credit facilities. As of December 31, 2014 and 2013, respectively, the Company had no cash borrowings outstanding and $204.8 million and $67.6 million in issued, but undrawn, letters of credit under its syndicated revolving credit agreements. As of December 31, 2014 and 2013, the average interest rate on long-term debt outstanding was 5.69% and 5.76%, respectively. | |||||||||
Certain of the Company’s debt agreements contain financial covenant restrictions related to, among others, liens, the issuance and disposition of stock of restricted subsidiaries, minimum requirements of consolidated net worth, maximum ratios of debt to capitalization and change of control provisions. A material ongoing covenant default could require immediate payment of the amount due, including principal, under the various agreements. Additionally, the Company’s debt agreements contain cross-default covenants, which would make outstanding borrowings immediately payable in the event of a material uncured covenant default under any of the agreements, including, but not limited to, non-payment of indebtedness when due for an amount in excess of $100.0 million, bankruptcy proceedings, or any other event which results in the acceleration of the maturity of indebtedness. As of December 31, 2014 and 2013, the Company had $2,314.3 million and $2,214.4 million, respectively, in outstanding borrowings under its debt agreements and was in compliance with all covenants under those agreements. | |||||||||
The ability of the Company to make debt principal and interest payments depends on the earnings and surplus of subsidiaries, investment earnings on undeployed capital proceeds, and the Company’s ability to raise additional funds. Future principal payments due on long-term debt as of December 31, 2014, were as follows (dollars in thousands): | |||||||||
2015 | $ | 2,178 | |||||||
2016 | 2,470 | ||||||||
2017 | 302,573 | ||||||||
2018 | 2,681 | ||||||||
2019 | 402,792 | ||||||||
Thereafter | 1,606,337 | ||||||||
Total | $ | 2,319,031 | |||||||
Collateral_Finance_and_Securit
Collateral Finance and Securitization Notes | 12 Months Ended |
Dec. 31, 2014 | |
Collateral Finance Facility [Abstract] | |
Collateral Finance and Securitization Notes | COLLATERAL FINANCE AND SECURITIZATION NOTES |
Collateral Finance Notes | |
In June 2006, RGA’s subsidiary, Timberlake Financial L.L.C. (“Timberlake Financial”), issued $850.0 million of Series A Floating Rate Insured Notes, due June 2036, in a private placement. The notes were issued to fund the collateral requirements for statutory reserves required by Regulation XXX on specified term life insurance policies reinsured by RGA Reinsurance and retroceded to Timberlake Re. Proceeds from the notes, along with a $112.8 million direct investment by the Company, were deposited into a series of accounts that collateralize the notes and are not available to satisfy the general obligations of the Company. As of December 31, 2014 and 2013, respectively, the Company held assets in trust and in custody of $922.8 million and $913.5 million, of which $15.7 million and $20.5 million were held in a Debt Service Coverage account to cover interest payments on the notes. Interest on the notes accrues at an annual rate of 1-month LIBOR plus a base rate margin, payable monthly, and totaled $4.0 million, $5.1 million and $6.9 million in 2014, 2013 and 2012, respectively. The payment of interest and principal on the notes is insured through a financial guaranty insurance policy by a monoline insurance company, the parent company of which emerged from Chapter 11 bankruptcy in 2013. The notes represent senior, secured indebtedness of Timberlake Financial without legal recourse to RGA or its other subsidiaries. | |
Timberlake Financial relies primarily upon the receipt of interest and principal payments on a surplus note and dividend payments from its wholly-owned subsidiary, Timberlake Re, a South Carolina captive insurance company, to make payments of interest and principal on the notes. The ability of Timberlake Re to make interest and principal payments on the surplus note and dividend payments to Timberlake Financial is contingent upon the South Carolina Department of Insurance’s regulatory approval. Approval to pay interest on the surplus note was granted through March 30, 2015. | |
During 2013, the Company repurchased $160.0 million face amount of the Timberlake Financial notes for $112.0 million, which was the market value at the date of the purchase. The notes were purchased by RGA Reinsurance. As a result, the Company recorded pre-tax gains of $46.5 million, after fees, in other revenues in 2013. | |
The Company’s consolidated balance sheets include the assets of Timberlake Financial, a wholly-owned subsidiary, recorded as fixed maturity investments and other invested assets, which consists of restricted cash and cash equivalents, with the liability for the notes recorded as collateral finance and securitization notes. The Company’s consolidated statements of income include the investment return of Timberlake Financial as investment income and the cost of the facility is reflected in collateral finance and securitization expense. | |
Securitization Notes | |
In December 2014, RGA's subsidiary, Chesterfield Financial Holdings LLC, ("Chesterfield Financial"), issued $300.0 million of asset-backed notes due December 2034 in a private placement. The notes were issued as part of an embedded value securitization transaction covering a closed block of policies assumed by RGA Reinsurance and retroceded to Chesterfield Re. Proceeds from the notes, along with a $79.0 million direct investment by the Company, were applied by Chesterfield Financial to (i) pay certain transaction-related expenses, (ii) establish a $27.0 million Reserve Account owned by Chesterfield Financial and pledged to the indenture trustee for the benefit of the holders of the notes (primarily to cover interest payments on the notes), and (iii) to fund an initial stock purchase from and capital contribution to Chesterfield Re of $346.5 million to capitalize Chesterfield Re and to finance the payment of a $256.5 million ceding commission by Chesterfield Re to RGA Reinsurance under the retrocession agreement. Interest on the notes accrues at an annual rate of 4.50%, payable quarterly, and totaled $0.6 million in 2014. Capitalized issue costs were approximately $5.4 million. The notes represent senior, secured indebtedness of Chesterfield Financial. Limited support is provided by RGA for temporary potential liquidity events at Chesterfield Financial and for temporary potential statutory capital and surplus events at Chesterfield Re. Otherwise, there is no legal recourse to RGA or its other subsidiaries. The notes are not insured or guaranteed by any other person or entity. | |
Chesterfield Financial relies primarily upon dividend payments from its wholly-owned subsidiary, Chesterfield Re, a Missouri domiciled life insurance company, to make payments of interest and principal on the notes. The ability of Chesterfield Re to make dividend payments to Chesterfield Financial is contingent upon regulatory approval by the Missouri Department of Insurance, Financial Institution and Professional Registration. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Information | SEGMENT INFORMATION | ||||||||||||
The Company has five geographic-based or function-based operational segments: U.S. and Latin America; Canada; Europe, Middle East and Africa; Asia Pacific; and Corporate and Other. The U.S. and Latin America segment is further segmented into traditional and non-traditional businesses, with the prior years reclassified to conform to the current year presentation. The U.S. and Latin America operations provide individual life, long-term care, group life and health reinsurance, annuity and financial reinsurance products. The Canada operations provide insurers with reinsurance of individual life products as well as creditor reinsurance, group life and health reinsurance, non-guaranteed critical illness products and longevity reinsurance. Europe, Middle East and Africa operations include traditional life reinsurance and critical illness business from Europe, Middle East and Africa, in addition to other markets the Company is developing. Asia Pacific operations provide primarily traditional and group life reinsurance, critical illness and, to a lesser extent, financial reinsurance. Corporate and Other includes results from, among others, RGA Technology Partners, Inc., a wholly-owned subsidiary that develops and markets technology solutions for the insurance industry and the investment income and expense associated with the Company’s collateral finance and securitization notes. The Company measures segment performance based on income before income taxes. | |||||||||||||
The accounting policies of the segments are the same as those described in Note 2 – “Summary of Significant Accounting Policies.” 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 (loss) before income taxes, interest expense, depreciation and amortization, and assets of the Company’s operations are summarized below (dollars in thousands). | |||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Revenues: | |||||||||||||
U.S. and Latin America | |||||||||||||
Traditional | $ | 5,283,268 | $ | 5,115,941 | $ | 4,881,994 | |||||||
Non-Traditional | 1,014,143 | 962,818 | 876,119 | ||||||||||
Canada | 1,181,865 | 1,185,017 | 1,140,264 | ||||||||||
Europe, Middle East and Africa | 1,557,847 | 1,305,012 | 1,275,074 | ||||||||||
Asia Pacific | 1,756,718 | 1,610,626 | 1,557,283 | ||||||||||
Corporate and Other | 110,353 | 138,939 | 110,177 | ||||||||||
Total | $ | 10,904,194 | $ | 10,318,353 | $ | 9,840,911 | |||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Income (loss) before income taxes: | |||||||||||||
U.S. and Latin America | |||||||||||||
Traditional | $ | 351,645 | $ | 377,586 | $ | 374,353 | |||||||
Non-Traditional | 302,944 | 245,649 | 268,315 | ||||||||||
Canada | 101,700 | 164,318 | 186,971 | ||||||||||
Europe, Middle East and Africa | 161,642 | 74,553 | 61,095 | ||||||||||
Asia Pacific | 102,295 | (226,665 | ) | 51,972 | |||||||||
Corporate and Other | (11,693 | ) | (187 | ) | (23,483 | ) | |||||||
Total | $ | 1,008,533 | $ | 635,254 | $ | 919,223 | |||||||
The loss before income taxes for the year ended December 31, 2013 in the Asia Pacific segment reflects an increase in Australian group claims liabilities related to total and permanent disability coverage and disability income benefits as well as poor claims experience in the Australian operation's individual lump sum and individual disability businesses. | |||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Interest expense: | |||||||||||||
Corporate and Other | $ | 96,700 | $ | 124,307 | $ | 105,348 | |||||||
Total | $ | 96,700 | $ | 124,307 | $ | 105,348 | |||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Depreciation and amortization: | |||||||||||||
U.S. and Latin America | |||||||||||||
Traditional | $ | 558,404 | $ | 564,359 | $ | 555,875 | |||||||
Non-Traditional | 232,348 | 213,745 | 225,910 | ||||||||||
Canada | 204,229 | 193,878 | 182,914 | ||||||||||
Europe, Middle East and Africa | 57,291 | 55,003 | 69,002 | ||||||||||
Asia Pacific | 95,172 | 57,104 | 154,776 | ||||||||||
Corporate and Other | 3,644 | 3,490 | 4,040 | ||||||||||
Total | $ | 1,151,088 | $ | 1,087,579 | $ | 1,192,517 | |||||||
The table above includes amortization of deferred acquisition costs, including the effect from investment related gains and losses. | |||||||||||||
For the years ended December 31, | 2014 | 2013 | |||||||||||
Assets: | |||||||||||||
U.S. and Latin America | |||||||||||||
Traditional | $ | 14,159,824 | $ | 13,285,423 | |||||||||
Non-Traditional | 11,572,251 | 11,716,908 | |||||||||||
Canada | 3,996,128 | 4,103,730 | |||||||||||
Europe, Middle East and Africa | 4,693,322 | 2,230,568 | |||||||||||
Asia Pacific | 3,619,368 | 3,597,456 | |||||||||||
Corporate and Other | 6,638,718 | 4,740,388 | |||||||||||
Total | $ | 44,679,611 | $ | 39,674,473 | |||||||||
Companies in which RGA has significant influence over the operating and financing decisions but are not required to be consolidated, are reported on the equity basis of accounting. The equity in the net income of such subsidiaries is not material to the results of operations or financial position of individual segments or the Company taken as a whole. Capital expenditures of each reporting segment were immaterial in the periods noted. | |||||||||||||
No individual client generated 10% or more of the Company’s total gross premiums on a consolidated basis in 2014, 2013 and 2012. For the purpose of this disclosure, companies that are within the same insurance holding company structure are combined. |
Equity_Based_Compensation
Equity Based Compensation | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Equity Based Compensation | EQUITY BASED COMPENSATION | |||||||||||||||||
The Company adopted the RGA Flexible Stock Plan (the “Plan”) in February 1993, as amended, and the Flexible Stock Plan for Directors (the “Directors Plan”) in January 1997, as amended, (collectively, the “Stock Plans”). The Stock Plans provide for the award of benefits (collectively “Benefits”) of various types, including stock options, stock appreciation rights (“SARs”), restricted stock, performance shares, cash awards, and other stock-based awards, to key employees, officers, directors and others performing significant services for the benefit of the Company or its subsidiaries. As of December 31, 2014, shares authorized for the granting of Benefits under the Plan and the Directors Plan totaled 13,360,077 and 212,500 respectively. The Company uses treasury shares or shares made available from authorized but unissued shares to support the future exercise of options or settlement of awards granted under its stock plans. | ||||||||||||||||||
Equity-based compensation expense of $24.4 million, $20.3 million, and $28.5 million related to grants or awards under the Stock Plans was recognized in 2014, 2013 and 2012, respectively. Equity-based compensation expense is principally related to the issuance of stock options, performance contingent restricted units, stock appreciation rights and restricted stock. | ||||||||||||||||||
In general, options granted under the Plan become exercisable over vesting periods ranging from one to five years while options granted under the Directors Plan become exercisable after one year. Options are generally granted with an exercise price equal to the stock’s fair value at the date of grant and expire 10 years after the date of grant. Information with respect to grants under the Stock Plans follows. | ||||||||||||||||||
Stock Options | ||||||||||||||||||
Number of | Weighted-Average | Aggregate Intrinsic | Performance | |||||||||||||||
Options | Exercise Price | Value (in millions) | Contingent Units | |||||||||||||||
Outstanding December 31, 2013 | 3,351,260 | $ | 52.77 | 712,341 | ||||||||||||||
Granted | 232,782 | 78.48 | 234,740 | |||||||||||||||
Exercised / Lapsed | (583,118 | ) | 49.35 | (103,358 | ) | |||||||||||||
Forfeited | (22,191 | ) | 58.55 | (114,995 | ) | |||||||||||||
Outstanding December 31, 2014 | 2,978,733 | $ | 55.41 | $ | 68.7 | 728,728 | ||||||||||||
Options exercisable | 2,281,160 | $ | 53.03 | $ | 58.1 | |||||||||||||
The intrinsic value of options exercised was $17.0 million, $11.3 million, and $11.2 million for 2014, 2013 and 2012, respectively. | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Range of Exercise Prices | Number | Weighted-Average | Weighted- | Number | Weighted-Average | |||||||||||||
Outstanding as | Remaining | Average Exercise | Exercisable as of | Exercise Price | ||||||||||||||
of 12/31/2014 | Contractual Life (years) | Price | 12/31/14 | |||||||||||||||
$25.00 - $34.99 | 308,921 | 4 | $ | 32.2 | 308,921 | $ | 32.2 | |||||||||||
$35.00 - $44.99 | — | — | — | — | — | |||||||||||||
$45.00 - $54.99 | 443,611 | 4.2 | 47.17 | 443,611 | 47.17 | |||||||||||||
$55.00 + | 2,226,201 | 6.7 | 60.27 | 1,528,628 | 58.94 | |||||||||||||
Totals | 2,978,733 | 6 | $ | 55.41 | 2,281,160 | $ | 53.03 | |||||||||||
The Black-Scholes model was used to determine the fair value recognized in the financial statements of stock options that have been granted. The Company used daily historical volatility when calculating stock option values. The benchmark rate is based on observed interest rates for instruments with maturities similar to the expected term of the stock options. Dividend yield is determined based on historical dividend distributions compared to the price of the underlying common stock as of the valuation date and held constant over the life of the stock options. The Company estimated expected life using the historical average years to exercise or cancellation. The per share weighted-average fair value of stock options granted during 2014, 2013 and 2012 was $26.76, $18.58 and $19.65 on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: 2014-expected dividend yield of 1.53%, benchmark interest rate of 2.27%, expected life of 7.0 years, and an expected rate of volatility of the stock of 35.7% over the expected life of the options; 2013—expected dividend yield of 1.63%, benchmark interest rate of 1.36%, expected life of 6.8 years, and an expected rate of volatility of the stock of 35.4% over the expected life of the options; and 2012- expected dividend yield of 1.27%, benchmark interest rate of 1.38%, expected life of 6.7 years, and an expected rate of volatility of the stock of 37.2% over the expected life of the options. | ||||||||||||||||||
During 2014, 2013 and 2012 the Company also issued 234,740, 261,322 and 257,679 performance contingent units (“PCUs”) to key employees at a weighted average fair value per unit of $78.48, $58.77 and $56.65, respectively. As of December 31, 2014, 232,208, 252,942 and 243,578 PCUs were outstanding from the 2014, 2013 and 2012 grants, respectively. Each PCU represents the right to receive up to two shares of Company common stock, depending on the results of certain performance measures over a three-year period. The compensation expense related to the PCUs is recognized ratably over the requisite performance period. In May 2014 and February 2013, the board approved a 0.529 and 1.513 share payout for each PCU granted in 2011 and 2010, resulting in the issuance of 103,358 and 339,483 shares of common stock from treasury, respectively. | ||||||||||||||||||
As of December 31, 2014, the total compensation cost of non-vested awards not yet recognized in the financial statements was $25.4 million. It is estimated that these costs will vest over a weighted average period of 1.8 years. | ||||||||||||||||||
The majority of the awards granted each year under the board approved incentive compensation package and Directors Plan are made in the first quarter of each year. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 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): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings: | |||||||||||||
Net income (numerator for basic and diluted calculations) | $ | 684,047 | $ | 418,837 | $ | 631,893 | |||||||
Shares: | |||||||||||||
Weighted average outstanding shares (denominator for basic calculations) | 69,248 | 71,917 | 73,737 | ||||||||||
Equivalent shares from outstanding stock options | 714 | 544 | 416 | ||||||||||
Diluted shares (denominator for diluted calculations) | 69,962 | 72,461 | 74,153 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 9.88 | $ | 5.82 | $ | 8.57 | |||||||
Diluted | 9.78 | 5.78 | 8.52 | ||||||||||
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. During 2014 and 2013, all outstanding options were included in the calculation of common equivalent shares. Approximately 1.8 million outstanding stock options were not included in the calculation of common equivalent shares during 2012. Approximately 0.5 million, 0.7 million and 0.7 million performance contingent shares were excluded from the calculation of common equivalent shares during 2014, 2013 and 2012, respectively. |
Comprehensive_Income
Comprehensive Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||
Comprehensive Income | COMPREHENSIVE INCOME | ||||||||||||||||
The following table presents the components of the Company’s other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||||||
For the year ended December 31, 2014: | |||||||||||||||||
Before-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||
Change arising during year | $ | (154,132 | ) | $ | (4,835 | ) | $ | (158,967 | ) | ||||||||
Foreign currency swap | 51,894 | (18,163 | ) | 33,731 | |||||||||||||
Net foreign currency translation adjustments | (102,238 | ) | (22,998 | ) | (125,236 | ) | |||||||||||
Unrealized gains on investments:(1) | |||||||||||||||||
Unrealized net holding gains arising during the year | 1,177,017 | (357,024 | ) | 819,993 | |||||||||||||
Less: Reclassification adjustment for net gains realized in net income | 26,405 | (9,242 | ) | 17,163 | |||||||||||||
Net unrealized gains | 1,150,612 | (347,782 | ) | 802,830 | |||||||||||||
Change in unrealized other-than-temporary impairments on fixed maturity securities | 2,612 | (914 | ) | 1,698 | |||||||||||||
Unrealized pension and postretirement benefits: | |||||||||||||||||
Net prior service cost arising during the year | 485 | (159 | ) | 326 | |||||||||||||
Net loss arising during the period | (43,025 | ) | 14,929 | (28,096 | ) | ||||||||||||
Unrealized pension and postretirement benefits, net | (42,540 | ) | 14,770 | (27,770 | ) | ||||||||||||
Other comprehensive income | $ | 1,008,446 | $ | (356,924 | ) | $ | 651,522 | ||||||||||
For the year ended December 31, 2013: | |||||||||||||||||
Before-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||
Change arising during year | $ | (88,409 | ) | $ | 1,791 | $ | (86,618 | ) | |||||||||
Foreign currency swap | 40,347 | (14,121 | ) | 26,226 | |||||||||||||
Net foreign currency translation adjustments | (48,062 | ) | (12,330 | ) | (60,392 | ) | |||||||||||
Unrealized losses on investments:(1) | |||||||||||||||||
Unrealized net holding losses arising during the year | (1,519,967 | ) | 465,740 | (1,054,227 | ) | ||||||||||||
Less: Reclassification adjustment for net gains realized in net income | 9,355 | (3,274 | ) | 6,081 | |||||||||||||
Net unrealized losses | (1,529,322 | ) | 469,014 | (1,060,308 | ) | ||||||||||||
Change in unrealized other-than-temporary impairments on fixed maturity securities | 4,456 | (1,560 | ) | 2,896 | |||||||||||||
Unrealized pension and postretirement benefits: | |||||||||||||||||
Net prior service cost arising during the year | 525 | (171 | ) | 354 | |||||||||||||
Net gain arising during the period | 21,624 | (7,469 | ) | 14,155 | |||||||||||||
Unrealized pension and postretirement benefits, net | 22,149 | (7,640 | ) | 14,509 | |||||||||||||
Other comprehensive income (loss) | $ | (1,550,779 | ) | $ | 447,484 | $ | (1,103,295 | ) | |||||||||
For the year ended December 31, 2012: | |||||||||||||||||
Before-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||
Change arising during year | $ | 57,229 | $ | (6,244 | ) | $ | 50,985 | ||||||||||
Foreign currency swap | (20,470 | ) | 7,165 | (13,305 | ) | ||||||||||||
Net foreign currency translation adjustments | 36,759 | 921 | 37,680 | ||||||||||||||
Unrealized gains on investments:(1) | |||||||||||||||||
Unrealized net holding gains arising during the year | 786,449 | (275,181 | ) | 511,268 | |||||||||||||
Less: Reclassification adjustment for net gains realized in net income | 91,327 | (31,964 | ) | 59,363 | |||||||||||||
Net unrealized gains | 695,122 | (243,217 | ) | 451,905 | |||||||||||||
Change in unrealized other-than-temporary impairments on fixed maturity securities | 9,899 | (3,465 | ) | 6,434 | |||||||||||||
Unrealized pension and postretirement benefits: | |||||||||||||||||
Net prior service cost arising during the year | 298 | (95 | ) | 203 | |||||||||||||
Net loss arising during the period | (8,347 | ) | 2,874 | (5,473 | ) | ||||||||||||
Unrealized pension and postretirement benefits, net | (8,049 | ) | 2,779 | (5,270 | ) | ||||||||||||
Other comprehensive income | $ | 733,731 | $ | (242,982 | ) | $ | 490,749 | ||||||||||
-1 | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. | ||||||||||||||||
A summary of the components of net unrealized appreciation (depreciation) of balances carried at fair value is as follows (dollars in thousands): | |||||||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||
Change in net unrealized appreciation (depreciation) on: | |||||||||||||||||
Fixed maturity securities available-for-sale | $ | 1,171,996 | $ | (1,528,773 | ) | $ | 713,778 | ||||||||||
Other investments(1) | (14,292 | ) | (12,274 | ) | 6,181 | ||||||||||||
Effect on unrealized appreciation on: | |||||||||||||||||
Deferred policy acquisition costs | (4,480 | ) | 16,181 | (14,938 | ) | ||||||||||||
Net unrealized appreciation (depreciation) | $ | 1,153,224 | $ | (1,524,866 | ) | $ | 705,021 | ||||||||||
-1 | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. | ||||||||||||||||
The balance of and changes in each component of AOCI were as follows (dollars in thousands): | |||||||||||||||||
Accumulated | Unrealized | Pension and | Accumulated | ||||||||||||||
Currency | Appreciation | Postretirement | Other | ||||||||||||||
Translation | (Depreciation) | Benefits | Comprehensive | ||||||||||||||
Adjustments | of Investments | Income (Loss) | |||||||||||||||
Balance, December 31, 2011 | $ | 229,795 | $ | 1,419,318 | $ | (30,960 | ) | $ | 1,618,153 | ||||||||
Change in foreign currency translation adjustments | 37,680 | — | — | 37,680 | |||||||||||||
Unrealized gain on investments(1) | — | 451,905 | — | 451,905 | |||||||||||||
Change in other-than-temporary impairment losses on fixed maturity securities | — | 6,434 | — | 6,434 | |||||||||||||
Changes in pension and other postretirement plan adjustments | — | — | (5,270 | ) | (5,270 | ) | |||||||||||
Balance, December 31, 2012 | 267,475 | 1,877,657 | (36,230 | ) | 2,108,902 | ||||||||||||
Change in foreign currency translation adjustments | (60,392 | ) | — | — | (60,392 | ) | |||||||||||
Unrealized loss on investments(1) | — | (1,063,377 | ) | — | (1,063,377 | ) | |||||||||||
Change in other-than-temporary impairment losses on fixed maturity securities | — | 2,896 | — | 2,896 | |||||||||||||
Changes in pension and other postretirement plan adjustments | — | — | 11,577 | 11,577 | |||||||||||||
Amounts reclassified from AOCI | — | 3,069 | 2,932 | 6,001 | |||||||||||||
Balance, December 31, 2013 | 207,083 | 820,245 | (21,721 | ) | 1,005,607 | ||||||||||||
Change in foreign currency translation adjustments | (125,236 | ) | — | — | (125,236 | ) | |||||||||||
Unrealized gain on investments(1) | — | 827,608 | — | 827,608 | |||||||||||||
Change in other-than-temporary impairment losses on fixed maturity securities | — | 1,698 | — | 1,698 | |||||||||||||
Changes in pension and other postretirement plan adjustments | — | — | (29,836 | ) | (29,836 | ) | |||||||||||
Amounts reclassified from AOCI | — | (24,778 | ) | 2,066 | (22,712 | ) | |||||||||||
Balance, December 31, 2014 | $ | 81,847 | $ | 1,624,773 | $ | (49,491 | ) | $ | 1,657,129 | ||||||||
-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 years ended December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||
Amount Reclassified from AOCI | |||||||||||||||||
Details about AOCI Components | 2014 | 2013 | Affected Line Item in | ||||||||||||||
Statement of Income | |||||||||||||||||
Unrealized gains and losses on available-for-sale securities | $ | 26,405 | $ | 9,355 | Investment related gains (losses), net | ||||||||||||
Gains and losses on cash flow hedge - interest rate swap | 1,212 | 1,012 | Investment income | ||||||||||||||
Deferred policy acquisition costs attributed to unrealized gains and losses(1) | 4,480 | (16,181 | ) | ||||||||||||||
Total | 32,097 | (5,814 | ) | ||||||||||||||
Provision for income taxes | (7,319 | ) | 2,745 | ||||||||||||||
Net unrealized gains (losses), net of tax | $ | 24,778 | $ | (3,069 | ) | ||||||||||||
Amortization of unrealized pension and postretirement benefits: | |||||||||||||||||
Prior service cost(2) | $ | (333 | ) | $ | (373 | ) | |||||||||||
Actuarial gains/(losses)(2) | (2,815 | ) | (4,138 | ) | |||||||||||||
Total | (3,148 | ) | (4,511 | ) | |||||||||||||
Provision for income taxes | 1,082 | 1,579 | |||||||||||||||
Amortization of unrealized pension and postretirement benefits, net of tax | $ | (2,066 | ) | $ | (2,932 | ) | |||||||||||
Total reclassifications for the period | $ | 22,712 | $ | (6,001 | ) | ||||||||||||
-1 | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” 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. |
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
Total Revenues | $ | 2,657,173 | $ | 2,833,020 | $ | 2,716,588 | $ | 2,697,413 | |||||||||
Total benefits and expenses | 2,457,733 | 2,532,485 | 2,484,773 | 2,420,670 | |||||||||||||
Income before income taxes | 199,440 | 300,535 | 231,815 | 276,743 | |||||||||||||
Net Income | 136,664 | 198,296 | 157,996 | 191,091 | |||||||||||||
Earnings Per Share: | |||||||||||||||||
Basic earnings per share | $ | 1.94 | $ | 2.87 | $ | 2.3 | $ | 2.78 | |||||||||
Diluted earnings per share | 1.92 | 2.84 | 2.28 | 2.75 | |||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Total Revenues | $ | 2,601,102 | $ | 2,590,642 | $ | 2,389,815 | $ | 2,736,794 | |||||||||
Total benefits and expenses | 2,322,275 | 2,665,400 | 2,188,120 | 2,507,304 | |||||||||||||
Income before income taxes | 278,827 | (74,758 | ) | 201,695 | 229,490 | ||||||||||||
Net Income | 185,535 | (49,612 | ) | 137,955 | 144,959 | ||||||||||||
Earnings Per Share: | |||||||||||||||||
Basic earnings per share | $ | 2.51 | $ | (0.69 | ) | $ | 1.95 | $ | 2.05 | ||||||||
Diluted earnings per share | 2.49 | (0.69 | ) | 1.93 | 2.03 | ||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
On January 22, 2015, 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 2014. | |
On October 21, 2014, the Company announced the execution of agreements under which the Company will acquire all of the stock of Aurora National Life Assurance Company (“Aurora”), a wholly owned life insurance subsidiary of Swiss Re. Aurora has approximately 82,000 policies in force and statutory policyholder liabilities of $2.7 billion. The underlying business is comprised of annuities, primarily payout annuities, and interest-sensitive life products. The transaction is expected to close in the first half of 2015 subject to customary regulatory approvals. |
Summary_of_Investments_Other_T
Summary of Investments Other Than Investments in Related Parties | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary of Investments, Other than Investments in Related Parties [Abstract] | |||||||||||||
Summary of Investments Other Than Investments in Related Parties | REINSURANCE GROUP OF AMERICA, INCORPORATED | ||||||||||||
SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN | |||||||||||||
INVESTMENTS IN RELATED PARTIES | |||||||||||||
December 31, 2014 | |||||||||||||
(in millions) | |||||||||||||
Type of Investment | Cost | Fair Value | Amount at Which Shown in the Balance Sheets(1) | ||||||||||
Fixed maturity securities: | |||||||||||||
Bonds: | |||||||||||||
United States government and government agencies and authorities | $ | 501 | $ | 526 | $ | 526 | |||||||
State and political subdivisions | 378 | 426 | 426 | ||||||||||
Foreign governments(2) | 4,710 | 6,003 | 6,003 | ||||||||||
Public utilities | 1,582 | 1,733 | 1,733 | ||||||||||
Mortgage-backed and asset-backed securities | 3,505 | 3,640 | 3,640 | ||||||||||
All other corporate bonds | 12,430 | 13,153 | 13,153 | ||||||||||
Total fixed maturity securities | 23,106 | 25,481 | 25,481 | ||||||||||
Equity securities: | |||||||||||||
Non-redeemable preferred stock | 94 | 99 | 99 | ||||||||||
Other equity securities | 27 | 27 | 27 | ||||||||||
Total equity securities | 121 | 126 | 126 | ||||||||||
Mortgage loans on real estate | 2,712 | 2,712 | |||||||||||
Policy loans | 1,284 | 1,284 | |||||||||||
Funds withheld at interest | 5,924 | 5,924 | |||||||||||
Short-term investments | 98 | 98 | |||||||||||
Other invested assets | 1,071 | 1,071 | |||||||||||
Total investments | $ | 34,316 | $ | 36,696 | |||||||||
-1 | Fixed maturity securities are classified as available-for-sale and carried at fair value. | ||||||||||||
-2 | Includes fixed maturities directly issued by foreign governments, supranational and foreign government-sponsored enterprises. |
Condensed_Financial_Informatio
Condensed Financial Information of The Registrant | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Financial Information of The Registrant | REINSURANCE GROUP OF AMERICA, INCORPORATED | ||||||||||||
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
Assets: | |||||||||||||
Fixed maturity securities available-for-sale, at fair value | $ | 486,813 | $ | 502,455 | |||||||||
Short-term and other investments | 87,726 | 261,853 | |||||||||||
Cash and cash equivalents | 48,819 | 24,137 | |||||||||||
Investment in subsidiaries | 8,649,084 | 7,534,714 | |||||||||||
Loans to subsidiaries | 1,060,000 | 1,101,751 | |||||||||||
Other assets | 360,059 | 204,887 | |||||||||||
Total assets | $ | 10,692,501 | $ | 9,629,797 | |||||||||
Liabilities and stockholders’ equity: | |||||||||||||
Long-term debt - unaffiliated(1) | $ | 2,294,993 | $ | 2,294,278 | |||||||||
Long-term debt - affiliated(2) | 500,000 | 500,000 | |||||||||||
Other liabilities | 874,056 | 899,992 | |||||||||||
Stockholders’ equity | 7,023,452 | 5,935,527 | |||||||||||
Total liabilities and stockholders’ equity | $ | 10,692,501 | $ | 9,629,797 | |||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
Interest / dividend income(3) | $ | 521,623 | $ | 275,215 | $ | 86,396 | |||||||
Investment related gains (losses), net | 4,936 | 1,714 | 4,515 | ||||||||||
Operating expenses | (10,751 | ) | (21,164 | ) | (26,431 | ) | |||||||
Interest expense | (131,852 | ) | (162,212 | ) | (143,260 | ) | |||||||
Income (loss) before income tax and undistributed earnings of subsidiaries | 383,956 | 93,553 | (78,780 | ) | |||||||||
Income tax expense (benefit) | (22,008 | ) | 33,850 | (9,566 | ) | ||||||||
Net income (loss) before undistributed earnings of subsidiaries | 405,964 | 59,703 | (69,214 | ) | |||||||||
Equity in undistributed earnings of subsidiaries | 278,083 | 359,134 | 701,107 | ||||||||||
Net income | 684,047 | 418,837 | 631,893 | ||||||||||
Other comprehensive income | 36,876 | 21,033 | 9,984 | ||||||||||
Total comprehensive income | $ | 720,923 | $ | 439,870 | $ | 641,877 | |||||||
The condensed financial information of RGA (the “Parent Company”) should be read in conjunction with the consolidated financial statements of RGA and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for RGA. Investments in subsidiaries are accounted for using the equity method of accounting. | |||||||||||||
-1 | Long-term debt - unaffiliated consists of the following: | ||||||||||||
2014 | 2013 | ||||||||||||
$400 million 6.75% Junior Subordinated Debentures due 2065 | $ | 398,660 | $ | 398,657 | |||||||||
$400 million 6.20% Subordinated Debentures due 2042 | 400,000 | 400,000 | |||||||||||
$400 million 4.70% Senior Notes due 2023 | 398,684 | 398,533 | |||||||||||
$400 million 5.00% Senior Notes due 2021 | 398,583 | 398,362 | |||||||||||
$400 million 6.45% Senior Notes due 2019 | 399,669 | 399,602 | |||||||||||
$300 million 5.625% Senior Notes due 2017 | 299,397 | 299,124 | |||||||||||
Total | $ | 2,294,993 | $ | 2,294,278 | |||||||||
Repayments of long-term debt—unaffiliated due over the next five years total $300,000, in 2017 and $400,000 in 2019. | |||||||||||||
-2 | Long-term debt—affiliated in 2014 and 2013 and consists of $500,000 of subordinated debt issued to various operating subsidiaries. | ||||||||||||
-3 | Interest/Dividend income includes $423,323 and $175,000 of cash dividends received from consolidated subsidiaries in 2014 and 2013, respectively. Cash dividends received from consolidated subsidiaries in 2012 were not material. | ||||||||||||
REINSURANCE GROUP OF AMERICA, INCORPORATED | |||||||||||||
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued) | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Operating activities: | |||||||||||||
Net income | $ | 684,047 | $ | 418,837 | $ | 631,893 | |||||||
Equity in earnings of subsidiaries | (278,083 | ) | (359,134 | ) | (701,107 | ) | |||||||
Other, net | (171,299 | ) | 162,586 | 134,232 | |||||||||
Net cash provided by operating activities | $ | 234,665 | $ | 222,289 | $ | 65,018 | |||||||
Investing activities: | |||||||||||||
Sales of fixed maturity securities available-for-sale | $ | 132,732 | $ | 176,062 | $ | 122,212 | |||||||
Purchases of fixed maturity securities available-for-sale | (105,535 | ) | (103,566 | ) | (213,548 | ) | |||||||
Repayments/issuances of loans to subsidiaries | 41,751 | (76,751 | ) | (250,000 | ) | ||||||||
Purchase of a business, net of cash acquired of $9,709 | — | (2,805 | ) | — | |||||||||
Change in short-term investments | 96,967 | (96,967 | ) | — | |||||||||
Change in other invested assets | 126,397 | (79,023 | ) | 5,718 | |||||||||
Capital contributions to subsidiaries | (222,760 | ) | (144,459 | ) | (70,431 | ) | |||||||
Net cash used in investing activities | 69,552 | (327,509 | ) | (406,049 | ) | ||||||||
Financing activities: | |||||||||||||
Dividends to stockholders | (87,256 | ) | (77,642 | ) | (61,945 | ) | |||||||
Purchases of treasury stock | (201,525 | ) | (269,204 | ) | (6,924 | ) | |||||||
Excess tax benefits from share-based payment arrangement | — | — | 416 | ||||||||||
Exercise of stock options, net | 9,246 | 28,390 | (3,087 | ) | |||||||||
Proceeds from unaffiliated long-term debt issuance | — | 398,533 | 400,000 | ||||||||||
Debt issuance costs | — | (3,400 | ) | (6,255 | ) | ||||||||
Net cash provided by financing activities | (279,535 | ) | 76,677 | 322,205 | |||||||||
Net change in cash and cash equivalents | 24,682 | (28,543 | ) | (18,826 | ) | ||||||||
Cash and cash equivalents at beginning of year | 24,137 | 52,680 | 71,506 | ||||||||||
Cash and cash equivalents at end of year | $ | 48,819 | $ | 24,137 | $ | 52,680 | |||||||
Supplementary information: | |||||||||||||
Cash paid for interest | $ | 161,499 | $ | 141,615 | $ | 130,047 | |||||||
Cash paid for income taxes, net of refunds | $ | 87 | $ | 82,000 | $ | 30,500 | |||||||
Supplementary_Insurance_Inform
Supplementary Insurance Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Supplementary Insurance Information [Abstract] | |||||||||||||||||||||||||
Supplementary Insurance Information | REINSURANCE GROUP OF AMERICA, INCORPORATED | ||||||||||||||||||||||||
SCHEDULE III—SUPPLEMENTARY INSURANCE INFORMATION | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
Deferred Policy | Future Policy Benefits and | Other Policy Claims and | |||||||||||||||||||||||
Acquisition Costs | Interest-Sensitive Contract | Benefits Payable | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Assumed | Ceded | Assumed | Ceded | Assumed | Ceded | ||||||||||||||||||||
2014 | |||||||||||||||||||||||||
U.S. and Latin America operations | |||||||||||||||||||||||||
Traditional operations | $ | 1,717,512 | $ | (28,685 | ) | $ | 8,440,882 | $ | (283,184 | ) | $ | 1,459,444 | $ | (194,167 | ) | ||||||||||
Non-Traditional operations | 690,698 | — | 10,915,471 | — | 14,656 | — | |||||||||||||||||||
Canada operations | 237,738 | (443 | ) | 2,861,052 | (221,537 | ) | 209,743 | (14,095 | ) | ||||||||||||||||
Europe, Middle East and Africa operations | 279,672 | (7,656 | ) | 2,972,346 | (35,439 | ) | 784,421 | (28,134 | ) | ||||||||||||||||
Asia Pacific operations | 465,671 | (11,932 | ) | 1,578,776 | (62,105 | ) | 1,344,250 | (23,631 | ) | ||||||||||||||||
Corporate and Other | — | — | 299,607 | — | 11,555 | (128 | ) | ||||||||||||||||||
Total | $ | 3,391,291 | $ | (48,716 | ) | $ | 27,068,134 | $ | (602,265 | ) | $ | 3,824,069 | $ | (260,155 | ) | ||||||||||
2013 | |||||||||||||||||||||||||
U.S. and Latin America operations | |||||||||||||||||||||||||
Traditional operations | $ | 1,628,215 | $ | (30,523 | ) | $ | 7,567,342 | $ | (245,430 | ) | $ | 1,285,467 | $ | (73,994 | ) | ||||||||||
Non-Traditional operations | 884,377 | — | 11,240,138 | — | 16,045 | — | |||||||||||||||||||
Canada operations | 259,575 | (483 | ) | 2,963,561 | (233,735 | ) | 206,245 | (8,952 | ) | ||||||||||||||||
Europe, Middle East and Africa operations | 301,999 | (9,492 | ) | 1,050,066 | (35,515 | ) | 763,118 | (33,337 | ) | ||||||||||||||||
Asia Pacific operations | 498,888 | (14,760 | ) | 1,693,381 | (68,940 | ) | 1,288,016 | (26,836 | ) | ||||||||||||||||
Corporate and Other | — | — | 299,845 | — | 12,870 | (190 | ) | ||||||||||||||||||
Total | $ | 3,573,054 | $ | (55,258 | ) | $ | 24,814,333 | $ | (583,620 | ) | $ | 3,571,761 | $ | (143,309 | ) | ||||||||||
REINSURANCE GROUP OF AMERICA, INCORPORATED | |||||||||||||||||||||||||
SCHEDULE III—SUPPLEMENTARY INSURANCE INFORMATION (continued) | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
Premium Income | Net Investment | Policyholder | Amortization of | Other Operating | |||||||||||||||||||||
Income | Benefits and | DAC | Expenses | ||||||||||||||||||||||
Interest Credited | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
U.S. and Latin America operations | |||||||||||||||||||||||||
Traditional operations | $ | 4,725,505 | $ | 552,805 | $ | (4,181,492 | ) | $ | (467,067 | ) | $ | (283,064 | ) | ||||||||||||
Non-Traditional operations | 20,079 | 644,285 | (402,387 | ) | (203,605 | ) | (105,207 | ) | |||||||||||||||||
Canada operations | 974,581 | 196,205 | (804,586 | ) | (190,164 | ) | (85,415 | ) | |||||||||||||||||
Europe, Middle East and Africa operations | 1,373,969 | 107,129 | (1,217,441 | ) | (43,549 | ) | (135,215 | ) | |||||||||||||||||
Asia Pacific operations | 1,574,940 | 102,461 | (1,250,962 | ) | (74,980 | ) | (328,481 | ) | |||||||||||||||||
Corporate and Other | 780 | 110,806 | (804 | ) | — | (121,242 | ) | ||||||||||||||||||
Total | $ | 8,669,854 | $ | 1,713,691 | $ | (7,857,672 | ) | $ | (979,365 | ) | $ | (1,058,624 | ) | ||||||||||||
2013 | |||||||||||||||||||||||||
U.S. and Latin America operations | |||||||||||||||||||||||||
Traditional operations | $ | 4,563,490 | $ | 543,824 | $ | (4,016,453 | ) | $ | (471,726 | ) | $ | (250,175 | ) | ||||||||||||
Non-Traditional operations | 22,521 | 721,282 | (443,393 | ) | (185,396 | ) | (88,380 | ) | |||||||||||||||||
Canada operations | 962,311 | 204,851 | (758,565 | ) | (178,566 | ) | (83,569 | ) | |||||||||||||||||
Europe, Middle East and Africa operations | 1,220,743 | 52,034 | (1,072,961 | ) | (40,780 | ) | (116,718 | ) | |||||||||||||||||
Asia Pacific operations | 1,485,205 | 94,330 | (1,488,667 | ) | (36,335 | ) | (312,289 | ) | |||||||||||||||||
Corporate and Other | (243 | ) | 83,544 | (807 | ) | — | (138,319 | ) | |||||||||||||||||
Total | $ | 8,254,027 | $ | 1,699,865 | $ | (7,780,846 | ) | $ | (912,803 | ) | $ | (989,450 | ) | ||||||||||||
2012 | |||||||||||||||||||||||||
U.S. and Latin America operations | |||||||||||||||||||||||||
Traditional operations | $ | 4,342,838 | $ | 536,438 | $ | (3,815,551 | ) | $ | (461,164 | ) | $ | (230,926 | ) | ||||||||||||
Non-Traditional operations | 14,095 | 498,499 | (335,581 | ) | (193,492 | ) | (78,731 | ) | |||||||||||||||||
Canada operations | 915,764 | 190,337 | (706,744 | ) | (167,614 | ) | (78,935 | ) | |||||||||||||||||
Europe, Middle East and Africa operations | 1,215,166 | 42,545 | (1,055,064 | ) | (49,732 | ) | (109,183 | ) | |||||||||||||||||
Asia Pacific operations | 1,409,568 | 85,569 | (1,132,998 | ) | (131,055 | ) | (241,258 | ) | |||||||||||||||||
Corporate and Other | 9,165 | 82,818 | 24 | — | (133,684 | ) | |||||||||||||||||||
Total | $ | 7,906,596 | $ | 1,436,206 | $ | (7,045,914 | ) | $ | (1,003,057 | ) | $ | (872,717 | ) | ||||||||||||
Supplemental_Schedule_of_Reins
Supplemental Schedule of Reinsurance | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | ||||||||||||||||||||
Reinsurance | REINSURANCE GROUP OF AMERICA, INCORPORATED | |||||||||||||||||||
SCHEDULE IV—REINSURANCE | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
As of or for the Year ended December 31, | ||||||||||||||||||||
Gross Amount | Ceded to Other | Assumed from | Net Amounts | Percentage of | ||||||||||||||||
Companies | Other Companies | Amount Assumed | ||||||||||||||||||
to Net | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Life insurance in force | $ | 78 | $ | 230,544 | $ | 2,943,517 | $ | 2,713,051 | 108.5 | % | ||||||||||
Premiums | ||||||||||||||||||||
U.S. and Latin America operations | ||||||||||||||||||||
Traditional operations | $ | 9.6 | $ | 287.8 | $ | 5,003.70 | $ | 4,725.50 | 105.9 | % | ||||||||||
Non-Traditional operations | — | 39.4 | 59.5 | 20.1 | 296 | |||||||||||||||
Canada operations | — | 49.6 | 1,024.20 | 974.6 | 105.1 | |||||||||||||||
Europe, Middle East and Africa operations | 9.8 | 30.4 | 1,394.60 | 1,374.00 | 101.5 | |||||||||||||||
Asia Pacific operations | — | 40.7 | 1,615.60 | 1,574.90 | 102.6 | |||||||||||||||
Corporate and Other | — | — | 0.8 | 0.8 | 100 | |||||||||||||||
Total | $ | 19.4 | $ | 447.9 | $ | 9,098.40 | $ | 8,669.90 | 104.9 | |||||||||||
2013 | ||||||||||||||||||||
Life insurance in force | $ | 77 | $ | 36,830 | $ | 2,889,804 | $ | 2,853,051 | 101.3 | % | ||||||||||
Premiums | ||||||||||||||||||||
U.S. and Latin America operations | ||||||||||||||||||||
Traditional operations | $ | 5.2 | $ | 146.2 | $ | 4,704.40 | $ | 4,563.40 | 103.1 | % | ||||||||||
Non-Traditional operations | — | 44.7 | 67.2 | 22.5 | 298.7 | |||||||||||||||
Canada operations | — | 54.2 | 1,016.50 | 962.3 | 105.6 | |||||||||||||||
Europe, Middle East and Africa operations | — | 25.8 | 1,246.60 | 1,220.80 | 102.1 | |||||||||||||||
Asia Pacific operations | — | 48.5 | 1,533.70 | 1,485.20 | 103.3 | |||||||||||||||
Corporate and Other | — | — | (0.2 | ) | (0.2 | ) | 100 | |||||||||||||
Total | $ | 5.2 | $ | 319.4 | $ | 8,568.20 | $ | 8,254.00 | 103.8 | |||||||||||
2012 | ||||||||||||||||||||
Life insurance in force | $ | 76 | $ | 38,048 | $ | 2,927,573 | $ | 2,889,601 | 101.3 | % | ||||||||||
Premiums | ||||||||||||||||||||
U.S. and Latin America operations | ||||||||||||||||||||
Traditional operations | $ | 3.8 | $ | 152.1 | $ | 4,491.20 | $ | 4,342.90 | 103.4 | % | ||||||||||
Non-Traditional operations | — | 50.5 | 64.6 | 14.1 | 458.2 | |||||||||||||||
Canada operations | — | 52.9 | 968.6 | 915.7 | 105.8 | |||||||||||||||
Europe, Middle East and Africa operations | — | 26.2 | 1,241.40 | 1,215.20 | 102.2 | |||||||||||||||
Asia Pacific operations | — | 44.3 | 1,453.80 | 1,409.50 | 103.1 | |||||||||||||||
Corporate and Other | — | — | 9.2 | 9.2 | 100 | |||||||||||||||
Total | $ | 3.8 | $ | 326 | $ | 8,228.80 | $ | 7,906.60 | 104.1 | |||||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Valuation and Qualifying Accounts | REINSURANCE GROUP OF AMERICA, INCORPORATED | ||||||||||||||||||||
SCHEDULE V—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to Costs | Charged to Other | Deductions | Balance at End of Period | ||||||||||||||||
Beginning of | and Expenses | Accounts | |||||||||||||||||||
Period | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Allowance on income taxes | $ | 102.2 | $ | 15.9 | $ | (6.1 | ) | $ | — | $ | 112 | ||||||||||
Valuation allowance for mortgage loans | 10.1 | (0.9 | ) | — | 2.7 | 6.5 | |||||||||||||||
2013 | |||||||||||||||||||||
Allowance on income taxes | $ | 10.1 | $ | 23.5 | $ | 68.6 | $ | — | $ | 102.2 | |||||||||||
Valuation allowance for mortgage loans | 11.6 | 1.9 | — | 3.4 | 10.1 | ||||||||||||||||
2012 | |||||||||||||||||||||
Allowance on income taxes | $ | 8.6 | $ | — | $ | 1.6 | $ | 0.1 | $ | 10.1 | |||||||||||
Valuation allowance for mortgage loans | 11.8 | 6.3 | — | 6.5 | 11.6 | ||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Consolidation and Basis of Presentation | Basis of Presentation | |
The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates include those used in determining deferred policy acquisition costs, premiums receivable, future policy benefits, incurred but not reported claims, income taxes, valuation of investments and investment impairments, and valuation of embedded derivatives. Actual results could differ materially from the estimates and assumptions used by management. | ||
The accompanying consolidated financial statements include the accounts of RGA and its subsidiaries, all of which are wholly owned, and any variable interest entities where the Company is the primary beneficiary. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting. The Company evaluates variable interest entities in accordance with the general accounting principles for Consolidation. Intercompany balances and transactions have been eliminated. | ||
There were no subsequent events, other than as disclosed in Note 20 - "Subsequent Events", that would require disclosure or adjustments to the accompanying consolidated financial statements through the date the consolidated financial statements were issued. | ||
Investments | Investments | |
Fixed Maturity Securities | ||
Fixed maturity securities classified as available-for-sale are reported at fair value and are so classified based upon the possibility that such securities could be sold prior to maturity if that action enables the Company to execute its investment philosophy and appropriately match investment results to operating and liquidity needs. | ||
Unrealized gains and losses on fixed maturity securities classified as available-for-sale, less applicable deferred income taxes as well as related adjustments to deferred acquisition costs, if applicable, are reflected as a direct charge or credit to accumulated other comprehensive income (“AOCI”) in stockholders’ equity on the consolidated balance sheets. | ||
Investment income is recognized as it accrues or is legally due. Realized gains and losses on sales of investments are included in investment related gains (losses), net, as are credit impairments that are other-than-temporary in nature. The cost of investments sold is primarily determined based upon the specific identification method. | ||
Mortgage Loans on Real Estate | ||
Mortgage loans on real estate are carried at unpaid principal balances, net of any unamortized premium or discount and valuation allowances. Interest income is accrued on the principal amount of the mortgage loan based on its contractual interest rate. Amortization of premiums and discounts is recorded using the effective yield method. The Company accrues interest on loans until it is probable the Company will not receive interest or the loan is 90 days past due. Interest income, amortization of premiums, accretion of discounts and prepayment fees are reported in investment income, net of related expenses in the consolidated statements of income. | ||
A mortgage loan is considered to be impaired when, based on the current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances on mortgage loans are established based upon inherent losses expected by management to be realized in connection with future dispositions or settlement of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan’s original effective interest rate, the value of the loan’s collateral if the loan is in the process of foreclosure or otherwise collateral dependent, or the loan’s market value if the loan is being sold. Non-specific valuation allowances are established for mortgage loans based upon several loan factors, including the Company’s historical experience for loan losses, defaults and loss severity, loss expectations for loans with similar risk characteristics and industry statistics. These evaluations are revised as conditions change and new information becomes available. In addition to historical experience, management considers qualitative factors that include the impact of changing macro-economic conditions, which may not be currently reflected in the loan portfolio performance, and the quality of the loan portfolio per internal credit quality ratings. Any interest accrued or received on the net carrying amount of the impaired loan will be included in investment income or applied to the principal of the loan, depending on the assessment of the collectability of the loan. Mortgage loans deemed to be uncollectible or that have been foreclosed are charged off against the valuation allowances and subsequent recoveries, if any, are credited to the valuation allowances. Changes in valuation allowances are reported in investment related gains (losses), net on the consolidated statements of income. | ||
The Company evaluates whether a mortgage loan modification represents a troubled debt restructuring. In a troubled debt restructuring, the Company grants concessions related to the borrower’s financial difficulties. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates and/or a reduction of accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. Through the continuous monitoring process, the Company may have recorded a specific valuation allowance prior to when the mortgage loan is modified in a troubled debt restructuring. Accordingly, the carrying value (after specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. | ||
The Company’s internal credit quality rating model is used to estimate the probability of mortgage loan default and the likelihood of loss upon default. The rating scale ranges from “high investment grade” to “in or near default” with high investment grade being the highest quality and least likely to default and lose principal. Likewise, a rating of in or near default indicates the lowest quality and the most likely to default or lose principal. All loans are assigned a rating at origination and ratings are updated at least annually. Lower rated loans appear on the Company’s watch list and are re-evaluated more frequently. The debt service coverage ratio and the loan to value ratio are the most heavily weighted factors in determining the loan rating. Other factors involved in determining the final rating are loan amortization, tenant rollover, location and market stability, and borrowers’ financial condition and experience. | ||
Policy Loans Receivable | Policy Loans | |
Policy loans are reported at the unpaid principal balance. Interest income on such loans is recorded as earned using the contractually agreed upon interest rate. These policy loans present no credit risk because the amount of the loan cannot exceed the obligation due the ceding company upon the death of the insured or surrender of the underlying policy. | ||
Funds Withheld at Interest | ||
Funds withheld at interest represent amounts contractually withheld by ceding companies in accordance with reinsurance agreements. For agreements written on a modified coinsurance basis and agreements written on a coinsurance funds withheld basis, assets which support the net statutory reserves or as defined in the treaty, are withheld and legally owned by the ceding company. Interest, recorded in investment income in the consolidated statements of income, accrues to these assets at calculated rates as defined by the treaty terms. Changes in the value of the equity options held within the funds withheld portfolio associated with equity-indexed annuity treaties are reflected in investment income. | ||
Short-term Investments | ||
Short-term investments represent investments with remaining maturities greater than three months but less than twelve months, at the date of purchase, and are stated at estimated fair value or amortized cost, which approximates estimated fair value. Interest on short-term investments is recorded in investment income in the consolidated statements of income. | ||
Other Invested Assets | ||
In addition to derivative contracts discussed below, other invested assets include equity securities, contractholder-directed investments, limited partnership interests, investments in joint ventures (other than operating joint ventures), real estate-held-for-investment, equity release mortgages and structured loans. Equity securities are primarily carried at fair value. The fair value option ("FVO") was elected for contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation and reporting as separate accounts. Changes in estimated fair value of these securities are included in investment related gains (losses), net. Limited partnership interests and structured loans are primarily carried at cost. Based on the nature and structure of these investments, they do not meet the characteristics of an equity security in accordance with applicable accounting standards. Joint ventures and certain limited partnerships are reported using the equity method of accounting. | ||
Real estate held-for-investment, including related improvements, is stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful life of the property. The Company’s real estate held-for-investment is primarily acquired upon foreclosure of mortgage loans, where the Company's cost basis is considered to be the estimated fair value of the property, less the estimated cost to sell, at the date of foreclosure. Equity release mortgages are carried at unpaid principal balances, net of any amortized premium or discount and valuation allowance. | ||
Other-than-Temporary Impairment | ||
The Company identifies fixed maturity and equity securities that could potentially have credit impairments that are other-than-temporary by monitoring market events that could impact issuers’ credit ratings, business climates, management changes, litigation, government actions and other similar factors. The Company also monitors late payments, pricing levels, rating agency actions, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. | ||
The Company reviews all securities on a case-by-case basis to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. The Company considers relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (1)the extent and length of time the fair value has been below cost; (2) the reasons for the decline in fair value; (3) the issuers financial position and access to capital; and (4) for fixed maturity securities, the Company’s intent to sell a security or whether it is more likely than not it will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity and for equity securities, the Company’s ability and intent to hold the security for a period of time that allows for the recovery in value. To the extent the Company determines that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized. | ||
Impairment losses on equity securities are reported in investment related gains (losses), net on the consolidated statements of income. Impairment losses on fixed maturity securities recognized in the financial statements are dependent on the facts and circumstances related to the specific security. If the Company intends to sell a security or it is more likely than not that it would be required to sell a security before the recovery of its amortized cost, less any recorded credit loss, it recognizes an other-than-temporary impairment in investment related gains (losses), net on the consolidated statements of income for the difference between amortized cost and fair value. If neither of these two conditions exists then the recognition of the other-than-temporary impairment is bifurcated and the Company recognizes the credit loss portion in investment related gains (losses), net and the non-credit loss portion in AOCI. | ||
The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The techniques and assumptions for establishing the best estimate cash flows vary depending on the type of security. The asset-backed securities’ cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The corporate fixed maturity security cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using security specific facts and circumstances including timing, security interests and loss severity. | ||
In periods after an other-than-temporary impairment loss is recognized on a fixed maturity security, the Company will report the impaired security as if it had been purchased on the date it was impaired and will continue to estimate the present value of the estimated cash flows of the security. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into net investment income over the remaining term of the fixed maturity security in a prospective manner based on the amount and timing of estimated future cash flows. | ||
The cost of other invested assets is adjusted for impairments in value deemed to be other-than-temporary in the period in which the determination is made. These impairments are included within investment related gains (losses), net and the cost basis of the investment securities is reduced accordingly. The Company does not change the revised cost basis for subsequent recoveries in value. | ||
The Company considers its cost method investments for other-than-temporary impairment when the carrying value of these investments exceeds the net asset value. The Company takes into consideration the severity and duration of this excess when deciding if the cost method investment is other-than-temporarily impaired. For equity method investments (including real estate ventures), the Company considers financial and other information provided by the investee, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether an impairment has occurred. | ||
The Company periodically reviews its real estate held-for-investment for impairment and tests these investments for recoverability whenever events or changes in circumstances indicate the carrying amount of the property may not be recoverable and the carrying value of the property exceeds its estimated fair value. Properties for which carrying values are greater than their undiscounted cash flows are written down to the estimated fair value. | ||
Derivative Instruments | Derivative Instruments | |
Overview | ||
The Company utilizes a variety of derivative instruments including swaps, options, forwards and futures, primarily to manage or hedge interest rate risk, credit risk, inflation risk, foreign currency risk, market volatility and various other market risks associated with its business. The Company does not invest in derivatives for speculative purposes. It is the Company’s policy to enter into derivative contracts primarily with highly rated parties. See Note 5 – “Derivative Instruments” for additional detail on the Company’s derivative positions. | ||
Accounting and Financial Statement Presentation of Derivatives | ||
Derivatives are carried on the Company’s consolidated balance sheets primarily in other invested assets or other liabilities, at fair value. Certain derivatives are subject to master netting provisions and reported as a net asset or liability. On the date a derivative contract is executed, the Company designates the derivative as (1) a fair value hedge, (2) a cash flow hedge, (3) a net investment hedge in a foreign operation or (4) free-standing derivatives held for other risk management purposes, which primarily involve managing asset or liability risks associated with the Company’s reinsurance treaties which do not qualify for hedge accounting. | ||
Changes in the fair value of free-standing derivative instruments, which do not receive accounting hedge treatment, are primarily reflected in investment related gains (losses), net. | ||
Changes in the fair value of non-investment free-standing derivative instruments, which do not receive accounting hedge treatment, are reflected in other income. | ||
Hedge Documentation and Hedge Effectiveness | ||
To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (i) a fair value hedge; (ii) a cash flow hedge; or (iii) a hedge of a net investment in a foreign operation. In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. | ||
Under a fair value hedge, changes in the fair value of the hedging derivative, including amounts measured as ineffective, and changes in the fair value of the hedged item related to the designated risk being hedged, are reported within investment related gains (losses), net. The fair values of the hedging derivatives are exclusive of any accruals that are separately reported in the consolidated statement of income within interest income or interest expense to match the location of the hedged item. | ||
Under a cash flow hedge, changes in the fair value of the hedging derivative measured as effective are reported within AOCI and the deferred gains or losses on the derivative are reclassified into the consolidated statement of income when the Company’s earnings are affected by the variability in cash flows of the hedged item. Changes in the fair value of the hedging instrument measured as ineffective are reported within investment related gains (losses), net. The fair values of the hedging derivatives are exclusive of any accruals that are separately reported in the consolidated statement of income within interest income or interest expense to match the location of the hedged item. | ||
In a hedge of a net investment in a foreign operation, changes in the fair value of the hedging derivative that are measured as effective are reported within AOCI consistent with the translation adjustment for the hedged net investment in the foreign operation. Changes in the fair value of the hedging instrument measured as ineffective are reported within investment related gains (losses), net. | ||
The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument. | ||
When hedge accounting is discontinued because it is determined that the derivative is not highly effective, the derivative continues to be carried in the consolidated balance sheets at fair value, with changes in fair value recognized in investment related gains (losses), net. The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction occurrence is still probable, the changes in estimated fair value of derivatives recorded in other comprehensive income (“OCI”) related to discontinued cash flow hedges are released into the consolidated statement of income when the Company’s earnings are affected by the variability in cash flows of the hedged item. | ||
When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized currently in investment related gains (losses), net. Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in investment related gains (losses), net. | ||
In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value in the consolidated balance sheets, with changes in its estimated fair value recognized in the current period as investment related gains (losses), net. | ||
Embedded Derivatives | ||
The Company reinsures certain annuity products that contain terms that are deemed to be embedded derivatives, primarily equity-indexed annuities and variable annuities with guaranteed minimum benefits. The Company assesses reinsurance contract terms to identify embedded derivatives which are required to be bifurcated under the general accounting principles for Derivatives and Hedging. If the contract is not reported for in its entirety at fair value and it is determined that the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract, and that a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately. | ||
Such embedded derivatives are carried on the consolidated balance sheets at fair value in the same line item as the host contract. Changes in the fair value of embedded derivatives associated with equity-indexed annuities are reflected in interest credited on the consolidated statements of income and changes in the fair value of embedded derivatives associated with variable annuity guaranteed minimum benefits are reflected in investment related gains (losses), net on the consolidated statements of income. See “Interest-Sensitive Contract Liabilities” below for additional information on embedded derivatives related to equity-indexed and variable annuities. The Company has implemented an economic hedging strategy to mitigate the volatility associated with its reinsurance of variable annuity guaranteed minimum benefits. The hedging strategy is designed such that changes in the fair value of the hedge contracts, primarily futures, swap contracts and options, move in the opposite direction of changes in the fair value of the embedded derivatives. While the Company actively manages its hedging program, the hedges that are in place may not be totally effective in offsetting the embedded derivative changes due to the many variables that must be managed. The Company has elected not to assess this hedging strategy for hedge accounting treatment. | ||
Additionally, reinsurance treaties written on a modified coinsurance or funds withheld basis are subject to the general accounting principles for Derivatives and Hedging related to embedded derivatives. The Company’s funds withheld at interest balances are primarily associated with its reinsurance treaties structured on a modified coinsurance or funds withheld basis, the majority of which were subject to the general accounting principles for Derivatives and Hedging related to embedded derivatives. Management believes the embedded derivative feature in each of these reinsurance treaties is similar to a total return swap on the assets held by the ceding companies. The valuation of embedded derivatives is sensitive to the investment credit spread environment. Changes in investment credit spreads are also affected by the application of a credit valuation adjustment (“CVA”). The fair value calculation of an embedded derivative in an asset position utilizes a CVA based on the ceding company’s credit risk. Conversely, the fair value calculation of an embedded derivative in a liability position utilizes a CVA based on the Company’s credit risk. Generally, an increase in investment credit spreads, ignoring changes in the CVA, will have a negative impact on the fair value of the embedded derivative (decrease in income). The fair value of the embedded derivatives is included in the funds withheld at interest line item on the consolidated balance sheets. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses), net on the consolidated statements of income. | ||
The Company has entered into various financial reinsurance treaties on a funds withheld and modified coinsurance basis. These treaties do not transfer significant insurance risk and are recorded on a deposit method of accounting with the Company earning a net fee. As a result of the experience refund provisions contained in these treaties, the value of the embedded derivatives in these contracts is currently considered immaterial. The Company monitors the performance of these treaties on a quarterly basis. Significant adverse performance or losses on these treaties may result in a loss associated with the embedded derivative. | ||
Fair Value Measurements | Fair Value Measurements | |
General accounting principles for Fair Value Measurements and Disclosures define fair value, establish a framework for measuring fair value, establish a fair value hierarchy based on the inputs used to measure fair value and enhance disclosure requirements for fair value measurements. In compliance with these principles, the Company has categorized its assets and liabilities, based on the priority of the inputs to the valuation technique, into a three level hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), the second highest priority to quoted prices in markets that are not active or inputs that are observable either directly or indirectly (Level 2) and the lowest priority to unobservable inputs (Level 3). | ||
If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the asset or liability. | ||
See Note 6 - “Fair Value of Assets and Liabilities” for further details on the Company’s assets and liabilities recorded at fair value. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents | |
Cash and cash equivalents include cash on deposit and highly liquid debt instruments purchased with an original maturity of three months or less. | ||
Premiums Receivable | Premiums Receivable | |
Premiums are accrued when due and in accordance with information received from the ceding company. When the Company enters into a new reinsurance agreement, it records accruals based on the terms of the reinsurance treaty. Similarly, when a ceding company fails to report information on a timely basis, the Company records accruals based on the terms of the reinsurance treaty as well as historical experience. Other management estimates include adjustments for increased in force on existing treaties, lapsed premiums given historical experience, the financial health of specific ceding companies, collateral value and the legal right of offset on related amounts (i.e. allowances and claims) owed to the ceding company. Under the legal right of offset provisions in its reinsurance treaties, the Company can withhold payments for allowances and claims from unpaid premiums. Based on its review of these factors and historical experience, the Company did not believe a provision for doubtful accounts was necessary as of December 31, 2014 or 2013. | ||
Deferred Policy Acquisition Costs | Deferred Policy Acquisition Costs | |
Costs of acquiring new business, which vary with and are directly related to the production of new business, have been deferred to the extent that such costs are deemed recoverable from future premiums or gross profits. Such costs include commissions and allowances as well as certain costs of policy issuance and underwriting. Non-commission costs related to the acquisition of new and renewal insurance contracts may be deferred only if they meet the following criteria: | ||
• | Incremental direct costs of a successful contract acquisition | |
• | Portions of employees’ salaries and benefits directly related to time spent performing specified acquisition activities for a contract that has been acquired or renewed | |
• | Other costs directly related to the specified acquisition or renewal activities that would not have been incurred had that acquisition contract transaction not occurred | |
The Company tests the recoverability for each year of business at issue before establishing additional deferred acquisition costs (“DAC”). The Company also performs annual tests to establish that DAC are expected to remain recoverable, and if financial performance significantly deteriorates to the point where a deficiency exists, a cumulative charge to current operations will be recorded. No such adjustments related to DAC recoverability were made in 2014, 2013 or 2012. | ||
DAC related to traditional life insurance contracts are amortized with interest over the premium-paying period of the related policies in proportion to the ratio of individual period premium revenues to total anticipated premium revenues over the life of the policy. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits. | ||
DAC related to interest-sensitive life and investment-type policies are amortized over the lives of the policies, in proportion to the gross profits realized from mortality, investment income less interest credited, and expense margins. | ||
Other Reinsurance Balances | Other Reinsurance Balances | |
The Company assumes and retrocedes financial reinsurance contracts that do not expose it to a reasonable possibility of loss from insurance risk. These contracts are reported as deposits and are included in other reinsurance assets/liabilities. The amount of revenue reported in other revenues on these contracts represents fees and the cost of insurance under the terms of the reinsurance agreement. Assets and liabilities are reported on a net or gross basis, depending on the specific details within each treaty. Reinsurance agreements reported on a net basis, where a legal right of offset exists, are generally included in other reinsurance balances on the consolidated balance sheets. Balances resulting from the assumption and/or subsequent transfer of benefits and obligations resulting from cash flows related to variable annuities have also been classified as other reinsurance balance assets and/or liabilities. Other reinsurance assets are included in premiums receivable and other reinsurance balances while other reinsurance liabilities are included in other reinsurance balances on the consolidated balance sheets. | ||
Goodwill and Value of Business Acquired | Goodwill and Value of Business Acquired | |
Goodwill, reported in other assets, is not amortized into results of operations, but instead is reviewed at least annually for impairment and written down only in the periods in which the recorded value of goodwill exceeds its fair value. Goodwill as of December 31, 2014 and 2013 totaled $7.0 million. The value of business acquired (“VOBA”) is amortized in proportion to the ratio of annual premium revenues to total anticipated premium revenues or in relation to the present value of estimated profits. Anticipated premium revenues have been estimated using assumptions consistent with those used in estimating reserves for future policy benefits. The carrying value is reviewed at least annually for indicators of impairment in value. The VOBA was approximately $4.5 million and $5.5 million, including accumulated amortization of $13.5 million and $13.0 million, as of December 31, 2014 and 2013, respectively. The VOBA amortization expense for the years ended December 31, 2014, 2013 and 2012 was $0.4 million, $0.3 million, and $0.2 million, respectively. These amortized balances are included in other assets on the consolidated balance sheets. Future amortization of the VOBA is not material. | ||
Value of Distribution Agreements and Customer Relationships Acquired | Value of Distribution Agreements and Customer Relationships Acquired | |
Value of distribution agreements (“VODA”) is reported in other assets and represents the present value of future profits associated with the expected future business derived from the distribution agreements. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. The Company’s VODA and VOCRA are related to the acquisition of Reliastar Life Insurance Company’s U.S. and Canadian group life, accident and health reinsurance business in 2010. The VODA is amortized over a useful life of 15 years and the VOCRA is also amortized over a 15 year period in proportion to expected revenues generated. Such amortization is included in policy acquisition costs and other insurance expenses. Each year the Company reviews VODA and VOCRA to determine the recoverability of these balances. VODA and VOCRA totaled approximately $76.3 million and $85.8 million, including accumulated amortization of $44.4 million and $34.9 million, as of December 31, 2014 and 2013, respectively. The VODA and VOCRA amortization expense for the years ended December 31, 2014, 2013 and 2012 was $9.5 million, $10.1 million and $10.5 million, respectively. Amortization of the VODA and VOCRA is estimated to be $9.4 million, $9.0 million, $8.7 million, $8.3 million and $8.1 million during 2015, 2016, 2017, 2018 and 2019, respectively. | ||
Other Assets | Property, equipment and leasehold improvements, which are included in other assets, are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is determined using the straight-line method over the estimated useful lives of the assets, as appropriate. The estimated life is generally 40 years for company occupied real estate property, from one to seven years for leasehold improvements, and from three to seven years for all other property and equipment. The cost basis of the property, equipment and leasehold improvements was $222.7 million and $117.3 million at December 31, 2014 and 2013, respectively. Accumulated depreciation and amortization of property, equipment and leasehold improvements was $38.5 million and $42.3 million at December 31, 2014 and 2013, respectively. Related depreciation and amortization expense was $9.4 million, $8.4 million and $9.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
As of December 31, 2014, the Company had assets acquired under capital leases, included in the total above, of $167.3 million, net of accumulated amortization of $1.4 million. Amortization on assets under capital leases charged to expense is included in other operating expenses. Amortization expense for the year ended December 31, 2014 was $1.4 million. | ||
Computer software, which is included in other assets, is stated at cost, less accumulated amortization. Purchased software costs, as well as certain internal and external costs incurred to develop internal-use computer software during the application development stage, are capitalized. Amortization of software costs is recorded on a straight-line basis over periods ranging from three to ten years. Carrying values are reviewed periodically for indicators of impairment in value. Unamortized computer software costs were $77.6 million and $49.6 million at December 31, 2014 and 2013, respectively. The increase in unamortized software costs in 2014 was primarily related to the development or acquisition of software for internal use in connection with the Company's information technology and infrastructure initiatives. Amortization expense was $5.9 million, $6.9 million, and $6.5 million | ||
Future Policy Benefits | Future Policy Benefits | |
Liabilities for future benefits on life policies are established in an amount adequate to meet the estimated future obligations on policies in force. Liabilities for future policy benefits under long-term life insurance policies have been computed based upon expected investment yields, mortality and withdrawal (lapse) rates, and other assumptions. These assumptions include a margin for adverse deviation and vary with the characteristics of the plan of insurance, year of issue, age of insured, and other appropriate factors. Interest rates range from 3.0% to 6.0%. The mortality and withdrawal assumptions are based on the Company’s experience as well as industry experience and standards. In establishing reserves for future policy benefits, the Company assigns policy liability assumptions to particular timeframes (eras) in such a manner as to be consistent with the underlying assumptions and economic conditions at the time the risks are assumed. The Company maintains a consistent approach to setting the provision for adverse deviation between eras. | ||
Liabilities for future benefits on longevity business, including annuities in the payout phase, are established in an amount adequate to meet the estimated future obligations on policies in force. Liabilities for future benefits related to the longevity business, including annuities in the payout phase have been calculated using expected mortality, investment yields, and other assumptions. These assumptions include a margin for adverse deviation and vary with the characteristics of the plan of insurance, year of issue, age of insured, and other appropriate factors. The mortality assumptions are based on the Company’s experience as well as industry experience and standards. A deferred profit liability is established when the gross premium exceeds the net premium. | ||
The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish policy benefits. The Company establishes premium deficiency reserves if actual and anticipated experience indicates that existing policy liabilities together with the present value of future gross premiums will not be sufficient to cover the present value of future benefits, settlement and maintenance costs and to recover unamortized acquisition costs. Anticipated investment income is considered in the calculation of premium deficiency losses for short duration contracts. The premium deficiency reserve is established by a charge to income, as well as a reduction in unamortized acquisition costs and, to the extent there are no unamortized acquisition costs, an increase in future policy benefits. | ||
The reserving process includes normal periodic reviews of assumptions used and adjustments of reserves to incorporate the refinement of the assumptions. Any such adjustments relate only to policies assumed in recent periods and the adjustments are reflected by a cumulative charge or credit to current operations. | ||
The Company reinsures disability products in various markets. Liabilities for future benefits on disability policies’ active lives are established in an amount adequate to meet the estimated future obligations on policies in force. These reserves are the amounts which, with the additional premiums to be received and interest thereon compounded annually at certain assumed rates, are calculated to be sufficient to meet the various policy and contract obligations as they mature. | ||
The Company establishes future policy benefits for guaranteed minimum death benefits (“GMDB”) relating to the reinsurance of certain variable annuity contracts by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess proportionally over the accumulation period based on total expected assessments. The Company regularly evaluates estimates used and adjusts the additional liability balance, with a related charge or credit to claims and other policy benefits, if actual experience or other evidence suggests that earlier assumptions should be revised. The assumptions used in estimating the GMDB liabilities are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. The Company’s GMDB liabilities at December 31, 2014 and 2013 were not material. | ||
Interest-Sensitive Contract Liabilities | Interest-Sensitive Contract Liabilities | |
Liabilities for future benefits on interest-sensitive life and investment-type contract liabilities are carried at the accumulated contract holder values without reduction for potential surrender or withdrawal charges. The Company reinsures asset-intensive products, including annuities and corporate-owned life insurance. The investment portfolios for these products are segregated for management purposes within the general account of RGA Reinsurance Company ("RGA Reinsurance"). The liabilities under asset-intensive reinsurance contracts reinsured on a coinsurance basis are included in interest-sensitive contract liabilities on the consolidated balance sheets. Asset-intensive contracts principally include individual fixed annuities in the accumulation phase, single premium immediate annuities, equity-indexed annuities and individual variable annuity contracts. Interest-sensitive contract liabilities are equal to (i) policy account values, which consist of an accumulation of gross premium payments; (ii) credited interest less expenses, mortality charges, and withdrawals; and (iii) fair value adjustments relating to business combinations. Liabilities for immediate annuities are calculated as the present value of the expected cash flows, with the locked-in discount rate determined such that there is no gain or loss at inception. Additionally, certain annuity contracts the Company reinsures contain terms, such as guaranteed minimum benefits and equity participation options, which are deemed to be embedded derivatives and are accounted for based on the general accounting principles for Derivatives and Hedging. | ||
The Company establishes liabilities for guaranteed minimum living benefits relating to certain variable annuity products as follows: | ||
Guaranteed minimum income benefits (“GMIB”) provide the contract holder, after a specified period of time determined at the time of issuance of the variable annuity contract, with a minimum level of income (annuity) payments. Under the reinsurance treaty, the Company makes a payment to the ceding company equal to the GMIB net amount-at-risk at the time of annuitization and thus these contracts meet the net settlement criteria of the general accounting principles for Derivatives and Hedging and the Company assumes no mortality risk. Accordingly, the GMIB is considered an embedded derivative, which is measured at fair value separately from the host variable annuity product. | ||
Guaranteed minimum withdrawal benefits (“GMWB”) guarantee the contract holder a return of their purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that the contract holder’s cumulative withdrawals in a contract year do not exceed a certain limit. The initial guaranteed withdrawal amount is equal to the initial benefit base as defined in the contract (typically, the initial purchase payments plus applicable bonus amounts). The GMWB is also an embedded derivative, which is measured at fair value separately from the host variable annuity product. | ||
Guaranteed minimum accumulation benefits (“GMAB”) provide the contract holder, after a specified period of time determined at the time of issuance of the variable annuity contract, with a minimum accumulation of their purchase payments even if the account value is reduced to zero. The initial guaranteed accumulation amount is equal to the initial benefit base as defined in the contract (typically, the initial purchase payments plus applicable bonus amounts). The GMAB is also an embedded derivative, which is measured at fair value separately from the host variable annuity product. | ||
For GMIB, GMWB and GMAB, the initial benefit base is increased by additional purchase payments made within a certain time period and decreased by benefits paid and/or withdrawal amounts. After a specified period of time, the benefit base may also increase as a result of an optional reset as defined in the contract. | ||
The fair values of the GMIB, GMWB and GMAB embedded derivative liabilities are reflected in interest-sensitive contract liabilities on the consolidated balance sheets and are calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges over the lives of the contracts. These projected cash flows incorporate expectations concerning policyholder behavior, such as lapses, withdrawals and benefit selections, and capital market assumptions such as interest rates and equity market volatilities. In measuring the fair value of GMIBs, GMWBs and GMABs, the Company attributes a portion of the fees collected from the policyholder equal to the present value of expected future guaranteed minimum income, withdrawal and accumulation benefits (at inception). The changes in fair value are reported in investment related gains (losses), net. Any additional fees represent “excess” fees and are reported in other revenues on the consolidated statements of income. These variable annuity guaranteed living benefits may be more costly than expected in volatile or declining markets, causing an increase in interest-sensitive contract liabilities, negatively affecting net income. | ||
The Company reinsures equity-indexed annuity contracts. These contracts allow the contract holder to elect an interest rate return or an equity market component where interest credited is based on the performance of common stock market indices, such as the S&P 500 Index®, the Dow Jones Industrial Average, or the NASDAQ. The equity market option is considered an embedded derivative, similar to a call option, which is reflected at fair value on the consolidated balance sheets in interest-sensitive contract liabilities. The fair value of embedded derivatives is computed based on a projection of future equity option costs using a budget methodology, discounted back to the balance sheet date using current market indicators of volatility and interest rates. Changes in the fair value of the embedded derivatives are included as a component of interest credited on the consolidated statements of income. | ||
The Company reviews its estimates of actuarial liabilities for interest-sensitive contract liabilities and compares them with its actual experience. Differences between actual experience and the assumptions used in pricing these guarantees and benefits and in the establishment of the related liabilities result in variances in profit and could result in losses. The effects of changes in such estimated liabilities are included in the results of operations in the period in which the changes occur. | ||
Other Policy Claims and Benefits | Other Policy Claims and Benefits | |
Claims payable for incurred but not reported losses are determined using case-basis estimates and lag studies of past experience. The time lag from the date of the claim or death to when the ceding company reports the claim to the Company can vary significantly by ceding company, business segment and product type, but generally averages around 3.3 months. Incurred but not reported claims are estimates on an undiscounted basis, using actuarial estimates of historical claims expense, adjusted for current trends and conditions. These estimates are continually reviewed and the ultimate liability may vary significantly from the amount recognized, which are reflected in claims and other policy benefits in the consolidated statements of income in the period in which they are determined. | ||
Other Liabilities | Other Liabilities | |
Other liabilities primarily include investments in transit, separate accounts, employee benefits and current federal income taxes payable. | ||
Income Taxes | Income Taxes | |
RGA and its eligible subsidiaries file a consolidated federal income tax return. The U.S. consolidated tax return includes the operations of RGA, RGA Americas Reinsurance Company, Ltd. ("RGA Americas"), RGA Reinsurance, RGA Reinsurance Company (Barbados) Ltd. ("RGA Barbados"), RGA Technology Partners, Inc., Reinsurance Company of Missouri ("RCM"), Timberlake Reinsurance Company II (“Timberlake Re”), Reinsurance Partners, Inc., RGA Worldwide Reinsurance Company, Ltd. (“RGA Worldwide”), Rockwood Reinsurance Company (“Rockwood Re”), Parkway Reinsurance Company (“Parkway Re”), Castlewood Reinsurance Company (“Castlewood Re”), Chesterfield Reinsurance Company ("Chesterfield Re") and RGA Capital LLC. The Company’s Australian, certain Barbadian, Bermudian, Canadian, South African, Indian, Irish, Singaporean, Brazilian, United Arab Emirates, Dutch and United Kingdom subsidiaries are taxed under applicable local statutes. | ||
The Company provides for federal, state and foreign income taxes currently payable, as well as those deferred due to temporary differences between the financial reporting and tax bases of assets and liabilities and are recognized in net income or in certain cases in OCI. The Company’s accounting for income taxes represents management’s best estimate of various events and transactions considering the laws enacted as of the reporting date. | ||
Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates in the relevant jurisdictions expected to apply to taxable income in the years the temporary differences are expected to reverse. | ||
The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. The Company has deferred tax assets related to net operating and capital losses. The Company has projected its ability to utilize its U.S. and foreign net operating losses and has determined that all of the U.S. losses are expected to be utilized prior to their expiration and established a valuation allowance on the portion of the foreign deferred tax assets the Company believes more likely than not that deferred income tax assets will not be realized. | ||
The Company will establish a valuation allowance if management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established as well as the amount of such allowances. When making such a determination, consideration is given to, among other things, the following: | ||
(i) | future taxable income exclusive of reversing temporary differences and carryforwards; | |
(ii) | future reversals of existing taxable temporary differences; | |
(iii) | taxable income in prior carryback years; and | |
(iv) | tax planning strategies. | |
Any such changes could significantly affect the amounts reported in the consolidated financial statements in the year these changes occur. The Company accounts for its total liability for uncertain tax positions considering the recognition and measurement thresholds established in general accounting principles for income taxes. The tax effects of a position are recognized in the consolidated statement of income only if it is more likely than not to be sustained upon examination by the appropriate taxing authority. Unrecognized tax benefits due to tax uncertainties that do not meet the more likely than not criteria are included within other liabilities and are charged to earnings in the period that such determination is made. The Company classifies interest related to tax uncertainties as interest expense whereas penalties related to tax uncertainties are classified as a component of income tax. | ||
Collateral Finance Facility | Collateral Finance and Securitization Notes | |
Collateral finance and securitization notes represent private placement asset-backed structured financing transactions. Collateral finance notes are issued on specified insurance policies reinsured by the Company’s regulated subsidiaries. Transaction costs, primarily interest expense, are reflected in collateral finance and securitization expense. See Note 14 - "Collateral Finance and Securitization Notes" for additional information. | ||
Foreign Currency Translation | Foreign Currency Translation | |
The translation of the foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using weighted-average exchange rates during each year. Gains or losses, net of applicable deferred income taxes, resulting from such translation are included in accumulated currency translation adjustments, in AOCI on the consolidated balance sheets until the underlying functional currency operation is sold or substantially liquidated. The Company’s material functional currencies are the U.S. dollar, Canadian dollar, British pound, Australian dollar, Japanese yen, Korean won, Euro and South African rand. | ||
Recognition of Revenues and Related Expenses | Recognition of Revenues and Related Expenses | |
Life and health premiums are recognized as revenue when due from the insured, and are reported net of amounts retroceded. Benefits and expenses are reported net of amounts retroceded and are associated with earned premiums so that profits are recognized over the life of the related contract. This association is accomplished through the provision for future policy benefits and the amortization of deferred policy acquisition costs. Other revenue includes items such as treaty recapture fees, fees associated with financial reinsurance and policy changes on interest-sensitive and investment-type products that the Company reinsures. Any fees that are collected in advance of the period benefited are deferred and recognized over the period benefited. | ||
For certain reinsurance transactions involving in force blocks of business, the ceding company pays a premium equal to the initial required reserve (future policy benefit). In such transactions, for income statement presentation, the Company nets the expense associated with the establishment of the reserve on the consolidated balance sheets against the premiums from the transaction. | ||
Revenues for interest-sensitive and investment-type products consist of investment income, policy charges for the cost of insurance, policy administration, and surrenders that have been assessed against policy account balances during the period. Interest-sensitive contract liabilities for these products represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expenses include claims incurred in the period in excess of related policy account balances and interest credited to policy account balances. Interest is credited to policyholder account balances according to terms of the policies or contracts. | ||
For each of its reinsurance contracts, the Company must determine if the contract provides indemnification against loss or liability relating to insurance risk, in accordance with GAAP. The Company must review all contractual features, particularly those that may limit the amount of insurance risk to which the Company is subject or features that delay the timely reimbursement of claims. If the Company determines that a contract does not expose it to a reasonable possibility of a significant loss from insurance risk, the Company records the contract on a deposit method of accounting with any net amount receivable reflected as an asset within premiums receivable and other reinsurance balances, and any net amount payable reflected as a liability within other reinsurance balances on the consolidated balance sheets. Fees earned on the contracts are reflected as other revenues, rather than premiums, on the consolidated statements of income. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Equity Based Compensation | |
The Company expenses the fair value of stock awards included in its incentive compensation plans. As of the date stock awards are approved, the fair value of stock options is determined using a Black-Scholes options valuation methodology, and the fair value of other stock awards is based upon the market value of the stock. The fair value of the awards is expensed over the performance or service period, which generally corresponds to the vesting period, and is recognized as an increase to additional paid-in-capital in stockholders’ equity. Stock-based compensation expense is reflected in other operating expenses in the consolidated statements of income. | ||
Earnings Per Share | Earnings Per Share | |
Basic earnings per share exclude any dilutive effects of any outstanding options. Diluted earnings per share include the dilutive effects assuming outstanding stock options were exercised. | ||
Future Adoption of New Accounting Standards | New Accounting Pronouncements | |
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 CodificationTM. 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 were 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 were 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 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 was 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 18 - “Comprehensive Income.” | ||
Future Adoption of New Accounting Standards | ||
Compensation | ||
In June 2014, the FASB amended the general accounting principles for Compensation as it relates to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. This amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendment further clarifies that the performance target should not be reflected in estimating the grant-date fair value of the award and that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. These amendments are effective for annual years, and interim periods within those years, beginning after December 15, 2015. The Company is currently evaluating the impact of this amendment on its consolidated financial statements. | ||
Transfers and Servicing | ||
In June 2014, the FASB amended the general accounting principles for Transfers and Servicing as it relates to the accounting for repurchase-to-maturity transactions, repurchase financings, and disclosures. This amendment requires entities to account for repurchase-to-maturity transactions as secured borrowings, eliminates guidance on linked repurchase financing transactions, and expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers accounted for as secured borrowings. These amendments are effective for annual years, and interim periods within those years, beginning after December 15, 2014.The adoption of this amendment is not expected to have an impact on the Company's consolidated financial statements other than the addition of the required disclosures. |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | The following tables provide information relating to investments in fixed maturity and equity securities by sector as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
December 31, 2014: | Amortized | Unrealized | Unrealized | Estimated | % of Total | Other-than- | |||||||||||||||||||
Cost | Gains | Losses | Fair Value | temporary | |||||||||||||||||||||
impairments | |||||||||||||||||||||||||
in AOCI | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 14,010,604 | $ | 965,523 | $ | 90,544 | $ | 14,885,583 | 58.4 | % | $ | — | |||||||||||||
Canadian and Canadian provincial governments | 2,668,852 | 1,196,420 | 7 | 3,865,265 | 15.2 | — | |||||||||||||||||||
Residential mortgage-backed securities | 991,867 | 52,640 | 6,611 | 1,037,896 | 4.1 | (300 | ) | ||||||||||||||||||
Asset-backed securities | 1,059,660 | 20,301 | 10,375 | 1,069,586 | 4.2 | 354 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,453,657 | 87,593 | 8,659 | 1,532,591 | 6 | (1,609 | ) | ||||||||||||||||||
U.S. government and agencies | 501,352 | 25,014 | 515 | 525,851 | 2 | — | |||||||||||||||||||
State and political subdivisions | 378,457 | 51,117 | 3,498 | 426,076 | 1.7 | — | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 2,041,148 | 110,065 | 13,089 | 2,138,124 | 8.4 | — | |||||||||||||||||||
Total fixed maturity securities | $ | 23,105,597 | $ | 2,508,673 | $ | 133,298 | $ | 25,480,972 | 100 | % | $ | (1,555 | ) | ||||||||||||
Non-redeemable preferred stock | $ | 93,540 | $ | 7,350 | $ | 1,527 | $ | 99,363 | 78.3 | % | |||||||||||||||
Other equity securities | 26,994 | 597 | 94 | 27,497 | 21.7 | ||||||||||||||||||||
Total equity securities | $ | 120,534 | $ | 7,947 | $ | 1,621 | $ | 126,860 | 100 | % | |||||||||||||||
December 31, 2013: | Amortized | Unrealized | Unrealized | Estimated | % of Total | Other-than- | |||||||||||||||||||
Cost | Gains | Losses | Fair Value | temporary | |||||||||||||||||||||
impairments | |||||||||||||||||||||||||
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 | % | |||||||||||||||
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | The following table includes fixed maturity securities pledged and received as collateral, and assets in trust held to satisfy collateral requirements under certain third-party reinsurance treaties as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Fixed maturity securities pledged as collateral | $ | 127,229 | $ | 134,863 | $ | 57,241 | $ | 57,963 | |||||||||||||||||
Fixed maturity securities received as collateral | n/a | 117,227 | n/a | 94,143 | |||||||||||||||||||||
Securities held in trust | 10,197,489 | 10,922,947 | 7,842,893 | 8,125,402 | |||||||||||||||||||||
Concentration Risk Disclosure [Text Block] | The Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s stockholders’ equity as of December 31, 2014 and 2013 is as follows (dollars in thousands). | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Fixed maturity securities guaranteed or issued by: | |||||||||||||||||||||||||
Canadian province of Ontario | $ | 979,908 | $ | 1,359,339 | $ | 1,023,427 | $ | 1,222,296 | |||||||||||||||||
Canadian province of Quebec | 1,006,315 | 1,599,673 | 1,041,462 | 1,389,138 | |||||||||||||||||||||
Investments Classified By Contractual Maturity Date [Table Text Block] | Asset and mortgage-backed securities are shown separately in the table below, as they are not due at a single maturity date. | ||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 556,034 | $ | 561,396 | |||||||||||||||||||||
Due after one year through five years | 4,354,866 | 4,580,388 | |||||||||||||||||||||||
Due after five years through ten years | 7,587,194 | 7,965,907 | |||||||||||||||||||||||
Due after ten years | 7,102,319 | 8,733,208 | |||||||||||||||||||||||
Asset and mortgage-backed securities | 3,505,184 | 3,640,073 | |||||||||||||||||||||||
Total | $ | 23,105,597 | $ | 25,480,972 | |||||||||||||||||||||
Fixed Maturity Holdings Industry Types [Table Text Block] | The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
December 31, 2014: | Amortized Cost | Estimated | % of Total | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Finance | $ | 4,789,568 | $ | 5,066,408 | 34 | % | |||||||||||||||||||
Industrial | 7,639,330 | 8,086,067 | 54.3 | ||||||||||||||||||||||
Utility | 1,581,706 | 1,733,108 | 11.7 | ||||||||||||||||||||||
Total | $ | 14,010,604 | $ | 14,885,583 | 100 | % | |||||||||||||||||||
December 31, 2013: | Amortized Cost | Estimated | % of Total | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Finance | $ | 3,838,716 | $ | 3,983,623 | 32.9 | % | |||||||||||||||||||
Industrial | 6,607,100 | 6,824,063 | 56.3 | ||||||||||||||||||||||
Utility | 1,240,353 | 1,292,305 | 10.7 | ||||||||||||||||||||||
Other | 11,225 | 10,764 | 0.1 | ||||||||||||||||||||||
Total | $ | 11,697,394 | $ | 12,110,755 | 100 | % | |||||||||||||||||||
Roll Forward Of Cumulative Credit Loss Component Of Otti Income Loss [Table Text Block] | 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): | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Balance, beginning of period | $ | 11,696 | $ | 16,675 | $ | 63,947 | |||||||||||||||||||
Initial impairments - credit loss OTTI recognized on securities not previously impaired | — | — | 1,962 | ||||||||||||||||||||||
Additional impairments - credit loss OTTI recognized on securities previously impaired | — | 134 | 10,186 | ||||||||||||||||||||||
Credit loss OTTI previously recognized on securities impaired to fair value during the period | — | (1,449 | ) | (22,290 | ) | ||||||||||||||||||||
Credit loss previously recognized on securities which matured, paid down, prepaid or were sold during the period | (4,412 | ) | (3,664 | ) | (37,130 | ) | |||||||||||||||||||
Balance, end of period | $ | 7,284 | $ | 11,696 | $ | 16,675 | |||||||||||||||||||
AccountingForCertainLoansAndDebtSecuritiesAcquiredInTransferDisclosureTextBlock | The following tables present information on the Company’s purchased credit impaired securities, which are included in fixed maturity securities available-for-sale as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Outstanding principal and interest balance(1) | $ | 226,121 | $ | 192,644 | |||||||||||||||||||||
Carrying value, including accrued interest(2) | $ | 185,842 | $ | 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 ended December 31, 2014 and 2013, as of the acquisition dates (dollars in thousands). | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contractually required payments (including interest) | $ | 96,617 | $ | 161,975 | |||||||||||||||||||||
Cash flows expected to be collected(1) | $ | 76,551 | $ | 130,578 | |||||||||||||||||||||
Fair value of investments acquired | $ | 53,950 | $ | 87,643 | |||||||||||||||||||||
-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 years ended December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 69,469 | $ | 39,239 | |||||||||||||||||||||
Investments purchased | 22,601 | 42,935 | |||||||||||||||||||||||
Accretion | (9,339 | ) | (7,755 | ) | |||||||||||||||||||||
Disposals | (379 | ) | (3,564 | ) | |||||||||||||||||||||
Reclassification from nonaccretable difference | (15,181 | ) | (1,386 | ) | |||||||||||||||||||||
Balance, end of period | $ | 67,171 | $ | 69,469 | |||||||||||||||||||||
Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures [Table Text Block] | The following table presents the total gross unrealized losses for the 932 and 1,396 fixed maturity and equity securities at December 31, 2014 and 2013, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross | % of Total | Gross | % of Total | ||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Less than 20% | $ | 111,965 | 83 | % | $ | 296,731 | 91.4 | % | |||||||||||||||||
20% or more for less than six months | 13,698 | 10.1 | 6,444 | 2 | |||||||||||||||||||||
20% or more for six months or greater | 9,256 | 6.9 | 21,425 | 6.6 | |||||||||||||||||||||
Total | $ | 134,919 | 100 | % | $ | 324,600 | 100 | % | |||||||||||||||||
Fair Value And Investments In Debt And Equity Securities Disclosures [Table Text Block] | 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 | |||||||||||||||||||||||
December 31, 2014: | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Investment grade securities: | |||||||||||||||||||||||||
Corporate securities | $ | 1,225,767 | $ | 27,784 | $ | 614,294 | $ | 30,040 | $ | 1,840,061 | $ | 57,824 | |||||||||||||
Canadian and Canadian provincial governments | — | — | 1,235 | 7 | 1,235 | 7 | |||||||||||||||||||
Residential mortgage-backed securities | 78,864 | 846 | 135,414 | 5,247 | 214,278 | 6,093 | |||||||||||||||||||
Asset-backed securities | 332,785 | 4,021 | 109,411 | 4,289 | 442,196 | 8,310 | |||||||||||||||||||
Commercial mortgage-backed securities | 78,632 | 564 | 28,375 | 2,461 | 107,007 | 3,025 | |||||||||||||||||||
U.S. government and agencies | 81,317 | 89 | 32,959 | 426 | 114,276 | 515 | |||||||||||||||||||
State and political subdivisions | 13,780 | 17 | 18,998 | 3,438 | 32,778 | 3,455 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 156,725 | 7,007 | 76,111 | 2,946 | 232,836 | 9,953 | |||||||||||||||||||
Total investment grade securities | 1,967,870 | 40,328 | 1,016,797 | 48,854 | 2,984,667 | 89,182 | |||||||||||||||||||
Non-investment grade securities: | |||||||||||||||||||||||||
Corporate securities | 415,886 | 29,316 | 32,567 | 3,404 | 448,453 | 32,720 | |||||||||||||||||||
Residential mortgage-backed securities | 22,836 | 293 | 6,284 | 225 | 29,120 | 518 | |||||||||||||||||||
Asset-backed securities | 12,448 | 274 | 7,108 | 1,791 | 19,556 | 2,065 | |||||||||||||||||||
Commercial mortgage-backed securities | 3,288 | 249 | 5,580 | 5,385 | 8,868 | 5,634 | |||||||||||||||||||
State and political subdivisions | 964 | 43 | — | — | 964 | 43 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 13,986 | 3,136 | — | — | 13,986 | 3,136 | |||||||||||||||||||
Total non-investment grade securities | 469,408 | 33,311 | 51,539 | 10,805 | 520,947 | 44,116 | |||||||||||||||||||
Total fixed maturity securities | $ | 2,437,278 | $ | 73,639 | $ | 1,068,336 | $ | 59,659 | $ | 3,505,614 | $ | 133,298 | |||||||||||||
Non-redeemable preferred stock | $ | 11,619 | $ | 235 | $ | 19,100 | $ | 1,292 | $ | 30,719 | $ | 1,527 | |||||||||||||
Other equity securities | — | — | 3,545 | 94 | 3,545 | 94 | |||||||||||||||||||
Total equity securities | $ | 11,619 | $ | 235 | $ | 22,645 | $ | 1,386 | $ | 34,264 | $ | 1,621 | |||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
December 31, 2013: | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | 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 [Table Text Block] | Major categories of investment income, net of related expenses consist of the following (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Fixed maturity securities available-for-sale | $ | 1,052,715 | $ | 966,759 | $ | 868,682 | |||||||||||||||||||
Mortgage loans on real estate | 148,417 | 121,476 | 96,901 | ||||||||||||||||||||||
Policy loans | 55,248 | 57,099 | 62,855 | ||||||||||||||||||||||
Funds withheld at interest | 447,364 | 545,550 | 393,586 | ||||||||||||||||||||||
Short-term investments | 2,118 | 2,236 | 4,173 | ||||||||||||||||||||||
Other invested assets | 70,149 | 58,771 | 49,199 | ||||||||||||||||||||||
Investment income | 1,776,011 | 1,751,891 | 1,475,396 | ||||||||||||||||||||||
Investment expense | (62,320 | ) | (52,026 | ) | (39,190 | ) | |||||||||||||||||||
Investment income, net of related expenses | $ | 1,713,691 | $ | 1,699,865 | $ | 1,436,206 | |||||||||||||||||||
Gain (Loss) on Investments [Table Text Block] | Investment related gains (losses), net, consist of the following (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Fixed maturity and equity securities available for sale: | |||||||||||||||||||||||||
Other-than-temporary impairment losses on fixed maturity securities recognized in earnings | $ | (7,766 | ) | $ | (12,901 | ) | $ | (23,526 | ) | ||||||||||||||||
Impairment losses on equity securities | — | — | (3,025 | ) | |||||||||||||||||||||
Gain on investment activity | 65,435 | 82,744 | 145,268 | ||||||||||||||||||||||
Loss on investment activity | (31,295 | ) | (60,575 | ) | (27,474 | ) | |||||||||||||||||||
Other impairment losses and change in mortgage loan provision | (5,315 | ) | (6,933 | ) | (16,602 | ) | |||||||||||||||||||
Derivatives and other, net | 165,134 | 61,655 | 179,495 | ||||||||||||||||||||||
Total investment related gains (losses), net | $ | 186,193 | $ | 63,990 | $ | 254,136 | |||||||||||||||||||
Schedule of Repurchase Agreements [Table Text Block] | The following table includes the amount of borrowed securities, repurchased securities pledged and repurchased/reverse repurchased securities pledged and received as of December 31, 2014 and 2013 (dollars in thousands). | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Borrowed securities | $ | 201,050 | $ | 212,946 | $ | 93,000 | $ | 93,000 | |||||||||||||||||
Repurchase program securities pledged | 92,446 | 107,158 | — | — | |||||||||||||||||||||
Repurchase program/reverse repurchase program: | |||||||||||||||||||||||||
Securities pledged | 298,466 | 314,160 | 300,350 | 310,781 | |||||||||||||||||||||
Securities received | n/a | 338,929 | n/a | 344,169 | |||||||||||||||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Recorded | Percentage of | Recorded | Percentage of | ||||||||||||||||||||||
Investment | Total | Investment | Total | ||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||
Office building | $ | 851,749 | 31.3 | % | $ | 917,284 | 36.7 | % | |||||||||||||||||
Retail | 802,466 | 29.6 | 748,731 | 30 | |||||||||||||||||||||
Industrial | 466,583 | 17.2 | 439,890 | 17.6 | |||||||||||||||||||||
Apartment | 376,430 | 13.8 | 289,394 | 11.6 | |||||||||||||||||||||
Other commercial | 221,481 | 8.1 | 101,487 | 4.1 | |||||||||||||||||||||
Total | $ | 2,718,709 | 100 | % | $ | 2,496,786 | 100 | % | |||||||||||||||||
Disclosure of Real Estate Holdings Classified By Contractual Maturity Date [Table Text Block] | The maturities of the mortgage loans, gross of valuation allowances, as of December 31, 2014 and 2013 are as follows (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Due within five years | $ | 860,362 | $ | 987,109 | |||||||||||||||||||||
Due after five years through ten years | 1,165,530 | 984,289 | |||||||||||||||||||||||
Due after ten years | 692,817 | 525,388 | |||||||||||||||||||||||
Total | $ | 2,718,709 | $ | 2,496,786 | |||||||||||||||||||||
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 December 31, 2014 and 2013 are as follows (dollars in thousands): | ||||||||||||||||||||||||
Internal credit quality grade: | 2014 | 2013 | |||||||||||||||||||||||
High investment grade | $ | 1,326,199 | $ | 1,437,244 | |||||||||||||||||||||
Investment grade | 1,235,046 | 827,993 | |||||||||||||||||||||||
Average | 118,152 | 155,914 | |||||||||||||||||||||||
Watch list | 22,285 | 49,404 | |||||||||||||||||||||||
In or near default | 17,027 | 26,231 | |||||||||||||||||||||||
Total | $ | 2,718,709 | $ | 2,496,786 | |||||||||||||||||||||
Recorded Investment And Allowance For Credit Losses [Table Text Block] | The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances, as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||
Individually measured for impairment | $ | 17,027 | $ | 37,841 | |||||||||||||||||||||
Collectively measured for impairment | 2,701,682 | 2,458,945 | |||||||||||||||||||||||
Mortgage loans, gross of valuation allowances | 2,718,709 | 2,496,786 | |||||||||||||||||||||||
Valuation allowances: | |||||||||||||||||||||||||
Individually measured for impairment | 816 | 3,211 | |||||||||||||||||||||||
Collectively measured for impairment | 5,655 | 6,895 | |||||||||||||||||||||||
Total valuation allowances | 6,471 | 10,106 | |||||||||||||||||||||||
Mortgage loans, net of valuation allowances | $ | 2,712,238 | $ | 2,486,680 | |||||||||||||||||||||
Allowance For Loan And Lease Losses Provision For Loss Net [Table Text Block] | Information regarding the Company’s loan valuation allowances for mortgage loans as of December 31, 2014, 2013 and 2012 are as follows (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Balance, beginning of period | $ | 10,106 | $ | 11,580 | $ | 11,793 | |||||||||||||||||||
Charge-offs, net of recoveries | (2,731 | ) | (3,431 | ) | (6,474 | ) | |||||||||||||||||||
Provision | (904 | ) | 1,957 | 6,261 | |||||||||||||||||||||
Balance, end of period | $ | 6,471 | $ | 10,106 | $ | 11,580 | |||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | Information regarding the portion of the Company’s mortgage loans that were impaired as of December 31, 2014 and 2013 is as follows (dollars in thousands): | ||||||||||||||||||||||||
Unpaid Principal | Recorded | Related | Carrying Value | ||||||||||||||||||||||
Balance | Investment | Allowance | |||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 7,314 | $ | 6,711 | $ | — | $ | 6,711 | |||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | 10,279 | 10,316 | 816 | 9,500 | |||||||||||||||||||||
Total impaired mortgage loans | $ | 17,593 | $ | 17,027 | $ | 816 | $ | 16,211 | |||||||||||||||||
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 balance of impaired mortgage loans and the related interest income are reflected in the table below for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||
Investment(1) | Income | Investment(1) | Income | Investment(1) | Income | ||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 13,227 | $ | 647 | $ | 15,023 | $ | 852 | $ | 15,549 | $ | 1,244 | |||||||||||||
Impaired mortgage loans with valuation allowance recorded | 13,827 | 637 | 22,818 | 951 | 34,434 | 425 | |||||||||||||||||||
Total | $ | 27,054 | $ | 1,284 | $ | 37,841 | $ | 1,803 | $ | 49,983 | $ | 1,669 | |||||||||||||
-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 Assets [Table Text Block] | Other invested assets represented approximately 3.3% and 4.1% of the Company’s invested assets as of December 31, 2014 and 2013, respectively. Carrying values of these assets as of December 31, 2014 and 2013 are as follows (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Equity securities | $ | 126,860 | $ | 405,731 | |||||||||||||||||||||
Limited partnerships and real estate joint ventures | 446,604 | 411,456 | |||||||||||||||||||||||
Structured loans | 164,309 | 223,549 | |||||||||||||||||||||||
Derivatives | 216,966 | 75,227 | |||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 140,344 | 138,892 | |||||||||||||||||||||||
Other | 103,236 | 70,105 | |||||||||||||||||||||||
Total other invested assets | $ | 1,198,319 | $ | 1,324,960 | |||||||||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | 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 December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
31-Dec-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 | $ | 1,144,661 | $ | 93,783 | $ | 3,934 | $ | 1,592,943 | $ | 32,555 | $ | 21,873 | |||||||||||||
Interest rate options | 240,000 | 18,195 | — | 240,000 | 2,554 | — | |||||||||||||||||||
Financial futures | 275,983 | — | — | 123,780 | — | — | |||||||||||||||||||
Foreign currency forwards | 67,967 | 87 | 15,098 | 79,618 | — | 12,772 | |||||||||||||||||||
Consumer price index swaps | 41,938 | — | 561 | 59,922 | — | 309 | |||||||||||||||||||
Credit default swaps | 805,700 | 11,689 | 3,502 | 682,700 | 10,438 | 2,156 | |||||||||||||||||||
Equity options | 555,361 | 35,242 | — | 757,352 | 33,902 | — | |||||||||||||||||||
Longevity swaps | 450,000 | 7,727 | — | — | — | — | |||||||||||||||||||
Mortality swaps | 50,000 | — | 797 | — | — | — | |||||||||||||||||||
Synthetic guaranteed investment contracts | 6,500,942 | — | — | 4,629,859 | — | — | |||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | — | 22,094 | — | — | — | 176,270 | |||||||||||||||||||
Indexed annuity products | — | — | 925,887 | — | — | 838,670 | |||||||||||||||||||
Variable annuity products | — | — | 159,279 | — | — | 30,055 | |||||||||||||||||||
Total non-hedging derivatives | 10,132,552 | 188,817 | 1,109,058 | 8,166,174 | 79,449 | 1,082,105 | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swaps | 120,000 | — | 18,228 | 49,131 | — | 4,606 | |||||||||||||||||||
Foreign currency swaps | 676,972 | 70,906 | — | 728,674 | 21,903 | 620 | |||||||||||||||||||
Forward bond purchase commitments | 196,452 | 1,175 | 14,545 | — | — | — | |||||||||||||||||||
Total hedging derivatives | 993,424 | 72,081 | 32,773 | 777,805 | 21,903 | 5,226 | |||||||||||||||||||
Total derivatives | $ | 11,125,976 | $ | 260,898 | $ | 1,141,831 | $ | 8,943,979 | $ | 101,352 | $ | 1,087,331 | |||||||||||||
Offsetting Assets [Table Text Block] | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Derivative assets | $ | 238,804 | $ | (14,111 | ) | $ | 224,693 | $ | (20,260 | ) | $ | (178,141 | ) | $ | 26,292 | ||||||||||
Derivative liabilities | 56,665 | (14,111 | ) | 42,554 | (47,222 | ) | — | (4,668 | ) | ||||||||||||||||
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 | ) | |||||||||||||||
Offsetting Liabilities [Table Text Block] | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Derivative assets | $ | 238,804 | $ | (14,111 | ) | $ | 224,693 | $ | (20,260 | ) | $ | (178,141 | ) | $ | 26,292 | ||||||||||
Derivative liabilities | 56,665 | (14,111 | ) | 42,554 | (47,222 | ) | — | (4,668 | ) | ||||||||||||||||
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 consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||
Gain (Loss) Included in AOCI | |||||||||||||||||||||||||
Balance December 31, 2011 | $ | (828 | ) | ||||||||||||||||||||||
Gains deferred in other comprehensive income on the effective portion of cash flow hedges | 2,613 | ||||||||||||||||||||||||
Amounts reclassified to investment income | (1,382 | ) | |||||||||||||||||||||||
Balance December 31, 2012 | 403 | ||||||||||||||||||||||||
Losses deferred in other comprehensive loss on the effective portion of cash flow hedges | (3,969 | ) | |||||||||||||||||||||||
Amounts reclassified to investment income | (1,012 | ) | |||||||||||||||||||||||
Balance December 31, 2013 | (4,578 | ) | |||||||||||||||||||||||
Losses deferred in other comprehensive loss on the effective portion of cash flow hedges | (25,801 | ) | |||||||||||||||||||||||
Amounts reclassified to investment income | (1,212 | ) | |||||||||||||||||||||||
Balance December 31, 2014 | $ | (31,591 | ) | ||||||||||||||||||||||
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 consolidated statements of income and the consolidated statements of stockholders’ equity for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||
Effective Portion | Ineffective Portion | ||||||||||||||||||||||||
Derivative Type | Gain (Loss) Recognized in OCI | Gain (Loss) Reclassified into Income from OCI | Classification of Gain (Loss) Reclassified into Net Income | Gain (Loss) Recognized in Income | Classification of Gain (Loss) Recognized in Net Income | ||||||||||||||||||||
For the year ended December 31, 2014: | |||||||||||||||||||||||||
Interest rate swaps | $ | (12,431 | ) | $ | 1,212 | Investment Income | $ | 19 | Gains (Losses) | ||||||||||||||||
Forward bond purchase commitments | (13,370 | ) | — | Investment Income | — | Gains (Losses) | |||||||||||||||||||
Total | $ | (25,801 | ) | $ | 1,212 | $ | 19 | ||||||||||||||||||
For the year ended December 31, 2013: | |||||||||||||||||||||||||
Interest rate swaps | $ | (3,969 | ) | $ | 1,012 | Investment Income | $ | 6 | Gains (Losses) | ||||||||||||||||
For the year ended December 31, 2012: | |||||||||||||||||||||||||
Interest rate swaps | $ | 2,613 | $ | 1,382 | Investment Income | $ | (41 | ) | Gains (Losses) | ||||||||||||||||
Derivatives Hedging Instruments In Net Investment Hedging Relationships [Table Text Block] | The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||
Derivative Gains (Losses) Deferred in AOCI | |||||||||||||||||||||||||
For the year ended | |||||||||||||||||||||||||
Type of NIFO Hedge (1) (2) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Foreign currency swaps | $ | 51,894 | $ | 40,347 | $ | (20,470 | ) | ||||||||||||||||||
-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 [Table Text Block] | A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2014, 2013 and 2012 is as follows (dollars in thousands): | ||||||||||||||||||||||||
Gain (Loss) for the Years Ended December 31, | |||||||||||||||||||||||||
Type of Non-hedging Derivative | Income Statement | 2014 | 2013 | 2012 | |||||||||||||||||||||
Location of Gain (Loss) | |||||||||||||||||||||||||
Interest rate swaps | Investment related gains (losses), net | $ | 94,848 | $ | (84,398 | ) | $ | 16,028 | |||||||||||||||||
Interest rate options | Investment related gains (losses), net | 15,641 | (11,518 | ) | — | ||||||||||||||||||||
Financial futures | Investment related gains (losses), net | (9,550 | ) | (11,157 | ) | (20,245 | ) | ||||||||||||||||||
Foreign currency forwards | Investment related gains (losses), net | (8,691 | ) | (13,201 | ) | (5,644 | ) | ||||||||||||||||||
Consumer price index swaps | Investment related gains (losses), net | (344 | ) | (1,942 | ) | (267 | ) | ||||||||||||||||||
Credit default swaps | Investment related gains (losses), net | 3,938 | 24,188 | 18,359 | |||||||||||||||||||||
Equity options | Investment related gains (losses), net | (22,472 | ) | (79,230 | ) | (69,677 | ) | ||||||||||||||||||
Longevity swaps | Other revenues | 8,088 | — | — | |||||||||||||||||||||
Mortality swaps | Other revenues | (797 | ) | — | — | ||||||||||||||||||||
Subtotal | 80,661 | (177,258 | ) | (61,446 | ) | ||||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | Investment related gains (losses), net | 198,365 | 70,177 | 115,009 | |||||||||||||||||||||
Indexed annuity products | Policy acquisition costs and other insurance expenses | — | — | (630 | ) | ||||||||||||||||||||
Indexed annuity products | Interest credited | (104,844 | ) | (115,409 | ) | (29,804 | ) | ||||||||||||||||||
Variable annuity products | Investment related gains (losses), net | (129,224 | ) | 142,050 | 104,613 | ||||||||||||||||||||
Total non-hedging derivatives | $ | 44,958 | $ | (80,440 | ) | $ | 127,742 | ||||||||||||||||||
Disclosure Of Credit Derivatives [Table Text Block] | 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 December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
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 | $ | 1,498 | $ | 167,500 | 4.6 | $ | 614 | $ | 117,500 | 5.1 | |||||||||||||||
Credit default swaps referencing indices | — | — | — | — | — | — | |||||||||||||||||||
Subtotal | 1,498 | 167,500 | 4.6 | 614 | 117,500 | 5.1 | |||||||||||||||||||
BBB+/BBB/BBB- | |||||||||||||||||||||||||
Single name credit default swaps | 168 | 217,200 | 4.9 | 656 | 142,200 | 4.9 | |||||||||||||||||||
Credit default swaps referencing indices | 6,651 | 416,000 | 5 | 7,295 | 405,000 | 5 | |||||||||||||||||||
Subtotal | 6,819 | 633,200 | 4.9 | 7,951 | 547,200 | 5 | |||||||||||||||||||
BB+ | |||||||||||||||||||||||||
Single name credit default swaps | (130 | ) | 5,000 | 4.5 | — | — | — | ||||||||||||||||||
Credit default swaps referencing indices | — | — | — | — | — | — | |||||||||||||||||||
Subtotal | (130 | ) | 5,000 | 4.5 | — | — | — | ||||||||||||||||||
Total | $ | 8,187 | $ | 805,700 | 4.9 | $ | 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 [Table Text Block] | The related gains (losses) and the effect on net income after amortization of DAC and income taxes for the years ended December 31, 2014, 2013 and 2012 are reflected in the following table (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Embedded derivatives in modified coinsurance or funds withheld arrangements included in investment related gains | $ | 198,365 | $ | 70,177 | $ | 115,009 | |||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | 45,171 | 18,920 | 25,454 | ||||||||||||||||||||||
Embedded derivatives in variable annuity contracts included in investment related gains | (129,224 | ) | 142,050 | 104,613 | |||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | 27,601 | 70,123 | 6,367 | ||||||||||||||||||||||
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses | (104,844 | ) | (115,409 | ) | (30,434 | ) | |||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (69,963 | ) | (106,792 | ) | 6,110 | ||||||||||||||||||||
Credit Risk [Table Text Block] | Information regarding the Company’s credit exposure related to its over-the-counter derivative contracts, centrally cleared derivative contracts and margin account for exchange-traded futures, excluding longevity and mortality swaps, at December 31, 2014 and 2013 are reflected in the following table (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Estimated fair value of derivatives in net asset position | $ | 175,209 | $ | 59,016 | |||||||||||||||||||||
Cash provided as collateral(1) | — | 8,033 | |||||||||||||||||||||||
Securities pledged to counterparties as collateral(2) | 47,222 | 18,081 | |||||||||||||||||||||||
Cash pledged from counterparties as collateral(3) | (178,141 | ) | (51,006 | ) | |||||||||||||||||||||
Securities pledged from counterparties as collateral(4) | (20,260 | ) | (11,095 | ) | |||||||||||||||||||||
Initial margin for cleared derivatives | (16,333 | ) | (13,350 | ) | |||||||||||||||||||||
Net credit exposure | $ | 7,697 | $ | 9,679 | |||||||||||||||||||||
Margin account related to exchange-traded futures(5) | $ | 7,976 | $ | 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 (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 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 December 31, 2014 and December 31, 2013 are summarized below (dollars in thousands): | ||||||||||||||||||||||||
December 31, 2014: | Fair Value Measurements Using: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fixed maturity securities – available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 14,885,583 | $ | 115,822 | $ | 13,459,334 | $ | 1,310,427 | |||||||||||||||||
Canadian and Canadian provincial governments | 3,865,265 | — | 3,865,265 | — | |||||||||||||||||||||
Residential mortgage-backed securities | 1,037,896 | — | 849,802 | 188,094 | |||||||||||||||||||||
Asset-backed securities | 1,069,586 | — | 496,626 | 572,960 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,532,591 | — | 1,445,845 | 86,746 | |||||||||||||||||||||
U.S. government and agencies securities | 525,851 | 437,129 | 60,193 | 28,529 | |||||||||||||||||||||
State and political subdivision securities | 426,076 | — | 383,365 | 42,711 | |||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 2,138,124 | 285,995 | 1,832,466 | 19,663 | |||||||||||||||||||||
Total fixed maturity securities – available-for-sale | 25,480,972 | 838,946 | 22,392,896 | 2,249,130 | |||||||||||||||||||||
Funds withheld at interest – embedded derivatives | 22,094 | — | — | 22,094 | |||||||||||||||||||||
Cash equivalents | 899,846 | 899,846 | — | — | |||||||||||||||||||||
Short-term investments | 45,190 | 21,536 | 23,654 | — | |||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||
Non-redeemable preferred stock | 99,363 | 91,450 | 9 | 7,904 | |||||||||||||||||||||
Other equity securities | 27,497 | 27,497 | — | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 84,578 | — | 84,578 | — | |||||||||||||||||||||
Interest rate options | 18,195 | — | 18,195 | — | |||||||||||||||||||||
CPI swaps | (561 | ) | — | (561 | ) | — | |||||||||||||||||||
Credit default swaps | 8,606 | — | 8,606 | — | |||||||||||||||||||||
Equity options | 35,242 | — | 35,242 | — | |||||||||||||||||||||
Foreign currency swaps | 70,906 | — | 70,906 | — | |||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 140,344 | 134,749 | 5,595 | — | |||||||||||||||||||||
Other | 6,420 | 6,420 | — | — | |||||||||||||||||||||
Total other invested assets | 490,590 | 260,116 | 222,570 | 7,904 | |||||||||||||||||||||
Other assets - longevity swaps | 7,727 | — | — | 7,727 | |||||||||||||||||||||
Total | $ | 26,946,419 | $ | 2,020,444 | $ | 22,639,120 | $ | 2,286,855 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives | $ | 1,085,166 | $ | — | $ | — | $ | 1,085,166 | |||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 12,957 | — | 12,957 | — | |||||||||||||||||||||
Foreign currency forwards | 15,011 | — | 15,011 | — | |||||||||||||||||||||
Credit default swaps | 419 | — | 419 | — | |||||||||||||||||||||
Forward purchase commitments | 13,370 | — | 13,370 | — | |||||||||||||||||||||
Mortality swaps | 797 | — | — | 797 | |||||||||||||||||||||
Total | $ | 1,127,720 | $ | — | $ | 41,757 | $ | 1,085,963 | |||||||||||||||||
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 | — | |||||||||||||||||||||
Interest rate options | 2,554 | — | 2,554 | — | |||||||||||||||||||||
CPI swaps | (309 | ) | — | (309 | ) | — | |||||||||||||||||||
Credit default swaps | 7,926 | — | 7,926 | — | |||||||||||||||||||||
Equity options | 33,869 | — | 33,869 | — | |||||||||||||||||||||
Foreign currency swaps | 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 | ) | — | |||||||||||||||||||
Equity options | (33 | ) | — | (33 | ) | — | |||||||||||||||||||
Total | $ | 884,936 | $ | — | $ | 16,211 | $ | 868,725 | |||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [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 December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
December 31, 2014: | Valuation | Unobservable | Range | ||||||||||||||||||||||
Fair Value | Technique(s) | Input | (Weighted Average) | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 4,994 | Market comparable | Liquidity premium | 1 | % | |||||||||||||||||||
securities | |||||||||||||||||||||||||
Corporate securities | 205,392 | Market comparable | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
U.S. Government and agencies securities | 28,530 | Market comparable | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
Funds withheld at interest- embedded derivatives | 22,094 | Total return swap | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
CVA | 0-5% (1%) | ||||||||||||||||||||||||
Crediting rate | 2-4% (3%) | ||||||||||||||||||||||||
Longevity swaps | 7,727 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Mortality improvement | (10%)-10% (3%) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 925,887 | 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 | 159,279 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-25% (8%) | ||||||||||||||||||||||||
Withdrawal | 0-7% (3%) | ||||||||||||||||||||||||
CVA | 0-5% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (11%) | ||||||||||||||||||||||||
Mortality swaps | 797 | Discounted cash flow | Mortality | 0-100% (1%) | |||||||||||||||||||||
December 31, 2013: | Valuation | Unobservable | Range | ||||||||||||||||||||||
Fair Value | Technique(s) | Input | (Weighted Average) | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 29,024 | Market comparable | Liquidity premium | 1 | % | |||||||||||||||||||
securities | |||||||||||||||||||||||||
Corporate securities | 312,887 | Market comparable | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
U.S. Government and agencies securities | 37,539 | Market comparable | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
Funds withheld at interest- embedded derivatives | (176,270 | ) | Total return swap | Mortality | 0-100% (2%) | ||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
CVA | 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%) | ||||||||||||||||||||||||
CVA | 0-1% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (10%) | ||||||||||||||||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [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 December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
December 31, 2014: | Valuation | Unobservable | Range | ||||||||||||||||||||||
Fair Value | Technique(s) | Input | (Weighted Average) | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 4,994 | Market comparable | Liquidity premium | 1 | % | |||||||||||||||||||
securities | |||||||||||||||||||||||||
Corporate securities | 205,392 | Market comparable | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
U.S. Government and agencies securities | 28,530 | Market comparable | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
Funds withheld at interest- embedded derivatives | 22,094 | Total return swap | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
CVA | 0-5% (1%) | ||||||||||||||||||||||||
Crediting rate | 2-4% (3%) | ||||||||||||||||||||||||
Longevity swaps | 7,727 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Mortality improvement | (10%)-10% (3%) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 925,887 | 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 | 159,279 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-25% (8%) | ||||||||||||||||||||||||
Withdrawal | 0-7% (3%) | ||||||||||||||||||||||||
CVA | 0-5% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (11%) | ||||||||||||||||||||||||
Mortality swaps | 797 | Discounted cash flow | Mortality | 0-100% (1%) | |||||||||||||||||||||
December 31, 2013: | Valuation | Unobservable | Range | ||||||||||||||||||||||
Fair Value | Technique(s) | Input | (Weighted Average) | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 29,024 | Market comparable | Liquidity premium | 1 | % | |||||||||||||||||||
securities | |||||||||||||||||||||||||
Corporate securities | 312,887 | Market comparable | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
U.S. Government and agencies securities | 37,539 | Market comparable | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
Funds withheld at interest- embedded derivatives | (176,270 | ) | Total return swap | Mortality | 0-100% (2%) | ||||||||||||||||||||
Lapse | 0-35% (7%) | ||||||||||||||||||||||||
Withdrawal | 0-5% (3%) | ||||||||||||||||||||||||
CVA | 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%) | ||||||||||||||||||||||||
CVA | 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 years ended December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
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 | $ | 6,000 | $ | 22,537 | $ | — | $ | 30,599 | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the year ended December 31, 2014, as well as the portion of gains or losses included in income for the year ended December 31, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
For the year ended December 31, 2014: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. | State | ||||||||||||||||||||
securities | mortgage-backed | securities | mortgage-backed | Government | and political | ||||||||||||||||||||
securities | securities | and agencies | subdivision | ||||||||||||||||||||||
securities | securities | ||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,345,289 | $ | 153,505 | $ | 471,848 | $ | 101,785 | $ | 40,919 | $ | 43,776 | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (4,828 | ) | (93 | ) | 7,929 | 1,892 | (483 | ) | 39 | ||||||||||||||||
Investment related gains (losses), net | (1,984 | ) | (244 | ) | 2,131 | 103 | (401 | ) | (17 | ) | |||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | (3,100 | ) | 1,748 | 1,665 | 1,099 | 1,052 | 3,282 | ||||||||||||||||||
Purchases(1) | 356,706 | 54,412 | 191,662 | 6,180 | 581 | — | |||||||||||||||||||
Sales(1) | (54,386 | ) | (744 | ) | (22,923 | ) | (14,626 | ) | — | — | |||||||||||||||
Settlements(1) | (273,392 | ) | (34,727 | ) | (54,175 | ) | (3,599 | ) | (13,139 | ) | (738 | ) | |||||||||||||
Transfers into Level 3 | 13,180 | 15,981 | 11,614 | 5,712 | — | — | |||||||||||||||||||
Transfers out of Level 3 | (67,058 | ) | (1,744 | ) | (36,791 | ) | (11,800 | ) | — | (3,631 | ) | ||||||||||||||
Fair value, end of period | $ | 1,310,427 | $ | 188,094 | $ | 572,960 | $ | 86,746 | $ | 28,529 | $ | 42,711 | |||||||||||||
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 | $ | (4,686 | ) | $ | (97 | ) | $ | 5,306 | $ | 1,949 | $ | (480 | ) | $ | 39 | ||||||||||
Investment related gains (losses), net | — | — | — | — | — | — | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
For the year ended December 31, 2014 (continued): | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored | Funds | Other invested | Other assets - longevity derivatives | Interest | Other liabilities - mortality derivatives | ||||||||||||||||||||
enterprises | withheld at interest-embedded derivative | assets - non- redeemable preferred stock | sensitive contract | ||||||||||||||||||||||
liabilities embedded derivative | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 37,997 | $ | (176,270 | ) | $ | 4,962 | $ | — | $ | (868,725 | ) | $ | — | |||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (5 | ) | — | — | — | — | — | ||||||||||||||||||
Investment related gains (losses), net | — | 198,364 | — | — | (129,224 | ) | — | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | (104,843 | ) | — | ||||||||||||||||||
Included in other comprehensive income | (59 | ) | — | (96 | ) | (361 | ) | — | — | ||||||||||||||||
Other revenue | — | — | — | 8,088 | — | (797 | ) | ||||||||||||||||||
Purchases(1) | — | — | 8,000 | — | (56,234 | ) | — | ||||||||||||||||||
Sales(1) | — | — | — | — | — | — | |||||||||||||||||||
Settlements(1) | (1,210 | ) | — | — | — | — | — | ||||||||||||||||||
Transfers into Level 3 | 9,482 | — | — | — | 73,860 | — | |||||||||||||||||||
Transfers out of Level 3 | (26,542 | ) | — | (4,962 | ) | — | — | — | |||||||||||||||||
Fair value, end of period | $ | 19,663 | $ | 22,094 | $ | 7,904 | $ | 7,727 | $ | (1,085,166 | ) | $ | (797 | ) | |||||||||||
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 | $ | (5 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Investment related gains (losses), net | — | — | — | — | (134,254 | ) | — | ||||||||||||||||||
Other revenue | — | — | — | 8,088 | — | (797 | ) | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | 198,365 | — | — | (178,704 | ) | — | ||||||||||||||||||
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 year ended December 31, 2013, as well as the portion of gains or losses included in income for the year ended December 31, 2013 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2013 (dollars in thousands). | |||||||||||||||||||||||||
For the year ended December 31, 2013: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. | State | ||||||||||||||||||||
securities | mortgage-backed | securities | mortgage-backed | Government | and political | ||||||||||||||||||||
securities | securities | and agencies | 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 | (8,194 | ) | 19 | 6,430 | 1,917 | (156 | ) | 36 | |||||||||||||||||
Investment related gains (losses), net | (1,078 | ) | (294 | ) | (1,131 | ) | (16,704 | ) | (175 | ) | (16 | ) | |||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | (44,299 | ) | 821 | 17,150 | 36,731 | (639 | ) | 222 | |||||||||||||||||
Purchases (1) | 331,439 | 73,563 | 264,804 | 19,420 | 128 | — | |||||||||||||||||||
Sales (1) | (271,402 | ) | (7,146 | ) | (26,005 | ) | (83,974 | ) | — | — | |||||||||||||||
Settlements (1) | (285,586 | ) | (26,661 | ) | (20,872 | ) | (7,970 | ) | (2,633 | ) | (657 | ) | |||||||||||||
Transfers into Level 3 | 33,776 | 24,727 | 9,031 | 4,081 | 44,394 | 979 | |||||||||||||||||||
Transfers out of Level 3 | (77,930 | ) | (5,455 | ) | (9,950 | ) | (18,722 | ) | (4,538 | ) | — | ||||||||||||||
Fair value, end of period | $ | 1,345,289 | $ | 153,505 | $ | 471,848 | $ | 101,785 | $ | 40,919 | $ | 43,776 | |||||||||||||
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 | $ | (7,885 | ) | $ | 47 | $ | 6,425 | $ | 1,741 | $ | (156 | ) | $ | 36 | |||||||||||
Investment related gains (losses), net | (202 | ) | — | — | (10,243 | ) | — | — | |||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
For the year ended December 31, 2013 (continued): | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | Funds withheld at interest-embedded derivative | Short-term | Other invested | Interest | |||||||||||||||||||||
investments | assets - non- | sensitive contract | |||||||||||||||||||||||
redeemable | liabilities embedded derivative | ||||||||||||||||||||||||
preferred stock | |||||||||||||||||||||||||
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 | (305 | ) | — | (4 | ) | — | — | ||||||||||||||||||
Investment related gains (losses), net | — | 66,907 | — | — | 142,050 | ||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (115,409 | ) | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income | (1,570 | ) | — | (27 | ) | 323 | — | ||||||||||||||||||
Purchases (1) | — | — | — | — | (57,391 | ) | |||||||||||||||||||
Sales (1) | — | — | — | — | — | ||||||||||||||||||||
Settlements (1) | (295 | ) | — | (22,000 | ) | — | 74,386 | ||||||||||||||||||
Transfers into Level 3 | 11,887 | — | — | 4,639 | — | ||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | ||||||||||||||||||||
Fair value, end of period | $ | 37,997 | $ | (176,270 | ) | $ | — | $ | 4,962 | $ | (868,725 | ) | |||||||||||||
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 | $ | (305 | ) | $ | — | $ | (4 | ) | $ | — | $ | — | |||||||||||||
Investment related gains (losses), net | — | 66,907 | — | — | 138,683 | ||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (189,794 | ) | |||||||||||||||||||
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 year ended December 31, 2012, as well as the portion of gains or losses included in income for the year ended December 31, 2012 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2012 (dollars in thousands). | |||||||||||||||||||||||||
For the year ended December 31, 2012: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. | State | ||||||||||||||||||||
securities | mortgage-backed | securities | mortgage-backed | Government | and political | ||||||||||||||||||||
securities | securities | and agencies | subdivision | ||||||||||||||||||||||
securities | securities | ||||||||||||||||||||||||
Fair value, beginning of period | $ | 974,169 | $ | 81,655 | $ | 193,492 | $ | 115,976 | $ | — | $ | 10,373 | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (6,839 | ) | 431 | 1,214 | 2,032 | (89 | ) | 14 | |||||||||||||||||
Investment related gains (losses), net | (2,884 | ) | (311 | ) | (516 | ) | (9,503 | ) | — | (16 | ) | ||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | 34,488 | 2,863 | 21,463 | 24,663 | (12 | ) | 4,491 | ||||||||||||||||||
Purchases (1) | 853,848 | 77,781 | 111,567 | 31,699 | 4,639 | — | |||||||||||||||||||
Sales (1) | (60,224 | ) | (48,828 | ) | (13,140 | ) | (14,060 | ) | — | — | |||||||||||||||
Settlements (1) | (144,667 | ) | (8,541 | ) | (16,235 | ) | (813 | ) | — | (413 | ) | ||||||||||||||
Transfers into Level 3 | 65,283 | 19,632 | 11,832 | 64,116 | — | 37,588 | |||||||||||||||||||
Transfers out of Level 3 | (44,611 | ) | (30,751 | ) | (77,286 | ) | (47,104 | ) | — | (8,825 | ) | ||||||||||||||
Fair value, end of period | $ | 1,668,563 | $ | 93,931 | $ | 232,391 | $ | 167,006 | $ | 4,538 | $ | 43,212 | |||||||||||||
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 | $ | (6,852 | ) | $ | 295 | $ | 1,156 | $ | 2,032 | $ | (89 | ) | $ | 14 | |||||||||||
Investment related gains (losses), net | (1,329 | ) | (269 | ) | (849 | ) | (14,163 | ) | — | — | |||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Fixed maturity securities - available-for-sale | |||||||||||||||||||||||||
For the year ended December 31, 2012 (continued): | Other foreign government, supranational and foreign government-sponsored enterprises | Funds withheld at interest-embedded derivative | Short-term | Other invested | Reinsurance ceded | Interest | |||||||||||||||||||
investments | assets - other | receivable - embedded derivative | sensitive contract | ||||||||||||||||||||||
equity | liabilities embedded derivative | ||||||||||||||||||||||||
securities | |||||||||||||||||||||||||
Fair value, beginning of period | $ | — | $ | (361,456 | ) | $ | — | $ | 11,489 | $ | 4,945 | $ | (1,028,241 | ) | |||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (44 | ) | — | (11 | ) | — | — | — | |||||||||||||||||
Investment related gains (losses), net | — | 118,279 | — | 1,098 | — | 104,613 | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | 770 | |||||||||||||||||||
Interest credited | — | — | — | — | — | (31,552 | ) | ||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | (449 | ) | — | ||||||||||||||||||
Included in other comprehensive income | (139 | ) | — | 28 | 843 | — | — | ||||||||||||||||||
Purchases (1) | 28,463 | — | 22,014 | 108 | — | (63,934 | ) | ||||||||||||||||||
Sales (1) | — | — | — | (3,788 | ) | — | — | ||||||||||||||||||
Settlements (1) | — | — | — | — | (4,496 | ) | 105,983 | ||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | — | |||||||||||||||||||
Transfers out of Level 3 | — | — | — | (9,750 | ) | — | — | ||||||||||||||||||
Fair value, end of period | $ | 28,280 | $ | (243,177 | ) | $ | 22,031 | $ | — | $ | — | $ | (912,361 | ) | |||||||||||
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 | $ | (44 | ) | $ | — | $ | (11 | ) | $ | — | $ | — | $ | — | |||||||||||
Investment related gains (losses), net | — | 118,279 | — | (183 | ) | — | 97,216 | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | 56 | |||||||||||||||||||
Interest credited | — | — | — | — | — | (129,828 | ) | ||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | (33 | ) | — | ||||||||||||||||||
-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, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the year ended December 31, 2014, as well as the portion of gains or losses included in income for the year ended December 31, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
For the year ended December 31, 2014: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. | State | ||||||||||||||||||||
securities | mortgage-backed | securities | mortgage-backed | Government | and political | ||||||||||||||||||||
securities | securities | and agencies | subdivision | ||||||||||||||||||||||
securities | securities | ||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,345,289 | $ | 153,505 | $ | 471,848 | $ | 101,785 | $ | 40,919 | $ | 43,776 | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (4,828 | ) | (93 | ) | 7,929 | 1,892 | (483 | ) | 39 | ||||||||||||||||
Investment related gains (losses), net | (1,984 | ) | (244 | ) | 2,131 | 103 | (401 | ) | (17 | ) | |||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | (3,100 | ) | 1,748 | 1,665 | 1,099 | 1,052 | 3,282 | ||||||||||||||||||
Purchases(1) | 356,706 | 54,412 | 191,662 | 6,180 | 581 | — | |||||||||||||||||||
Sales(1) | (54,386 | ) | (744 | ) | (22,923 | ) | (14,626 | ) | — | — | |||||||||||||||
Settlements(1) | (273,392 | ) | (34,727 | ) | (54,175 | ) | (3,599 | ) | (13,139 | ) | (738 | ) | |||||||||||||
Transfers into Level 3 | 13,180 | 15,981 | 11,614 | 5,712 | — | — | |||||||||||||||||||
Transfers out of Level 3 | (67,058 | ) | (1,744 | ) | (36,791 | ) | (11,800 | ) | — | (3,631 | ) | ||||||||||||||
Fair value, end of period | $ | 1,310,427 | $ | 188,094 | $ | 572,960 | $ | 86,746 | $ | 28,529 | $ | 42,711 | |||||||||||||
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 | $ | (4,686 | ) | $ | (97 | ) | $ | 5,306 | $ | 1,949 | $ | (480 | ) | $ | 39 | ||||||||||
Investment related gains (losses), net | — | — | — | — | — | — | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
For the year ended December 31, 2014 (continued): | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored | Funds | Other invested | Other assets - longevity derivatives | Interest | Other liabilities - mortality derivatives | ||||||||||||||||||||
enterprises | withheld at interest-embedded derivative | assets - non- redeemable preferred stock | sensitive contract | ||||||||||||||||||||||
liabilities embedded derivative | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 37,997 | $ | (176,270 | ) | $ | 4,962 | $ | — | $ | (868,725 | ) | $ | — | |||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (5 | ) | — | — | — | — | — | ||||||||||||||||||
Investment related gains (losses), net | — | 198,364 | — | — | (129,224 | ) | — | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | (104,843 | ) | — | ||||||||||||||||||
Included in other comprehensive income | (59 | ) | — | (96 | ) | (361 | ) | — | — | ||||||||||||||||
Other revenue | — | — | — | 8,088 | — | (797 | ) | ||||||||||||||||||
Purchases(1) | — | — | 8,000 | — | (56,234 | ) | — | ||||||||||||||||||
Sales(1) | — | — | — | — | — | — | |||||||||||||||||||
Settlements(1) | (1,210 | ) | — | — | — | — | — | ||||||||||||||||||
Transfers into Level 3 | 9,482 | — | — | — | 73,860 | — | |||||||||||||||||||
Transfers out of Level 3 | (26,542 | ) | — | (4,962 | ) | — | — | — | |||||||||||||||||
Fair value, end of period | $ | 19,663 | $ | 22,094 | $ | 7,904 | $ | 7,727 | $ | (1,085,166 | ) | $ | (797 | ) | |||||||||||
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 | $ | (5 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Investment related gains (losses), net | — | — | — | — | (134,254 | ) | — | ||||||||||||||||||
Other revenue | — | — | — | 8,088 | — | (797 | ) | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | 198,365 | — | — | (178,704 | ) | — | ||||||||||||||||||
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 year ended December 31, 2013, as well as the portion of gains or losses included in income for the year ended December 31, 2013 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2013 (dollars in thousands). | |||||||||||||||||||||||||
For the year ended December 31, 2013: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. | State | ||||||||||||||||||||
securities | mortgage-backed | securities | mortgage-backed | Government | and political | ||||||||||||||||||||
securities | securities | and agencies | 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 | (8,194 | ) | 19 | 6,430 | 1,917 | (156 | ) | 36 | |||||||||||||||||
Investment related gains (losses), net | (1,078 | ) | (294 | ) | (1,131 | ) | (16,704 | ) | (175 | ) | (16 | ) | |||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | (44,299 | ) | 821 | 17,150 | 36,731 | (639 | ) | 222 | |||||||||||||||||
Purchases (1) | 331,439 | 73,563 | 264,804 | 19,420 | 128 | — | |||||||||||||||||||
Sales (1) | (271,402 | ) | (7,146 | ) | (26,005 | ) | (83,974 | ) | — | — | |||||||||||||||
Settlements (1) | (285,586 | ) | (26,661 | ) | (20,872 | ) | (7,970 | ) | (2,633 | ) | (657 | ) | |||||||||||||
Transfers into Level 3 | 33,776 | 24,727 | 9,031 | 4,081 | 44,394 | 979 | |||||||||||||||||||
Transfers out of Level 3 | (77,930 | ) | (5,455 | ) | (9,950 | ) | (18,722 | ) | (4,538 | ) | — | ||||||||||||||
Fair value, end of period | $ | 1,345,289 | $ | 153,505 | $ | 471,848 | $ | 101,785 | $ | 40,919 | $ | 43,776 | |||||||||||||
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 | $ | (7,885 | ) | $ | 47 | $ | 6,425 | $ | 1,741 | $ | (156 | ) | $ | 36 | |||||||||||
Investment related gains (losses), net | (202 | ) | — | — | (10,243 | ) | — | — | |||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
For the year ended December 31, 2013 (continued): | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | Funds withheld at interest-embedded derivative | Short-term | Other invested | Interest | |||||||||||||||||||||
investments | assets - non- | sensitive contract | |||||||||||||||||||||||
redeemable | liabilities embedded derivative | ||||||||||||||||||||||||
preferred stock | |||||||||||||||||||||||||
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 | (305 | ) | — | (4 | ) | — | — | ||||||||||||||||||
Investment related gains (losses), net | — | 66,907 | — | — | 142,050 | ||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (115,409 | ) | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income | (1,570 | ) | — | (27 | ) | 323 | — | ||||||||||||||||||
Purchases (1) | — | — | — | — | (57,391 | ) | |||||||||||||||||||
Sales (1) | — | — | — | — | — | ||||||||||||||||||||
Settlements (1) | (295 | ) | — | (22,000 | ) | — | 74,386 | ||||||||||||||||||
Transfers into Level 3 | 11,887 | — | — | 4,639 | — | ||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | ||||||||||||||||||||
Fair value, end of period | $ | 37,997 | $ | (176,270 | ) | $ | — | $ | 4,962 | $ | (868,725 | ) | |||||||||||||
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 | $ | (305 | ) | $ | — | $ | (4 | ) | $ | — | $ | — | |||||||||||||
Investment related gains (losses), net | — | 66,907 | — | — | 138,683 | ||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (189,794 | ) | |||||||||||||||||||
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 year ended December 31, 2012, as well as the portion of gains or losses included in income for the year ended December 31, 2012 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2012 (dollars in thousands). | |||||||||||||||||||||||||
For the year ended December 31, 2012: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. | State | ||||||||||||||||||||
securities | mortgage-backed | securities | mortgage-backed | Government | and political | ||||||||||||||||||||
securities | securities | and agencies | subdivision | ||||||||||||||||||||||
securities | securities | ||||||||||||||||||||||||
Fair value, beginning of period | $ | 974,169 | $ | 81,655 | $ | 193,492 | $ | 115,976 | $ | — | $ | 10,373 | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (6,839 | ) | 431 | 1,214 | 2,032 | (89 | ) | 14 | |||||||||||||||||
Investment related gains (losses), net | (2,884 | ) | (311 | ) | (516 | ) | (9,503 | ) | — | (16 | ) | ||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | 34,488 | 2,863 | 21,463 | 24,663 | (12 | ) | 4,491 | ||||||||||||||||||
Purchases (1) | 853,848 | 77,781 | 111,567 | 31,699 | 4,639 | — | |||||||||||||||||||
Sales (1) | (60,224 | ) | (48,828 | ) | (13,140 | ) | (14,060 | ) | — | — | |||||||||||||||
Settlements (1) | (144,667 | ) | (8,541 | ) | (16,235 | ) | (813 | ) | — | (413 | ) | ||||||||||||||
Transfers into Level 3 | 65,283 | 19,632 | 11,832 | 64,116 | — | 37,588 | |||||||||||||||||||
Transfers out of Level 3 | (44,611 | ) | (30,751 | ) | (77,286 | ) | (47,104 | ) | — | (8,825 | ) | ||||||||||||||
Fair value, end of period | $ | 1,668,563 | $ | 93,931 | $ | 232,391 | $ | 167,006 | $ | 4,538 | $ | 43,212 | |||||||||||||
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 | $ | (6,852 | ) | $ | 295 | $ | 1,156 | $ | 2,032 | $ | (89 | ) | $ | 14 | |||||||||||
Investment related gains (losses), net | (1,329 | ) | (269 | ) | (849 | ) | (14,163 | ) | — | — | |||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Fixed maturity securities - available-for-sale | |||||||||||||||||||||||||
For the year ended December 31, 2012 (continued): | Other foreign government, supranational and foreign government-sponsored enterprises | Funds withheld at interest-embedded derivative | Short-term | Other invested | Reinsurance ceded | Interest | |||||||||||||||||||
investments | assets - other | receivable - embedded derivative | sensitive contract | ||||||||||||||||||||||
equity | liabilities embedded derivative | ||||||||||||||||||||||||
securities | |||||||||||||||||||||||||
Fair value, beginning of period | $ | — | $ | (361,456 | ) | $ | — | $ | 11,489 | $ | 4,945 | $ | (1,028,241 | ) | |||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (44 | ) | — | (11 | ) | — | — | — | |||||||||||||||||
Investment related gains (losses), net | — | 118,279 | — | 1,098 | — | 104,613 | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | 770 | |||||||||||||||||||
Interest credited | — | — | — | — | — | (31,552 | ) | ||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | (449 | ) | — | ||||||||||||||||||
Included in other comprehensive income | (139 | ) | — | 28 | 843 | — | — | ||||||||||||||||||
Purchases (1) | 28,463 | — | 22,014 | 108 | — | (63,934 | ) | ||||||||||||||||||
Sales (1) | — | — | — | (3,788 | ) | — | — | ||||||||||||||||||
Settlements (1) | — | — | — | — | (4,496 | ) | 105,983 | ||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | — | |||||||||||||||||||
Transfers out of Level 3 | — | — | — | (9,750 | ) | — | — | ||||||||||||||||||
Fair value, end of period | $ | 28,280 | $ | (243,177 | ) | $ | 22,031 | $ | — | $ | — | $ | (912,361 | ) | |||||||||||
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 | $ | (44 | ) | $ | — | $ | (11 | ) | $ | — | $ | — | $ | — | |||||||||||
Investment related gains (losses), net | — | 118,279 | — | (183 | ) | — | 97,216 | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | 56 | |||||||||||||||||||
Interest credited | — | — | — | — | — | (129,828 | ) | ||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | (33 | ) | — | ||||||||||||||||||
-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 Measured On Nonrecurring Basis [Text Block] | Nonrecurring Fair Value Measurements | ||||||||||||||||||||||||
The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods presented; they 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). | |||||||||||||||||||||||||
Carrying Value After Measurement | Net Investment Gains (Losses) | ||||||||||||||||||||||||
At December 31, | Years ended December 31, | ||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Mortgage loans(1) | $ | 9,500 | $ | 10,330 | $ | 521 | $ | 710 | |||||||||||||||||
Limited partnership interests(2) | 19,282 | 8,952 | (6,305 | ) | (2,663 | ) | |||||||||||||||||||
Real estate investments(3) | — | 10,508 | — | (2,164 | ) | ||||||||||||||||||||
-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. | ||||||||||||||||||||||||
-3 | Real estate investments — The impaired real estate investments presented above were written down to their estimated fair value at the date of impairment and are reported as losses above. The impairments were based on third-party appraisal values obtained and reviewed by the Company. | ||||||||||||||||||||||||
Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block] | 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 December 31, 2014 and December 31, 2013 (dollars in thousands).This table excludes any payables or receivables for collateral under repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid. | ||||||||||||||||||||||||
Estimated Fair | Fair Value Measurement Using: | ||||||||||||||||||||||||
31-Dec-14 | Carrying Value | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Mortgage loans on real estate | $ | 2,712,238 | $ | 2,803,942 | $ | — | $ | — | $ | 2,803,942 | |||||||||||||||
Policy loans | 1,284,284 | 1,284,284 | — | 1,284,284 | — | ||||||||||||||||||||
Funds withheld at interest(1) | 5,897,202 | 6,367,165 | — | — | 6,367,165 | ||||||||||||||||||||
Cash and cash equivalents(2) | 745,823 | 745,823 | 745,823 | — | — | ||||||||||||||||||||
Short-term investments(2) | 52,504 | 52,504 | 52,504 | — | — | ||||||||||||||||||||
Other invested assets(2) | 465,720 | 518,261 | 4,674 | 35,446 | 478,141 | ||||||||||||||||||||
Accrued investment income | 261,096 | 261,096 | — | 261,096 | — | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest-sensitive contract liabilities(1) | $ | 9,623,596 | $ | 9,666,240 | $ | — | $ | — | $ | 9,666,240 | |||||||||||||||
Long-term debt | 2,314,293 | 2,518,399 | — | — | 2,518,399 | ||||||||||||||||||||
Collateral finance and securitization notes | 782,701 | 674,984 | — | — | 674,984 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
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 and securitization notes | 484,752 | 374,984 | — | — | 374,984 | ||||||||||||||||||||
-1 | Carrying values presented herein differ from those presented in the 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 consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis. |
Reinsurance_Tables
Reinsurance (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Reinsurance Disclosures [Abstract] | ||||||||||||||||||||
Ceded Credit Risk [Table Text Block] | The following table presents information for the Company's ceded reinsurance receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Reinsurer | A.M. Best Rating | Amount | % of Total | Amount | % of Total | |||||||||||||||
Reinsurer A | A+ | $ | 210,996 | 36.5 | % | $ | 220,797 | 37.1 | % | |||||||||||
Reinsurer B | A+ | 74,412 | 12.9 | 70,579 | 11.9 | |||||||||||||||
Reinsurer C | A+ | 45,541 | 7.9 | 43,835 | 7.4 | |||||||||||||||
Reinsurer D | A | 43,818 | 7.6 | 46,420 | 7.8 | |||||||||||||||
Reinsurer E | A++ | 43,154 | 7.5 | 39,884 | 6.7 | |||||||||||||||
Other reinsurers | 160,285 | 27.6 | 173,000 | 29.1 | ||||||||||||||||
Total | $ | 578,206 | 100 | % | $ | 594,515 | 100 | % | ||||||||||||
Reinsurance Premium And Effect On Claims And Other Policy Benefits [Table Text Block] | The effect of reinsurance on net premiums is as follows (dollars in thousands): | |||||||||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||
Direct | $ | 19,365 | $ | 5,224 | $ | 3,784 | ||||||||||||||
Reinsurance assumed | 9,098,378 | 8,568,222 | 8,228,811 | |||||||||||||||||
Reinsurance ceded | (447,889 | ) | (319,419 | ) | (325,999 | ) | ||||||||||||||
Net premiums | $ | 8,669,854 | $ | 8,254,027 | $ | 7,906,596 | ||||||||||||||
The effect of reinsurance on claims and other policy benefits as follows (dollars in thousands): | ||||||||||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||
Direct | $ | 32,564 | $ | 8,078 | $ | 3,694 | ||||||||||||||
Reinsurance assumed | 7,805,984 | 7,515,524 | 6,912,942 | |||||||||||||||||
Reinsurance ceded | (431,907 | ) | (219,270 | ) | (250,637 | ) | ||||||||||||||
Net claims and other policy benefits | $ | 7,406,641 | $ | 7,304,332 | $ | 6,665,999 | ||||||||||||||
Reinsurance Information [Table Text Block] | The effect of reinsurance on life insurance in force is shown in the following schedule (dollars in millions): | |||||||||||||||||||
Direct | Assumed | Ceded | Net | Assumed/Net % | ||||||||||||||||
31-Dec-14 | $ | 78 | $ | 2,943,517 | $ | 230,544 | $ | 2,713,051 | 108.5 | % | ||||||||||
31-Dec-13 | 77 | 2,889,804 | 36,830 | 2,853,051 | 101.3 | |||||||||||||||
31-Dec-12 | 76 | 2,927,573 | 38,048 | 2,889,601 | 101.3 | |||||||||||||||
Deferred_Policy_Acquisition_Co1
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Deferred Policy Acquisition Costs Disclosures [Abstract] | |||||||||||||
Type Of Deferred Policy Acquisition Costs [Table Text Block] | The following reflects the amounts of policy acquisition costs deferred and amortized (dollars in thousands): | ||||||||||||
As of December 31, | 2014 | 2013 | |||||||||||
Deferred policy acquisition costs: | |||||||||||||
Assumed | $ | 3,391,291 | $ | 3,573,054 | |||||||||
Retroceded | (48,716 | ) | (55,258 | ) | |||||||||
Net | $ | 3,342,575 | $ | 3,517,796 | |||||||||
Movement Analysis Of Deferred Policy Acquisition Costs Rollforward [Table Text Block] | |||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 3,517,796 | $ | 3,619,274 | $ | 3,543,925 | |||||||
Capitalized | |||||||||||||
Assumed | 885,944 | 862,767 | 1,081,599 | ||||||||||
Retroceded | (8,335 | ) | (8,604 | ) | (11,814 | ) | |||||||
Amortized (including interest): | |||||||||||||
Assumed | (882,498 | ) | (826,539 | ) | (975,844 | ) | |||||||
Allocated to change in value of embedded derivatives | (111,744 | ) | (98,141 | ) | (42,183 | ) | |||||||
Retroceded | 14,877 | 11,877 | 14,970 | ||||||||||
Attributed to unrealized investment gains (losses) | (4,480 | ) | 16,181 | (14,938 | ) | ||||||||
Foreign currency changes | (68,985 | ) | (59,019 | ) | 23,559 | ||||||||
Balance, end of year | $ | 3,342,575 | $ | 3,517,796 | $ | 3,619,274 | |||||||
Income_Tax_Tables
Income Tax (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Pre-tax income for the years ended December 31, 2014, 2013 and 2012 consists of the following (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Pre-tax income - U.S. | $ | 768,857 | $ | 473,223 | $ | 644,219 | |||||||
Pre-tax income - foreign | 239,676 | 162,031 | 275,004 | ||||||||||
Total pre-tax income | $ | 1,008,533 | $ | 635,254 | $ | 919,223 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income tax expense for the years ended December 31, 2014, 2013 and 2012 consists of the following (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current income tax expense (benefit): | |||||||||||||
U.S. | $ | 18,495 | $ | (48,831 | ) | $ | 52,378 | ||||||
Foreign | 135,260 | 34,470 | 36,840 | ||||||||||
Total current | 153,755 | (14,361 | ) | 89,218 | |||||||||
Deferred income tax expense (benefit): | |||||||||||||
U.S. | 242,694 | 226,771 | 183,929 | ||||||||||
Foreign | (71,963 | ) | 4,007 | 14,183 | |||||||||
Total deferred | 170,731 | 230,778 | 198,112 | ||||||||||
Total provision for income taxes | $ | 324,486 | $ | 216,417 | $ | 287,330 | |||||||
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 for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax provision at U.S. statutory rate | $ | 352,987 | $ | 222,339 | $ | 321,728 | |||||||
Increase (decrease) in income taxes resulting from: | |||||||||||||
Foreign tax rate differing from U.S. tax rate | (12,483 | ) | (8,032 | ) | (14,705 | ) | |||||||
Differences in tax basis in foreign jurisdictions | (8,256 | ) | (26,484 | ) | (21,086 | ) | |||||||
Deferred tax valuation allowance | 2,076 | 26,507 | 635 | ||||||||||
Amounts related to tax audit contingencies | (9,083 | ) | 9,034 | 2,260 | |||||||||
Corporate rate changes - Canada | — | (414 | ) | 1,374 | |||||||||
Corporate rate changes - other | 280 | (1,184 | ) | (1,070 | ) | ||||||||
Subpart F | 6,132 | 8,255 | 13,571 | ||||||||||
Foreign tax credits | (1,045 | ) | (1,786 | ) | (7,808 | ) | |||||||
Return to provision adjustments | (8,123 | ) | (12,465 | ) | (7,351 | ) | |||||||
Other, net | 2,001 | 647 | (218 | ) | |||||||||
Total provision for income taxes | $ | 324,486 | $ | 216,417 | $ | 287,330 | |||||||
Effective tax rate | 32.2 | % | 34.1 | % | 31.3 | % | |||||||
Schedule Of Income Tax Expense Benefit Intraperiod Tax Allocation [Table Text Block] | Total income taxes for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Provision for income taxes | $ | 324,486 | $ | 216,417 | $ | 287,330 | |||||||
Income tax from OCI and additional paid-in-capital: | |||||||||||||
Net unrealized holding gain (loss) on debt and equity securities recognized for financial reporting purposes | 348,697 | (467,454 | ) | 246,682 | |||||||||
Exercise of stock options | 3,011 | (3,125 | ) | (2,902 | ) | ||||||||
Foreign currency translation | 22,998 | 12,330 | (921 | ) | |||||||||
Unrealized pension and post retirement | (14,770 | ) | 7,640 | (2,779 | ) | ||||||||
Total income taxes provided | $ | 684,422 | $ | (234,192 | ) | $ | 527,410 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred income tax asset and liabilities at December 31, 2014 and 2013, are presented in the following tables (dollars in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Nondeductible accruals | $ | 118,389 | $ | 106,587 | |||||||||
Differences between tax and financial reporting amounts concerning certain reinsurance transactions | 64,445 | 59,942 | |||||||||||
Differences in the tax basis of cash and invested assets | — | 2,106 | |||||||||||
Investment income differences | 56,176 | 108,462 | |||||||||||
Deferred acquisition costs capitalized for tax | 92,832 | 90,187 | |||||||||||
Net operating loss carryforward | 170,965 | 252,192 | |||||||||||
Capital loss and tax credit carryforwards | 26,365 | 2,356 | |||||||||||
Subtotal | 529,172 | 621,832 | |||||||||||
Valuation allowance | (112,005 | ) | (102,228 | ) | |||||||||
Total deferred income tax assets | 417,167 | 519,604 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Deferred acquisition costs capitalized for financial reporting | 961,170 | 1,066,351 | |||||||||||
Differences between tax and financial reporting amounts concerning certain reinsurance transactions | 1,044,097 | 906,197 | |||||||||||
Differences in the tax basis of cash and invested assets | 667,601 | 310,332 | |||||||||||
Investment income differences | 8,187 | 12,959 | |||||||||||
Differences in foreign currency translation | 64,115 | 19,704 | |||||||||||
Total deferred income tax liabilities | 2,745,170 | 2,315,543 | |||||||||||
Net deferred income tax liabilities | $ | 2,328,003 | $ | 1,795,939 | |||||||||
Balance sheet presentation of net deferred income tax liabilities: | |||||||||||||
Included in other assets | $ | 37,814 | $ | 41,638 | |||||||||
Included in deferred income taxes | 2,365,817 | 1,837,577 | |||||||||||
Net deferred income tax liabilities | $ | 2,328,003 | $ | 1,795,939 | |||||||||
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012, is as follows (dollars in thousands): | ||||||||||||
Total Unrecognized Tax Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance, January 1 | $ | 279,801 | $ | 245,636 | $ | 194,260 | |||||||
Additions for tax positions of prior years | 17,431 | 41,228 | 47,438 | ||||||||||
Reductions for tax positions of prior years | (26,001 | ) | (10,401 | ) | — | ||||||||
Additions for tax positions of current year | 3,430 | 3,338 | 3,938 | ||||||||||
Ending balance, December 31 | $ | 274,661 | $ | 279,801 | $ | 245,636 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | A December 31 measurement date is used for all of the defined benefit and postretirement plans. The status of these plans as of December 31, 2014 and 2013 is summarized below (dollars in thousands): | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 111,195 | $ | 112,759 | $ | 30,759 | $ | 33,953 | |||||||||||||||||
Service cost | 8,121 | 8,023 | 2,354 | 1,881 | |||||||||||||||||||||
Interest Cost | 4,972 | 4,072 | 1,962 | 1,353 | |||||||||||||||||||||
Participant contributions | — | — | 174 | 128 | |||||||||||||||||||||
Actuarial (gains) losses | 18,930 | (8,957 | ) | 25,354 | (5,949 | ) | |||||||||||||||||||
Benefits paid | (3,044 | ) | (3,347 | ) | (821 | ) | (607 | ) | |||||||||||||||||
Foreign currency rate change effect | (1,978 | ) | (1,355 | ) | — | — | |||||||||||||||||||
Benefit obligation at end of year | $ | 138,196 | $ | 111,195 | $ | 59,782 | $ | 30,759 | |||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 59,559 | $ | 49,516 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 2,489 | 6,027 | — | — | |||||||||||||||||||||
Employer contributions | 7,753 | 7,363 | 647 | 479 | |||||||||||||||||||||
Participant contributions | — | — | 174 | 128 | |||||||||||||||||||||
Benefits paid and expenses | (3,044 | ) | (3,347 | ) | (821 | ) | (607 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 66,757 | $ | 59,559 | $ | — | $ | — | |||||||||||||||||
Funded status at end of year | $ | (71,439 | ) | $ | (51,636 | ) | $ | (59,782 | ) | $ | (30,759 | ) | |||||||||||||
Schedule of Net Funded Status [Table Text Block] | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Qualified Plans | Non-Qualified Plans(1) | Total | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Aggregate fair value of plan assets | $ | 66,757 | $ | 59,559 | $ | — | $ | — | $ | 66,757 | $ | 59,559 | |||||||||||||
Aggregate projected benefit obligations | 80,104 | 63,502 | 58,092 | 47,693 | 138,196 | 111,195 | |||||||||||||||||||
Under funded | $ | (13,347 | ) | $ | (3,943 | ) | $ | (58,092 | ) | $ | (47,693 | ) | $ | (71,439 | ) | $ | (51,636 | ) | |||||||
-1 | For non-qualified plans, there are no required funding levels. | ||||||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||||||||||||||
Net actuarial loss | $ | 41,238 | $ | 22,507 | $ | 32,949 | $ | 8,655 | |||||||||||||||||
Net prior service cost | 1,496 | 1,981 | — | — | |||||||||||||||||||||
Total | $ | 42,734 | $ | 24,488 | $ | 32,949 | $ | 8,655 | |||||||||||||||||
Schedule Of Projected Benefit Obligations In Excess Of Fair Value Of Plan Assets [Table Text Block] | The following table presents information for qualified and non-qualified pension plans with a projected benefit obligation in excess of plan assets as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 138,196 | $ | 111,195 | |||||||||||||||||||||
Fair value of plan assets | 66,757 | 59,559 | |||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table presents information for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Accumulated benefit obligation | $ | 135,850 | $ | 107,722 | |||||||||||||||||||||
Fair value of plan assets | 66,757 | 59,559 | |||||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows (dollars in thousands): | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||
Service cost | $ | 8,121 | $ | 8,023 | $ | 7,531 | $ | 2,354 | $ | 1,881 | $ | 1,641 | |||||||||||||
Interest cost | 4,972 | 4,072 | 4,072 | 1,962 | 1,353 | 1,246 | |||||||||||||||||||
Expected return on plan assets | (4,471 | ) | (3,734 | ) | (3,066 | ) | — | — | — | ||||||||||||||||
Amortization of prior actuarial losses | 1,755 | 3,270 | 3,439 | 1,060 | 868 | 743 | |||||||||||||||||||
Amortization of prior service cost | 333 | 373 | 376 | — | — | — | |||||||||||||||||||
Settlements | — | — | 841 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | 10,710 | 12,004 | 13,193 | 5,376 | 4,102 | 3,630 | |||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||
Net actuarial (gains) losses | 20,912 | (11,250 | ) | 10,888 | 25,354 | (5,949 | ) | 2,341 | |||||||||||||||||
Prior service cost | — | — | — | — | — | — | |||||||||||||||||||
Amortization of actuarial (gains) losses | (1,755 | ) | (3,270 | ) | (3,439 | ) | (1,060 | ) | (868 | ) | (743 | ) | |||||||||||||
Amortization of prior service cost (credit) | (333 | ) | (373 | ) | (376 | ) | — | — | — | ||||||||||||||||
Settlements | — | — | (841 | ) | — | — | — | ||||||||||||||||||
Foreign exchange translations and other adjustments | (578 | ) | (439 | ) | 219 | — | — | — | |||||||||||||||||
Total recognized in other comprehensive income | 18,246 | (15,332 | ) | 6,451 | 24,294 | (6,817 | ) | 1,598 | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 28,956 | $ | (3,328 | ) | $ | 19,644 | $ | 29,670 | $ | (2,715 | ) | $ | 5,228 | |||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (dollars in thousands): | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2015 | $ | 6,423 | $ | 567 | |||||||||||||||||||||
2016 | 9,897 | 703 | |||||||||||||||||||||||
2017 | 7,828 | 814 | |||||||||||||||||||||||
2018 | 7,979 | 970 | |||||||||||||||||||||||
2019 | 9,509 | 1,104 | |||||||||||||||||||||||
2020-2024 | 50,896 | 7,720 | |||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | Weighted average assumptions used to determine the accumulated benefit obligation and net benefit cost or income for the year ended December 31: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Discount rate used to determine benefit obligation | 3.9 | % | 4.45 | % | 3.8 | % | 4.05 | % | 5.05 | % | 4.15 | % | |||||||||||||
Discount rate used to determine net benefit cost or income | 4.3 | % | 3.83 | % | 4.12 | % | 5.05 | % | 4.15 | % | 4.5 | % | |||||||||||||
Expected long-term rate of return on plan assets | 7.35 | % | 7.35 | % | 7.75 | % | — | % | — | % | — | % | |||||||||||||
Rate of compensation increases | 4.08 | % | 4.21 | % | 4.2 | % | — | % | — | % | — | % | |||||||||||||
Schedule of Health Care Cost Trend Rates [Table Text Block] | The assumed health care cost trend rates used in measuring the accumulated non-pension post-retirement benefit obligation were as follows: | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Pre-Medicare eligible claims | 8% down to 5% in 2018 | 9% down to 5% in 2017 | |||||||||||||||||||||||
Medicare eligible claims | 8% down to 5% in 2018 | 9% down to 5% in 2017 | |||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | A one-percentage point change in assumed health care cost trend rates would have the following effects (dollars in thousands): | ||||||||||||||||||||||||
One Percent Increase | One Percent Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 1,232 | $ | (881 | ) | ||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | $ | 14,912 | $ | (11,081 | ) | ||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the Company’s pension plan assets as of December 31, 2014 and 2013 are summarized below (dollars in thousands): | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Mutual Funds(1) | $ | 66,675 | $ | 66,675 | $ | — | $ | — | |||||||||||||||||
Cash | 82 | 82 | — | — | |||||||||||||||||||||
Total | $ | 66,757 | $ | 66,757 | $ | — | $ | — | |||||||||||||||||
-1 | Mutual funds were invested 32% in U.S. equity funds, 30% in U.S. fixed income funds, 22% in non-U.S. equity funds and 16% in other. | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Mutual Funds(2) | $ | 59,485 | $ | 59,485 | $ | — | $ | — | |||||||||||||||||
Cash | 74 | 74 | — | — | |||||||||||||||||||||
Total | $ | 59,559 | $ | 59,559 | $ | — | $ | — | |||||||||||||||||
-2 | Mutual funds were invested 33% in U.S. equity funds, 26% in U.S. fixed income funds, 25% in non-U.S. equity funds and 16% in other. |
Financial_Condition_and_Net_In1
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Statutory Basis [Abstract] | |||||||||||||||||||||
Statutory Accounting Practices Disclosure [Table Text Block] | Statutory net income, and capital and surplus of the Company’s insurance subsidiaries, determined in accordance with statutory accounting practices prescribed by the applicable state insurance department or local regulatory authority are as follows (dollars in thousands): | ||||||||||||||||||||
Statutory Capital & Surplus | Statutory Net Income (Loss) | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||||||
RGA Reinsurance (U.S.) | $ | 1,528,301 | $ | 1,550,070 | $ | 17,085 | $ | 115,814 | $ | 3,497 | |||||||||||
RCM (U.S.) | 1,625,276 | 1,633,356 | 126,326 | 109,084 | 58,549 | ||||||||||||||||
RGA Life Reinsurance Company of Canada | 915,130 | 767,108 | 225,083 | 89,428 | 95,861 | ||||||||||||||||
RGA Barbados | 690,392 | 716,115 | 39,236 | 70,940 | 81,942 | ||||||||||||||||
RGA Australia | 373,606 | 403,584 | 901 | (70,404 | ) | 37,180 | |||||||||||||||
RGA Atlantic Reinsurance Company Ltd. | 435,408 | 379,891 | 113,055 | (27,137 | ) | 91,898 | |||||||||||||||
RGA Americas 1 | 2,787,552 | 2,246,496 | 236,215 | 147,363 | 258,257 | ||||||||||||||||
Other reinsurance subsidiaries | 1,600,197 | 1,003,215 | (663,869 | ) | 253,364 | (428,049 | ) | ||||||||||||||
Reconciliation Of NAIC SAP And Prescribed Practice [Text Block] | A reconciliation of the Company’s surplus between NAIC SAP and practices prescribed by the state of domicile is shown below (dollars in thousands): | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Prescribed practice – surplus note | $ | 515,399 | $ | 343,780 | |||||||||||||||||
Prescribed practice – letters of credit | (642,200 | ) | (436,200 | ) | |||||||||||||||||
Surplus (deficit) – NAIC SAP | $ | (126,801 | ) | $ | (92,420 | ) |
Commitments_Contingencies_and_1
Commitments Contingencies and Guarantees (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | The Company's commitments to fund investments as of December 31, 2014 and 2013 are presented in the following table (dollars in thousands): | ||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Limited partnerships | $ | 254,314 | $ | 239,453 | |||||||||||
Commercial mortgage loans | 33,850 | 4,600 | |||||||||||||
Private placements | — | 22,000 | |||||||||||||
Bank loans and revolving credit agreements | 52,859 | 36,952 | |||||||||||||
Equity release mortgages | 8,549 | — | |||||||||||||
Credit Facilities [Table Text Block] | The following table provides additional information on the Company’s existing credit facilities as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||
Amount Utilized(1) | |||||||||||||||
December 31, | |||||||||||||||
Facility Capacity | Maturity Date | 2014 | 2013 | Basis of Fees | |||||||||||
$ | 850,000 | December 2019 | $ | 204,774 | $ | 67,561 (3) | Senior unsecured long-term debt rating | ||||||||
120,000 | May-16 | 80,040 | 85,050 | Fixed | |||||||||||
270,000 | Nov-17 | 270,000 | 270,000 | Fixed | |||||||||||
100,000 | Jun-17 | 81,747 | 89,433 | Fixed | |||||||||||
74,623 (2) | Nov-15 | 74,623 | 58,351 | Fixed | |||||||||||
80,961 (2) | Mar-19 | 80,961 | 132,534 | Fixed | |||||||||||
150,000 | Jun-16 | 130,000 | — | Fixed | |||||||||||
40,875 (2) | May-16 | 28,612 | — | Fixed | |||||||||||
-1 | Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. | ||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum office space annual rentals under non-cancelable operating leases along with associated sublease income at December 31, 2014 are as follows (dollars in thousands): | ||||||||||||||
Operating | Sublease | ||||||||||||||
Leases | Income | ||||||||||||||
2015 | $ | 12,140 | $ | 706 | |||||||||||
2016 | 9,827 | 706 | |||||||||||||
2017 | 8,647 | 663 | |||||||||||||
2018 | 6,929 | 136 | |||||||||||||
2019 | 4,809 | — | |||||||||||||
Thereafter | 18,253 | — | |||||||||||||
Schedule of Guarantor Obligations [Table Text Block] | RGA’s guarantees issued as of December 31, 2014 and 2013 are reflected in the following table (dollars in thousands): | ||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||
Treaty guarantees | $ | 826,496 | $ | 826,947 | |||||||||||
Treaty guarantees, net of assets in trust | 664,913 | 647,941 | |||||||||||||
Borrowed securities | 201,050 | 93,000 | |||||||||||||
Financing arrangements | 100,000 | — | |||||||||||||
Lease obligations | 6,085 | 8,314 | |||||||||||||
Other Commitments [Table Text Block] | |||||||||||||||
Maximum Potential Obligation | |||||||||||||||
Commitment Period | 2014 | 2013 | |||||||||||||
2026 | $ | 500 | $ | 500 | |||||||||||
2033 | 1,950.00 | 1,350.00 | |||||||||||||
2034 | 2,000.00 | — | |||||||||||||
2036 | 1,432.00 | 1,250.00 | |||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The Company’s long-term debt consists of the following (dollars in thousands): | ||||||||
2014 | 2013 | ||||||||
$400 million 6.20% Subordinated Debentures due 2042 | $ | 400,000 | $ | 400,000 | |||||
$400 million 6.75% Junior Subordinated Debentures due 2065 | 318,732 | 318,729 | |||||||
$400 million 4.70% Senior Notes due 2023 | 398,684 | 398,533 | |||||||
$400 million 5.00% Senior Notes due 2021 | 398,583 | 398,362 | |||||||
$400 million 6.45% Senior Notes due 2019 | 399,669 | 399,602 | |||||||
$300 million 5.625% Senior Notes due 2017 | 299,397 | 299,124 | |||||||
$100 million 4.09% Promissory Note due 2039 | 99,228 | — | |||||||
Long-term Debt | $ | 2,314,293 | $ | 2,214,350 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Future principal payments due on long-term debt as of December 31, 2014, were as follows (dollars in thousands): | ||||||||
2015 | $ | 2,178 | |||||||
2016 | 2,470 | ||||||||
2017 | 302,573 | ||||||||
2018 | 2,681 | ||||||||
2019 | 402,792 | ||||||||
Thereafter | 1,606,337 | ||||||||
Total | $ | 2,319,031 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | |||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Revenues: | |||||||||||||
U.S. and Latin America | |||||||||||||
Traditional | $ | 5,283,268 | $ | 5,115,941 | $ | 4,881,994 | |||||||
Non-Traditional | 1,014,143 | 962,818 | 876,119 | ||||||||||
Canada | 1,181,865 | 1,185,017 | 1,140,264 | ||||||||||
Europe, Middle East and Africa | 1,557,847 | 1,305,012 | 1,275,074 | ||||||||||
Asia Pacific | 1,756,718 | 1,610,626 | 1,557,283 | ||||||||||
Corporate and Other | 110,353 | 138,939 | 110,177 | ||||||||||
Total | $ | 10,904,194 | $ | 10,318,353 | $ | 9,840,911 | |||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | |||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Income (loss) before income taxes: | |||||||||||||
U.S. and Latin America | |||||||||||||
Traditional | $ | 351,645 | $ | 377,586 | $ | 374,353 | |||||||
Non-Traditional | 302,944 | 245,649 | 268,315 | ||||||||||
Canada | 101,700 | 164,318 | 186,971 | ||||||||||
Europe, Middle East and Africa | 161,642 | 74,553 | 61,095 | ||||||||||
Asia Pacific | 102,295 | (226,665 | ) | 51,972 | |||||||||
Corporate and Other | (11,693 | ) | (187 | ) | (23,483 | ) | |||||||
Total | $ | 1,008,533 | $ | 635,254 | $ | 919,223 | |||||||
Reconciliation Of Interest Expense From Segment To Consolidated [Table Text Block] | |||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Interest expense: | |||||||||||||
Corporate and Other | $ | 96,700 | $ | 124,307 | $ | 105,348 | |||||||
Total | $ | 96,700 | $ | 124,307 | $ | 105,348 | |||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | |||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Depreciation and amortization: | |||||||||||||
U.S. and Latin America | |||||||||||||
Traditional | $ | 558,404 | $ | 564,359 | $ | 555,875 | |||||||
Non-Traditional | 232,348 | 213,745 | 225,910 | ||||||||||
Canada | 204,229 | 193,878 | 182,914 | ||||||||||
Europe, Middle East and Africa | 57,291 | 55,003 | 69,002 | ||||||||||
Asia Pacific | 95,172 | 57,104 | 154,776 | ||||||||||
Corporate and Other | 3,644 | 3,490 | 4,040 | ||||||||||
Total | $ | 1,151,088 | $ | 1,087,579 | $ | 1,192,517 | |||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | |||||||||||||
For the years ended December 31, | 2014 | 2013 | |||||||||||
Assets: | |||||||||||||
U.S. and Latin America | |||||||||||||
Traditional | $ | 14,159,824 | $ | 13,285,423 | |||||||||
Non-Traditional | 11,572,251 | 11,716,908 | |||||||||||
Canada | 3,996,128 | 4,103,730 | |||||||||||
Europe, Middle East and Africa | 4,693,322 | 2,230,568 | |||||||||||
Asia Pacific | 3,619,368 | 3,597,456 | |||||||||||
Corporate and Other | 6,638,718 | 4,740,388 | |||||||||||
Total | $ | 44,679,611 | $ | 39,674,473 | |||||||||
Equity_Based_Compensation_Tabl
Equity Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ||||||||||||||||||
Stock Options | ||||||||||||||||||
Number of | Weighted-Average | Aggregate Intrinsic | Performance | |||||||||||||||
Options | Exercise Price | Value (in millions) | Contingent Units | |||||||||||||||
Outstanding December 31, 2013 | 3,351,260 | $ | 52.77 | 712,341 | ||||||||||||||
Granted | 232,782 | 78.48 | 234,740 | |||||||||||||||
Exercised / Lapsed | (583,118 | ) | 49.35 | (103,358 | ) | |||||||||||||
Forfeited | (22,191 | ) | 58.55 | (114,995 | ) | |||||||||||||
Outstanding December 31, 2014 | 2,978,733 | $ | 55.41 | $ | 68.7 | 728,728 | ||||||||||||
Options exercisable | 2,281,160 | $ | 53.03 | $ | 58.1 | |||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Range of Exercise Prices | Number | Weighted-Average | Weighted- | Number | Weighted-Average | |||||||||||||
Outstanding as | Remaining | Average Exercise | Exercisable as of | Exercise Price | ||||||||||||||
of 12/31/2014 | Contractual Life (years) | Price | 12/31/14 | |||||||||||||||
$25.00 - $34.99 | 308,921 | 4 | $ | 32.2 | 308,921 | $ | 32.2 | |||||||||||
$35.00 - $44.99 | — | — | — | — | — | |||||||||||||
$45.00 - $54.99 | 443,611 | 4.2 | 47.17 | 443,611 | 47.17 | |||||||||||||
$55.00 + | 2,226,201 | 6.7 | 60.27 | 1,528,628 | 58.94 | |||||||||||||
Totals | 2,978,733 | 6 | $ | 55.41 | 2,281,160 | $ | 53.03 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Table 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): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings: | |||||||||||||
Net income (numerator for basic and diluted calculations) | $ | 684,047 | $ | 418,837 | $ | 631,893 | |||||||
Shares: | |||||||||||||
Weighted average outstanding shares (denominator for basic calculations) | 69,248 | 71,917 | 73,737 | ||||||||||
Equivalent shares from outstanding stock options | 714 | 544 | 416 | ||||||||||
Diluted shares (denominator for diluted calculations) | 69,962 | 72,461 | 74,153 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 9.88 | $ | 5.82 | $ | 8.57 | |||||||
Diluted | 9.78 | 5.78 | 8.52 | ||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | The following table presents the components of the Company’s other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||||
For the year ended December 31, 2014: | |||||||||||||||||
Before-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||
Change arising during year | $ | (154,132 | ) | $ | (4,835 | ) | $ | (158,967 | ) | ||||||||
Foreign currency swap | 51,894 | (18,163 | ) | 33,731 | |||||||||||||
Net foreign currency translation adjustments | (102,238 | ) | (22,998 | ) | (125,236 | ) | |||||||||||
Unrealized gains on investments:(1) | |||||||||||||||||
Unrealized net holding gains arising during the year | 1,177,017 | (357,024 | ) | 819,993 | |||||||||||||
Less: Reclassification adjustment for net gains realized in net income | 26,405 | (9,242 | ) | 17,163 | |||||||||||||
Net unrealized gains | 1,150,612 | (347,782 | ) | 802,830 | |||||||||||||
Change in unrealized other-than-temporary impairments on fixed maturity securities | 2,612 | (914 | ) | 1,698 | |||||||||||||
Unrealized pension and postretirement benefits: | |||||||||||||||||
Net prior service cost arising during the year | 485 | (159 | ) | 326 | |||||||||||||
Net loss arising during the period | (43,025 | ) | 14,929 | (28,096 | ) | ||||||||||||
Unrealized pension and postretirement benefits, net | (42,540 | ) | 14,770 | (27,770 | ) | ||||||||||||
Other comprehensive income | $ | 1,008,446 | $ | (356,924 | ) | $ | 651,522 | ||||||||||
For the year ended December 31, 2013: | |||||||||||||||||
Before-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||
Change arising during year | $ | (88,409 | ) | $ | 1,791 | $ | (86,618 | ) | |||||||||
Foreign currency swap | 40,347 | (14,121 | ) | 26,226 | |||||||||||||
Net foreign currency translation adjustments | (48,062 | ) | (12,330 | ) | (60,392 | ) | |||||||||||
Unrealized losses on investments:(1) | |||||||||||||||||
Unrealized net holding losses arising during the year | (1,519,967 | ) | 465,740 | (1,054,227 | ) | ||||||||||||
Less: Reclassification adjustment for net gains realized in net income | 9,355 | (3,274 | ) | 6,081 | |||||||||||||
Net unrealized losses | (1,529,322 | ) | 469,014 | (1,060,308 | ) | ||||||||||||
Change in unrealized other-than-temporary impairments on fixed maturity securities | 4,456 | (1,560 | ) | 2,896 | |||||||||||||
Unrealized pension and postretirement benefits: | |||||||||||||||||
Net prior service cost arising during the year | 525 | (171 | ) | 354 | |||||||||||||
Net gain arising during the period | 21,624 | (7,469 | ) | 14,155 | |||||||||||||
Unrealized pension and postretirement benefits, net | 22,149 | (7,640 | ) | 14,509 | |||||||||||||
Other comprehensive income (loss) | $ | (1,550,779 | ) | $ | 447,484 | $ | (1,103,295 | ) | |||||||||
For the year ended December 31, 2012: | |||||||||||||||||
Before-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||
Change arising during year | $ | 57,229 | $ | (6,244 | ) | $ | 50,985 | ||||||||||
Foreign currency swap | (20,470 | ) | 7,165 | (13,305 | ) | ||||||||||||
Net foreign currency translation adjustments | 36,759 | 921 | 37,680 | ||||||||||||||
Unrealized gains on investments:(1) | |||||||||||||||||
Unrealized net holding gains arising during the year | 786,449 | (275,181 | ) | 511,268 | |||||||||||||
Less: Reclassification adjustment for net gains realized in net income | 91,327 | (31,964 | ) | 59,363 | |||||||||||||
Net unrealized gains | 695,122 | (243,217 | ) | 451,905 | |||||||||||||
Change in unrealized other-than-temporary impairments on fixed maturity securities | 9,899 | (3,465 | ) | 6,434 | |||||||||||||
Unrealized pension and postretirement benefits: | |||||||||||||||||
Net prior service cost arising during the year | 298 | (95 | ) | 203 | |||||||||||||
Net loss arising during the period | (8,347 | ) | 2,874 | (5,473 | ) | ||||||||||||
Unrealized pension and postretirement benefits, net | (8,049 | ) | 2,779 | (5,270 | ) | ||||||||||||
Other comprehensive income | $ | 733,731 | $ | (242,982 | ) | $ | 490,749 | ||||||||||
-1 | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. | ||||||||||||||||
Components Of Accumulated Other Comprehensive Income [Table Text Block] | A summary of the components of net unrealized appreciation (depreciation) of balances carried at fair value is as follows (dollars in thousands): | ||||||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||
Change in net unrealized appreciation (depreciation) on: | |||||||||||||||||
Fixed maturity securities available-for-sale | $ | 1,171,996 | $ | (1,528,773 | ) | $ | 713,778 | ||||||||||
Other investments(1) | (14,292 | ) | (12,274 | ) | 6,181 | ||||||||||||
Effect on unrealized appreciation on: | |||||||||||||||||
Deferred policy acquisition costs | (4,480 | ) | 16,181 | (14,938 | ) | ||||||||||||
Net unrealized appreciation (depreciation) | $ | 1,153,224 | $ | (1,524,866 | ) | $ | 705,021 | ||||||||||
-1 | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The balance of and changes in each component of AOCI were as follows (dollars in thousands): | ||||||||||||||||
Accumulated | Unrealized | Pension and | Accumulated | ||||||||||||||
Currency | Appreciation | Postretirement | Other | ||||||||||||||
Translation | (Depreciation) | Benefits | Comprehensive | ||||||||||||||
Adjustments | of Investments | Income (Loss) | |||||||||||||||
Balance, December 31, 2011 | $ | 229,795 | $ | 1,419,318 | $ | (30,960 | ) | $ | 1,618,153 | ||||||||
Change in foreign currency translation adjustments | 37,680 | — | — | 37,680 | |||||||||||||
Unrealized gain on investments(1) | — | 451,905 | — | 451,905 | |||||||||||||
Change in other-than-temporary impairment losses on fixed maturity securities | — | 6,434 | — | 6,434 | |||||||||||||
Changes in pension and other postretirement plan adjustments | — | — | (5,270 | ) | (5,270 | ) | |||||||||||
Balance, December 31, 2012 | 267,475 | 1,877,657 | (36,230 | ) | 2,108,902 | ||||||||||||
Change in foreign currency translation adjustments | (60,392 | ) | — | — | (60,392 | ) | |||||||||||
Unrealized loss on investments(1) | — | (1,063,377 | ) | — | (1,063,377 | ) | |||||||||||
Change in other-than-temporary impairment losses on fixed maturity securities | — | 2,896 | — | 2,896 | |||||||||||||
Changes in pension and other postretirement plan adjustments | — | — | 11,577 | 11,577 | |||||||||||||
Amounts reclassified from AOCI | — | 3,069 | 2,932 | 6,001 | |||||||||||||
Balance, December 31, 2013 | 207,083 | 820,245 | (21,721 | ) | 1,005,607 | ||||||||||||
Change in foreign currency translation adjustments | (125,236 | ) | — | — | (125,236 | ) | |||||||||||
Unrealized gain on investments(1) | — | 827,608 | — | 827,608 | |||||||||||||
Change in other-than-temporary impairment losses on fixed maturity securities | — | 1,698 | — | 1,698 | |||||||||||||
Changes in pension and other postretirement plan adjustments | — | — | (29,836 | ) | (29,836 | ) | |||||||||||
Amounts reclassified from AOCI | — | (24,778 | ) | 2,066 | (22,712 | ) | |||||||||||
Balance, December 31, 2014 | $ | 81,847 | $ | 1,624,773 | $ | (49,491 | ) | $ | 1,657,129 | ||||||||
-1 | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents the amounts of AOCI reclassifications for the years ended December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||
Amount Reclassified from AOCI | |||||||||||||||||
Details about AOCI Components | 2014 | 2013 | Affected Line Item in | ||||||||||||||
Statement of Income | |||||||||||||||||
Unrealized gains and losses on available-for-sale securities | $ | 26,405 | $ | 9,355 | Investment related gains (losses), net | ||||||||||||
Gains and losses on cash flow hedge - interest rate swap | 1,212 | 1,012 | Investment income | ||||||||||||||
Deferred policy acquisition costs attributed to unrealized gains and losses(1) | 4,480 | (16,181 | ) | ||||||||||||||
Total | 32,097 | (5,814 | ) | ||||||||||||||
Provision for income taxes | (7,319 | ) | 2,745 | ||||||||||||||
Net unrealized gains (losses), net of tax | $ | 24,778 | $ | (3,069 | ) | ||||||||||||
Amortization of unrealized pension and postretirement benefits: | |||||||||||||||||
Prior service cost(2) | $ | (333 | ) | $ | (373 | ) | |||||||||||
Actuarial gains/(losses)(2) | (2,815 | ) | (4,138 | ) | |||||||||||||
Total | (3,148 | ) | (4,511 | ) | |||||||||||||
Provision for income taxes | 1,082 | 1,579 | |||||||||||||||
Amortization of unrealized pension and postretirement benefits, net of tax | $ | (2,066 | ) | $ | (2,932 | ) | |||||||||||
Total reclassifications for the period | $ | 22,712 | $ | (6,001 | ) | ||||||||||||
-1 | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” 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. |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
Total Revenues | $ | 2,657,173 | $ | 2,833,020 | $ | 2,716,588 | $ | 2,697,413 | |||||||||
Total benefits and expenses | 2,457,733 | 2,532,485 | 2,484,773 | 2,420,670 | |||||||||||||
Income before income taxes | 199,440 | 300,535 | 231,815 | 276,743 | |||||||||||||
Net Income | 136,664 | 198,296 | 157,996 | 191,091 | |||||||||||||
Earnings Per Share: | |||||||||||||||||
Basic earnings per share | $ | 1.94 | $ | 2.87 | $ | 2.3 | $ | 2.78 | |||||||||
Diluted earnings per share | 1.92 | 2.84 | 2.28 | 2.75 | |||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Total Revenues | $ | 2,601,102 | $ | 2,590,642 | $ | 2,389,815 | $ | 2,736,794 | |||||||||
Total benefits and expenses | 2,322,275 | 2,665,400 | 2,188,120 | 2,507,304 | |||||||||||||
Income before income taxes | 278,827 | (74,758 | ) | 201,695 | 229,490 | ||||||||||||
Net Income | 185,535 | (49,612 | ) | 137,955 | 144,959 | ||||||||||||
Earnings Per Share: | |||||||||||||||||
Basic earnings per share | $ | 2.51 | $ | (0.69 | ) | $ | 1.95 | $ | 2.05 | ||||||||
Diluted earnings per share | 2.49 | (0.69 | ) | 1.93 | 2.03 | ||||||||||||
Summary_of_Investments_Other_T1
Summary of Investments Other Than Investments in Related Parties (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary of Investments, Other than Investments in Related Parties [Abstract] | |||||||||||||
Summary Of Investments Other Than Investments In Related Parties [Table Text Block] | REINSURANCE GROUP OF AMERICA, INCORPORATED | ||||||||||||
SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN | |||||||||||||
INVESTMENTS IN RELATED PARTIES | |||||||||||||
December 31, 2014 | |||||||||||||
(in millions) | |||||||||||||
Type of Investment | Cost | Fair Value | Amount at Which Shown in the Balance Sheets(1) | ||||||||||
Fixed maturity securities: | |||||||||||||
Bonds: | |||||||||||||
United States government and government agencies and authorities | $ | 501 | $ | 526 | $ | 526 | |||||||
State and political subdivisions | 378 | 426 | 426 | ||||||||||
Foreign governments(2) | 4,710 | 6,003 | 6,003 | ||||||||||
Public utilities | 1,582 | 1,733 | 1,733 | ||||||||||
Mortgage-backed and asset-backed securities | 3,505 | 3,640 | 3,640 | ||||||||||
All other corporate bonds | 12,430 | 13,153 | 13,153 | ||||||||||
Total fixed maturity securities | 23,106 | 25,481 | 25,481 | ||||||||||
Equity securities: | |||||||||||||
Non-redeemable preferred stock | 94 | 99 | 99 | ||||||||||
Other equity securities | 27 | 27 | 27 | ||||||||||
Total equity securities | 121 | 126 | 126 | ||||||||||
Mortgage loans on real estate | 2,712 | 2,712 | |||||||||||
Policy loans | 1,284 | 1,284 | |||||||||||
Funds withheld at interest | 5,924 | 5,924 | |||||||||||
Short-term investments | 98 | 98 | |||||||||||
Other invested assets | 1,071 | 1,071 | |||||||||||
Total investments | $ | 34,316 | $ | 36,696 | |||||||||
-1 | Fixed maturity securities are classified as available-for-sale and carried at fair value. | ||||||||||||
-2 | Includes fixed maturities directly issued by foreign governments, supranational and foreign government-sponsored enterprises. |
Condensed_Financial_Informatio1
Condensed Financial Information of The Registrant (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Financial Statements [Table Text Block] | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
Assets: | |||||||||||||
Fixed maturity securities available-for-sale, at fair value | $ | 486,813 | $ | 502,455 | |||||||||
Short-term and other investments | 87,726 | 261,853 | |||||||||||
Cash and cash equivalents | 48,819 | 24,137 | |||||||||||
Investment in subsidiaries | 8,649,084 | 7,534,714 | |||||||||||
Loans to subsidiaries | 1,060,000 | 1,101,751 | |||||||||||
Other assets | 360,059 | 204,887 | |||||||||||
Total assets | $ | 10,692,501 | $ | 9,629,797 | |||||||||
Liabilities and stockholders’ equity: | |||||||||||||
Long-term debt - unaffiliated(1) | $ | 2,294,993 | $ | 2,294,278 | |||||||||
Long-term debt - affiliated(2) | 500,000 | 500,000 | |||||||||||
Other liabilities | 874,056 | 899,992 | |||||||||||
Stockholders’ equity | 7,023,452 | 5,935,527 | |||||||||||
Total liabilities and stockholders’ equity | $ | 10,692,501 | $ | 9,629,797 | |||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
Interest / dividend income(3) | $ | 521,623 | $ | 275,215 | $ | 86,396 | |||||||
Investment related gains (losses), net | 4,936 | 1,714 | 4,515 | ||||||||||
Operating expenses | (10,751 | ) | (21,164 | ) | (26,431 | ) | |||||||
Interest expense | (131,852 | ) | (162,212 | ) | (143,260 | ) | |||||||
Income (loss) before income tax and undistributed earnings of subsidiaries | 383,956 | 93,553 | (78,780 | ) | |||||||||
Income tax expense (benefit) | (22,008 | ) | 33,850 | (9,566 | ) | ||||||||
Net income (loss) before undistributed earnings of subsidiaries | 405,964 | 59,703 | (69,214 | ) | |||||||||
Equity in undistributed earnings of subsidiaries | 278,083 | 359,134 | 701,107 | ||||||||||
Net income | 684,047 | 418,837 | 631,893 | ||||||||||
Other comprehensive income | 36,876 | 21,033 | 9,984 | ||||||||||
Total comprehensive income | $ | 720,923 | $ | 439,870 | $ | 641,877 | |||||||
The condensed financial information of RGA (the “Parent Company”) should be read in conjunction with the consolidated financial statements of RGA and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for RGA. Investments in subsidiaries are accounted for using the equity method of accounting. | |||||||||||||
-1 | Long-term debt - unaffiliated consists of the following: | ||||||||||||
2014 | 2013 | ||||||||||||
$400 million 6.75% Junior Subordinated Debentures due 2065 | $ | 398,660 | $ | 398,657 | |||||||||
$400 million 6.20% Subordinated Debentures due 2042 | 400,000 | 400,000 | |||||||||||
$400 million 4.70% Senior Notes due 2023 | 398,684 | 398,533 | |||||||||||
$400 million 5.00% Senior Notes due 2021 | 398,583 | 398,362 | |||||||||||
$400 million 6.45% Senior Notes due 2019 | 399,669 | 399,602 | |||||||||||
$300 million 5.625% Senior Notes due 2017 | 299,397 | 299,124 | |||||||||||
Total | $ | 2,294,993 | $ | 2,294,278 | |||||||||
Repayments of long-term debt—unaffiliated due over the next five years total $300,000, in 2017 and $400,000 in 2019. | |||||||||||||
-2 | Long-term debt—affiliated in 2014 and 2013 and consists of $500,000 of subordinated debt issued to various operating subsidiaries. | ||||||||||||
-3 | Interest/Dividend income includes $423,323 and $175,000 of cash dividends received from consolidated subsidiaries in 2014 and 2013, respectively. Cash dividends received from consolidated subsidiaries in 2012 were not material. | ||||||||||||
REINSURANCE GROUP OF AMERICA, INCORPORATED | |||||||||||||
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued) | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Operating activities: | |||||||||||||
Net income | $ | 684,047 | $ | 418,837 | $ | 631,893 | |||||||
Equity in earnings of subsidiaries | (278,083 | ) | (359,134 | ) | (701,107 | ) | |||||||
Other, net | (171,299 | ) | 162,586 | 134,232 | |||||||||
Net cash provided by operating activities | $ | 234,665 | $ | 222,289 | $ | 65,018 | |||||||
Investing activities: | |||||||||||||
Sales of fixed maturity securities available-for-sale | $ | 132,732 | $ | 176,062 | $ | 122,212 | |||||||
Purchases of fixed maturity securities available-for-sale | (105,535 | ) | (103,566 | ) | (213,548 | ) | |||||||
Repayments/issuances of loans to subsidiaries | 41,751 | (76,751 | ) | (250,000 | ) | ||||||||
Purchase of a business, net of cash acquired of $9,709 | — | (2,805 | ) | — | |||||||||
Change in short-term investments | 96,967 | (96,967 | ) | — | |||||||||
Change in other invested assets | 126,397 | (79,023 | ) | 5,718 | |||||||||
Capital contributions to subsidiaries | (222,760 | ) | (144,459 | ) | (70,431 | ) | |||||||
Net cash used in investing activities | 69,552 | (327,509 | ) | (406,049 | ) | ||||||||
Financing activities: | |||||||||||||
Dividends to stockholders | (87,256 | ) | (77,642 | ) | (61,945 | ) | |||||||
Purchases of treasury stock | (201,525 | ) | (269,204 | ) | (6,924 | ) | |||||||
Excess tax benefits from share-based payment arrangement | — | — | 416 | ||||||||||
Exercise of stock options, net | 9,246 | 28,390 | (3,087 | ) | |||||||||
Proceeds from unaffiliated long-term debt issuance | — | 398,533 | 400,000 | ||||||||||
Debt issuance costs | — | (3,400 | ) | (6,255 | ) | ||||||||
Net cash provided by financing activities | (279,535 | ) | 76,677 | 322,205 | |||||||||
Net change in cash and cash equivalents | 24,682 | (28,543 | ) | (18,826 | ) | ||||||||
Cash and cash equivalents at beginning of year | 24,137 | 52,680 | 71,506 | ||||||||||
Cash and cash equivalents at end of year | $ | 48,819 | $ | 24,137 | $ | 52,680 | |||||||
Supplementary information: | |||||||||||||
Cash paid for interest | $ | 161,499 | $ | 141,615 | $ | 130,047 | |||||||
Cash paid for income taxes, net of refunds | $ | 87 | $ | 82,000 | $ | 30,500 | |||||||
Supplementary_Insurance_Inform1
Supplementary Insurance Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Supplementary Insurance Information [Abstract] | |||||||||||||||||||||||||
Supplementary Insurance Information For Insurance Companies Disclosure [Table Text Block] | REINSURANCE GROUP OF AMERICA, INCORPORATED | ||||||||||||||||||||||||
SCHEDULE III—SUPPLEMENTARY INSURANCE INFORMATION | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
Deferred Policy | Future Policy Benefits and | Other Policy Claims and | |||||||||||||||||||||||
Acquisition Costs | Interest-Sensitive Contract | Benefits Payable | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Assumed | Ceded | Assumed | Ceded | Assumed | Ceded | ||||||||||||||||||||
2014 | |||||||||||||||||||||||||
U.S. and Latin America operations | |||||||||||||||||||||||||
Traditional operations | $ | 1,717,512 | $ | (28,685 | ) | $ | 8,440,882 | $ | (283,184 | ) | $ | 1,459,444 | $ | (194,167 | ) | ||||||||||
Non-Traditional operations | 690,698 | — | 10,915,471 | — | 14,656 | — | |||||||||||||||||||
Canada operations | 237,738 | (443 | ) | 2,861,052 | (221,537 | ) | 209,743 | (14,095 | ) | ||||||||||||||||
Europe, Middle East and Africa operations | 279,672 | (7,656 | ) | 2,972,346 | (35,439 | ) | 784,421 | (28,134 | ) | ||||||||||||||||
Asia Pacific operations | 465,671 | (11,932 | ) | 1,578,776 | (62,105 | ) | 1,344,250 | (23,631 | ) | ||||||||||||||||
Corporate and Other | — | — | 299,607 | — | 11,555 | (128 | ) | ||||||||||||||||||
Total | $ | 3,391,291 | $ | (48,716 | ) | $ | 27,068,134 | $ | (602,265 | ) | $ | 3,824,069 | $ | (260,155 | ) | ||||||||||
2013 | |||||||||||||||||||||||||
U.S. and Latin America operations | |||||||||||||||||||||||||
Traditional operations | $ | 1,628,215 | $ | (30,523 | ) | $ | 7,567,342 | $ | (245,430 | ) | $ | 1,285,467 | $ | (73,994 | ) | ||||||||||
Non-Traditional operations | 884,377 | — | 11,240,138 | — | 16,045 | — | |||||||||||||||||||
Canada operations | 259,575 | (483 | ) | 2,963,561 | (233,735 | ) | 206,245 | (8,952 | ) | ||||||||||||||||
Europe, Middle East and Africa operations | 301,999 | (9,492 | ) | 1,050,066 | (35,515 | ) | 763,118 | (33,337 | ) | ||||||||||||||||
Asia Pacific operations | 498,888 | (14,760 | ) | 1,693,381 | (68,940 | ) | 1,288,016 | (26,836 | ) | ||||||||||||||||
Corporate and Other | — | — | 299,845 | — | 12,870 | (190 | ) | ||||||||||||||||||
Total | $ | 3,573,054 | $ | (55,258 | ) | $ | 24,814,333 | $ | (583,620 | ) | $ | 3,571,761 | $ | (143,309 | ) | ||||||||||
REINSURANCE GROUP OF AMERICA, INCORPORATED | |||||||||||||||||||||||||
SCHEDULE III—SUPPLEMENTARY INSURANCE INFORMATION (continued) | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
Premium Income | Net Investment | Policyholder | Amortization of | Other Operating | |||||||||||||||||||||
Income | Benefits and | DAC | Expenses | ||||||||||||||||||||||
Interest Credited | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
U.S. and Latin America operations | |||||||||||||||||||||||||
Traditional operations | $ | 4,725,505 | $ | 552,805 | $ | (4,181,492 | ) | $ | (467,067 | ) | $ | (283,064 | ) | ||||||||||||
Non-Traditional operations | 20,079 | 644,285 | (402,387 | ) | (203,605 | ) | (105,207 | ) | |||||||||||||||||
Canada operations | 974,581 | 196,205 | (804,586 | ) | (190,164 | ) | (85,415 | ) | |||||||||||||||||
Europe, Middle East and Africa operations | 1,373,969 | 107,129 | (1,217,441 | ) | (43,549 | ) | (135,215 | ) | |||||||||||||||||
Asia Pacific operations | 1,574,940 | 102,461 | (1,250,962 | ) | (74,980 | ) | (328,481 | ) | |||||||||||||||||
Corporate and Other | 780 | 110,806 | (804 | ) | — | (121,242 | ) | ||||||||||||||||||
Total | $ | 8,669,854 | $ | 1,713,691 | $ | (7,857,672 | ) | $ | (979,365 | ) | $ | (1,058,624 | ) | ||||||||||||
2013 | |||||||||||||||||||||||||
U.S. and Latin America operations | |||||||||||||||||||||||||
Traditional operations | $ | 4,563,490 | $ | 543,824 | $ | (4,016,453 | ) | $ | (471,726 | ) | $ | (250,175 | ) | ||||||||||||
Non-Traditional operations | 22,521 | 721,282 | (443,393 | ) | (185,396 | ) | (88,380 | ) | |||||||||||||||||
Canada operations | 962,311 | 204,851 | (758,565 | ) | (178,566 | ) | (83,569 | ) | |||||||||||||||||
Europe, Middle East and Africa operations | 1,220,743 | 52,034 | (1,072,961 | ) | (40,780 | ) | (116,718 | ) | |||||||||||||||||
Asia Pacific operations | 1,485,205 | 94,330 | (1,488,667 | ) | (36,335 | ) | (312,289 | ) | |||||||||||||||||
Corporate and Other | (243 | ) | 83,544 | (807 | ) | — | (138,319 | ) | |||||||||||||||||
Total | $ | 8,254,027 | $ | 1,699,865 | $ | (7,780,846 | ) | $ | (912,803 | ) | $ | (989,450 | ) | ||||||||||||
2012 | |||||||||||||||||||||||||
U.S. and Latin America operations | |||||||||||||||||||||||||
Traditional operations | $ | 4,342,838 | $ | 536,438 | $ | (3,815,551 | ) | $ | (461,164 | ) | $ | (230,926 | ) | ||||||||||||
Non-Traditional operations | 14,095 | 498,499 | (335,581 | ) | (193,492 | ) | (78,731 | ) | |||||||||||||||||
Canada operations | 915,764 | 190,337 | (706,744 | ) | (167,614 | ) | (78,935 | ) | |||||||||||||||||
Europe, Middle East and Africa operations | 1,215,166 | 42,545 | (1,055,064 | ) | (49,732 | ) | (109,183 | ) | |||||||||||||||||
Asia Pacific operations | 1,409,568 | 85,569 | (1,132,998 | ) | (131,055 | ) | (241,258 | ) | |||||||||||||||||
Corporate and Other | 9,165 | 82,818 | 24 | — | (133,684 | ) | |||||||||||||||||||
Total | $ | 7,906,596 | $ | 1,436,206 | $ | (7,045,914 | ) | $ | (1,003,057 | ) | $ | (872,717 | ) | ||||||||||||
Supplemental_Schedule_of_Reins1
Supplemental Schedule of Reinsurance (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | ||||||||||||||||||||
Supplemental Schedule Of Reinsurance Premiums For Insurance Companies [Table Text Block] | REINSURANCE GROUP OF AMERICA, INCORPORATED | |||||||||||||||||||
SCHEDULE IV—REINSURANCE | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
As of or for the Year ended December 31, | ||||||||||||||||||||
Gross Amount | Ceded to Other | Assumed from | Net Amounts | Percentage of | ||||||||||||||||
Companies | Other Companies | Amount Assumed | ||||||||||||||||||
to Net | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Life insurance in force | $ | 78 | $ | 230,544 | $ | 2,943,517 | $ | 2,713,051 | 108.5 | % | ||||||||||
Premiums | ||||||||||||||||||||
U.S. and Latin America operations | ||||||||||||||||||||
Traditional operations | $ | 9.6 | $ | 287.8 | $ | 5,003.70 | $ | 4,725.50 | 105.9 | % | ||||||||||
Non-Traditional operations | — | 39.4 | 59.5 | 20.1 | 296 | |||||||||||||||
Canada operations | — | 49.6 | 1,024.20 | 974.6 | 105.1 | |||||||||||||||
Europe, Middle East and Africa operations | 9.8 | 30.4 | 1,394.60 | 1,374.00 | 101.5 | |||||||||||||||
Asia Pacific operations | — | 40.7 | 1,615.60 | 1,574.90 | 102.6 | |||||||||||||||
Corporate and Other | — | — | 0.8 | 0.8 | 100 | |||||||||||||||
Total | $ | 19.4 | $ | 447.9 | $ | 9,098.40 | $ | 8,669.90 | 104.9 | |||||||||||
2013 | ||||||||||||||||||||
Life insurance in force | $ | 77 | $ | 36,830 | $ | 2,889,804 | $ | 2,853,051 | 101.3 | % | ||||||||||
Premiums | ||||||||||||||||||||
U.S. and Latin America operations | ||||||||||||||||||||
Traditional operations | $ | 5.2 | $ | 146.2 | $ | 4,704.40 | $ | 4,563.40 | 103.1 | % | ||||||||||
Non-Traditional operations | — | 44.7 | 67.2 | 22.5 | 298.7 | |||||||||||||||
Canada operations | — | 54.2 | 1,016.50 | 962.3 | 105.6 | |||||||||||||||
Europe, Middle East and Africa operations | — | 25.8 | 1,246.60 | 1,220.80 | 102.1 | |||||||||||||||
Asia Pacific operations | — | 48.5 | 1,533.70 | 1,485.20 | 103.3 | |||||||||||||||
Corporate and Other | — | — | (0.2 | ) | (0.2 | ) | 100 | |||||||||||||
Total | $ | 5.2 | $ | 319.4 | $ | 8,568.20 | $ | 8,254.00 | 103.8 | |||||||||||
2012 | ||||||||||||||||||||
Life insurance in force | $ | 76 | $ | 38,048 | $ | 2,927,573 | $ | 2,889,601 | 101.3 | % | ||||||||||
Premiums | ||||||||||||||||||||
U.S. and Latin America operations | ||||||||||||||||||||
Traditional operations | $ | 3.8 | $ | 152.1 | $ | 4,491.20 | $ | 4,342.90 | 103.4 | % | ||||||||||
Non-Traditional operations | — | 50.5 | 64.6 | 14.1 | 458.2 | |||||||||||||||
Canada operations | — | 52.9 | 968.6 | 915.7 | 105.8 | |||||||||||||||
Europe, Middle East and Africa operations | — | 26.2 | 1,241.40 | 1,215.20 | 102.2 | |||||||||||||||
Asia Pacific operations | — | 44.3 | 1,453.80 | 1,409.50 | 103.1 | |||||||||||||||
Corporate and Other | — | — | 9.2 | 9.2 | 100 | |||||||||||||||
Total | $ | 3.8 | $ | 326 | $ | 8,228.80 | $ | 7,906.60 | 104.1 | |||||||||||
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Valuation And Qualifying Accounts [Table Text Block] | REINSURANCE GROUP OF AMERICA, INCORPORATED | ||||||||||||||||||||
SCHEDULE V—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to Costs | Charged to Other | Deductions | Balance at End of Period | ||||||||||||||||
Beginning of | and Expenses | Accounts | |||||||||||||||||||
Period | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Allowance on income taxes | $ | 102.2 | $ | 15.9 | $ | (6.1 | ) | $ | — | $ | 112 | ||||||||||
Valuation allowance for mortgage loans | 10.1 | (0.9 | ) | — | 2.7 | 6.5 | |||||||||||||||
2013 | |||||||||||||||||||||
Allowance on income taxes | $ | 10.1 | $ | 23.5 | $ | 68.6 | $ | — | $ | 102.2 | |||||||||||
Valuation allowance for mortgage loans | 11.6 | 1.9 | — | 3.4 | 10.1 | ||||||||||||||||
2012 | |||||||||||||||||||||
Allowance on income taxes | $ | 8.6 | $ | — | $ | 1.6 | $ | 0.1 | $ | 10.1 | |||||||||||
Valuation allowance for mortgage loans | 11.8 | 6.3 | — | 6.5 | 11.6 | ||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $38.50 | $42.30 | |
Property, Plant and Equipment, Gross | 222.7 | 117.3 | |
Depreciation | 9.4 | 8.4 | 9 |
Capital Leased Assets, Gross | 167.3 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 1.4 | ||
Amortization of Leased Asset | 1.4 | ||
Goodwill | 7 | 7 | |
Value of Business Acquired (VOBA) | 4.5 | 5.5 | |
Accumulated Amortization Of Value Of Business Acquired VOBA | 13.5 | 13 | |
Amortization of Value of Business Acquired (VOBA) | 0.4 | 0.3 | 0.2 |
Values Of Business Acquired Distribution Agreements And Customer Relationships | 76.3 | 85.8 | |
Accumulated Amortization Of Values Of Business Acquired Distribution Agreements And Customer Relationships | 44.4 | 34.9 | |
Amortization Of Values Of Business Acquired Distribution Agreements And Customer Relationships | 9.5 | 10.1 | 10.5 |
Future Amortization Expense, Year One | 9.4 | ||
Future Amortization Expense, Year Two | 9 | ||
Future Amortization Expense, Year Three | 8.7 | ||
Future Amortization Expense, Year Four | 8.3 | ||
Future Amortization Expense, Year Five | 8.1 | ||
Capitalized Computer Software, Net | 77.6 | 49.6 | |
Capitalized Computer Software, Amortization | $5.90 | $6.90 | $6.50 |
Value of Customer Relationships Acquired [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Value of Distribution Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Stock_Transactions_Narrative_D
Stock Transactions (Narrative) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Jan. 22, 2015 | |
Stock Transactions [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 2,530,608 | 4,151,312 | ||||
Treasury Stock Acquired, Average Cost Per Share | $78.22 | |||||
Shares Granted To Non Employee Directors | 13,800 | |||||
Stock Repurchase Program, Authorized Amount | $300,000,000 | $100,000,000 | $100,000,000 | $200,000,000 | ||
Treasury Stock Value Acquired Cost Method Repurchase Agreement | 197,700,000 | 261,300,000 | ||||
Incentive Award Tax Settlement [Member] | ||||||
Stock Transactions [Line Items] | ||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 584,915 | |||||
Treasury Stock, Shares, Acquired | 49,564 | |||||
Subsequent Event [Member] | ||||||
Stock Transactions [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $300,000,000 |
Investments_Investments_in_Fix
Investments (Investments in Fixed Maturity and Equity Securities Available-for-Sale by Sector) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | $14,010,604 | $11,697,394 | |
Available-for-sale Securities | 14,885,583 | 12,110,755 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | -1,698 | -2,896 | -6,434 |
Fixed Maturities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 23,105,597 | 20,270,734 | |
Available-for-sale Securities, Gross Unrealized Gains | 2,508,673 | 1,518,301 | |
Available-for-sale Securities, Gross Unrealized Losses | 133,298 | 314,899 | |
Available-for-sale Securities | 25,480,972 | 21,474,136 | |
Percentage Of Total Available For Sale Securities | 100.00% | 100.00% | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | -1,555 | -4,168 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 120,534 | 409,472 | |
Available-for-sale Securities, Gross Unrealized Gains | 7,947 | 5,960 | |
Available-for-sale Securities, Gross Unrealized Losses | 1,621 | 9,701 | |
Available-for-sale Securities | 126,860 | 405,731 | |
Percentage Of Total Available For Sale Securities | 100.00% | 100.00% | |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 14,010,604 | 11,697,394 | |
Available-for-sale Securities, Gross Unrealized Gains | 965,523 | 616,147 | |
Available-for-sale Securities, Gross Unrealized Losses | 90,544 | 202,786 | |
Available-for-sale Securities | 14,885,583 | 12,110,755 | |
Percentage Of Total Available For Sale Securities | 58.40% | 56.40% | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | |
Canadian Provincial Governments [Member] | Fixed Maturities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 2,668,852 | 2,728,111 | |
Available-for-sale Securities, Gross Unrealized Gains | 1,196,420 | 669,762 | |
Available-for-sale Securities, Gross Unrealized Losses | 7 | 16,848 | |
Available-for-sale Securities | 3,865,265 | 3,381,025 | |
Percentage Of Total Available For Sale Securities | 15.20% | 15.70% | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | |
Residential Mortgage Backed Securities [Member] | Fixed Maturities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 991,867 | 970,434 | |
Available-for-sale Securities, Gross Unrealized Gains | 52,640 | 38,126 | |
Available-for-sale Securities, Gross Unrealized Losses | 6,611 | 18,917 | |
Available-for-sale Securities | 1,037,896 | 989,643 | |
Percentage Of Total Available For Sale Securities | 4.10% | 4.60% | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | -300 | -300 | |
Asset-backed Securities [Member] | Fixed Maturities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 1,059,660 | 891,751 | |
Available-for-sale Securities, Gross Unrealized Gains | 20,301 | 18,893 | |
Available-for-sale Securities, Gross Unrealized Losses | 10,375 | 15,812 | |
Available-for-sale Securities | 1,069,586 | 894,832 | |
Percentage Of Total Available For Sale Securities | 4.20% | 4.20% | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 354 | -2,259 | |
Commercial Mortgage Backed Securities [Member] | Fixed Maturities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 1,453,657 | 1,314,782 | |
Available-for-sale Securities, Gross Unrealized Gains | 87,593 | 91,651 | |
Available-for-sale Securities, Gross Unrealized Losses | 8,659 | 17,487 | |
Available-for-sale Securities | 1,532,591 | 1,388,946 | |
Percentage Of Total Available For Sale Securities | 6.00% | 6.50% | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | -1,609 | -1,609 | |
US Treasury and Government [Member] | Fixed Maturities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 501,352 | 489,631 | |
Available-for-sale Securities, Gross Unrealized Gains | 25,014 | 16,468 | |
Available-for-sale Securities, Gross Unrealized Losses | 515 | 4,748 | |
Available-for-sale Securities | 525,851 | 501,351 | |
Percentage Of Total Available For Sale Securities | 2.00% | 2.30% | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 378,457 | 313,252 | |
Available-for-sale Securities, Gross Unrealized Gains | 51,117 | 21,907 | |
Available-for-sale Securities, Gross Unrealized Losses | 3,498 | 14,339 | |
Available-for-sale Securities | 426,076 | 320,820 | |
Percentage Of Total Available For Sale Securities | 1.70% | 1.50% | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | |
Foreign Government Debt Securities [Member] | Fixed Maturities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 2,041,148 | 1,865,379 | |
Available-for-sale Securities, Gross Unrealized Gains | 110,065 | 45,347 | |
Available-for-sale Securities, Gross Unrealized Losses | 13,089 | 23,962 | |
Available-for-sale Securities | 2,138,124 | 1,886,764 | |
Percentage Of Total Available For Sale Securities | 8.40% | 8.80% | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | |
Nonredeemable Preferred Stock [Member] | Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 93,540 | 81,993 | |
Available-for-sale Securities, Gross Unrealized Gains | 7,350 | 5,342 | |
Available-for-sale Securities, Gross Unrealized Losses | 1,527 | 5,481 | |
Available-for-sale Securities | 99,363 | 81,854 | |
Percentage Of Total Available For Sale Securities | 78.30% | 20.20% | |
Equity Securities Other Than Non-redeemable Preferred Stock [Member] | Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 26,994 | 327,479 | |
Available-for-sale Securities, Gross Unrealized Gains | 597 | 618 | |
Available-for-sale Securities, Gross Unrealized Losses | 94 | 4,220 | |
Available-for-sale Securities | $27,497 | $323,877 | |
Percentage Of Total Available For Sale Securities | 21.70% | 79.80% |
Investments_Fixed_Maturity_Sec
Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $14,010,604 | $11,697,394 |
Available-for-sale Securities | 14,885,583 | 12,110,755 |
Assets Held-in-trust | 922,800 | 913,500 |
Collateral Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 127,229 | 57,241 |
Available-for-sale Securities | 134,863 | 57,963 |
Collateral Received Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 117,227 | 94,143 |
Reported Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets Held-in-trust | 10,197,489 | 7,842,893 |
Estimate of Fair Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets Held-in-trust | $10,922,947 | $8,125,402 |
Investments_Exposure_To_Concen
Investments (Exposure To Concentrations Of Credit Risk) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $14,010,604 | $11,697,394 |
Available-for-sale Securities | 14,885,583 | 12,110,755 |
Canadian Province Of Ontario Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 979,908 | 1,023,427 |
Available-for-sale Securities | 1,359,339 | 1,222,296 |
Canadian Province Of Quebec Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,006,315 | 1,041,462 |
Available-for-sale Securities | $1,599,673 | $1,389,138 |
Investments_Amortized_Cost_and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract] | ||
Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost Basis | $556,034 | |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost Basis | 4,354,866 | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 7,587,194 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 7,102,319 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 3,505,184 | |
Available for Sale at Fair value - Amortized cost | 23,105,597 | 20,270,734 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 561,396 | |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 4,580,388 | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 7,965,907 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 8,733,208 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 3,640,073 | |
Fixed maturity securities available-for-sale | $25,480,972 | $21,474,136 |
Investments_Amortized_Cost_and1
Investments (Amortized Cost and Fair Value of Fixed Maturity Holdings by Industry Type) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Corporate Secturities by Investment Sector And Credit Rating [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $14,010,604 | $11,697,394 |
Available-for-sale Securities | 14,885,583 | 12,110,755 |
Percentage Of Total Available For Sales Securities | 100.00% | 100.00% |
Finance Industry [Member] | ||
Corporate Secturities by Investment Sector And Credit Rating [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 4,789,568 | 3,838,716 |
Available-for-sale Securities | 5,066,408 | 3,983,623 |
Percentage Of Total Available For Sales Securities | 34.00% | 32.90% |
Industrial [Member] | ||
Corporate Secturities by Investment Sector And Credit Rating [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 7,639,330 | 6,607,100 |
Available-for-sale Securities | 8,086,067 | 6,824,063 |
Percentage Of Total Available For Sales Securities | 54.30% | 56.30% |
Utility Industry [Member] | ||
Corporate Secturities by Investment Sector And Credit Rating [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,581,706 | 1,240,353 |
Available-for-sale Securities | 1,733,108 | 1,292,305 |
Percentage Of Total Available For Sales Securities | 11.70% | 10.70% |
Other Industry [Member] | ||
Corporate Secturities by Investment Sector And Credit Rating [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 11,225 | |
Available-for-sale Securities | $10,764 | |
Percentage Of Total Available For Sales Securities | 0.10% |
Investments_Credit_Losses_Reco
Investments (Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Balance, beginning of period | $11,696 | $16,675 | $63,947 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 0 | 0 | 1,962 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 0 | 134 | 10,186 |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Change In Status | 0 | -1,449 | -22,290 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | -4,412 | -3,664 | -37,130 |
Balance, end of period | $7,284 | $11,696 | $16,675 |
Investments_Purchased_Credit_I
Investments (Purchased Credit Impaired Securities Included in Fixed Maturity Securities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Certain Loans Acquired In Transfer Accounted For As Available For Sale Debt Securities [Abstract] | ||||
Certain Loans Acquired In Transfer Accounted For As Available For Sale Debt Securities Outstanding Balance | $226,121 | [1] | $192,644 | [1] |
Certain Loans Acquired In Transfer Accounted For As Available For Sale Debt Securities Carrying Amount Net | $185,842 | [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 $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Acquired [Abstract] | ||||
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Acquired, Contractually Required Payments Receivable at Acquisition | $96,617 | $161,975 | ||
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Acquired, Cash Flows Expected to be Collected at Acquisition | 76,551 | [1] | 130,578 | [1] |
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Acquired, at Acquisition, at Fair Value | $53,950 | $87,643 | ||
[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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 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 | 22,601 | 42,935 |
Accretion | -9,339 | -7,755 |
Disposals | -379 | -3,564 |
Reclassification from nonaccretable difference | -15,181 | -1,386 |
Balance, end of period | $67,171 | $69,469 |
Investments_Fair_Value_Below_A
Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity and Equity Securities) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Gross unrealized losses with number of securities [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | $134,919 | $324,600 |
Percentage Of Total Gross Unrealized Losses | 100.00% | 100.00% |
Less Than 20 Percent [Member] | ||
Gross unrealized losses with number of securities [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | 111,965 | 296,731 |
Percentage Of Total Gross Unrealized Losses | 83.00% | 91.40% |
More Than Or Equal To 20 Percent For Less Than Six Months [Member] | ||
Gross unrealized losses with number of securities [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | 13,698 | 6,444 |
Percentage Of Total Gross Unrealized Losses | 10.10% | 2.00% |
More Than Or Equal To 20 Percent For Six Months Or Greater [Member] | ||
Gross unrealized losses with number of securities [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | $9,256 | $21,425 |
Percentage Of Total Gross Unrealized Losses | 6.90% | 6.60% |
Investments_Fair_Value_and_Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fixed Maturities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $2,437,278 | $5,407,190 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 73,639 | 234,184 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,068,336 | 554,529 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 59,659 | 80,715 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,505,614 | 5,961,719 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 133,298 | 314,899 |
Fixed Maturities [Member] | External Credit Rating, Investment Grade [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,967,870 | 5,007,606 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 40,328 | 223,122 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,016,797 | 468,956 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 48,854 | 63,135 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,984,667 | 5,476,562 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 89,182 | 286,257 |
Fixed Maturities [Member] | External Credit Rating, Investment Grade [Member] | Corporate Debt Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,225,767 | 3,141,179 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 27,784 | 148,895 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 614,294 | 301,303 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 30,040 | 40,548 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,840,061 | 3,442,482 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 57,824 | 189,443 |
Fixed Maturities [Member] | External Credit Rating, Investment Grade [Member] | Canadian Provincial Governments [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 188,491 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | 14,419 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,235 | 12,029 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 7 | 2,429 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,235 | 200,520 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 7 | 16,848 |
Fixed Maturities [Member] | External Credit Rating, Investment Grade [Member] | Residential Mortgage Backed Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 78,864 | 283,967 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 846 | 15,900 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 135,414 | 23,068 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 5,247 | 1,688 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 214,278 | 307,035 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 6,093 | 17,588 |
Fixed Maturities [Member] | External Credit Rating, Investment Grade [Member] | Asset-backed Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 332,785 | 255,656 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 4,021 | 4,916 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 109,411 | 56,668 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 4,289 | 4,983 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 442,196 | 312,324 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 8,310 | 9,899 |
Fixed Maturities [Member] | External Credit Rating, Investment Grade [Member] | Commercial Mortgage Backed Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 78,632 | 219,110 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 564 | 3,725 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 28,375 | 20,068 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 2,461 | 5,745 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 107,007 | 239,178 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 3,025 | 9,470 |
Fixed Maturities [Member] | External Credit Rating, Investment Grade [Member] | US Government Agencies Debt Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 81,317 | 133,697 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 89 | 4,469 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 32,959 | 4,406 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 426 | 279 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 114,276 | 138,103 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 515 | 4,748 |
Fixed Maturities [Member] | External Credit Rating, Investment Grade [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 13,780 | 120,193 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 17 | 9,723 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 18,998 | 15,202 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 3,438 | 4,616 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 32,778 | 135,395 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 3,455 | 14,339 |
Fixed Maturities [Member] | External Credit Rating, Investment Grade [Member] | Foreign Government Debt Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 156,725 | 665,313 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 7,007 | 21,075 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 76,111 | 36,212 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 2,946 | 2,847 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 232,836 | 701,525 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 9,953 | 23,922 |
Fixed Maturities [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 469,408 | 399,584 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 33,311 | 11,062 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 51,539 | 85,573 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 10,805 | 17,580 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 520,947 | 485,157 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 44,116 | 28,642 |
Fixed Maturities [Member] | External Credit Rating, Non Investment Grade [Member] | Corporate Debt Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 415,886 | 283,603 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 29,316 | 9,451 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 32,567 | 38,256 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 3,404 | 3,892 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 448,453 | 321,859 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 32,720 | 13,343 |
Fixed Maturities [Member] | External Credit Rating, Non Investment Grade [Member] | Residential Mortgage Backed Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 22,836 | 62,146 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 293 | 1,075 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 6,284 | 3,945 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 225 | 254 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 29,120 | 66,091 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 518 | 1,329 |
Fixed Maturities [Member] | External Credit Rating, Non Investment Grade [Member] | Asset-backed Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 12,448 | 28,670 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 274 | 415 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 7,108 | 32,392 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 1,791 | 5,498 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 19,556 | 61,062 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 2,065 | 5,913 |
Fixed Maturities [Member] | External Credit Rating, Non Investment Grade [Member] | Commercial Mortgage Backed Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,288 | 15,762 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 249 | 81 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,580 | 10,980 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 5,385 | 7,936 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 8,868 | 26,742 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 5,634 | 8,017 |
Fixed Maturities [Member] | External Credit Rating, Non Investment Grade [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 964 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 43 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 964 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 43 | |
Fixed Maturities [Member] | External Credit Rating, Non Investment Grade [Member] | Foreign Government Debt Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 13,986 | 9,403 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 3,136 | 40 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 13,986 | 9,403 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 3,136 | 40 |
Equity Securities [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 11,619 | 270,220 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 235 | 7,227 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 22,645 | 32,551 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 1,386 | 2,474 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 34,264 | 302,771 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1,621 | 9,701 |
Equity Securities [Member] | Nonredeemable Preferred Stock [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 11,619 | 51,386 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 235 | 5,479 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 19,100 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 1,292 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 30,719 | 51,387 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1,527 | 5,481 |
Equity Securities [Member] | Equity Securities Other Than Non-redeemable Preferred Stock [Member] | ||
Estimated Fair Values And Gross Unrealized Losses OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 218,834 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | 1,748 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,545 | 32,550 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 94 | 2,472 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,545 | 251,384 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $94 | $4,220 |
Investments_Investment_Income_
Investments (Investment Income Net of Related Expenses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | $1,776,011 | $1,751,891 | $1,475,396 |
Investment Income, Investment Expense | -62,320 | -52,026 | -39,190 |
Investment income, net of related expenses | 1,713,691 | 1,699,865 | 1,436,206 |
Available-for-sale Securities [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 1,052,715 | 966,759 | 868,682 |
Mortgage Loans on Real Estate [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 148,417 | 121,476 | 96,901 |
Policy Loans [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 55,248 | 57,099 | 62,855 |
Funds Withheld At Interest [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 447,364 | 545,550 | 393,586 |
Short-term Investments [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 2,118 | 2,236 | 4,173 |
Other Aggregated Investments [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | $70,149 | $58,771 | $49,199 |
Investments_Investment_Related
Investments (Investment Related Gains (Losses) Net) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Available-for-sale Securities [Abstract] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $7,766 | $12,901 | $23,526 |
Impairment Losses On Equity Securities | 0 | 0 | -3,025 |
Available-for-sale Securities, Gross Realized Gains | 65,435 | 82,744 | 145,268 |
Available-for-sale Securities, Gross Realized Losses | -31,295 | -60,575 | -27,474 |
Other Impairment Losses And Change In Mortgage Loan Provision | -5,315 | -6,933 | -16,602 |
Derivatives And Other Investments Net | 165,134 | 61,655 | 179,495 |
Realized Investment Gains (Losses) | $186,193 | $63,990 | $254,136 |
Investments_Borrowed_Securitie
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Sold under Agreements to Repurchase | $92,446 | $0 |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 107,158 | 0 |
Securities for Reverse Repurchase Agreements | 298,466 | 300,350 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 338,929 | 344,169 |
Estimate of Fair Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Borrowed | 212,946 | 93,000 |
Securities for Reverse Repurchase Agreements | 314,160 | 310,781 |
Reported Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Borrowed | $201,050 | $93,000 |
Investments_Mortgage_Loans_by_
Investments (Mortgage Loans by Property Type) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Loans Property Type Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $2,718,709 | $2,496,786 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Apartment Building [Member] | ||
Mortgage Loans Property Type Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 376,430 | 289,394 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 13.80% | 11.60% |
Retail Site [Member] | ||
Mortgage Loans Property Type Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 802,466 | 748,731 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 29.60% | 30.00% |
Office Building [Member] | ||
Mortgage Loans Property Type Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 851,749 | 917,284 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 31.30% | 36.70% |
Industrial Property [Member] | ||
Mortgage Loans Property Type Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 466,583 | 439,890 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 17.20% | 17.60% |
Other Property [Member] | ||
Mortgage Loans Property Type Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $221,481 | $101,487 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 8.10% | 4.10% |
Investments_Mortgage_Loans_by_1
Investments (Mortgage Loans by Maturity Date) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $2,718,709 | $2,496,786 |
Mortgage Loans On Real Estate Due One Year Through Five Years [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 860,362 | 987,109 |
Mortgage Loans On Real Estate Due After Five Years [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,165,530 | 984,289 |
Mortgage Loans On Real Estate Due After Ten Years [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $692,817 | $525,388 |
Investments_Mortgage_Loans_by_2
Investments (Mortgage Loans by Credit Quality Indicator) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Credit Quality Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $2,718,709 | $2,496,786 |
High Investment Grade [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,326,199 | 1,437,244 |
Investment Grade [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,235,046 | 827,993 |
Average [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 118,152 | 155,914 |
Watch List [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 22,285 | 49,404 |
In Or Near Default [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $17,027 | $26,231 |
Investments_Mortgage_Loans_by_3
Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Mortgage Loans [Abstract] | ||||
Financing Receivable, Individually Evaluated for Impairment | $17,027 | $37,841 | ||
Financing Receivable, Collectively Evaluated for Impairment | 2,701,682 | 2,458,945 | ||
Loans Receivable, Gross, Commercial, Real Estate | 2,718,709 | 2,496,786 | ||
Valuation Allowances [Abstract] | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 816 | 3,211 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,655 | 6,895 | ||
Allowance for Loan and Lease Losses, Real Estate | 6,471 | 10,106 | 11,580 | 11,793 |
Mortgage Loans Net Of Valuation Allowance [Abstract] | ||||
Mortgage loans on real estate | $2,712,238 | $2,486,680 |
Investments_Loan_Valuation_All
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance beginning | $10,106 | $11,580 | $11,793 |
Charge-offs | -2,731 | -3,431 | -6,474 |
Provision | -904 | 1,957 | 6,261 |
Balance ending | $6,471 | $10,106 | $11,580 |
Investments_Impaired_Mortgage_
Investments (Impaired Mortgage Loans) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, Unpaid Principal Balance | $17,593 | $38,470 | ||||
Impaired Financing Receivable, Recorded Investment | 17,027 | 37,841 | ||||
Impaired Financing Receivable, Related Allowance | 816 | 3,211 | ||||
Impaired Financing Receivable Net Of Related Allowance | 16,211 | 34,630 | ||||
Impaired Financing Receivable, Average Recorded Investment | 27,054 | [1] | 37,841 | [1] | 49,983 | [1] |
Impaired Financing Receivable, Interest Income, Accrual Method | 1,284 | 1,803 | 1,669 | |||
Impaired mortgage loans with no valuation allowance recorded | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, Unpaid Principal Balance | 7,314 | 21,698 | ||||
Impaired Financing Receivable, Recorded Investment | 6,711 | 21,100 | ||||
Impaired Financing Receivable, Related Allowance | 0 | 0 | ||||
Impaired Financing Receivable Net Of Related Allowance | 6,711 | 21,100 | ||||
Impaired Financing Receivable, Average Recorded Investment | 13,227 | [1] | 15,023 | [1] | 15,549 | [1] |
Impaired Financing Receivable, Interest Income, Accrual Method | 647 | 852 | 1,244 | |||
Impaired mortgage loans with valuation allowance recorded | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, Unpaid Principal Balance | 10,279 | 16,772 | ||||
Impaired Financing Receivable, Recorded Investment | 10,316 | 16,741 | ||||
Impaired Financing Receivable, Related Allowance | 816 | 3,211 | ||||
Impaired Financing Receivable Net Of Related Allowance | 9,500 | 13,530 | ||||
Impaired Financing Receivable, Average Recorded Investment | 13,827 | [1] | 22,818 | [1] | 34,434 | [1] |
Impaired Financing Receivable, Interest Income, Accrual Method | $637 | $951 | $425 | |||
[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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Investments [Abstract] | ||
Other invested assets | $1,198,319 | $1,324,960 |
Equity Securities [Member] | ||
Other Investments [Abstract] | ||
Other invested assets | 126,860 | 405,731 |
Limited Partner [Member] | ||
Other Investments [Abstract] | ||
Other invested assets | 446,604 | 411,456 |
Secured Debt [Member] | ||
Other Investments [Abstract] | ||
Other invested assets | 164,309 | 223,549 |
Gain (Loss) on Derivatives [Member] | ||
Other Investments [Abstract] | ||
Other invested assets | 216,966 | 75,227 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Other Investments [Abstract] | ||
Other invested assets | 140,344 | 138,892 |
Other [Member] | ||
Other Investments [Abstract] | ||
Other invested assets | $103,236 | $70,105 |
Investments_Investments_Narrat
Investments Investments (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
position | position | ||||
Investment Narrative [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | $14,010,604,000 | $11,697,394,000 | |||
Available-for-sale Securities | 14,885,583,000 | 12,110,755,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 932 | 1,396 | |||
Proceeds From Sale Of Available For Sale Securities Sold At Loss | 1,016,500,000 | 1,104,000,000 | 828,000,000 | ||
Available-for-sale Securities, Gross Realized Losses | 31,295,000 | 60,575,000 | 27,474,000 | ||
Securities Sold under Agreements to Repurchase | 92,446,000 | 0 | |||
Securities for Reverse Repurchase Agreements | 298,466,000 | 300,350,000 | |||
Mortgage Loan Percent Of Invested Assets | 7.40% | 7.70% | |||
Policy Loans Percent Of Invested Assets | 3.50% | 3.80% | |||
Funds Withheld At Interest Percent Of Invested Assets | 16.10% | 17.80% | |||
Percentage Of Total Gross Unrealized Losses | 100.00% | 100.00% | |||
Funds withheld at interest | 5,922,561,000 | 5,771,467,000 | |||
Funds Held Under Reinsurance Agreements Asset Specific Client | 4,200,000,000 | ||||
Other Invested Assets Percent Of Invested Assets | 3.30% | 4.10% | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% | |||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 101,400,000 | ||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 107,158,000 | 0 | |||
Repurchase Agreement Counterparty, Amount at Risk | 5,800,000 | ||||
Non-Income Producing Securities [Member] | |||||
Investment Narrative [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 42,700,000 | 38,500,000 | |||
Available-for-sale Securities | 52,800,000 | 47,600,000 | |||
Canadian Province Of Quebec Securities [Member] | |||||
Investment Narrative [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 1,006,315,000 | 1,041,462,000 | |||
Available-for-sale Securities | 1,599,673,000 | 1,389,138,000 | |||
Reported Value Measurement [Member] | |||||
Investment Narrative [Line Items] | |||||
Securities Borrowed | 201,050,000 | 93,000,000 | |||
Funds withheld at interest | 5,897,202,000 | [1] | 5,948,374,000 | [1] | |
Mortgage Receivable [Member] | |||||
Investment Narrative [Line Items] | |||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | $0 | $0 | |||
CALIFORNIA | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 18.70% | 23.30% | |||
[1] | Carrying values presented herein differ from those presented in the 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. |
Derivative_Instruments_Gross_N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | $11,125,976 | $8,943,979 |
Derivative Asset, Fair Value, Gross Asset | 260,898 | 101,352 |
Derivative Liability, Fair Value, Gross Liability | 1,141,831 | 1,087,331 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 10,132,552 | 8,166,174 |
Derivative Asset, Fair Value, Gross Asset | 188,817 | 79,449 |
Derivative Liability, Fair Value, Gross Liability | 1,109,058 | 1,082,105 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 1,144,661 | 1,592,943 |
Derivative Asset, Fair Value, Gross Asset | 93,783 | 32,555 |
Derivative Liability, Fair Value, Gross Liability | 3,934 | 21,873 |
Not Designated as Hedging Instrument [Member] | Interest Rate Options [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 240,000 | 240,000 |
Derivative Asset, Fair Value, Gross Asset | 18,195 | 2,554 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Future [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 275,983 | 123,780 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 67,967 | 79,618 |
Derivative Asset, Fair Value, Gross Asset | 87 | 0 |
Derivative Liability, Fair Value, Gross Liability | 15,098 | 12,772 |
Not Designated as Hedging Instrument [Member] | Consumer Price Index Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 41,938 | 59,922 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 561 | 309 |
Not Designated as Hedging Instrument [Member] | Credit Default Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 805,700 | 682,700 |
Derivative Asset, Fair Value, Gross Asset | 11,689 | 10,438 |
Derivative Liability, Fair Value, Gross Liability | 3,502 | 2,156 |
Not Designated as Hedging Instrument [Member] | Equity [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 555,361 | 757,352 |
Derivative Asset, Fair Value, Gross Asset | 35,242 | 33,902 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Longevity Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 450,000 | 0 |
Derivative Asset, Fair Value, Gross Asset | 7,727 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Mortality Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 50,000 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 797 | 0 |
Not Designated as Hedging Instrument [Member] | Synthetic Guaranteed Investment Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 6,500,942 | 4,629,859 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 22,094 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 176,270 |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Indexed Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 925,887 | 838,670 |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Variable Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 159,279 | 30,055 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 993,424 | 777,805 |
Derivative Asset, Fair Value, Gross Asset | 72,081 | 21,903 |
Derivative Liability, Fair Value, Gross Liability | 32,773 | 5,226 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 120,000 | 49,131 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 18,228 | 4,606 |
Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 676,972 | 728,674 |
Derivative Asset, Fair Value, Gross Asset | 70,906 | 21,903 |
Derivative Liability, Fair Value, Gross Liability | 0 | 620 |
Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 196,452 | 0 |
Derivative Asset, Fair Value, Gross Asset | 1,175 | 0 |
Derivative Liability, Fair Value, Gross Liability | $14,545 | $0 |
Derivative_Instruments_Derivat
Derivative Instruments (Derivative Instruments Offsetting Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivative Asset [Abstract] | ||||
Derivative Fair Value Of Free Standing Derivative Asset | $238,804 | |||
Derivative Asset, Fair Value, Gross Asset | 260,898 | 101,352 | ||
Derivative Asset, Fair Value, Gross Liability | -14,111 | -26,125 | ||
Derivative Asset | 224,693 | 75,227 | ||
Derivative Asset, Fair Value of Collateral | -20,260 | [1] | -11,095 | [1] |
Derivative, Collateral, Obligation to Return Cash | -178,141 | [2] | -51,006 | [2] |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 26,292 | 13,126 | ||
Derivative Liability [Abstract] | ||||
Derivative Fair Value Of Free Standing Derivative Liability | 56,665 | 42,336 | ||
Derivative Liability, Fair Value, Gross Asset | -14,111 | -26,125 | ||
Derivative Liability | 42,554 | 16,211 | ||
Derivative Liability, Fair Value of Collateral | -47,222 | [3] | -18,081 | [3] |
Derivative, Collateral, Right to Reclaim Cash | 0 | [4] | -8,033 | [4] |
Derivative Liability, Fair Value, Amount Offset Against Collateral | ($4,668) | ($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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
AOCI Cash Flow Hedges [Roll Forward] | |||
Accumulated Other Comprehensive Income Loss Related To Cash Flow Hedge | ($4,578) | $403 | ($828) |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | -25,801 | -3,969 | 2,613 |
Cash Flow Hedge Gain (Loss) Reclassified to Investment Income, Net | -1,212 | -1,012 | -1,382 |
Accumulated Other Comprehensive Income Loss Related To Cash Flow Hedge | ($31,591) | ($4,578) | $403 |
Derivative_Instruments_Cash_Fl
Derivative Instruments (Cash Flow Hedges) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives In Cash Flow Hedging Relationships [Line Items] | |||
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives | ($25,801) | ||
Interest Rate Swap [Member] | |||
Derivatives In Cash Flow Hedging Relationships [Line Items] | |||
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives | -12,431 | -3,969 | 2,613 |
Forward Contracts [Member] | |||
Derivatives In Cash Flow Hedging Relationships [Line Items] | |||
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives | -13,370 | ||
Investment Related Gains Losses [Member] | |||
Derivatives In Cash Flow Hedging Relationships [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 19 | ||
Investment Related Gains Losses [Member] | Interest Rate Swap [Member] | |||
Derivatives In Cash Flow Hedging Relationships [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 19 | 6 | -41 |
Investment Related Gains Losses [Member] | Forward Contracts [Member] | |||
Derivatives In Cash Flow Hedging Relationships [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | ||
Investment Income [Member] | |||
Derivatives In Cash Flow Hedging Relationships [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,212 | ||
Investment Income [Member] | Interest Rate Swap [Member] | |||
Derivatives In Cash Flow Hedging Relationships [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,212 | 1,012 | 1,382 |
Investment Income [Member] | Forward Contracts [Member] | |||
Derivatives In Cash Flow Hedging Relationships [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $0 |
Derivative_Instruments_Hedges_
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivatives, Fair Value [Line Items] | ||||||
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives | ($25,801) | |||||
Currency Swap [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives | $51,894 | [1],[2] | $40,347 | [1],[2] | ($20,470) | [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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | $186,193 | $63,990 | $254,136 |
Other revenues | 334,456 | 300,471 | 243,973 |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | 80,661 | -177,258 | -61,446 |
Policy Acquisition Costs And Other Insurance Expenses | -1,391,433 | -1,300,780 | -1,306,470 |
Interest credited | -451,031 | -476,514 | -379,915 |
Not Designated as Hedging Instrument [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | 44,958 | -80,440 | 127,742 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | 94,848 | -84,398 | 16,028 |
Not Designated as Hedging Instrument [Member] | Interest Rate Options [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | 15,641 | -11,518 | 0 |
Not Designated as Hedging Instrument [Member] | Future [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | -9,550 | -11,157 | -20,245 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | -8,691 | -13,201 | -5,644 |
Not Designated as Hedging Instrument [Member] | Consumer Price Index Swap [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | -344 | -1,942 | -267 |
Not Designated as Hedging Instrument [Member] | Credit Default Swap [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | 3,938 | 24,188 | 18,359 |
Not Designated as Hedging Instrument [Member] | Equity [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | -22,472 | -79,230 | -69,677 |
Not Designated as Hedging Instrument [Member] | Longevity Swap [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Other revenues | 8,088 | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Mortality Swap [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Other revenues | -797 | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | 198,365 | 70,177 | 115,009 |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Indexed Annuity [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Policy Acquisition Costs And Other Insurance Expenses | 0 | 0 | -630 |
Interest credited | -104,844 | -115,409 | -29,804 |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Variable Annuity [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | ($129,224) | $142,050 | $104,613 |
Derivative_Instruments_Exposur
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | $8,187 | [1] | $8,565 | [1] |
Derivative Average Remaining Maturity | 4 years 11 months | [1],[2] | 4 years 5 months | [1],[2] |
Single Name Credit Default Swaps [Member] | Standard Poors AAA To A Ratings [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 1,498 | [1] | 614 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 167,500 | [1],[3] | 117,500 | [1],[3] |
Derivative Average Remaining Maturity | 4 years 7 months | [1],[2] | 5 years 1 month | [1],[2] |
Single Name Credit Default Swaps [Member] | Standard & Poor's, BBB Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 168 | [1] | 656 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 217,200 | [1],[3] | 142,200 | [1],[3] |
Derivative Average Remaining Maturity | 4 years 11 months | [1],[2] | 4 years 11 months | [1],[2] |
Single Name Credit Default Swaps [Member] | Standard & Poor's, BB+ Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | -130 | [1] | 0 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 5,000 | [1],[3] | 0 | [1],[3] |
Derivative Average Remaining Maturity | 4 years 6 months | [1],[2] | ||
Credit Default Swaps Referencing Indices [Member] | Standard & Poor's, BBB Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 6,651 | [1] | 7,295 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 416,000 | [1],[3] | 405,000 | [1],[3] |
Derivative Average Remaining Maturity | 5 years | [1],[2] | 5 years | [1],[2] |
Credit Default Subtotal [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum Potential Future Exposure on Credit Risk Derivatives | 805,700 | [1],[3] | 664,700 | [1],[3] |
Credit Default Subtotal [Member] | Standard Poors AAA To A Ratings [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 1,498 | [1] | 614 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 167,500 | [1],[3] | 117,500 | [1],[3] |
Derivative Average Remaining Maturity | 4 years 7 months | [1],[2] | 5 years 1 month | [1],[2] |
Credit Default Subtotal [Member] | Standard & Poor's, BBB Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 6,819 | [1] | 7,951 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 633,200 | [1],[3] | 547,200 | [1],[3] |
Derivative Average Remaining Maturity | 4 years 11 months | [1],[2] | 5 years | [1],[2] |
Credit Default Subtotal [Member] | Standard & Poor's, BB+ Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | -130 | [1] | 0 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | $5,000 | [1],[3] | $0 | [1],[3] |
Derivative Average Remaining Maturity | 4 years 6 months | [1],[2] | ||
[1] | The rating agency designations are based on ratings from Standard and Poor’s (“S&Pâ€). | |||
[2] | The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. | |||
[3] | Assumes the value of the referenced credit obligations is zero. |
Derivative_Instruments_Changes
Derivative Instruments (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | |||||||||||
Total investment related gains (losses), net | $186,193 | $63,990 | $254,136 | ||||||||
Total benefits and expenses | 2,420,670 | 2,484,773 | 2,532,485 | 2,457,733 | 2,507,304 | 2,188,120 | 2,665,400 | 2,322,275 | 9,895,661 | 9,683,099 | 8,921,688 |
Net Income (Loss) Attributable to Parent | 191,091 | 157,996 | 198,296 | 136,664 | 144,959 | 137,955 | -49,612 | 185,535 | 684,047 | 418,837 | 631,893 |
Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements And Variable Annuity Contracts [Member] | |||||||||||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | |||||||||||
Total investment related gains (losses), net | 198,365 | 70,177 | 115,009 | ||||||||
Net Income (Loss) Attributable to Parent | 45,171 | 18,920 | 25,454 | ||||||||
Embedded Derivatives In Variable Annuity Contracts [Member] | |||||||||||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | |||||||||||
Total investment related gains (losses), net | -129,224 | 142,050 | 104,613 | ||||||||
Net Income (Loss) Attributable to Parent | 27,601 | 70,123 | 6,367 | ||||||||
Embedded Derivatives In Equity Indexed Annuities [Member] | |||||||||||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | |||||||||||
Total benefits and expenses | -104,844 | -115,409 | -30,434 | ||||||||
Net Income (Loss) Attributable to Parent | ($69,963) | ($106,792) | $6,110 |
Derivative_Instruments_Credit_
Derivative Instruments (Credit Exposure of Derivative Contracts) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Credit Exposure of Derivative Contracts [Abstract] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $175,209 | $59,016 | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | [1] | 8,033 | [1] |
Derivative Liability, Fair Value of Collateral | 47,222 | [2] | 18,081 | [2] |
Derivative, Collateral, Obligation to Return Cash | -178,141 | [3] | -51,006 | [3] |
Derivative Asset, Fair Value of Collateral | -20,260 | [4] | -11,095 | [4] |
Deposits with Clearing Organizations and Others, Securities | -16,333 | -13,350 | ||
Net Credit Exposure On Derivative Contracts | 7,697 | 9,679 | ||
Margin Deposit Assets | $7,976 | [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 $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $2,100,000 | ||
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Net Investment In Foreign Operations Hedges | 75,800,000 | 23,900,000 | |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | 80,661,000 | -177,258,000 | -61,446,000 |
Embedded Derivative Gain Loss In Financial Statements From Use Of Own Credit Risk | 1,600,000 | 1,600,000 | 62,700,000 |
Embedded Derivative Gain Loss On Variable Annuity Contracts In Financial Statements From Use Of Own Credit Risk | $1,600,000 | ($12,500,000) | $16,500,000 |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | $25,480,972 | $21,474,136 |
Fair Value Measured On Recurring Basis Funds Held Under Reinsurance Agreements Asset Embedded Derivatives | 22,094 | -176,270 |
Cash and Cash Equivalents, Fair Value Disclosure | 899,846 | 371,345 |
Fair Value Measured On Recurring Basis Short Term Investments | 45,190 | 111,572 |
Other Assets, Fair Value Disclosure | 7,727 | |
Investments, Fair Value Disclosure | 490,590 | 628,992 |
Total | 26,946,419 | 22,409,775 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 1,085,166 | 868,725 |
Total | 1,127,720 | 884,936 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 838,946 | 769,513 |
Fair Value Measured On Recurring Basis Funds Held Under Reinsurance Agreements Asset Embedded Derivatives | 0 | 0 |
Cash and Cash Equivalents, Fair Value Disclosure | 899,846 | 371,345 |
Fair Value Measured On Recurring Basis Short Term Investments | 21,536 | 105,649 |
Other Assets, Fair Value Disclosure | 0 | |
Investments, Fair Value Disclosure | 260,116 | 539,882 |
Total | 2,020,444 | 1,786,389 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 22,392,896 | 18,509,504 |
Fair Value Measured On Recurring Basis Funds Held Under Reinsurance Agreements Asset Embedded Derivatives | 0 | 0 |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value Measured On Recurring Basis Short Term Investments | 23,654 | 5,923 |
Other Assets, Fair Value Disclosure | 0 | |
Investments, Fair Value Disclosure | 222,570 | 84,148 |
Total | 22,639,120 | 18,599,575 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Total | 41,757 | 16,211 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 2,249,130 | 2,195,119 |
Fair Value Measured On Recurring Basis Funds Held Under Reinsurance Agreements Asset Embedded Derivatives | 22,094 | -176,270 |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value Measured On Recurring Basis Short Term Investments | 0 | 0 |
Other Assets, Fair Value Disclosure | 7,727 | |
Investments, Fair Value Disclosure | 7,904 | 4,962 |
Total | 2,286,855 | 2,023,811 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 1,085,166 | 868,725 |
Total | 1,085,963 | 868,725 |
Nonredeemable Preferred Stock [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other Assets, Fair Value Disclosure | 99,363 | |
Investments, Fair Value Disclosure | 81,854 | |
Nonredeemable Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other Assets, Fair Value Disclosure | 91,450 | |
Investments, Fair Value Disclosure | 74,220 | |
Nonredeemable Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other Assets, Fair Value Disclosure | 9 | |
Investments, Fair Value Disclosure | 2,672 | |
Nonredeemable Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other Assets, Fair Value Disclosure | 7,904 | |
Investments, Fair Value Disclosure | 4,962 | |
Equity Securities Other Than Non-redeemable Preferred Stock [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other Assets, Fair Value Disclosure | 27,497 | |
Investments, Fair Value Disclosure | 323,877 | |
Equity Securities Other Than Non-redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other Assets, Fair Value Disclosure | 27,497 | |
Investments, Fair Value Disclosure | 323,877 | |
Equity Securities Other Than Non-redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other Assets, Fair Value Disclosure | 0 | |
Investments, Fair Value Disclosure | 0 | |
Equity Securities Other Than Non-redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other Assets, Fair Value Disclosure | 0 | |
Investments, Fair Value Disclosure | 0 | |
Other [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 6,420 | 9,142 |
Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 6,420 | 9,142 |
Other [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Other [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Interest Rate Swap [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 84,578 | 9,904 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 12,957 | 3,828 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 84,578 | 9,904 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 12,957 | 3,828 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Interest Rate Options [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 18,195 | 2,554 |
Interest Rate Options [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Interest Rate Options [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 18,195 | 2,554 |
Interest Rate Options [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Foreign Exchange Forward [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 15,011 | 12,772 |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 15,011 | 12,772 |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Consumer Price Index Swap [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | -561 | -309 |
Consumer Price Index Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Consumer Price Index Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | -561 | -309 |
Consumer Price Index Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Credit Default Swap [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 8,606 | 7,926 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 419 | -356 |
Credit Default Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Credit Default Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 8,606 | 7,926 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 419 | -356 |
Credit Default Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Equity Option [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 35,242 | 33,869 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | -33 | |
Equity Option [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | |
Equity Option [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 35,242 | 33,869 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | -33 | |
Equity Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | |
Currency Swap [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 70,906 | 21,283 |
Currency Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 70,906 | 21,283 |
Currency Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Purchase Commitment [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 13,370 | |
Purchase Commitment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | |
Purchase Commitment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 13,370 | |
Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 140,344 | 138,892 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 134,749 | 132,643 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 5,595 | 6,249 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Mortality Swap [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 797 | |
Mortality Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | |
Mortality Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 0 | |
Mortality Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other Liabilities, Fair Value Disclosure | 797 | |
Corporate Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 14,885,583 | 12,110,755 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 115,822 | 68,934 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 13,459,334 | 10,696,532 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,310,427 | 1,345,289 |
Canadian Provincial Governments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 3,865,265 | 3,381,025 |
Canadian Provincial Governments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
Canadian Provincial Governments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 3,865,265 | 3,381,025 |
Canadian Provincial Governments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,037,896 | 989,643 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 849,802 | 836,138 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 188,094 | 153,505 |
Asset-backed Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,069,586 | 894,832 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 496,626 | 422,984 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 572,960 | 471,848 |
Commercial Mortgage Backed Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,532,591 | 1,388,946 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,445,845 | 1,287,161 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 86,746 | 101,785 |
US Treasury and Government [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 525,851 | 501,351 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 437,129 | 396,092 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 60,193 | 64,340 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 28,529 | 40,919 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 426,076 | 320,820 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 383,365 | 277,044 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 42,711 | 43,776 |
Foreign Government Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 2,138,124 | 1,886,764 |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 285,995 | 304,487 |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,832,466 | 1,544,280 |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | $19,663 | $37,997 |
Fair_Value_of_Assets_and_Liabi3
Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
US States and Political Subdivisions Debt Securities [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 4,994 | 29,024 |
US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
US States and Political Subdivisions Debt Securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
Corporate Debt Securities [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 205,392 | 312,887 |
Corporate Debt Securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | 0.00% |
Corporate Debt Securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 2.00% | 2.00% |
Corporate Debt Securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
US Government Agencies Debt Securities [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 28,530 | 37,539 |
US Government Agencies Debt Securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | 0.00% |
US Government Agencies Debt Securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
US Government Agencies Debt Securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
Funds Withheld At Interest Embedded Derivatives [Member] | Total Return Swap [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | -22,094 | 176,270 |
Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Total Return Swap [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Entity Credit Risk | 0.00% | 0.00% |
Fair Value Inputs Withdrawal | 0.00% | 0.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 0.00% | 0.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 0.00% | 0.00% |
Fair Value Inputs Credit Rate | 2.00% | 2.00% |
Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Total Return Swap [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Entity Credit Risk | 5.00% | 1.00% |
Fair Value Inputs Withdrawal | 5.00% | 5.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, High End | 100.00% | 100.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, High End | 35.00% | 35.00% |
Fair Value Inputs Credit Rate | 4.00% | 4.00% |
Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Total Return Swap [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Entity Credit Risk | 1.00% | 1.00% |
Fair Value Inputs Withdrawal | 3.00% | 3.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 7.00% | 7.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 2.00% | 2.00% |
Fair Value Inputs Credit Rate | 3.00% | 3.00% |
Longevity Swap [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 7,727 | |
Longevity Swap [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 0.00% | |
Fair Value Inputs Mortality Improvement | -10.00% | |
Longevity Swap [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, High End | 100.00% | |
Fair Value Inputs Mortality Improvement | 10.00% | |
Longevity Swap [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 2.00% | |
Fair Value Inputs Mortality Improvement | 3.00% | |
Embedded Derivatives In Indexed Annuity [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 925,887 | 838,670 |
Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs Option Budget Projection | 2.00% | 2.00% |
Fair Value Inputs Withdrawal | 0.00% | 0.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 0.00% | 0.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 0.00% | 0.00% |
Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs Option Budget Projection | 4.00% | 4.00% |
Fair Value Inputs Withdrawal | 5.00% | 5.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, High End | 100.00% | 100.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, High End | 35.00% | 35.00% |
Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs Option Budget Projection | 3.00% | 3.00% |
Fair Value Inputs Withdrawal | 3.00% | 3.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 7.00% | 7.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 2.00% | 2.00% |
Embedded Derivatives In Variable Annuity [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 159,279 | 30,055 |
Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Entity Credit Risk | 0.00% | 0.00% |
Fair Value Inputs Withdrawal | 0.00% | 0.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 0.00% | 0.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 0.00% | 0.00% |
Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Entity Credit Risk | 5.00% | 1.00% |
Fair Value Inputs Withdrawal | 7.00% | 7.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, High End | 100.00% | 100.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, High End | 25.00% | 25.00% |
Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Entity Credit Risk | 1.00% | 1.00% |
Fair Value Inputs Withdrawal | 3.00% | 3.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 8.00% | 6.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 2.00% | 2.00% |
Mortality Swap [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 797 | |
Mortality Swap [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 0.00% | |
Mortality Swap [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, High End | 100.00% | |
Mortality Swap [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 1.00% | |
Embedded Derivatives In Variable Annuity Contracts [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 0.00% | 0.00% |
Embedded Derivatives In Variable Annuity Contracts [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 27.00% | 27.00% |
Embedded Derivatives In Variable Annuity Contracts [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 11.00% | 10.00% |
Fair_Value_of_Assets_and_Liabi4
Fair Value of Assets and Liabilities (Fair Value Assets Transfers between Level 1 and Level 2) (Details) (Corporate Debt Securities [Member], Available-for-sale Securities [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $6,000 | $0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $22,537 | $30,599 |
Fair_Value_of_Assets_and_Liabi5
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | $974,169 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability 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) | -3,100 | -44,299 | 34,488 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 356,706 | [1] | 331,439 | [1] | 853,848 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -54,386 | [1] | -271,402 | [1] | -60,224 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -273,392 | [1] | -285,586 | [1] | -144,667 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 13,180 | 33,776 | 65,283 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -67,058 | -77,930 | -44,611 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 1,310,427 | 1,345,289 | 1,668,563 | |||
Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 81,655 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 153,505 | 93,931 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,748 | 821 | 2,863 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 54,412 | [1] | 73,563 | [1] | 77,781 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -744 | [1] | -7,146 | [1] | -48,828 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -34,727 | [1] | -26,661 | [1] | -8,541 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 15,981 | 24,727 | 19,632 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -1,744 | -5,455 | -30,751 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 188,094 | 153,505 | 93,931 | |||
Asset-backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 193,492 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 471,848 | 232,391 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,665 | 17,150 | 21,463 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 191,662 | [1] | 264,804 | [1] | 111,567 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -22,923 | [1] | -26,005 | [1] | -13,140 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -54,175 | [1] | -20,872 | [1] | -16,235 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 11,614 | 9,031 | 11,832 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -36,791 | -9,950 | -77,286 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 572,960 | 471,848 | 232,391 | |||
Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 115,976 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 101,785 | 167,006 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,099 | 36,731 | 24,663 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 6,180 | [1] | 19,420 | [1] | 31,699 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -14,626 | [1] | -83,974 | [1] | -14,060 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -3,599 | [1] | -7,970 | [1] | -813 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5,712 | 4,081 | 64,116 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -11,800 | -18,722 | -47,104 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 86,746 | 101,785 | 167,006 | |||
US Treasury and Government [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 40,919 | 4,538 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,052 | -639 | -12 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 581 | [1] | 128 | [1] | 4,639 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -13,139 | [1] | -2,633 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 44,394 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | -4,538 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 28,529 | 40,919 | 4,538 | |||
US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 10,373 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 43,776 | 43,212 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 3,282 | 222 | 4,491 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -738 | [1] | -657 | [1] | -413 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 979 | 37,588 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -3,631 | 0 | -8,825 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 42,711 | 43,776 | 43,212 | |||
Foreign Government Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 37,997 | 28,280 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 37,997 | 28,280 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -59 | -1,570 | -139 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] | 28,463 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -1,210 | [1] | -295 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 9,482 | 11,887 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -26,542 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 19,663 | 37,997 | 28,280 | |||
Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | -361,456 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability 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 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | [1] | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 22,094 | -176,270 | -243,177 | |||
Nonredeemable Preferred Stock [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,962 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 4,962 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -96 | 323 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 8,000 | [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 | 4,639 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -4,962 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 7,904 | 4,962 | ||||
Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -361 | |||||
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, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 7,727 | |||||
Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 22,031 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 22,031 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -27 | 28 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 22,014 | [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 | -22,000 | [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, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 22,031 | ||||
Other Debt Obligations [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 11,489 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 843 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 108 | [1] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -3,788 | [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 | -9,750 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |||||
Reinsurance Ceded Receivable Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,945 | |||||
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 | -4,496 | [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, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And 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 | -1,028,241 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | -56,234 | [1] | -57,391 | [1] | -63,934 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | 0 | [1] | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | [1] | 74,386 | [1] | 105,983 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 73,860 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -1,085,166 | -868,725 | -912,361 | |||
Mortality Swap [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | [1] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | 0 | [1] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | [1] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -797 | |||||
Investment Income [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | -4,828 | -8,194 | -6,839 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -4,686 | -7,885 | -6,852 | |||
Investment Income [Member] | Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | -93 | 19 | 431 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -97 | 47 | 295 | |||
Investment Income [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 7,929 | 6,430 | 1,214 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 5,306 | 6,425 | 1,156 | |||
Investment Income [Member] | Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 1,892 | 1,917 | 2,032 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 1,949 | 1,741 | 2,032 | |||
Investment Income [Member] | US Treasury and Government [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | -483 | -156 | -89 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -480 | -156 | -89 | |||
Investment Income [Member] | US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 39 | 36 | 14 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 39 | 36 | 14 | |||
Investment Income [Member] | Foreign Government Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | -5 | -305 | -44 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -5 | -305 | -44 | |||
Investment Income [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Income [Member] | Nonredeemable Preferred Stock [Member] | ||||||
Fair Value Assets And Liabilities 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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Investment Income [Member] | Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Investment Income [Member] | Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities 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 | -11 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -4 | -11 | ||||
Investment Income [Member] | Other Debt Obligations [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Investment Income [Member] | Reinsurance Ceded Receivable Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Investment Income [Member] | Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And 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 | 0 | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Income [Member] | Mortality Swap [Member] | ||||||
Fair Value Assets And 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Investment Related Gains Losses [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | -1,984 | -1,078 | -2,884 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | -202 | -1,329 | |||
Investment Related Gains Losses [Member] | Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | -244 | -294 | -311 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | -269 | |||
Investment Related Gains Losses [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 2,131 | -1,131 | -516 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | -849 | |||
Investment Related Gains Losses [Member] | Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 103 | -16,704 | -9,503 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | -10,243 | -14,163 | |||
Investment Related Gains Losses [Member] | US Treasury and Government [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | -401 | -175 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Related Gains Losses [Member] | US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | -17 | -16 | -16 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Related Gains Losses [Member] | Foreign Government Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Related Gains Losses [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | 198,364 | 66,907 | 118,279 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 66,907 | 118,279 | |||
Investment Related Gains Losses [Member] | Nonredeemable Preferred Stock [Member] | ||||||
Fair Value Assets And Liabilities 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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Investment Related Gains Losses [Member] | Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Investment Related Gains Losses [Member] | Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities 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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Investment Related Gains Losses [Member] | Other Debt Obligations [Member] | ||||||
Fair Value Assets And Liabilities 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 | 1,098 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -183 | |||||
Investment Related Gains Losses [Member] | Reinsurance Ceded Receivable Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Investment Related Gains Losses [Member] | Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And 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 | -129,224 | 142,050 | 104,613 | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -134,254 | 138,683 | 97,216 | |||
Investment Related Gains Losses [Member] | Mortality Swap [Member] | ||||||
Fair Value Assets And 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Insurance Claims [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Insurance Claims [Member] | Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Insurance Claims [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Insurance Claims [Member] | Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Insurance Claims [Member] | US Treasury and Government [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Insurance Claims [Member] | US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Insurance Claims [Member] | Foreign Government Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Insurance Claims [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Insurance Claims [Member] | Nonredeemable Preferred Stock [Member] | ||||||
Fair Value Assets And Liabilities 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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Insurance Claims [Member] | Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Insurance Claims [Member] | Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities 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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Insurance Claims [Member] | Other Debt Obligations [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Insurance Claims [Member] | Reinsurance Ceded Receivable Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Insurance Claims [Member] | Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And 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 | 770 | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 56 | |||
Insurance Claims [Member] | Mortality Swap [Member] | ||||||
Fair Value Assets And 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Interest Income [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | US Treasury and Government [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | Foreign Government Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 198,365 | 0 | 0 | |||
Interest Income [Member] | Nonredeemable Preferred Stock [Member] | ||||||
Fair Value Assets And Liabilities 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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Interest Income [Member] | Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Interest Income [Member] | Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities 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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Interest Income [Member] | Other Debt Obligations [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Interest Income [Member] | Reinsurance Ceded Receivable Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Interest Income [Member] | Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And 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 | -115,409 | -31,552 | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -178,704 | -189,794 | -129,828 | |||
Interest Income [Member] | Mortality Swap [Member] | ||||||
Fair Value Assets And 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Policy Acquisition Costs And Other Insurance Expenses [Member] | US Treasury and Government [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Policy Acquisition Costs And Other Insurance Expenses [Member] | US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Foreign Government Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Nonredeemable Preferred Stock [Member] | ||||||
Fair Value Assets And Liabilities 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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities 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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Other Debt Obligations [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Reinsurance Ceded Receivable Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | -449 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -33 | |||||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And 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 | -104,843 | 0 | 0 | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Policy Acquisition Costs And Other Insurance Expenses [Member] | Mortality Swap [Member] | ||||||
Fair Value Assets And 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Other Income [Member] | Foreign Government Debt Securities [Member] | Available-for-sale Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Other Income [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Other Income [Member] | Nonredeemable Preferred Stock [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Other Income [Member] | Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities 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 | 8,088 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 8,088 | |||||
Other Income [Member] | Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Other Income [Member] | Mortality Swap [Member] | ||||||
Fair Value Assets And 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 | -797 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ($797) | |||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmY4ZjU5NzVkNGU2ODQ3ZDBhYWQ0NDVjNTY4YTdjNDBlfFRleHRTZWxlY3Rpb246MkUzMjhBMDkyQzY4RjFENUY2NjBBNUJDQzRGRTI3RTkM} |
Fair_Value_of_Assets_and_Liabi6
Fair Value of Assets and Liabilities (Fair Value Assets Measured on Non-Recurring Basis) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Mortgage Loans on Real Estate [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair Value Assets Carrying Value Prior To Impairment | $9,500 | [1] | $10,330 | [1] |
Fair Value Assets Gains Losses | 521 | [1] | 710 | [1] |
Partnership Interest [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair Value Assets Carrying Value Prior To Impairment | 19,282 | [2] | 8,952 | [2] |
Fair Value Assets Gains Losses | -6,305 | [2] | -2,663 | [2] |
Real Estate Investment [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair Value Assets Carrying Value Prior To Impairment | 0 | [3] | 10,508 | [3] |
Fair Value Assets Gains Losses | $0 | [3] | ($2,164) | [3] |
[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. | |||
[3] | Real estate investments — The impaired real estate investments presented above were written down to their estimated fair value at the date of impairment and are reported as losses above. The impairments were based on third-party appraisal values obtained and reviewed by the Company. |
Fair_Value_of_Assets_and_Liabi7
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Mortgage loans on real estate | $2,712,238 | $2,486,680 | ||||
Policy loans | 1,284,284 | 1,244,469 | ||||
Funds withheld at interest | 5,922,561 | 5,771,467 | ||||
Cash and cash equivalents | 1,645,669 | 923,647 | 1,259,892 | 962,870 | ||
Short-term investments | 97,694 | 139,395 | ||||
Other invested assets | 1,198,319 | 1,324,960 | ||||
Accrued investment income | 261,096 | 267,908 | ||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||||
Interest-sensitive contract liabilities | 12,591,497 | 12,947,557 | ||||
Collateral finance and securitization notes | 782,701 | 484,752 | ||||
Carrying Value [Member] | ||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Mortgage loans on real estate | 2,712,238 | 2,486,680 | ||||
Policy loans | 1,284,284 | 1,244,469 | ||||
Funds withheld at interest | 5,897,202 | [1] | 5,948,374 | [1] | ||
Cash and cash equivalents | 745,823 | [2] | 552,302 | [2] | ||
Short-term investments | 52,504 | [2] | 27,823 | [2] | ||
Other invested assets | 465,720 | [2] | 491,545 | [2] | ||
Accrued investment income | 261,096 | 267,908 | ||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||||
Interest-sensitive contract liabilities | 9,623,596 | [1] | 10,228,120 | [1] | ||
Long And Short Term Debt | 2,314,293 | 2,214,350 | ||||
Collateral finance and securitization notes | 782,701 | 484,752 | ||||
Estimate of Fair Value Measurement [Member] | ||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Mortgage loans on real estate | 2,803,942 | 2,489,721 | ||||
Policy loans | 1,284,284 | 1,244,469 | ||||
Funds withheld at interest | 6,367,165 | [1] | 6,207,342 | [1] | ||
Cash and cash equivalents | 745,823 | [2] | 552,302 | [2] | ||
Short-term investments | 52,504 | [2] | 27,823 | [2] | ||
Other invested assets | 518,261 | [2] | 534,442 | [2] | ||
Accrued investment income | 261,096 | 267,908 | ||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||||
Interest-sensitive contract liabilities | 9,666,240 | [1] | 9,989,514 | [1] | ||
Long And Short Term Debt | 2,518,399 | 2,333,023 | ||||
Collateral finance and securitization notes | 674,984 | 374,984 | ||||
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Mortgage loans on real estate | 0 | 0 | ||||
Policy loans | 0 | 0 | ||||
Funds withheld at interest | 0 | [1] | 0 | [1] | ||
Cash and cash equivalents | 745,823 | [2] | 552,302 | [2] | ||
Short-term investments | 52,504 | [2] | 27,823 | [2] | ||
Other invested assets | 4,674 | [2] | 5,070 | [2] | ||
Accrued investment income | 0 | 0 | ||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||||
Interest-sensitive contract liabilities | 0 | [1] | 0 | [1] | ||
Long And Short Term Debt | 0 | 0 | ||||
Collateral finance and securitization notes | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Mortgage loans on real estate | 0 | 0 | ||||
Policy loans | 1,284,284 | 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 | 35,446 | [2] | 33,886 | [2] | ||
Accrued investment income | 261,096 | 267,908 | ||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||||
Interest-sensitive contract liabilities | 0 | [1] | 0 | [1] | ||
Long And Short Term Debt | 0 | 0 | ||||
Collateral finance and securitization notes | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Mortgage loans on real estate | 2,803,942 | 2,489,721 | ||||
Policy loans | 0 | 0 | ||||
Funds withheld at interest | 6,367,165 | [1] | 6,207,342 | [1] | ||
Cash and cash equivalents | 0 | [2] | 0 | [2] | ||
Short-term investments | 0 | [2] | 0 | [2] | ||
Other invested assets | 478,141 | [2] | 495,486 | [2] | ||
Accrued investment income | 0 | 0 | ||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||||
Interest-sensitive contract liabilities | 9,666,240 | [1] | 9,989,514 | [1] | ||
Long And Short Term Debt | 2,518,399 | 2,333,023 | ||||
Collateral finance and securitization notes | $674,984 | $374,984 | ||||
[1] | Carrying values presented herein differ from those presented in the 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 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 (Narrative) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Percentage Of Fixed Maturity Securities Classified As Level 3 | 8.80% | 10.20% |
Reinsurance_Reinsurance_Ceded_
Reinsurance Reinsurance (Ceded Reinsurance Receivable Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $578,206 | $594,515 |
Reinsurance Recoverables, Percentage of Total | 100.00% | 100.00% |
Other Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | 160,285 | 173,000 |
Reinsurance Recoverables, Percentage of Total | 27.60% | 29.10% |
AM Best, A+ Rating [Member] | Reinsurer A [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | 210,996 | 220,797 |
Reinsurance Recoverables, Percentage of Total | 36.50% | 37.10% |
AM Best, A+ Rating [Member] | Reinsurer B [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | 74,412 | 70,579 |
Reinsurance Recoverables, Percentage of Total | 12.90% | 11.90% |
AM Best, A+ Rating [Member] | Reinsurer C [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | 45,541 | 43,835 |
Reinsurance Recoverables, Percentage of Total | 7.90% | 7.40% |
AM Best, A Rating [Member] | Reinsurer D [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | 43,818 | 46,420 |
Reinsurance Recoverables, Percentage of Total | 7.60% | 7.80% |
AM Best, A++ Rating [Member] | Reinsurer E [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $43,154 | $39,884 |
Reinsurance Recoverables, Percentage of Total | 7.50% | 6.70% |
Reinsurance_Effect_of_Reinsura
Reinsurance (Effect of Reinsurance on Net Premiums and Claims and Other Policy Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Premiums Earned, Net [Abstract] | |||
Direct Premiums Earned | $19,365 | $5,224 | $3,784 |
Assumed Premiums Earned | 9,098,378 | 8,568,222 | 8,228,811 |
Ceded Premiums Earned | -447,889 | -319,419 | -325,999 |
Net premiums | 8,669,854 | 8,254,027 | 7,906,596 |
Policyholder Benefits and Claims Incurred, Net [Abstract] | |||
Policyholder Benefits and Claims Incurred, Direct | 32,564 | 8,078 | 3,694 |
Policyholder Benefits and Claims Incurred, Assumed | 7,805,984 | 7,515,524 | 6,912,942 |
Policyholder Benefits and Claims Incurred, Ceded | -431,907 | -219,270 | -250,637 |
Claims and other policy benefits | $7,406,641 | $7,304,332 | $6,665,999 |
Reinsurance_Effect_of_Reinsura1
Reinsurance (Effect of Reinsurance on Life Insurance In Force) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Reinsurance Disclosures [Abstract] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment, Gross Amount | $78 | $77 | $76 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Assumed from Other Companies | 2,943,517 | 2,889,804 | 2,927,573 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 230,544 | 36,830 | 38,048 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $2,713,051 | $2,853,051 | $2,889,601 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 108.50% | 101.30% | 101.30% |
Reinsurance_Narrative_Details
Reinsurance (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Effects of Reinsurance [Line Items] | ||
Maximum Life Insurance Retention Per Individual Life | 8,000,000 | |
Reinsurance ceded receivables | 578,206,000 | 594,515,000 |
Reinsurance Recoverables, Percentage of Total | 100.00% | 100.00% |
Reinsurance Claims Recoverables | 143,000,000 | 134,100,000 |
Claims Recoverable From Retrocessionaires Past Due | 10,900,000 | 4,200,000 |
Statutory Financial Reinsurance | 8,200,000,000 | 6,800,000,000 |
Statutory Reserves Related To Financial Requirements | 1,558,300,000 | 1,552,300,000 |
Assets Held-in-trust | 922,800,000 | 913,500,000 |
Benefit Of RGA Subsidiaries [Member] | ||
Effects of Reinsurance [Line Items] | ||
Assets Held-in-trust | 1,633,600,000 | 2,124,700,000 |
Benefit Of Third Parties [Member] | ||
Effects of Reinsurance [Line Items] | ||
Assets Held-in-trust | 10,197,500,000 | 7,842,900,000 |
AM Best, A- Rating [Member] | ||
Effects of Reinsurance [Line Items] | ||
Retrocession Pool Participants Minimum AM Best Rating | “A- (excellent)†| “A- (excellent)†|
Deferred_Policy_Acquisition_Co2
Deferred Policy Acquisition Costs (Amounts of Policy Acquisition Costs Deferred and Amortized) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Deferred Policy Acquisition Costs Disclosures [Line Items] | ||||
Deferred policy acquisition costs | $3,342,575 | $3,517,796 | $3,619,274 | $3,543,925 |
Deferred Policy Acquisition Costs Assumed [Member] | ||||
Deferred Policy Acquisition Costs Disclosures [Line Items] | ||||
Deferred policy acquisition costs | 3,391,291 | 3,573,054 | ||
Deferred Policy Acquisition Costs Retroceded [Member] | ||||
Deferred Policy Acquisition Costs Disclosures [Line Items] | ||||
Deferred policy acquisition costs | ($48,716) | ($55,258) |
Deferred_Policy_Acquisition_Co3
Deferred Policy Acquisition Costs (Movement Analysis Of Deferred Policy Acquisition Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Deferred Policy Acquisition Costs | $3,517,796 | $3,619,274 | $3,543,925 |
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses) | -4,480 | 16,181 | -14,938 |
Deferred Policy Acquisition Costs Foreign Currency | -68,985 | -59,019 | 23,559 |
Deferred Policy Acquisition Costs | 3,342,575 | 3,517,796 | 3,619,274 |
Deferred Policy Acquisition Costs Assumed [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Deferred Policy Acquisition Costs, Additions | 885,944 | 862,767 | 1,081,599 |
Deferred Policy Acquisition Cost, Amortization Expense | -882,498 | -826,539 | -975,844 |
Deferred Policy Acquisition Costs Allocated to Change In Value Of Embedded Derivatives [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Deferred Policy Acquisition Cost, Amortization Expense | -111,744 | -98,141 | -42,183 |
Deferred Policy Acquisition Costs Retroceded [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Deferred Policy Acquisition Costs, Additions | -8,335 | -8,604 | -11,814 |
Deferred Policy Acquisition Cost, Amortization Expense | $14,877 | $11,877 | $14,970 |
Income_Tax_Pretax_Income_Forei
Income Tax (Pre-tax Income Foreign and Domestic) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $768,857 | $473,223 | $644,219 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 239,676 | 162,031 | 275,004 | ||||||||
Income before income taxes | $276,743 | $231,815 | $300,535 | $199,440 | $229,490 | $201,695 | ($74,758) | $278,827 | $1,008,533 | $635,254 | $919,223 |
Income_Tax_Provision_for_Incom
Income Tax (Provision for Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $18,495 | ($48,831) | $52,378 |
Current Foreign Tax Expense (Benefit) | 135,260 | 34,470 | 36,840 |
Current Income Tax Expense (Benefit) | 153,755 | -14,361 | 89,218 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | 242,694 | 226,771 | 183,929 |
Deferred Foreign Income Tax Expense (Benefit) | -71,963 | 4,007 | 14,183 |
Deferred income taxes | 170,731 | 230,778 | 198,112 |
Income Tax Expense (Benefit) | $324,486 | $216,417 | $287,330 |
Income_Tax_Provision_for_Incom1
Income Tax (Provision for Income Tax Expense Computed from Statutory Rate to Pre-tax Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $352,987 | $222,339 | $321,728 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | -12,483 | -8,032 | -14,705 |
Income Tax Reconciliation Foreign Income Tax Basis Differential | -8,256 | -26,484 | -21,086 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 2,076 | 26,507 | 635 |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | -9,083 | 9,034 | 2,260 |
Income Tax Reconciliation Change In Canadian Enacted Tax Rate | 0 | -414 | 1,374 |
Income Tax Reconciliation Change In Foreign Enacted Tax Rate | 280 | -1,184 | -1,070 |
Income Tax Reconciliation Subpart F | 6,132 | 8,255 | 13,571 |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | -1,045 | -1,786 | -7,808 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | -8,123 | -12,465 | -7,351 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 2,001 | 647 | -218 |
Income Tax Expense (Benefit) | $324,486 | $216,417 | $287,330 |
Effective Income Tax Rate Reconciliation, Percent | 32.20% | 34.10% | 31.30% |
Income_Tax_Total_Income_Taxes_
Income Tax (Total Income Taxes Provided) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Effects Allocated Directly to Equity [Abstract] | |||
Income Tax Expense (Benefit) | $324,486 | $216,417 | $287,330 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 348,697 | -467,454 | 246,682 |
Income Tax Effects Allocated Directly to Equity, Employee Stock Options | 3,011 | -3,125 | -2,902 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 22,998 | 12,330 | -921 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | -14,770 | 7,640 | -2,779 |
Income Tax Expense (Benefit), Intraperiod Tax Allocation | $684,422 | ($234,192) | $527,410 |
Income_Tax_Tax_Effects_of_Temp
Income Tax (Tax Effects of Temporary Differences that Give Rise to Significant Portions of the Deferred Income Tax Asset and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Net [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $118,389 | $106,587 |
Deferred Tax Assets Reinsurance Transactions | 64,445 | 59,942 |
Deferred Tax Assets Cash And Invested Assets | 0 | 2,106 |
Deferred Tax Assets Investment Income | 56,176 | 108,462 |
Deferred Tax Assets Deferred Acquisition Costs Capitalized For Tax | 92,832 | 90,187 |
Deferred Tax Assets, Operating Loss Carryforwards | 170,965 | 252,192 |
Deferred Tax Assets Deferred Acquisition Costs Capitalized For Financial Reporting | 26,365 | 2,356 |
Deferred Tax Assets, Gross | 529,172 | 621,832 |
Deferred Tax Assets, Valuation Allowance | -112,005 | -102,228 |
Deferred Tax Assets, Net | 417,167 | 519,604 |
Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | 961,170 | 1,066,351 |
Deferred Tax Liabilities Reinsurance Transactions | 1,044,097 | 906,197 |
Deferred Tax Liabilities Cash And Invested Assets | 667,601 | 310,332 |
Deferred Tax Liabilities Investment Income | 8,187 | 12,959 |
Deferred Tax Liabilities, Unrealized Currency Transaction Gains | 64,115 | 19,704 |
Deferred Tax Liabilities | 2,745,170 | 2,315,543 |
Net deferred income tax liabilities | 2,328,003 | 1,795,939 |
Balance Sheet Presentation Of Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Assets, Other | 37,814 | 41,638 |
Deferred income taxes | $2,365,817 | $1,837,577 |
Income_Tax_Reconciliation_of_t
Income Tax (Reconciliation of the Amount of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits | $279,801 | $245,636 | $194,260 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 17,431 | 41,228 | 47,438 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | -26,001 | -10,401 | 0 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 3,430 | 3,338 | 3,938 |
Unrecognized Tax Benefits | $274,661 | $279,801 | $245,636 |
Income_Tax_Narrative_Details
Income Tax (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ||||
Deferred Tax Assets, Valuation Allowance | $112,005,000 | $102,228,000 | ||
Tax Adjustments Settlements And Unusual Provisions | 4,200,000 | |||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability | 1,115,200,000 | 1,154,400,000 | ||
Proceeds from Income Tax Refunds | 9,300,000 | 2,600,000 | 16,200,000 | |
Cash paid for income taxes | 79,600,000 | 113,400,000 | 113,200,000 | |
Operating Loss Carryforwards | 647,000,000 | 916,400,000 | ||
Operating Loss Carryforwards With Expiration Dates | 19,100,000 | |||
Unrecognized Tax Benefits | 274,661,000 | 279,801,000 | 245,636,000 | 194,260,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 30,800,000 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | -36,600,000 | 7,600,000 | 9,900,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $20,700,000 | $57,300,000 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule of Changes in Projected Benefit Obligations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation, Ending Balance | $138,196 | $111,195 | $112,759 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 111,195 | ||
Defined Benefit Plan, Service Cost | 8,121 | 8,023 | 7,531 |
Defined Benefit Plan, Interest Cost | 4,972 | 4,072 | 4,072 |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 18,930 | -8,957 | |
Defined Benefit Plan, Benefits Paid | -3,044 | -3,347 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | -1,978 | -1,355 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 138,196 | 111,195 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 30,759 | 33,953 | |
Defined Benefit Plan, Service Cost | 2,354 | 1,881 | 1,641 |
Defined Benefit Plan, Interest Cost | 1,962 | 1,353 | 1,246 |
Defined Benefit Plan, Contributions by Plan Participants | 174 | 128 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 25,354 | -5,949 | |
Defined Benefit Plan, Benefits Paid | -821 | -607 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | $59,782 | $30,759 | $33,953 |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule of Changes in Fair Value of Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | $66,757 | $59,559 |
Defined Benefit Plan, Funded Status of Plan | -71,439 | -51,636 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 59,559 | 49,516 |
Defined Benefit Plan, Actual Return on Plan Assets | 2,489 | 6,027 |
Defined Benefit Plan, Contributions by Employer | 7,753 | 7,363 |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 |
Defined Benefit Plan, Benefits Paid | -3,044 | -3,347 |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 66,757 | 59,559 |
Defined Benefit Plan, Funded Status of Plan | -71,439 | -51,636 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 |
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 |
Defined Benefit Plan, Contributions by Employer | 647 | 479 |
Defined Benefit Plan, Contributions by Plan Participants | 174 | 128 |
Defined Benefit Plan, Benefits Paid | -821 | -607 |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan | ($59,782) | ($30,759) |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans (Schedule of Net Funded Status) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Funded Status [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $66,757 | $59,559 | |||
Defined Benefit Plan, Benefit Obligation | 138,196 | 111,195 | 112,759 | ||
Defined Benefit Plan, Funded Status of Plan, Total | -71,439 | -51,636 | |||
Qualified Pension Plans Defined Benefit [Member] | |||||
Funded Status [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 66,757 | 59,559 | |||
Defined Benefit Plan, Benefit Obligation | 80,104 | 63,502 | |||
Defined Benefit Plan, Funded Status of Plan, Total | -13,347 | -3,943 | |||
Non Qualified Pension Plans Defined Benefit [Member] | |||||
Funded Status [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | |
Defined Benefit Plan, Benefit Obligation | 58,092 | [1] | 47,693 | [1] | |
Defined Benefit Plan, Funded Status of Plan, Total | ($58,092) | [1] | ($47,693) | [1] | |
[1] | For non-qualified plans, there are no required funding levels. |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans (Schedule of Amounts Recognized in Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plans, Defined Benefit [Member] | ||
Amounts In AOCI [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $41,238 | $22,507 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs (Credit) Arising During Period, Net of Tax | 1,496 | 1,981 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 42,734 | 24,488 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Amounts In AOCI [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 32,949 | 8,655 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs (Credit) Arising During Period, Net of Tax | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $32,949 | $8,655 |
Employee_Benefit_Plans_Schedul4
Employee Benefit Plans (Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Compensation and Retirement Disclosure [Abstract] | |||
Defined Benefit Plan, Benefit Obligation | $138,196 | $111,195 | $112,759 |
Defined Benefit Plan, Fair Value of Plan Assets | $66,757 | $59,559 |
Employee_Benefit_Plans_Schedul5
Employee Benefit Plans (Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | $135,850 | $107,722 |
Defined Benefit Plan, Fair Value of Plan Assets | 66,757 | 59,559 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | $59,559 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost Recognized in Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | ($43,025) | $21,624 | ($8,347) |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | -485 | -525 | -298 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Service Cost | 8,121 | 8,023 | 7,531 |
Defined Benefit Plan, Interest Cost | 4,972 | 4,072 | 4,072 |
Defined Benefit Plan, Expected Return on Plan Assets | -4,471 | -3,734 | -3,066 |
Defined Benefit Plan, Amortization of Gains (Losses) | 1,755 | 3,270 | 3,439 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 333 | 373 | 376 |
Defined Benefit Plan Recognized Net Gain Loss Due To Settlements | 0 | 0 | 841 |
Defined Benefit Plan, Net Periodic Benefit Cost, Total | 10,710 | 12,004 | 13,193 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 20,912 | -11,250 | 10,888 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -1,755 | -3,270 | -3,439 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | -333 | -373 | -376 |
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 0 | 0 | -841 |
Other Comprehensive Income Defined Benefit Plan Net Foreign Exchange Translations And Other Adjustments | -578 | -439 | 219 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 18,246 | -15,332 | 6,451 |
Defined Benefit Plan Net Periodic Benefit Cost And Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease | 28,956 | -3,328 | 19,644 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Service Cost | 2,354 | 1,881 | 1,641 |
Defined Benefit Plan, Interest Cost | 1,962 | 1,353 | 1,246 |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gains (Losses) | 1,060 | 868 | 743 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 |
Defined Benefit Plan Recognized Net Gain Loss Due To Settlements | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost, Total | 5,376 | 4,102 | 3,630 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 25,354 | -5,949 | 2,341 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -1,060 | -868 | -743 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 0 | 0 | 0 |
Other Comprehensive Income Defined Benefit Plan Net Foreign Exchange Translations And Other Adjustments | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 24,294 | -6,817 | 1,598 |
Defined Benefit Plan Net Periodic Benefit Cost And Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease | $29,670 | ($2,715) | $5,228 |
Employee_Benefit_Plans_Schedul6
Employee Benefit Plans (Schedule of Expected Future Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $6,423 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 9,897 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 7,828 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 7,979 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 9,509 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 50,896 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 567 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 703 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 814 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 970 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 1,104 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $7,720 |
Employee_Benefit_Plans_Schedul7
Employee Benefit Plans (Schedule of Assumptions Used Calculating Benefit Obligations) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.90% | 4.45% | 3.80% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.30% | 3.83% | 4.12% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.35% | 7.35% | 7.75% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.08% | 4.21% | 4.20% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.05% | 5.05% | 4.15% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.05% | 4.15% | 4.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 0.00% | 0.00% | 0.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | 0.00% | 0.00% |
Employee_Benefit_Plans_Schedul8
Employee Benefit Plans (Schedule of Health Care Costs Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pre Medicare Eligible Claims [Member] | ||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.00% | 9.00% |
Defined Benefit Plan, Description of Direction and Pattern of Change for Assumed Health Care Cost Trend Rate | 8% down to 5% in 2018 | 9% down to 5% in 2017 |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2018 | 2017 |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Medicare Eligible Claims [Member] | ||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.00% | 9.00% |
Defined Benefit Plan, Description of Direction and Pattern of Change for Assumed Health Care Cost Trend Rate | 8% down to 5% in 2018 | 9% down to 5% in 2017 |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2018 | 2017 |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Employee_Benefit_Plans_Schedul9
Employee Benefit Plans (Schedule of Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $1,232 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | -881 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 14,912 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | ($11,081) |
Recovered_Sheet1
Employee Benefit Plans (Schedule of Allocation of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $66,757 | $59,559 | ||
Mutual Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 66,675 | [1] | 59,485 | [2] |
U.S. Equity Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 32.00% | 33.00% | ||
U.S. Fixed Income Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 30.00% | 26.00% | ||
Non-U.S. Equity Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 22.00% | 25.00% | ||
Other [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 16.00% | 16.00% | ||
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 82 | 74 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 66,757 | 59,559 | ||
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 66,675 | [1] | 59,485 | [2] |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 82 | 74 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [2] |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [2] |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 | ||
[1] | Mutual funds were invested 32% in U.S. equity funds, 30% in U.S. fixed income funds, 22% in non-U.S. equity funds and 16% in other. | |||
[2] | Mutual funds were invested 33% in U.S. equity funds, 26% in U.S. fixed income funds, 25% in non-U.S. equity funds and 16% in other. |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefit Plans [Line Items] | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | $135,850,000 | $107,722,000 | |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 3,800,000 | ||
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 2,200,000 | ||
Defined Contribution Plan, Cost Recognized | 7,800,000 | 7,300,000 | 6,400,000 |
Pension Plans, Defined Benefit [Member] | |||
Employee Benefit Plans [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 10,710,000 | 12,004,000 | 13,193,000 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 13,100,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Employee Benefit Plans [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 5,376,000 | 4,102,000 | 3,630,000 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $4,300,000 | ||
Equity Securities [Member] | |||
Employee Benefit Plans [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 60.00% | ||
Debt Securities [Member] | |||
Employee Benefit Plans [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 40.00% |
Financial_Condition_and_Net_In2
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries (Statutory Accounting Practices Disclosure) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
RGA Reinsurance [Member] | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $1,528,301 | $1,550,070 | ||||
Statutory Accounting Practices, Statutory Net Income Amount | 17,085 | 115,814 | 3,497 | |||
RCM [Member] | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 1,625,276 | 1,633,356 | ||||
Statutory Accounting Practices, Statutory Net Income Amount | 126,326 | 109,084 | 58,549 | |||
RGA Canada [Member] | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 915,130 | 767,108 | ||||
Statutory Accounting Practices, Statutory Net Income Amount | 225,083 | 89,428 | 95,861 | |||
RGA Barbados [Member] | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 690,392 | 716,115 | ||||
Statutory Accounting Practices, Statutory Net Income Amount | 39,236 | 70,940 | 81,942 | |||
RGA Australia [Member] | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 373,606 | 403,584 | ||||
Statutory Accounting Practices, Statutory Net Income Amount | 901 | -70,404 | 37,180 | |||
RGA Atlantic [Member] | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 435,408 | 379,891 | ||||
Statutory Accounting Practices, Statutory Net Income Amount | 113,055 | -27,137 | 91,898 | |||
RGA Americas [Member] | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 2,787,552 | [1] | 2,246,496 | [1] | ||
Statutory Accounting Practices, Statutory Net Income Amount | 236,215 | [1] | 147,363 | [1] | 258,257 | [1] |
Other Reinsurance Subsidiaries [Member] | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 1,600,197 | 1,003,215 | ||||
Statutory Accounting Practices, Statutory Net Income Amount | ($663,869) | $253,364 | ($428,049) | |||
[1] | RGA Life Reinsurance Company of Canada and RGA Atlantic Reinsurance Company Ltd. were contributed to RGA Americas in 2014 as part of its designation as a certified reinsurer. All prior periods have been adjusted to reflect that change. |
Financial_Condition_and_Net_In3
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries (Reconciliation of NAIC SAP and Prescribed Practice) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statutory Basis [Abstract] | ||
Prescribed Practice Surplus Note | $515,399 | $343,780 |
Prescribed Practice Letters Of Credit | -642,200 | -436,200 |
Surplus Deficit NAIC SAP | ($126,801) | ($92,420) |
Financial_Condition_and_Net_In4
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Statutory Basis [Abstract] | |
Number Of Preceeding Months To Accumulate Dividend Paid For Approval | 12 months |
Future Dividend Payment Restricted To Such Percent Of Surplus To Policy Holders | 10.00% |
Day As Of Max Dividends Payable For RCM And RGA Reinsurance | January 1, 2015 |
RGA Reinsurance Max Dividend Payments Without Approval | $152.80 |
Commitments_Contingencies_and_2
Commitments Contingencies and Guarantees Commitments Contingencies and Guarantees (Commitments to Fund Investments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Limited Partner [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $254,314 | $239,453 |
Commercial Loan [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 33,850 | 4,600 |
Private Placement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 0 | 22,000 |
Bank Loan Obligations [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 52,859 | 36,952 |
Equity Release Mortgages [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $8,549 | $0 |
Commitments_Contingencies_and_3
Commitments Contingencies and Guarantees (Schedule of Line of Credit Facilities) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $836,500,000 | |||
Syndicated Credit Facility $850 Million [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 850,000,000 | |||
Line of Credit Facility, Expiration Date | 31-Dec-19 | |||
Long-term Line of Credit | 204,774,000 | [1] | 67,561,000 | [1] |
Credit Facility Basis Of Fees | Senior unsecured long-term debt rating | |||
Credit Facility 120 Million [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 120,000,000 | |||
Line of Credit Facility, Expiration Date | 31-May-16 | |||
Long-term Line of Credit | 80,040,000 | [1] | 85,050,000 | [1] |
Credit Facility Basis Of Fees | Fixed | |||
Credit Facility 270 Million [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 270,000,000 | |||
Line of Credit Facility, Expiration Date | 30-Nov-17 | |||
Long-term Line of Credit | 270,000,000 | [1] | 270,000,000 | [1] |
Credit Facility Basis Of Fees | Fixed | |||
Credit Facility 100 Million [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||
Line of Credit Facility, Expiration Date | 30-Jun-17 | |||
Long-term Line of Credit | 81,747,000 | [1] | 89,433,000 | [1] |
Credit Facility Basis Of Fees | Fixed | |||
Credit Facility 58 Million [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 74,623,000 | |||
Line of Credit Facility, Expiration Date | 30-Nov-14 | |||
Long-term Line of Credit | 74,623,000 | [1] | 58,351,000 | [1] |
Credit Facility Basis Of Fees | Fixed | |||
Credit Facility 132 Million [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 80,961,000 | |||
Line of Credit Facility, Expiration Date | 31-Mar-19 | |||
Long-term Line of Credit | 80,961,000 | [1] | 132,534,000 | [1] |
Credit Facility Basis Of Fees | Fixed | |||
Credit Facility One Hundred Fifty Million [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | |||
Line of Credit Facility, Expiration Date | 30-Jun-16 | |||
Long-term Line of Credit | 130,000,000 | [1] | 0 | [1] |
Credit Facility Basis Of Fees | Fixed | |||
Credit Facility Forty Seven Million [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 40,875,000 | |||
Line of Credit Facility, Expiration Date | 31-May-16 | |||
Long-term Line of Credit | $28,612,000 | $0 | ||
Line of Credit Facility, Commitment Fee Description | Fixed | |||
[1] | Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. |
Commitments_Contingencies_and_4
Commitments Contingencies and Guarantees (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Property Subject to Operating Lease [Member] | |
Operating Leases, Future Minimum Payments Due [Abstract] | |
Operating Leases, Future Minimum Payments Due, Current | $12,140 |
Operating Leases, Future Minimum Payments, Due in Two Years | 9,827 |
Operating Leases, Future Minimum Payments, Due in Three Years | 8,647 |
Operating Leases, Future Minimum Payments, Due in Four Years | 6,929 |
Operating Leases, Future Minimum Payments, Due in Five Years | 4,809 |
Operating Leases, Future Minimum Payments, Due Thereafter | 18,253 |
Property Lease Guarantee [Member] | |
Operating Leases, Future Minimum Payments Due [Abstract] | |
Operating Leases, Future Minimum Payments Due, Current | 706 |
Operating Leases, Future Minimum Payments, Due in Two Years | 706 |
Operating Leases, Future Minimum Payments, Due in Three Years | 663 |
Operating Leases, Future Minimum Payments, Due in Four Years | 136 |
Operating Leases, Future Minimum Payments, Due in Five Years | 0 |
Operating Leases, Future Minimum Payments, Due Thereafter | $0 |
Commitments_Contingencies_and_5
Commitments Contingencies and Guarantees Commitments Contingencies and Guarantees (Guarantees Issued) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Insurance Treaty Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $826,496 | $826,947 |
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 664,913 | 647,941 |
Guarantee Of Borrowed Securities [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 201,050 | 93,000 |
Product Financing Arrangement [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 100,000 | 0 |
Guarantee Of Lease Obligations [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $6,085 | $8,314 |
Commitments_Contingencies_and_6
Commitments Contingencies and Guarantees (Maximum Potential Obligation) (Details) (USD $) | Dec. 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 | 1,950 | 1,350 |
Commitment Period Two Thousand Thirty Five [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,000 | 0 |
Commitment Period Two Thousand Thirty Six [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $1,432 | $1,250 |
Commitments_Contingencies_and_7
Commitments Contingencies and Guarantees (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Commitments [Line Items] | |||
Undrawn Outstanding Letters Of Credit In Favor Of Third Parties | $176,500,000 | $210,300,000 | |
Undrawn Outstanding Letters Of Credit Between Subsidiaries | 1,035,000,000 | 995,500,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 836,500,000 | ||
Line of Credit Facility, Commitment Fee Amount | 12,600,000 | 9,800,000 | 7,300,000 |
Operating Leases, Rent Expense | 19,300,000 | 18,500,000 | 19,500,000 |
Maximum Capital Lease Obligations As Offset Against Industrial Bonds | 150,000,000 | ||
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member] | |||
Other Commitments [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 664,913,000,000 | 647,941,000,000 | |
Guarantee Of Borrowed Securities [Member] | |||
Other Commitments [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 201,050,000,000 | 93,000,000,000 | |
Guarantee Of Subsidiary Collateral Financing [Member] | |||
Other Commitments [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 300,000,000 | ||
Syndicated Credit Facility $850 Million [Member] | |||
Other Commitments [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $850,000,000 |
Debt_Schedule_of_Longterm_Debt
Debt (Schedule of Long-term Debt Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $2,314,293 | $2,214,350 |
Subordinated Debentures Due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 400,000 | 400,000 |
Junior Subordinated Debentures Due 2065 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 318,732 | 318,729 |
Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 398,684 | 398,533 |
Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 398,583 | 398,362 |
Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 399,669 | 399,602 |
Senior Notes Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 299,397 | 299,124 |
Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $99,228 | $0 |
Debt_Debt_Repayments_of_Debt_D
Debt Debt (Repayments of Debt) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $2,178 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2,470 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 302,573 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 2,681 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 402,792 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,606,337 |
Debt and Capital Lease Obligations | $2,319,031 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Aug. 21, 2012 | Dec. 31, 2013 | Sep. 19, 2013 | Aug. 21, 2014 | Jun. 30, 2006 | |||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $850,000,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 836,500,000 | |||||||
Debt, Weighted Average Interest Rate | 5.69% | 5.76% | ||||||
Debt Instrument, Covenant Default, Amount of Non-Payment | 100,000,000 | |||||||
Long-term debt | 2,314,293,000 | 2,214,350,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 2,681,000 | |||||||
Junior Subordinated Debentures Due 2065 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |||||||
Debt Instrument, Maturity Date | 31-Dec-65 | |||||||
Debt Instrument, Face Amount | 400,000,000 | |||||||
Long-term debt | 318,732,000 | 318,729,000 | ||||||
Senior Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||
Debt Instrument, Maturity Date | 31-Dec-21 | |||||||
Debt Instrument, Face Amount | 400,000,000 | |||||||
Long-term debt | 398,583,000 | 398,362,000 | ||||||
Subordinated Debentures Due 2042 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.20% | 6.20% | ||||||
Debt Instrument, Maturity Date | 15-Sep-42 | |||||||
Debt Instrument, Face Amount | 400,000,000 | 400,000,000 | ||||||
Proceeds From Issuance Of Subordinated Long Term Debt | 393,700,000 | |||||||
Debt Issuance Costs Incurred And Capitalized | 6,300,000 | |||||||
Long-term debt | 400,000,000 | 400,000,000 | ||||||
Senior Notes Due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% | ||||||
Debt Instrument, Maturity Date | 15-Sep-23 | |||||||
Debt Instrument, Face Amount | 400,000,000 | 400,000,000 | ||||||
Proceeds From Issuance Of Subordinated Long Term Debt | 395,100,000 | |||||||
Debt Issuance Costs Incurred And Capitalized | 3,400,000 | |||||||
Long-term debt | 398,684,000 | 398,533,000 | ||||||
Notes Payable to Banks [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | |||||||
Debt Instrument, Maturity Date | 1-Sep-39 | |||||||
Debt Instrument, Face Amount | 100,000,000 | |||||||
Long-term debt | 99,228,000 | 0 | ||||||
Senior Notes Due 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | |||||||
Debt Instrument, Maturity Date | 31-Dec-19 | |||||||
Debt Instrument, Face Amount | 400,000,000 | |||||||
Long-term debt | 399,669,000 | 399,602,000 | ||||||
Senior Notes Due 2017 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.63% | |||||||
Debt Instrument, Maturity Date | 31-Dec-17 | |||||||
Debt Instrument, Face Amount | 300,000,000 | |||||||
Long-term debt | 299,397,000 | 299,124,000 | ||||||
Syndicated Credit Facility $850 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 850,000,000 | |||||||
Long-term Line of Credit | $204,774,000 | [1] | $67,561,000 | [1] | ||||
[1] | Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. |
Collateral_Finance_and_Securit1
Collateral Finance and Securitization Notes (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2006 | |
Collateral Finance Facility [Line Items] | ||||
Debt Instrument, Face Amount | $850,000,000 | |||
Direct investment in subsidiary | 112,800,000 | |||
Assets Held-in-trust | 922,800,000 | 913,500,000 | ||
Amount Held In Debt Service Coverage Account | 15,700,000 | 20,500,000 | ||
Collateral Financing Expense | 11,441,000 | 10,449,000 | 12,197,000 | |
Repurchased Subsidiary Debt | 160,000,000 | |||
Gain on repurchase of long-term debt | 0 | 46,506,000 | 0 | |
Subsidiary Ceding Commission | 256,500,000 | |||
Timerberlake Financial [Member] | ||||
Collateral Finance Facility [Line Items] | ||||
Debt Instrument, Issuance Date | 1-Jun-06 | |||
Collateral Financing Expense | 4,000,000 | 5,100,000 | 6,900,000 | |
Repayments of Secured Debt | 112,000,000 | |||
Gain on repurchase of long-term debt | 46,500,000 | |||
Chesterfield Financial Holdings LLC [Member] | ||||
Collateral Finance Facility [Line Items] | ||||
Debt Instrument, Face Amount | 300,000,000 | |||
Direct investment in subsidiary | 79,000,000 | |||
Amount Held In Debt Service Coverage Account | 27,000,000 | |||
Collateral Financing Expense | 600,000 | |||
Debt Issuance Costs Incurred And Capitalized | 5,400,000 | |||
Capital Contributions To Subsidiaries | 346,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||
Minimum [Member] | ||||
Collateral Finance Facility [Line Items] | ||||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $35,000,000 |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $2,697,413 | $2,716,588 | $2,833,020 | $2,657,173 | $2,736,794 | $2,389,815 | $2,590,642 | $2,601,102 | $10,904,194 | $10,318,353 | $9,840,911 |
US Traditional Segment Reporting Information [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 5,283,268 | 5,115,941 | 4,881,994 | ||||||||
US Non-Traditional Segment Reporting Information [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,014,143 | 962,818 | 876,119 | ||||||||
Canada Segment Reporting Information [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,181,865 | 1,185,017 | 1,140,264 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,557,847 | 1,305,012 | 1,275,074 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,756,718 | 1,610,626 | 1,557,283 | ||||||||
Corporate Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $110,353 | $138,939 | $110,177 |
Segment_Information_Reconcilia1
Segment Information (Reconciliation of Income before Income Taxes from Segments to Consolidated) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $276,743 | $231,815 | $300,535 | $199,440 | $229,490 | $201,695 | ($74,758) | $278,827 | $1,008,533 | $635,254 | $919,223 |
US Traditional Segment Reporting Information [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 351,645 | 377,586 | 374,353 | ||||||||
US Non-Traditional Segment Reporting Information [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 302,944 | 245,649 | 268,315 | ||||||||
Canada Segment Reporting Information [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 101,700 | 164,318 | 186,971 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 161,642 | 74,553 | 61,095 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 102,295 | -226,665 | 51,972 | ||||||||
Corporate Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | ($11,693) | ($187) | ($23,483) |
Segment_Information_Reconcilia2
Segment Information (Reconciliation of Interest Expense from Segments to Consolidated) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Interest expense | $96,700 | $124,307 | $105,348 |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | $96,700 | $124,307 | $105,348 |
Segment_Information_Reconcilia3
Segment Information (Reconciliation of Depreciation and Amortization from Segment to Consolidated) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | $1,151,088 | $1,087,579 | $1,192,517 |
US Traditional Segment Reporting Information [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 558,404 | 564,359 | 555,875 |
US Non-Traditional Segment Reporting Information [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 232,348 | 213,745 | 225,910 |
Canada Segment Reporting Information [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 204,229 | 193,878 | 182,914 |
Europe [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 57,291 | 55,003 | 69,002 |
Asia Pacific [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 95,172 | 57,104 | 154,776 |
Corporate Segment [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | $3,644 | $3,490 | $4,040 |
Segment_Information_Reconcilia4
Segment Information (Reconciliation of Assets from Segment to Consolidated) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $44,679,611 | $39,674,473 |
US Traditional Segment Reporting Information [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 14,159,824 | 13,285,423 |
US Non-Traditional Segment Reporting Information [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 11,572,251 | 11,716,908 |
CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 3,996,128 | 4,103,730 |
Europe [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 4,693,322 | 2,230,568 |
Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 3,619,368 | 3,597,456 |
Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $6,638,718 | $4,740,388 |
Equity_Based_Compensation_Disc
Equity Based Compensation (Disclosure of Share-based Compensation Arrangements by Share-based Payment Award) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Options, Outstanding, Weighted Average Exercise Price, Beginning of Period | $52.77 | ||
Options, Grants in Period, Weighted Average Exercise Price | $78.48 | $58.77 | $56.65 |
Exercised / Lapsed | $49.35 | ||
Forfeited | $58.55 | ||
Options, Outstanding, Weighted Average Exercise Price, End of Period | $55.41 | $52.77 | |
Options exercisable | $53.03 | ||
Options, Outstanding, Intrinsic Value | $68.70 | ||
Options, Exercisable, Intrinsic Value | $58.10 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, Number, Beginning Balance | 3,351,260,000 | ||
Options, Grants in Period, Net of Forfeitures | 232,782,000 | ||
Exercised / Lapsed | -583,118,000 | ||
Forfeited | -22,191,000 | ||
Outstanding, Number, Ending Balance | 2,978,733,000 | ||
Options exercisable | 2,281,160,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, Number, Beginning Balance | 712,341 | ||
Options, Grants in Period, Net of Forfeitures | 234,740 | 261,322 | 257,679 |
Exercised / Lapsed | -103,358 | ||
Forfeited | -114,995 | ||
Outstanding, Number, Ending Balance | 728,728 | 712,341 |
Equity_Based_Compensation_Disc1
Equity Based Compensation (Disclosure of Share-based Compensation Shares Authorized under Stock Option Plans by Exercise Price Range) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | 2,978,733,000 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years |
Options Outstanding, Weighted Average Exercise Price | $55.41 |
Options Exercisable | 2,281,160,000 |
Options Exercisable, Weighted-Average Exercise Price | $53.03 |
$25.00 - $34.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | 308,921,000 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 4 years |
Options Outstanding, Weighted Average Exercise Price | $32.20 |
Options Exercisable | 308,921,000 |
Options Exercisable, Weighted-Average Exercise Price | $32.20 |
Exercise Price Range, Lower Range Limit | $25 |
Exercise Price Range, Upper Range Limit | $34.99 |
$35.00 - $44.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | 0 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 0 years |
Options Outstanding, Weighted Average Exercise Price | $0 |
Options Exercisable | 0 |
Options Exercisable, Weighted-Average Exercise Price | $0 |
Exercise Price Range, Lower Range Limit | $35 |
Exercise Price Range, Upper Range Limit | $44.99 |
$45.00 - $54.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | 443,611,000 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 4 years 2 months |
Options Outstanding, Weighted Average Exercise Price | $47.17 |
Options Exercisable | 443,611,000 |
Options Exercisable, Weighted-Average Exercise Price | $47.17 |
Exercise Price Range, Lower Range Limit | $45 |
Exercise Price Range, Upper Range Limit | $54.99 |
$55.00 plus [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | 2,226,201,000 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 8 months |
Options Outstanding, Weighted Average Exercise Price | $60.27 |
Options Exercisable | 1,528,628,000 |
Options Exercisable, Weighted-Average Exercise Price | $58.94 |
Exercise Price Range, Lower Range Limit | $55 |
Equity_Based_Compensation_Narr
Equity Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||
Allocated Share-based Compensation Expense | $24.40 | $20.30 | $28.50 | ||||||||
Options, Exercises in Period, Total Intrinsic Value | 17 | 11.3 | 11.2 | ||||||||
Options, Grants in Period, Weighted Average Grant Date Fair Value | $26.76 | $18.58 | $19.65 | ||||||||
Fair Value Assumptions, Expected Dividend Rate | 1.53% | 1.63% | 1.27% | ||||||||
Fair Value Assumptions, Risk Free Interest Rate | 2.27% | 1.36% | 1.38% | ||||||||
Fair Value Assumptions, Expected Term | 7 years | 6 years 9 months | 6 years 8 months 15 days | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 35.70% | 35.40% | 37.20% | ||||||||
Performance Contingent Units Outstanding | 232,208 | 252,942 | 243,578 | ||||||||
Performance Contingent Units Maximum Shares of Common Stock Per PCU | 2 | ||||||||||
Performance Contingent Units Measurement Period | 3 years | ||||||||||
Performance Contingent Unit Share Payout | 0.529 | 1.513 | |||||||||
Performance Contingent Units Shares of Common Stock Issued | 103,358 | 339,483 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $25.40 | $25.40 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months | ||||||||||
Equity Based Compensation [Line Items] | |||||||||||
Earnings Per Share, Basic (in dollars per share) | $2.78 | $2.30 | $2.87 | $1.94 | $2.05 | $1.95 | ($0.69) | $2.51 | $9.88 | $5.82 | $8.57 |
Options, Grants in Period, Weighted Average Exercise Price | $78.48 | $58.77 | $56.65 | ||||||||
Stock Options [Member] | |||||||||||
Equity Based Compensation [Line Items] | |||||||||||
Expiration Period | 10 years | ||||||||||
Options, Grants in Period, Net of Forfeitures | 232,782,000 | ||||||||||
Flexible Stock Plan [Member] | |||||||||||
Equity Based Compensation [Line Items] | |||||||||||
Number Of Shares Available For Grant | 13,360,077 | 13,360,077 | |||||||||
Flexible Stock Plan For Directors [Member] | |||||||||||
Equity Based Compensation [Line Items] | |||||||||||
Number Of Shares Available For Grant | 212,500 | 212,500 | |||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Equity Based Compensation [Line Items] | |||||||||||
Options, Grants in Period, Net of Forfeitures | 234,740 | 261,322 | 257,679 | ||||||||
Minimum [Member] | |||||||||||
Equity Based Compensation [Line Items] | |||||||||||
Vesting Period | 1 year | ||||||||||
Maximum [Member] | |||||||||||
Equity Based Compensation [Line Items] | |||||||||||
Vesting Period | 5 years |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share Basic and Diluted) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net Income (Loss) Attributable to Parent | $191,091 | $157,996 | $198,296 | $136,664 | $144,959 | $137,955 | ($49,612) | $185,535 | $684,047 | $418,837 | $631,893 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||
Weighted Average Number of Shares Outstanding, Basic | 69,248 | 71,917 | 73,737 | ||||||||
Equivalent shares from outstanding stock options | 714 | 544 | 416 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 69,962 | 72,461 | 74,153 | ||||||||
Earnings per share | |||||||||||
Earnings Per Share, Basic (in dollars per share) | $2.78 | $2.30 | $2.87 | $1.94 | $2.05 | $1.95 | ($0.69) | $2.51 | $9.88 | $5.82 | $8.57 |
Earnings Per Share, Diluted (in dollars per share) | $2.75 | $2.28 | $2.84 | $1.92 | $2.03 | $1.93 | ($0.69) | $2.49 | $9.78 | $5.78 | $8.52 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Narrative) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.8 | ||
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 | 0.5 | 0.7 | 0.7 |
Comprehensive_Income_Component
Comprehensive Income (Components of Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | ($154,132) | ($88,409) | $57,229 | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | -4,835 | 1,791 | -6,244 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -158,967 | -86,618 | 50,985 | |||
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Foreign Currency Swap, Before Reclassification and Tax | 51,894 | 40,347 | -20,470 | |||
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Foreign Currency Swap Tax | -18,163 | -14,121 | 7,165 | |||
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Foreign Currency Swap Net Of Tax | 33,731 | 26,226 | -13,305 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | -102,238 | -48,062 | 36,759 | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | -22,998 | -12,330 | 921 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -125,236 | -60,392 | 37,680 | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 1,177,017 | [1] | -1,519,967 | [1] | 786,449 | [1] |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | -357,024 | [1] | 465,740 | [1] | -275,181 | [1] |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 819,993 | [1] | -1,054,227 | [1] | 511,268 | [1] |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, before Tax | 26,405 | [1] | 9,355 | [1] | 91,327 | [1] |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Tax | -9,242 | [1] | -3,274 | [1] | -31,964 | [1] |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | 17,163 | [1] | 6,081 | [1] | 59,363 | [1] |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments and Tax | 1,150,612 | [1] | -1,529,322 | [1] | 695,122 | [1] |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | -347,782 | [1] | 469,014 | [1] | -243,217 | [1] |
Change in net unrealized gain on investments | 802,830 | [1] | -1,060,308 | [1] | 451,905 | [1] |
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent, Available-for-sale Securities | -2,612 | -4,456 | -9,899 | |||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Tax, Portion Attributable to Parent, Available-for-sale Securities | 914 | 1,560 | 3,465 | |||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Net of Tax, Portion Attributable to Parent, Available-for-sale Securities | -1,698 | -2,896 | -6,434 | |||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 485 | 525 | 298 | |||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Tax | -159 | -171 | -95 | |||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax | 326 | 354 | 203 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -43,025 | 21,624 | -8,347 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | 14,929 | -7,469 | 2,874 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | -28,096 | 14,155 | -5,473 | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | -42,540 | 22,149 | -8,049 | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 14,770 | -7,640 | 2,779 | |||
Changes in pension and other postretirement plan adjustments | -27,770 | 14,509 | -5,270 | |||
Other Comprehensive Income (Loss), before Tax | 1,008,446 | -1,550,779 | 733,731 | |||
Other Comprehensive Income (Loss), Tax | -356,924 | 447,484 | -242,982 | |||
Other Comprehensive Income (Loss), Net of Tax | $651,522 | ($1,103,295) | $490,749 | |||
[1] | Includes cash flow hedges. See Note 5 - “Derivative Instruments†for additional information on cash flow hedges. |
Comprehensive_Income_Component1
Comprehensive Income (Components of Net Unrealized Appreciation Depreciation of Balances Carried at Fair Value) (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Comprehensive Income Net Of Tax [Line Items] | |||||||
Fixed maturity securities available-for-sale | $25,480,972 | $21,474,136 | |||||
Other invested assets | 1,198,319 | 1,324,960 | |||||
Deferred policy acquisition costs | 3,342,575 | 3,517,796 | 3,619,274 | 3,543,925 | |||
Accumulated Other Comprehensive Income Loss Change In Component During Period | 1,153,224 | -1,524,866 | 705,021 | ||||
Change In Net Unrealized Appreciation Depreciation [Member] | |||||||
Comprehensive Income Net Of Tax [Line Items] | |||||||
Fixed maturity securities available-for-sale | 1,171,996 | -1,528,773 | 713,778 | ||||
Other invested assets | -14,292 | [1] | -12,274 | [1] | 6,181 | [1] | |
Effect On Unrealized Appreciation Depreciation [Member] | |||||||
Comprehensive Income Net Of Tax [Line Items] | |||||||
Deferred policy acquisition costs | ($4,480) | $16,181 | ($14,938) | ||||
[1] | Includes cash flow hedges. See Note 5 - “Derivative Instruments†for additional information on cash flow hedges. |
Comprehensive_Income_Balance_o
Comprehensive Income (Balance of and Changes in Each Component of AOCI) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward] | ||||||
Balance, beginning of year | $1,005,607 | $2,108,902 | $1,618,153 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -125,236 | -60,392 | 37,680 | |||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 827,608 | [1] | -1,063,377 | [1] | 451,905 | [1] |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 1,698 | 2,896 | 6,434 | |||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Net of Tax, Portion Attributable to Parent, Available-for-sale Securities | -1,698 | -2,896 | -6,434 | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -29,836 | 11,577 | -5,270 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -22,712 | 6,001 | ||||
Balance, end of year | 1,657,129 | 1,005,607 | 2,108,902 | |||
Accumulated Translation Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward] | ||||||
Balance, beginning of year | 207,083 | 267,475 | 229,795 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -125,236 | -60,392 | 37,680 | |||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0 | [1] | 0 | [1] | 0 | [1] |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 0 | 0 | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||
Balance, end of year | 81,847 | 207,083 | 267,475 | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward] | ||||||
Balance, beginning of year | 820,245 | 1,877,657 | 1,419,318 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 827,608 | [1] | -1,063,377 | [1] | 451,905 | [1] |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 0 | 0 | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 24,778 | 3,069 | ||||
Balance, end of year | 1,624,773 | 820,245 | 1,877,657 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward] | ||||||
Balance, beginning of year | -21,721 | -36,230 | -30,960 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0 | [1] | 0 | [1] | 0 | [1] |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -29,836 | 11,577 | -5,270 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -2,066 | 2,932 | ||||
Balance, end of year | ($49,491) | ($21,721) | ($36,230) | |||
[1] | Includes cash flow hedges. See Note 5 - “Derivative Instruments†for additional information on cash flow hedges. |
Comprehensive_Income_Schedule_
Comprehensive Income (Schedule of Reclassifications out of AOCI) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Other investment related gains (losses), net | $193,959 | $76,891 | $277,662 | ||||||||||
Investment income, net of related expenses | 1,713,691 | 1,699,865 | 1,436,206 | ||||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses) | 4,480 | -16,181 | 14,938 | ||||||||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | -485 | -525 | -298 | ||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 43,025 | -21,624 | 8,347 | ||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 276,743 | 231,815 | 300,535 | 199,440 | 229,490 | 201,695 | -74,758 | 278,827 | 1,008,533 | 635,254 | 919,223 | ||
Income Tax Expense (Benefit) | -324,486 | -216,417 | -287,330 | ||||||||||
Net Income (Loss) Attributable to Parent | 191,091 | 157,996 | 198,296 | 136,664 | 144,959 | 137,955 | -49,612 | 185,535 | 684,047 | 418,837 | 631,893 | ||
Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | -333 | 373 | [1] | ||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -2,815 | [1] | -4,138 | [1] | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -3,148 | -4,511 | |||||||||||
Income Tax Expense (Benefit) | 1,082 | 1,579 | |||||||||||
Net Income (Loss) Attributable to Parent | -2,066 | -2,932 | |||||||||||
Unrealized Appreciation Depreciation Of Investments [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Other investment related gains (losses), net | 26,405 | 9,355 | |||||||||||
Investment income, net of related expenses | 1,212 | 1,012 | |||||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses) | 4,480 | [2] | -16,181 | [2] | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 32,097 | -5,814 | |||||||||||
Income Tax Expense (Benefit) | -7,319 | 2,745 | |||||||||||
Net Income (Loss) Attributable to Parent | 24,778 | -3,069 | |||||||||||
Amounts Reclassified From AOCI [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Net Income (Loss) Attributable to Parent | $22,712 | ($6,001) | |||||||||||
[1] | These AOCI components are included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans†for additional details. | ||||||||||||
[2] | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs†for additional details. |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $2,697,413 | $2,716,588 | $2,833,020 | $2,657,173 | $2,736,794 | $2,389,815 | $2,590,642 | $2,601,102 | $10,904,194 | $10,318,353 | $9,840,911 |
Total benefits and expenses | 2,420,670 | 2,484,773 | 2,532,485 | 2,457,733 | 2,507,304 | 2,188,120 | 2,665,400 | 2,322,275 | 9,895,661 | 9,683,099 | 8,921,688 |
Income before income taxes | 276,743 | 231,815 | 300,535 | 199,440 | 229,490 | 201,695 | -74,758 | 278,827 | 1,008,533 | 635,254 | 919,223 |
Net Income (Loss) Attributable to Parent | $191,091 | $157,996 | $198,296 | $136,664 | $144,959 | $137,955 | ($49,612) | $185,535 | $684,047 | $418,837 | $631,893 |
Basic earnings per share: | |||||||||||
Earnings Per Share, Basic (in dollars per share) | $2.78 | $2.30 | $2.87 | $1.94 | $2.05 | $1.95 | ($0.69) | $2.51 | $9.88 | $5.82 | $8.57 |
Earnings Per Share, Diluted (in dollars per share) | $2.75 | $2.28 | $2.84 | $1.92 | $2.03 | $1.93 | ($0.69) | $2.49 | $9.78 | $5.78 | $8.52 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Jan. 22, 2015 | Oct. 21, 2014 |
Subsequent Event [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $300,000,000 | $100,000,000 | $100,000,000 | $200,000,000 | |||
Other policy claims and benefits | 3,824,069,000 | 3,571,761,000 | |||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | 300,000,000 | ||||||
Agreement To Purchase Policies In Force | 82,000 | ||||||
Other policy claims and benefits | $2,700,000,000 |
Summary_of_Investments_Other_T2
Summary of Investments Other Than Investments in Related Parties (Details) (USD $) | Dec. 31, 2014 | |
In Millions, unless otherwise specified | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | $34,316 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 36,696 | [1] |
Fixed Maturities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 23,106 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 25,481 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 25,481 | [1] |
US Treasury and Government [Member] | Fixed Maturities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 501 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 526 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 526 | [1] |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 378 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 426 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 426 | [1] |
Foreign Government Debt [Member] | Fixed Maturities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 4,710 | [2] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 6,003 | [2] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 6,003 | [1],[2] |
Public Utility, Bonds [Member] | Fixed Maturities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 1,582 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,733 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,733 | [1] |
Asset-backed Securities [Member] | Fixed Maturities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 3,505 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 3,640 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 3,640 | [1] |
All Other Corporate Bonds [Member] | Fixed Maturities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 12,430 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 13,153 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 13,153 | [1] |
Other Equity Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 27 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 27 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 27 | [1] |
Equity Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 121 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 126 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 126 | [1] |
Nonredeemable Preferred Stock [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 94 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 99 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 99 | [1] |
Mortgage Loans on Real Estate [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 2,712 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 2,712 | [1] |
Policy Loans [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 1,284 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,284 | [1] |
Funds Withheld At Interest [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 5,924 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 5,924 | [1] |
Short-term Investments [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 98 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 98 | [1] |
Other Invested Assets [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 1,071 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | $1,071 | [1] |
[1] | Fixed maturity securities are classified as available-for-sale and carried at fair value. | |
[2] | Includes fixed maturities directly issued by foreign governments, supranational and foreign government-sponsored enterprises. |
Condensed_Financial_Informatio2
Condensed Financial Information of The Registrant (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2006 | Aug. 21, 2012 | Sep. 19, 2013 | ||||||
Assets | ||||||||||||||||||||
Fixed maturity securities available-for-sale | $25,480,972,000 | $21,474,136,000 | $25,480,972,000 | $21,474,136,000 | ||||||||||||||||
Short-term investments | 97,694,000 | 139,395,000 | 97,694,000 | 139,395,000 | ||||||||||||||||
Cash and cash equivalents | 1,645,669,000 | 923,647,000 | 1,645,669,000 | 923,647,000 | 1,259,892,000 | |||||||||||||||
Other assets | 628,268,000 | 489,972,000 | 628,268,000 | 489,972,000 | ||||||||||||||||
Total assets | 44,679,611,000 | 39,674,473,000 | 44,679,611,000 | 39,674,473,000 | ||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Other liabilities | 994,230,000 | 541,035,000 | 994,230,000 | 541,035,000 | ||||||||||||||||
Total stockholders equity | 7,023,452,000 | 5,935,527,000 | 7,023,452,000 | 5,935,527,000 | 6,910,187,000 | 5,818,698,000 | ||||||||||||||
Total liabilities and stockholders’ equity | 44,679,611,000 | 39,674,473,000 | 44,679,611,000 | 39,674,473,000 | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||
Total investment related gains (losses), net | 186,193,000 | 63,990,000 | 254,136,000 | |||||||||||||||||
Income Tax Expense (Benefit) | 324,486,000 | 216,417,000 | 287,330,000 | |||||||||||||||||
Net income | 191,091,000 | 157,996,000 | 198,296,000 | 136,664,000 | 144,959,000 | 137,955,000 | -49,612,000 | 185,535,000 | 684,047,000 | 418,837,000 | 631,893,000 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 651,522,000 | -1,103,295,000 | 490,749,000 | |||||||||||||||||
Total comprehensive income (loss) | 1,335,569,000 | -684,458,000 | 1,122,642,000 | |||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Debt Instrument, Face Amount | 850,000,000 | |||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Other, net | 155,428,000 | 99,634,000 | 85,523,000 | |||||||||||||||||
Net cash provided by operating activities | 2,336,155,000 | 1,727,160,000 | 1,974,527,000 | |||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Sales of fixed maturity securities available-for-sale | 4,309,985,000 | 3,629,378,000 | 5,465,014,000 | |||||||||||||||||
Purchases of fixed maturity securities available-for-sale | 63,785,000 | 33,724,000 | 40,466,000 | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -2,805,000 | 0 | |||||||||||||||||
Payments for (Proceeds from) Short-term Investments | 38,060,000 | 138,024,000 | -101,214,000 | |||||||||||||||||
Payments for (Proceeds from) Other Investing Activities | 286,665,000 | -209,900,000 | -216,274,000 | |||||||||||||||||
Net cash used in investing activities | -1,310,945,000 | -1,335,101,000 | -1,967,996,000 | |||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Dividends to stockholders | -87,256,000 | -77,642,000 | -61,945,000 | |||||||||||||||||
Purchases of treasury stock | -201,525,000 | -269,204,000 | -6,924,000 | |||||||||||||||||
Excess tax benefits from share-based payment arrangement cash flow | -3,011,000 | 3,125,000 | 416,000 | |||||||||||||||||
Exercise of stock options, net | 9,246,000 | 28,390,000 | -3,087,000 | |||||||||||||||||
Proceeds from affiliated long-term debt issuance | -100,000,000 | -398,492,000 | -400,000,000 | |||||||||||||||||
Payments Of Debt Issuance Costs | -4,260,000 | -3,400,000 | -6,255,000 | |||||||||||||||||
Net cash (used in) provided by financing activities | -255,559,000 | -681,213,000 | 281,939,000 | |||||||||||||||||
Change in cash and cash equivalents | 722,022,000 | -336,245,000 | 297,022,000 | |||||||||||||||||
Cash and cash equivalents, beginning of period | 923,647,000 | 1,259,892,000 | 923,647,000 | 1,259,892,000 | 962,870,000 | |||||||||||||||
Cash and cash equivalents, end of period | 1,645,669,000 | 923,647,000 | 1,645,669,000 | 923,647,000 | 1,259,892,000 | |||||||||||||||
Supplementary information: | ||||||||||||||||||||
Cash paid for interest | 136,499,000 | 116,809,000 | 100,984,000 | |||||||||||||||||
Cash paid for income taxes, net of refunds | 70,342,000 | 110,773,000 | 97,000,000 | |||||||||||||||||
Parent Company [Member] | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Fixed maturity securities available-for-sale | 486,813,000 | 502,455,000 | 486,813,000 | 502,455,000 | ||||||||||||||||
Short-term investments | 87,726,000 | 261,853,000 | 87,726,000 | 261,853,000 | ||||||||||||||||
Cash and cash equivalents | 48,819,000 | 24,137,000 | 48,819,000 | 24,137,000 | 52,680,000 | |||||||||||||||
Investments In Subsidiary | 8,649,084,000 | 7,534,714,000 | 8,649,084,000 | 7,534,714,000 | ||||||||||||||||
Loans and Leases Receivable, Related Parties | 1,060,000,000 | 1,101,751,000 | 1,060,000,000 | 1,101,751,000 | ||||||||||||||||
Other assets | 360,059,000 | 204,887,000 | 360,059,000 | 204,887,000 | ||||||||||||||||
Total assets | 10,692,501,000 | 9,629,797,000 | 10,692,501,000 | 9,629,797,000 | ||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term and long-term debt - unaffiliated | 2,294,993,000 | [1] | 2,294,278,000 | [1] | 2,294,993,000 | [1] | 2,294,278,000 | [1] | ||||||||||||
Long-term debt - affiliated | 500,000,000 | [2] | 500,000,000 | [2] | 500,000,000 | [2] | 500,000,000 | [2] | ||||||||||||
Other liabilities | 874,056,000 | 899,992,000 | 874,056,000 | 899,992,000 | ||||||||||||||||
Total stockholders equity | 7,023,452,000 | 5,935,527,000 | 7,023,452,000 | 5,935,527,000 | ||||||||||||||||
Total liabilities and stockholders’ equity | 10,692,501,000 | 9,629,797,000 | 10,692,501,000 | 9,629,797,000 | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||
Interest and Dividend Income, Operating | 521,623,000 | [3] | 275,215,000 | [3] | 86,396,000 | [3] | ||||||||||||||
Total investment related gains (losses), net | 4,936,000 | 1,714,000 | 4,515,000 | |||||||||||||||||
Operating Expenses | -10,751,000 | -21,164,000 | -26,431,000 | |||||||||||||||||
Interest and Debt Expense | -131,852,000 | -162,212,000 | -143,260,000 | |||||||||||||||||
Income (loss) before income tax and undistributed earnings of subsidiaries | 383,956,000 | 93,553,000 | -78,780,000 | |||||||||||||||||
Income Tax Expense (Benefit) | -22,008,000 | 33,850,000 | -9,566,000 | |||||||||||||||||
Net income (loss) before undistributed earnings of subsidiaries | 405,964,000 | 59,703,000 | -69,214,000 | |||||||||||||||||
Equity In Undistributed Earnings Of Subsidiaries | 278,083,000 | 359,134,000 | 701,107,000 | |||||||||||||||||
Net income | 684,047,000 | 418,837,000 | 631,893,000 | |||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 36,876,000 | 21,033,000 | 9,984,000 | |||||||||||||||||
Total comprehensive income (loss) | 720,923,000 | 439,870,000 | 641,877,000 | |||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Proceeds from Dividends Received | 315,000,000 | 175,000,000 | ||||||||||||||||||
Long-term Debt | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Equity Net Earnings Subsidiaries | -278,083,000 | -359,134,000 | -701,107,000 | |||||||||||||||||
Other, net | -171,299,000 | 162,586,000 | 134,232,000 | |||||||||||||||||
Net cash provided by operating activities | 234,665,000 | 222,289,000 | 65,018,000 | |||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Sales of fixed maturity securities available-for-sale | 132,732,000 | 176,062,000 | 122,212,000 | |||||||||||||||||
Purchases of fixed maturity securities available-for-sale | -105,535,000 | -103,566,000 | -213,548,000 | |||||||||||||||||
Purchases Of Subsidiary Debt Securities | 41,751,000 | -76,751,000 | -250,000,000 | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -2,805,000 | 0 | |||||||||||||||||
Payments for (Proceeds from) Short-term Investments | 96,967,000 | -96,967,000 | 0 | |||||||||||||||||
Payments for (Proceeds from) Other Investing Activities | 126,397,000 | -79,023,000 | 5,718,000 | |||||||||||||||||
Capital Contributions To Subsidiaries | -222,760,000 | -144,459,000 | -70,431,000 | |||||||||||||||||
Net cash used in investing activities | 69,552,000 | -327,509,000 | -406,049,000 | |||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Dividends to stockholders | -87,256,000 | -77,642,000 | -61,945,000 | |||||||||||||||||
Purchases of treasury stock | -201,525,000 | -269,204,000 | -6,924,000 | |||||||||||||||||
Excess tax benefits from share-based payment arrangement cash flow | 0 | 0 | 416,000 | |||||||||||||||||
Exercise of stock options, net | 9,246,000 | 28,390,000 | -3,087,000 | |||||||||||||||||
Proceeds from affiliated long-term debt issuance | 0 | -398,533,000 | -400,000,000 | |||||||||||||||||
Payments Of Debt Issuance Costs | 0 | -3,400,000 | -6,255,000 | |||||||||||||||||
Net cash (used in) provided by financing activities | -279,535,000 | 76,677,000 | 322,205,000 | |||||||||||||||||
Change in cash and cash equivalents | 24,682,000 | -28,543,000 | -18,826,000 | |||||||||||||||||
Cash and cash equivalents, beginning of period | 24,137,000 | 52,680,000 | 24,137,000 | 52,680,000 | 71,506,000 | |||||||||||||||
Cash and cash equivalents, end of period | 48,819,000 | 24,137,000 | 48,819,000 | 24,137,000 | 52,680,000 | |||||||||||||||
Supplementary information: | ||||||||||||||||||||
Cash paid for interest | 161,499,000 | 141,615,000 | 130,047,000 | |||||||||||||||||
Cash paid for income taxes, net of refunds | 87,000 | 82,000,000 | 30,500,000 | |||||||||||||||||
Junior Subordinated Debentures Due 2065 [Member] | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Debt Instrument, Face Amount | 400,000,000 | 400,000,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% | ||||||||||||||||||
Junior Subordinated Debentures Due 2065 [Member] | Parent Company [Member] | ||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term and long-term debt - unaffiliated | 398,660,000 | 398,657,000 | 398,660,000 | 398,657,000 | ||||||||||||||||
Subordinated Debentures Due 2042 [Member] | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Debt Instrument, Face Amount | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.20% | 6.20% | 6.20% | |||||||||||||||||
Subordinated Debentures Due 2042 [Member] | Parent Company [Member] | ||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term and long-term debt - unaffiliated | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||||||||
Senior Notes Due 2023 [Member] | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Debt Instrument, Face Amount | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% | 4.70% | |||||||||||||||||
Senior Notes Due 2023 [Member] | Parent Company [Member] | ||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term and long-term debt - unaffiliated | 398,684,000 | 398,533,000 | 398,684,000 | 398,533,000 | ||||||||||||||||
Senior Notes Due 2021 [Member] | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Debt Instrument, Face Amount | 400,000,000 | 400,000,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||||||||||||||
Senior Notes Due 2021 [Member] | Parent Company [Member] | ||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term and long-term debt - unaffiliated | 398,583,000 | 398,362,000 | 398,583,000 | 398,362,000 | ||||||||||||||||
Senior Notes Due 2019 [Member] | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Debt Instrument, Face Amount | 400,000,000 | 400,000,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | 6.45% | ||||||||||||||||||
Senior Notes Due 2019 [Member] | Parent Company [Member] | ||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term and long-term debt - unaffiliated | 399,669,000 | 399,602,000 | 399,669,000 | 399,602,000 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Repayments of Long-term Debt | 400,000,000 | |||||||||||||||||||
Senior Notes Due 2017 [Member] | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Debt Instrument, Face Amount | 300,000,000 | 300,000,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.63% | 5.63% | ||||||||||||||||||
Senior Notes Due 2017 [Member] | Parent Company [Member] | ||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term and long-term debt - unaffiliated | 299,397,000 | 299,124,000 | 299,397,000 | 299,124,000 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Repayments of Long-term Debt | $300,000,000 | |||||||||||||||||||
[1] | Long-term debt - unaffiliated consists of the following: 2014 2013$400 million 6.75% Junior Subordinated Debentures due 2065 $398,660 $398,657$400 million 6.20% Subordinated Debentures due 2042 400,000 400,000$400 million 4.70% Senior Notes due 2023 398,684 398,533$400 million 5.00% Senior Notes due 2021 398,583 398,362$400 million 6.45% Senior Notes due 2019 399,669 399,602$300 million 5.625% Senior Notes due 2017 299,397 299,124Total $2,294,993 $2,294,278Repayments of long-term debt—unaffiliated due over the next five years total $300,000, in 2017 and $400,000 in 2019. | |||||||||||||||||||
[2] | Long-term debt—affiliated in 2014 and 2013 and consists of $500,000 of subordinated debt issued to various operating subsidiaries. | |||||||||||||||||||
[3] | Interest/Dividend income includes $423,323 and $175,000 of cash dividends received from consolidated subsidiaries in 2014 and 2013, respectively. Cash dividends received from consolidated subsidiaries in 2012 were not material. |
Supplementary_Insurance_Inform2
Supplementary Insurance Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Premium Revenue | $8,669,854 | $8,254,027 | $7,906,596 |
Supplementary Insurance Information, Net Investment Income | 1,713,691 | 1,699,865 | 1,436,206 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | -7,857,672 | -7,780,846 | -7,045,914 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | -979,365 | -912,803 | -1,003,057 |
Supplementary Insurance Information, Other Operating Expense | -1,058,624 | -989,450 | -872,717 |
US Traditional Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Premium Revenue | 4,725,505 | 4,563,490 | 4,342,838 |
Supplementary Insurance Information, Net Investment Income | 552,805 | 543,824 | 536,438 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | -4,181,492 | -4,016,453 | -3,815,551 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | -467,067 | -471,726 | -461,164 |
Supplementary Insurance Information, Other Operating Expense | -283,064 | -250,175 | -230,926 |
US Non-Traditional Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Premium Revenue | 20,079 | 22,521 | 14,095 |
Supplementary Insurance Information, Net Investment Income | 644,285 | 721,282 | 498,499 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | -402,387 | -443,393 | -335,581 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | -203,605 | -185,396 | -193,492 |
Supplementary Insurance Information, Other Operating Expense | -105,207 | -88,380 | -78,731 |
Canada Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Premium Revenue | 974,581 | 962,311 | 915,764 |
Supplementary Insurance Information, Net Investment Income | 196,205 | 204,851 | 190,337 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | -804,586 | -758,565 | -706,744 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | -190,164 | -178,566 | -167,614 |
Supplementary Insurance Information, Other Operating Expense | -85,415 | -83,569 | -78,935 |
Europe And South Africa Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Premium Revenue | 1,373,969 | 1,220,743 | 1,215,166 |
Supplementary Insurance Information, Net Investment Income | 107,129 | 52,034 | 42,545 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | -1,217,441 | -1,072,961 | -1,055,064 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | -43,549 | -40,780 | -49,732 |
Supplementary Insurance Information, Other Operating Expense | -135,215 | -116,718 | -109,183 |
Asia Pacific Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Premium Revenue | 1,574,940 | 1,485,205 | 1,409,568 |
Supplementary Insurance Information, Net Investment Income | 102,461 | 94,330 | 85,569 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | -1,250,962 | -1,488,667 | -1,132,998 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | -74,980 | -36,335 | -131,055 |
Supplementary Insurance Information, Other Operating Expense | -328,481 | -312,289 | -241,258 |
Corporate And Other Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Premium Revenue | 780 | -243 | 9,165 |
Supplementary Insurance Information, Net Investment Income | 110,806 | 83,544 | 82,818 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | -804 | -807 | 24 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | 0 | 0 | 0 |
Supplementary Insurance Information, Other Operating Expense | -121,242 | -138,319 | -133,684 |
Reinsurance Assumed [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 3,391,291 | 3,573,054 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 27,068,134 | 24,814,333 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 3,824,069 | 3,571,761 | |
Reinsurance Assumed [Member] | US Traditional Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 1,717,512 | 1,628,215 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 8,440,882 | 7,567,342 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 1,459,444 | 1,285,467 | |
Reinsurance Assumed [Member] | US Non-Traditional Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 690,698 | 884,377 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 10,915,471 | 11,240,138 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 14,656 | 16,045 | |
Reinsurance Assumed [Member] | Canada Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 237,738 | 259,575 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 2,861,052 | 2,963,561 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 209,743 | 206,245 | |
Reinsurance Assumed [Member] | Europe And South Africa Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 279,672 | 301,999 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 2,972,346 | 1,050,066 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 784,421 | 763,118 | |
Reinsurance Assumed [Member] | Asia Pacific Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 465,671 | 498,888 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 1,578,776 | 1,693,381 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 1,344,250 | 1,288,016 | |
Reinsurance Assumed [Member] | Corporate And Other Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 0 | 0 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 299,607 | 299,845 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 11,555 | 12,870 | |
Reinsurance Ceded [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | -48,716 | -55,258 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | -602,265 | -583,620 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | -260,155 | -143,309 | |
Reinsurance Ceded [Member] | US Traditional Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | -28,685 | -30,523 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | -283,184 | -245,430 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | -194,167 | -73,994 | |
Reinsurance Ceded [Member] | US Non-Traditional Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 0 | 0 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 0 | 0 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 0 | 0 | |
Reinsurance Ceded [Member] | Canada Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | -443 | -483 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | -221,537 | -233,735 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | -14,095 | -8,952 | |
Reinsurance Ceded [Member] | Europe And South Africa Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | -7,656 | -9,492 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | -35,439 | -35,515 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | -28,134 | -33,337 | |
Reinsurance Ceded [Member] | Asia Pacific Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | -11,932 | -14,760 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | -62,105 | -68,940 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | -23,631 | -26,836 | |
Reinsurance Ceded [Member] | Corporate And Other Segment Reporting Information [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 0 | 0 | |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 0 | 0 | |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | ($128) | ($190) |
Supplemental_Schedule_of_Reins2
Supplemental Schedule of Reinsurance (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums, Life Insurance in Force | $78,000,000 | $77,000,000 | $76,000,000 |
Ceded Premiums, Life Insurance in Force | 230,544,000,000 | 36,830,000,000 | 38,048,000,000 |
Assumed Premiums, Life Insurance in Force | 2,943,517,000,000 | 2,889,804,000,000 | 2,927,573,000,000 |
Premiums, Net, Life Insurance in Force | 2,713,051,000,000 | 2,853,051,000,000 | 2,889,601,000,000 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 108.50% | 101.30% | 101.30% |
Direct Premiums Earned | 19,365,000 | 5,224,000 | 3,784,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 447,889,000 | 319,419,000 | 325,999,000 |
Assumed Premiums Earned | 9,098,378,000 | 8,568,222,000 | 8,228,811,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | 8,669,854,000 | 8,254,027,000 | 7,906,596,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 104.90% | 103.80% | 104.10% |
US Traditional Segment Reporting Information [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | 9,600,000 | 5,200,000 | 3,800,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 287,800,000 | 146,200,000 | 152,100,000 |
Assumed Premiums Earned | 5,003,700,000 | 4,704,400,000 | 4,491,200,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | 4,725,500,000 | 4,563,400,000 | 4,342,900,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 105.90% | 103.10% | 103.40% |
US Non-Traditional Segment Reporting Information [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | 0 | 0 | 0 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 39,400,000 | 44,700,000 | 50,500,000 |
Assumed Premiums Earned | 59,500,000 | 67,200,000 | 64,600,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | 20,100,000 | 22,500,000 | 14,100,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 296.00% | 298.70% | 458.20% |
Canada Segment Reporting Information [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | 0 | 0 | 0 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 49,600,000 | 54,200,000 | 52,900,000 |
Assumed Premiums Earned | 1,024,200,000 | 1,016,500,000 | 968,600,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | 974,600,000 | 962,300,000 | 915,700,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 105.10% | 105.60% | 105.80% |
Europe And South Africa Segment Reporting Information [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | 9,800,000 | 0 | 0 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 30,400,000 | 25,800,000 | 26,200,000 |
Assumed Premiums Earned | 1,394,600,000 | 1,246,600,000 | 1,241,400,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | 1,374,000,000 | 1,220,800,000 | 1,215,200,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 101.50% | 102.10% | 102.20% |
Asia Pacific Segment Reporting Information [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | 0 | 0 | 0 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 40,700,000 | 48,500,000 | 44,300,000 |
Assumed Premiums Earned | 1,615,600,000 | 1,533,700,000 | 1,453,800,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | 1,574,900,000 | 1,485,200,000 | 1,409,500,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 102.60% | 103.30% | 103.10% |
Corporate And Other Segment Reporting Information [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | 0 | 0 | 0 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 0 | 0 | 0 |
Assumed Premiums Earned | 800,000 | -200,000 | 9,200,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $800,000 | ($200,000) | $9,200,000 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 100.00% | 100.00% | 100.00% |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning Balance | $102.20 | $10.10 | $8.60 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 15.9 | 23.5 | 0 |
Valuation Allowances and Reserves, Charged to Other Accounts | -6.1 | 68.6 | 1.6 |
Valuation Allowances and Reserves, Deductions | 0 | 0 | 0.1 |
Valuation Allowances and Reserves, Balance, Ending Balance | 112 | 102.2 | 10.1 |
Allowance for Loan and Lease Losses, Real Estate [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning Balance | 10.1 | 11.6 | 11.8 |
Valuation Allowances and Reserves, Charged to Cost and Expense | -0.9 | 1.9 | 6.3 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | 2.7 | 3.4 | 6.5 |
Valuation Allowances and Reserves, Balance, Ending Balance | $6.50 | $10.10 | $11.60 |