Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entitiy Information [Abstract] | ||
Document Type | 10-Q | |
Document period end date | 31-Mar-15 | |
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 | 66,196,280 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fixed maturity securities: | ||
Available-for-sale at fair value (amortized cost of $22,933,716 and $23,105,597) | $25,801,223 | $25,480,972 |
Mortgage loans on real estate (net of allowances of $6,130 and $6,471) | 2,913,486 | 2,712,238 |
Policy loans | 1,284,085 | 1,284,284 |
Funds withheld at interest | 5,841,554 | 5,922,561 |
Short-term investments | 89,136 | 97,694 |
Other invested assets | 1,243,033 | 1,198,319 |
Total investments | 37,172,517 | 36,696,068 |
Cash and cash equivalents | 1,083,179 | 1,645,669 |
Accrued investment income | 283,665 | 261,096 |
Premiums receivable and other reinsurance balances | 1,509,810 | 1,527,729 |
Reinsurance ceded receivables | 665,797 | 578,206 |
Deferred policy acquisition costs | 3,286,348 | 3,342,575 |
Other assets | 689,952 | 628,268 |
Total assets | 44,691,268 | 44,679,611 |
Liabilities and Stockholders’ Equity | ||
Future policy benefits | 14,152,780 | 14,476,637 |
Interest-sensitive contract liabilities | 12,508,201 | 12,591,497 |
Other policy claims and benefits | 3,822,699 | 3,824,069 |
Other reinsurance balances | 320,950 | 306,915 |
Deferred income taxes | 2,529,733 | 2,365,817 |
Other liabilities | 1,118,645 | 994,230 |
Long-term debt | 2,313,884 | 2,314,293 |
Collateral finance and securitization notes | 774,351 | 782,701 |
Total liabilities | 37,541,243 | 37,656,159 |
Commitments and contingent liabilities (See Note 8) | ||
Stockholders’ Equity: | ||
Preferred stock - par value $.01 per share, 10,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock - par value $.01 per share, 140,000,000 shares authorized, 79,137,758 shares issued at March 31, 2015 and December 31, 2014 | 791 | 791 |
Additional paid-in-capital | 1,802,774 | 1,798,279 |
Retained earnings | 4,339,028 | 4,239,647 |
Treasury stock, at cost - 12,699,199 and 10,364,797 shares | -876,804 | -672,394 |
Accumulated other comprehensive income | 1,884,236 | 1,657,129 |
Total stockholders’ equity | 7,150,025 | 7,023,452 |
Total liabilities and stockholders’ equity | $44,691,268 | $44,679,611 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Available for Sale at Fair value - Amortized cost | $22,933,716 | $23,105,597 |
Preferred stock par value (per share) | $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 (per share) | $0.01 | $0.01 |
Common stock shares authorized | 140,000,000 | 140,000,000 |
Common stock shares issued | 79,137,758 | 79,137,758 |
Common stock shares outstanding | 66,438,559 | 68,772,961 |
Treasury stock, shares | 12,699,199 | 10,364,797 |
Allowances for Loan and Lease Losses, Real Estate | $6,130 | $6,471 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Net premiums | $2,023,852 | $2,100,637 |
Investment income, net of related expenses | 426,891 | 404,375 |
Investment related gains (losses), net: | ||
Other-than-temporary impairments on fixed maturity securities | -2,527 | -303 |
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income | 0 | 0 |
Other investment related gains (losses), net | 10,110 | 84,874 |
Total investment related gains (losses), net | 7,583 | 84,571 |
Other revenues | 62,287 | 67,590 |
Total revenues | 2,520,613 | 2,657,173 |
Benefits and Expenses: | ||
Claims and other policy benefits | 1,775,451 | 1,843,677 |
Interest credited | 120,678 | 110,594 |
Policy acquisition costs and other insurance expenses | 277,043 | 354,873 |
Other operating expenses | 121,618 | 110,936 |
Interest expense | 35,627 | 35,084 |
Collateral finance and securitization expense | 6,071 | 2,569 |
Total benefits and expenses | 2,336,488 | 2,457,733 |
Income before income taxes | 184,125 | 199,440 |
Provision for income taxes | 59,011 | 62,776 |
Net income | $125,114 | $136,664 |
Earnings per share: | ||
Basic earnings per share | $1.84 | $1.94 |
Diluted earnings per share | $1.81 | $1.92 |
Dividends declared per share | $0.33 | $0.30 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Comprehensive income | ||
Net income | $125,114 | $136,664 |
Other comprehensive income, net of tax: | ||
Change in foreign currency translation adjustments | -117,771 | -42,683 |
Change in net unrealized gains and losses on investments | 343,924 | 315,384 |
Change in other-than-temporary impairment losses on fixed maturity securities | 0 | 450 |
Changes in pension and other postretirement plan adjustments | 954 | 741 |
Total other comprehensive income, net of tax | 227,107 | 273,892 |
Total comprehensive income | $352,221 | $410,556 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net income | $125,114 | $136,664 |
Change in operating assets and liabilities: | ||
Accrued investment income | -28,443 | 34,480 |
Premiums receivable and other reinsurance balances | -19,816 | -15,627 |
Deferred policy acquisition costs | 2,380 | 64,559 |
Reinsurance ceded receivable balances | -64,299 | 4,254 |
Future policy benefits, other policy claims and benefits, and other reinsurance balances | 251,570 | 392,876 |
Deferred income taxes | 13,144 | 41,472 |
Other assets and other liabilities, net | 5,973 | -29,340 |
Amortization of net investment premiums, discounts and other | -21,666 | -25,357 |
Investment related gains, net | -7,583 | -84,571 |
Excess tax benefits from share-based payment arrangement | 0 | -668 |
Other, net | 59,837 | 22,486 |
Net cash provided by operating activities | 316,211 | 541,228 |
Cash Flows from Investing Activities: | ||
Sales of fixed maturity securities available-for-sale | 639,676 | 584,491 |
Maturities of fixed maturity securities available-for-sale | 94,994 | 111,854 |
Principal payments on mortgage loans on real estate | 69,322 | 105,622 |
Principal payments on policy loans | 200 | 485 |
Purchases of fixed maturity securities available-for-sale | -1,000,335 | -917,715 |
Cash invested in mortgage loans on real estate | -272,287 | -135,802 |
Cash invested in policy loans | -1 | -52,913 |
Cash invested in funds withheld at interest | -32,196 | -21,466 |
Payments to Acquire Property, Plant, and Equipment | -21,504 | 0 |
Change in short-term investments | 4,325 | 20,740 |
Change in other invested assets | 14,092 | 160,427 |
Net cash used in investing activities | -503,714 | -144,277 |
Cash Flows from Financing Activities: | ||
Dividends to stockholders | -22,669 | -21,244 |
Proceeds from (Repayments of) Secured Debt | -7,367 | 0 |
Net change in short-term debt | 0 | 50,000 |
Payments of Debt Issuance Costs | -1,184 | 0 |
Repayments of Long-term Debt | -586 | 0 |
Purchases of treasury stock | -214,665 | -86,837 |
Excess tax benefits from share-based payment arrangement | 0 | 668 |
Exercise of stock options, net | 5,759 | 6,364 |
Change in cash collateral for derivative positions and other arrangements | 31,109 | 29,680 |
Deposits on universal life and other investment type policies and contracts | 66,329 | 36,257 |
Withdrawals on universal life and other investment type policies and contracts | -196,623 | -215,660 |
Net cash (used in) provided by financing activities | -339,897 | -200,772 |
Effect of exchange rate changes on cash | -35,090 | 7,306 |
Change in cash and cash equivalents | -562,490 | 203,485 |
Cash and cash equivalents, beginning of period | 1,645,669 | 923,647 |
Cash and cash equivalents, end of period | 1,083,179 | 1,127,132 |
Supplemental disclosures of cash flow information: | ||
Net cash paid (received) for: | 29,849 | 25,434 |
Income Taxes Paid, Net | -58,864 | 8,611 |
Transfer to Investments | 118 | 0 |
Capital Expenditures Incurred but Not yet Paid | $4,514 | $0 |
Business_and_Basis_of_Presenta
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Business and Basis of Presentation |
Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. The accompanying unaudited condensed consolidated financial statements of RGA and its subsidiaries (collectively, the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation have been included. Results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. There were no subsequent events, other than as disclosed in Note 15 - "Subsequent Event", that would require disclosure or adjustments to the accompanying condensed consolidated financial statements through the date the financial statements were issued. These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries, and all intercompany accounts and transactions have been eliminated. These condensed consolidated statements should be read in conjunction with the Company’s 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 2, 2015 (the "2014 Annual Report"). | |
Effective January 1, 2015, the Company further refined its reporting of the Canada; Europe, Middle East and Africa; and Asia Pacific segments into traditional and non-traditional businesses to reflect the expanded product offerings within its geographic-based segments. The prior period presentation has been adjusted to conform to the new segment reporting structure. See Part II, Item 5 - Other Information of this report for comparable figures by quarter for 2014 and 2013. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | Earnings Per Share | ||||||||
The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information): | |||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
Earnings: | |||||||||
Net income (numerator for basic and diluted calculations) | $ | 125,114 | $ | 136,664 | |||||
Shares: | |||||||||
Weighted average outstanding shares (denominator for basic calculation) | 68,141 | 70,574 | |||||||
Equivalent shares from outstanding stock options | 801 | 690 | |||||||
Denominator for diluted calculation | 68,942 | 71,264 | |||||||
Earnings per share: | |||||||||
Basic | $ | 1.84 | $ | 1.94 | |||||
Diluted | $ | 1.81 | $ | 1.92 | |||||
The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. For the three months ended March 31, 2015, approximately 0.3 million stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. For the three months ended March 31, 2014, approximately 0.3 million stock options and approximately 0.9 million performance contingent shares were excluded from the calculation. Year-to-date amounts for equivalent shares from outstanding stock options and performance contingent shares are the weighted average of the individual quarterly amounts. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | ||||||||||||||||
The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2015 and 2014 are as follows (dollars in thousands): | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Income Tax | |||||||||||||||||
Accumulated | Unrealized | Pension and | Total | ||||||||||||||
Currency | Appreciation | Postretirement | |||||||||||||||
Translation | (Depreciation) | Benefits | |||||||||||||||
Adjustments | of Investments(1) | ||||||||||||||||
Balance, December 31, 2014 | $ | 81,847 | $ | 1,624,773 | $ | (49,491 | ) | $ | 1,657,129 | ||||||||
Other comprehensive income (loss) before reclassifications | (103,285 | ) | 494,294 | 617 | 391,626 | ||||||||||||
Deferred income tax benefit (expense) | (14,486 | ) | (142,978 | ) | (175 | ) | (157,639 | ) | |||||||||
Other comprehensive income (loss) before reclassifications, net of income tax | (117,771 | ) | 351,316 | 442 | 233,987 | ||||||||||||
Amounts reclassified to (from) AOCI | — | (8,252 | ) | 787 | (7,465 | ) | |||||||||||
Deferred income tax benefit (expense) | — | 860 | (275 | ) | 585 | ||||||||||||
Amounts reclassified to (from) AOCI, net of income tax | — | (7,392 | ) | 512 | (6,880 | ) | |||||||||||
Balance, March 31, 2015 | $ | (35,924 | ) | $ | 1,968,697 | $ | (48,537 | ) | $ | 1,884,236 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Income Tax | |||||||||||||||||
Accumulated | Unrealized | Pension and | Total | ||||||||||||||
Currency | Appreciation | Postretirement | |||||||||||||||
Translation | (Depreciation) | Benefits | |||||||||||||||
Adjustments | of Investments(1) | ||||||||||||||||
Balance, December 31, 2013 | $ | 207,083 | $ | 820,245 | $ | (21,721 | ) | $ | 1,005,607 | ||||||||
Other comprehensive income (loss) before reclassifications | (45,428 | ) | 469,975 | 225 | 424,772 | ||||||||||||
Deferred income tax benefit (expense) | 2,745 | (150,217 | ) | (64 | ) | (147,536 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications, net of income tax | (42,683 | ) | 319,758 | 161 | 277,236 | ||||||||||||
Amounts reclassified to (from) AOCI | — | (5,828 | ) | 892 | (4,936 | ) | |||||||||||
Deferred income tax benefit (expense) | — | 1,904 | (312 | ) | 1,592 | ||||||||||||
Amounts reclassified to (from) AOCI, net of income tax | — | (3,924 | ) | 580 | (3,344 | ) | |||||||||||
Balance, March 31, 2014 | $ | 164,400 | $ | 1,136,079 | $ | (20,980 | ) | $ | 1,279,499 | ||||||||
-1 | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. | ||||||||||||||||
The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2015 and 2014 (dollars in thousands): | |||||||||||||||||
Amount Reclassified from AOCI | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
Details about AOCI Components | 2015 | 2014 | Affected Line Item in | ||||||||||||||
Statement of Income | |||||||||||||||||
Unrealized gains and losses on available-for-sale securities | $ | 3,079 | $ | 1,189 | Investment related gains (losses), net | ||||||||||||
Gains and losses on cash flow hedge - interest rate swap | 840 | 218 | Investment income | ||||||||||||||
Deferred policy acquisition costs attributed to unrealized gains and losses(1) | 4,333 | 4,421 | |||||||||||||||
Total | 8,252 | 5,828 | |||||||||||||||
Provision for income taxes | (860 | ) | (1,904 | ) | |||||||||||||
Net unrealized gains (losses), net of tax | $ | 7,392 | $ | 3,924 | |||||||||||||
Amortization of unrealized pension and postretirement benefits: | |||||||||||||||||
Prior service cost(2) | $ | (83 | ) | $ | (2 | ) | |||||||||||
Actuarial gains/(losses)(2) | (704 | ) | (890 | ) | |||||||||||||
Total | (787 | ) | (892 | ) | |||||||||||||
Provision for income taxes | 275 | 312 | |||||||||||||||
Amortization of unrealized pension and postretirement benefits, net of tax | $ | (512 | ) | $ | (580 | ) | |||||||||||
Total reclassifications, net of tax | $ | 6,880 | $ | 3,344 | |||||||||||||
-1 | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2014 Annual Report for additional details. | ||||||||||||||||
-2 | These AOCI components are included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details |
Investments
Investments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||
Investments | Investments | ||||||||||||||||||||||||
Fixed Maturity and Equity Securities Available-for-Sale | |||||||||||||||||||||||||
The following tables provide information relating to investments in fixed maturity and equity securities by sector as of March 31, 2015 and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2015: | Amortized | Unrealized | Unrealized | Estimated Fair | % of | Other-than- | |||||||||||||||||||
temporary impairments | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Total | in AOCI | ||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 14,084,589 | $ | 1,159,377 | $ | 64,831 | $ | 15,179,135 | 58.8 | % | $ | — | |||||||||||||
Canadian and Canadian provincial governments | 2,477,703 | 1,416,036 | — | 3,893,739 | 15.1 | — | |||||||||||||||||||
Residential mortgage-backed securities | 1,072,415 | 60,491 | 5,232 | 1,127,674 | 4.4 | (300 | ) | ||||||||||||||||||
Asset-backed securities | 1,082,883 | 23,322 | 8,093 | 1,098,112 | 4.3 | 354 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,448,372 | 93,304 | 7,402 | 1,534,274 | 5.9 | (1,609 | ) | ||||||||||||||||||
U.S. government and agencies | 444,529 | 28,879 | — | 473,408 | 1.8 | — | |||||||||||||||||||
State and political subdivisions | 378,403 | 54,496 | 3,128 | 429,771 | 1.7 | — | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 1,944,822 | 129,615 | 9,327 | 2,065,110 | 8 | — | |||||||||||||||||||
Total fixed maturity securities | $ | 22,933,716 | $ | 2,965,520 | $ | 98,013 | $ | 25,801,223 | 100 | % | $ | (1,555 | ) | ||||||||||||
Non-redeemable preferred stock | $ | 90,643 | $ | 5,136 | $ | 1,405 | $ | 94,374 | 70.1 | % | |||||||||||||||
Other equity securities | 39,395 | 894 | 44 | 40,245 | 29.9 | ||||||||||||||||||||
Total equity securities | $ | 130,038 | $ | 6,030 | $ | 1,449 | $ | 134,619 | 100 | % | |||||||||||||||
December 31, 2014: | Amortized | Unrealized | Unrealized | Estimated Fair | % of | Other-than- | |||||||||||||||||||
temporary impairments | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Total | 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 | % | |||||||||||||||
The Company enters into various collateral arrangements that require both the pledging and acceptance of fixed maturity securities as collateral with derivative, repurchase agreement and reinsurance counterparties. Pledged fixed maturity securities are included in fixed maturity securities, available-for-sale in the condensed consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge collateral it receives; however, as of March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Fixed maturity securities pledged as collateral | $ | 148,411 | $ | 160,448 | $ | 127,229 | $ | 134,863 | |||||||||||||||||
Fixed maturity securities received as collateral | n/a | 128,643 | n/a | 117,227 | |||||||||||||||||||||
Securities held in trust | 9,719,868 | 10,628,413 | 10,197,489 | 10,922,947 | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 is as follows (dollars in thousands). | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Fixed maturity securities guaranteed or issued by: | |||||||||||||||||||||||||
Canadian province of Ontario | $ | 901,634 | $ | 1,351,722 | $ | 979,908 | $ | 1,359,339 | |||||||||||||||||
Canadian province of Quebec | 934,860 | 1,628,425 | 1,006,315 | 1,599,673 | |||||||||||||||||||||
The amortized cost and estimated fair value of fixed maturity securities available-for-sale at March 31, 2015 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 | $ | 594,886 | $ | 600,953 | |||||||||||||||||||||
Due after one year through five years | 4,504,020 | 4,771,660 | |||||||||||||||||||||||
Due after five years through ten years | 7,388,162 | 7,862,501 | |||||||||||||||||||||||
Due after ten years | 6,842,978 | 8,806,049 | |||||||||||||||||||||||
Asset and mortgage-backed securities | 3,603,670 | 3,760,060 | |||||||||||||||||||||||
Total | $ | 22,933,716 | $ | 25,801,223 | |||||||||||||||||||||
Corporate Fixed Maturity Securities | |||||||||||||||||||||||||
The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of March 31, 2015 and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2015: | Estimated | ||||||||||||||||||||||||
Amortized Cost | Fair Value | % of Total | |||||||||||||||||||||||
Finance | $ | 4,842,257 | $ | 5,186,461 | 34.2 | % | |||||||||||||||||||
Industrial | 7,699,936 | 8,270,678 | 54.4 | ||||||||||||||||||||||
Utility | 1,542,396 | 1,721,996 | 11.4 | ||||||||||||||||||||||
Total | $ | 14,084,589 | $ | 15,179,135 | 100 | % | |||||||||||||||||||
December 31, 2014: | Estimated | ||||||||||||||||||||||||
Amortized Cost | Fair Value | % of Total | |||||||||||||||||||||||
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 | % | |||||||||||||||||||
Other-Than-Temporary Impairments - Fixed Maturity and Equity Securities | |||||||||||||||||||||||||
As discussed in Note 2 – “Summary of Significant Accounting Policies” of the 2014 Annual Report, 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 condensed 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 amount of pre-tax credit loss impairments on fixed maturity securities held by the Company, for which a portion of the OTTI loss was recognized in AOCI, was $7.3 million and $11.7 million as of March 31, 2015 and 2014, respectively. There were no changes in these amounts from their respective prior-year ending balances. | |||||||||||||||||||||||||
Unrealized Losses for Fixed Maturity and Equity Securities Available-for-Sale | |||||||||||||||||||||||||
The following table presents the total gross unrealized losses for the 687 and 932 fixed maturity and equity securities as of March 31, 2015 and December 31, 2014, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Gross | % of Total | Gross | % of Total | ||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Less than 20% | $ | 72,598 | 73 | % | $ | 111,965 | 83 | % | |||||||||||||||||
20% or more for less than six months | 15,318 | 15.4 | 13,698 | 10.1 | |||||||||||||||||||||
20% or more for six months or greater | 11,546 | 11.6 | 9,256 | 6.9 | |||||||||||||||||||||
Total | $ | 99,462 | 100 | % | $ | 134,919 | 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 687 and 932 fixed maturity and equity securities that have estimated fair values below amortized cost as of March 31, 2015 and December 31, 2014, respectively (dollars in thousands). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost. | |||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
March 31, 2015: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Investment grade securities: | |||||||||||||||||||||||||
Corporate securities | $ | 805,091 | $ | 18,419 | $ | 227,150 | $ | 15,576 | $ | 1,032,241 | $ | 33,995 | |||||||||||||
Residential mortgage-backed securities | 100,937 | 1,507 | 62,201 | 3,228 | 163,138 | 4,735 | |||||||||||||||||||
Asset-backed securities | 285,839 | 2,774 | 99,896 | 3,381 | 385,735 | 6,155 | |||||||||||||||||||
Commercial mortgage-backed securities | 49,304 | 162 | 20,733 | 1,590 | 70,037 | 1,752 | |||||||||||||||||||
State and political subdivisions | — | — | 13,647 | 3,128 | 13,647 | 3,128 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 109,347 | 5,560 | 36,737 | 1,494 | 146,084 | 7,054 | |||||||||||||||||||
Total investment grade securities | 1,350,518 | 28,422 | 460,364 | 28,397 | 1,810,882 | 56,819 | |||||||||||||||||||
Below investment grade securities: | |||||||||||||||||||||||||
Corporate securities | 357,118 | 28,279 | 25,560 | 2,557 | 382,678 | 30,836 | |||||||||||||||||||
Residential mortgage-backed securities | 10,308 | 83 | 12,033 | 414 | 22,341 | 497 | |||||||||||||||||||
Asset-backed securities | 14,478 | 231 | 6,715 | 1,707 | 21,193 | 1,938 | |||||||||||||||||||
Commercial mortgage-backed securities | 6,739 | 240 | 5,522 | 5,410 | 12,261 | 5,650 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 15,375 | 2,145 | 2,910 | 128 | 18,285 | 2,273 | |||||||||||||||||||
Total below investment grade securities | 404,018 | 30,978 | 52,740 | 10,216 | 456,758 | 41,194 | |||||||||||||||||||
Total fixed maturity securities | $ | 1,754,536 | $ | 59,400 | $ | 513,104 | $ | 38,613 | $ | 2,267,640 | $ | 98,013 | |||||||||||||
Non-redeemable preferred stock | $ | 20,885 | $ | 501 | $ | 6,649 | $ | 904 | $ | 27,534 | $ | 1,405 | |||||||||||||
Other equity securities | 8,597 | 44 | — | — | 8,597 | 44 | |||||||||||||||||||
Total equity securities | $ | 29,482 | $ | 545 | $ | 6,649 | $ | 904 | $ | 36,131 | $ | 1,449 | |||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
December 31, 2014: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | 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 | |||||||||||||||||||
Below 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 below 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 | |||||||||||||
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 on below investment grade securities as of March 31, 2015 are primarily related to high-yield corporate securities and commercial mortgage-backed securities. Unrealized losses decreased across all security types as interest rates decreased during the first three months of 2015. | |||||||||||||||||||||||||
Investment Income, Net of Related Expenses | |||||||||||||||||||||||||
Major categories of investment income, net of related expenses, consist of the following (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Fixed maturity securities available-for-sale | $ | 269,768 | $ | 243,962 | |||||||||||||||||||||
Mortgage loans on real estate | 34,772 | 33,092 | |||||||||||||||||||||||
Policy loans | 14,040 | 13,438 | |||||||||||||||||||||||
Funds withheld at interest | 112,260 | 112,739 | |||||||||||||||||||||||
Short-term investments | 695 | 965 | |||||||||||||||||||||||
Other invested assets | 12,027 | 14,501 | |||||||||||||||||||||||
Investment income | 443,562 | 418,697 | |||||||||||||||||||||||
Investment expense | (16,671 | ) | (14,322 | ) | |||||||||||||||||||||
Investment income, net of related expenses | $ | 426,891 | $ | 404,375 | |||||||||||||||||||||
Investment Related Gains (Losses), Net | |||||||||||||||||||||||||
Investment related gains (losses), net consist of the following (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Fixed maturity and equity securities available for sale: | |||||||||||||||||||||||||
Other-than-temporary impairment losses on fixed maturity securities recognized in earnings | $ | (2,527 | ) | $ | (303 | ) | |||||||||||||||||||
Gain on investment activity | 19,201 | 8,067 | |||||||||||||||||||||||
Loss on investment activity | (13,596 | ) | (6,583 | ) | |||||||||||||||||||||
Other impairment losses and change in mortgage loan provision | (4,168 | ) | 1,664 | ||||||||||||||||||||||
Derivatives and other, net | 8,673 | 81,726 | |||||||||||||||||||||||
Total investment related gains (losses), net | $ | 7,583 | $ | 84,571 | |||||||||||||||||||||
The decrease in investment related gains for derivatives and other is primarily due to changes in the fair value of embedded derivatives associated with modified coinsurance and funds withheld treaties. The gains recognized in the first quarter of 2014 reflect tightening credit spreads during the quarter. | |||||||||||||||||||||||||
During the three months ended March 31, 2015 and 2014, the Company sold fixed maturity and equity securities with fair values of $199.6 million and $235.1 million at losses of $13.6 million and $6.6 million, respectively. The Company generally does not engage in short-term buying and selling of securities. | |||||||||||||||||||||||||
Securities Borrowing and Other | |||||||||||||||||||||||||
The Company participates in a securities borrowing program whereby securities, which are not reflected on the Company’s condensed consolidated balance sheets, are borrowed from a third party. The 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 condensed 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 condensed 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 $101.7 million and $101.4 million as of March 31, 2015 and December 31, 2014, respectively. This was fully collateralized by securities with a fair value of $108.3 million and $107.2 million, which were not offset by the payable, resulting in a net exposure of $6.6 million and $5.8 million as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||
Additionally, the Company participates in a repurchase/reverse repurchase program in which securities, reflected as investments on the Company’s condensed consolidated balance sheets, are pledged to a third party. In return, the Company receives securities from the third party with an estimated fair value equal to a minimum of 100% of the securities pledged. The securities received are not reflected on the Company’s condensed consolidated balance sheets. | |||||||||||||||||||||||||
The following table includes the amount of borrowed securities, repurchased securities pledged and repurchased/reverse repurchased securities pledged and received as of March 31, 2015 and December 31, 2014 (dollars in thousands). | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Borrowed securities | $ | 193,840 | $ | 207,476 | $ | 201,050 | $ | 212,946 | |||||||||||||||||
Repurchase program securities pledged | 91,875 | 108,268 | 92,446 | 107,158 | |||||||||||||||||||||
Repurchase program/reverse repurchase program: | |||||||||||||||||||||||||
Securities pledged | 298,625 | 317,368 | 298,466 | 314,160 | |||||||||||||||||||||
Securities received | n/a | 346,560 | n/a | 338,929 | |||||||||||||||||||||
Mortgage Loans on Real Estate | |||||||||||||||||||||||||
Mortgage loans represented approximately 7.8% and 7.4% of the Company’s total investments as of March 31, 2015 and December 31, 2014. 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 20.3% and 18.7% of mortgage loans on real estate as of March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Property type: | Recorded | % of Total | Recorded | % of Total | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Office building | $ | 937,939 | 32.2 | % | $ | 851,749 | 31.3 | % | |||||||||||||||||
Retail | 890,080 | 30.5 | 802,466 | 29.6 | |||||||||||||||||||||
Industrial | 474,310 | 16.2 | 466,583 | 17.2 | |||||||||||||||||||||
Apartment | 404,174 | 13.8 | 376,430 | 13.8 | |||||||||||||||||||||
Other commercial | 213,113 | 7.3 | 221,481 | 8.1 | |||||||||||||||||||||
Total | $ | 2,919,616 | 100 | % | $ | 2,718,709 | 100 | % | |||||||||||||||||
The maturities of the mortgage loans, gross of valuation allowances, as of March 31, 2015 and December 31, 2014 are as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Recorded | % of Total | Recorded | % of Total | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Due within five years | $ | 923,234 | 31.6 | % | $ | 860,362 | 31.6 | % | |||||||||||||||||
Due after five years through ten years | 1,263,984 | 43.3 | 1,165,530 | 42.9 | |||||||||||||||||||||
Due after ten years | 732,398 | 25.1 | 692,817 | 25.5 | |||||||||||||||||||||
Total | $ | 2,919,616 | 100 | % | $ | 2,718,709 | 100 | % | |||||||||||||||||
Information regarding the Company’s credit quality indicators, as determined by the Company's internal evaluation methodology for its recorded investment in mortgage loans, gross of valuation allowances, as of March 31, 2015 and December 31, 2014 is as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Internal credit quality grade: | Recorded | % of Total | Recorded | % of Total | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
High investment grade | $ | 1,404,166 | 48 | % | $ | 1,326,199 | 48.8 | % | |||||||||||||||||
Investment grade | 1,377,802 | 47.2 | 1,235,046 | 45.4 | |||||||||||||||||||||
Average | 98,531 | 3.4 | 118,152 | 4.4 | |||||||||||||||||||||
Watch list | 22,161 | 0.8 | 22,285 | 0.8 | |||||||||||||||||||||
In or near default | 16,956 | 0.6 | 17,027 | 0.6 | |||||||||||||||||||||
Total | $ | 2,919,616 | 100 | % | $ | 2,718,709 | 100 | % | |||||||||||||||||
None of the payments due to the Company on its recorded investment in mortgage loans were delinquent as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||
The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of March 31, 2015 and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||
Individually measured for impairment | $ | 16,956 | $ | 17,027 | |||||||||||||||||||||
Collectively measured for impairment | 2,902,660 | 2,701,682 | |||||||||||||||||||||||
Mortgage loans, gross of valuation allowances | 2,919,616 | 2,718,709 | |||||||||||||||||||||||
Valuation allowances: | |||||||||||||||||||||||||
Individually measured for impairment | 713 | 816 | |||||||||||||||||||||||
Collectively measured for impairment | 5,417 | 5,655 | |||||||||||||||||||||||
Total valuation allowances | 6,130 | 6,471 | |||||||||||||||||||||||
$ | 2,913,486 | $ | 2,712,238 | ||||||||||||||||||||||
Mortgage loans, net of valuation allowances | |||||||||||||||||||||||||
Information regarding the Company’s loan valuation allowances for mortgage loans for the three months ended March 31, 2015 and 2014 is as follows (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 6,471 | $ | 10,106 | |||||||||||||||||||||
Charge-offs, net of recoveries | — | 24 | |||||||||||||||||||||||
Provision (release) | (341 | ) | (1,664 | ) | |||||||||||||||||||||
Balance, end of period | $ | 6,130 | $ | 8,466 | |||||||||||||||||||||
Information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2015 and December 31, 2014 is as follows (dollars in thousands): | |||||||||||||||||||||||||
Unpaid | Recorded | Related | Carrying | ||||||||||||||||||||||
Principal | Investment | Allowance | Value | ||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 7,296 | $ | 6,693 | $ | — | $ | 6,693 | |||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | 10,227 | 10,263 | 713 | 9,550 | |||||||||||||||||||||
Total impaired mortgage loans | $ | 17,523 | $ | 16,956 | $ | 713 | $ | 16,243 | |||||||||||||||||
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 | |||||||||||||||||
The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment(1) | Investment(1) | ||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 10,290 | $ | 106 | $ | 14,539 | $ | 318 | |||||||||||||||||
6,702 | 155 | 20,554 | 193 | ||||||||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | |||||||||||||||||||||||||
Total impaired mortgage loans | $ | 16,992 | $ | 261 | $ | 35,093 | $ | 511 | |||||||||||||||||
(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances. | |||||||||||||||||||||||||
The Company did not acquire any impaired mortgage loans during the three months ended March 31, 2015 and 2014. The Company had no mortgage loans that were on a nonaccrual status at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||
Policy Loans | |||||||||||||||||||||||||
Policy loans comprised approximately 3.5% of the Company’s total investments as of both March 31, 2015 and December 31, 2014, 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 15.7% and 16.1% of the Company’s total investments as of March 31, 2015 and December 31, 2014, respectively. Of the $5.8 billion funds withheld at interest balance, net of embedded derivatives, as of March 31, 2015, $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 condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances with amounts owed to the Company from the ceding company. | |||||||||||||||||||||||||
Other Invested Assets | |||||||||||||||||||||||||
Other invested assets include equity securities, limited partnership interests, joint ventures (other than operating joint ventures), structured loans, derivative contracts, fair value option ("FVO") contractholder-directed unit-linked investments, Federal Home Loan Bank of Des Moines ("FHLB") common stock (included in other in the table below), real estate held-for-investment (included in other in the table below), and equity release mortgages (included in other in the table below). 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% of the Company’s total investments as of both March 31, 2015 and December 31, 2014. Carrying values of these assets as of March 31, 2015 and December 31, 2014 are as follows (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Equity securities | $ | 134,619 | $ | 126,860 | |||||||||||||||||||||
Limited partnerships and real estate joint ventures | 450,842 | 446,604 | |||||||||||||||||||||||
Structured loans | 148,377 | 164,309 | |||||||||||||||||||||||
Derivatives | 265,020 | 216,966 | |||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 136,597 | 140,344 | |||||||||||||||||||||||
Other | 107,578 | 103,236 | |||||||||||||||||||||||
Total other invested assets | $ | 1,243,033 | $ | 1,198,319 | |||||||||||||||||||||
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 condensed consolidated balance sheets in other invested assets or other liabilities, at fair value. Longevity and mortality swaps are included on the condensed consolidated balance sheets in other assets or other liabilities, at fair value. Embedded derivative assets on modified coinsurance or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2015 and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
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 | $ | 1,000,440 | $ | 111,886 | $ | 3,532 | $ | 1,144,661 | $ | 93,783 | $ | 3,934 | |||||||||||||
Interest rate options | — | — | — | 240,000 | 18,195 | — | |||||||||||||||||||
Financial futures | 249,212 | — | — | 275,983 | — | — | |||||||||||||||||||
Foreign currency forwards | 80,000 | 71 | 10,585 | 67,967 | 87 | 15,098 | |||||||||||||||||||
Consumer price index swaps | 39,024 | — | 386 | 41,938 | — | 561 | |||||||||||||||||||
Credit default swaps | 870,700 | 13,563 | 4,166 | 805,700 | 11,689 | 3,502 | |||||||||||||||||||
Equity options | 506,226 | 38,747 | — | 555,361 | 35,242 | — | |||||||||||||||||||
Longevity swaps | 482,895 | 8,602 | — | 450,000 | 7,727 | — | |||||||||||||||||||
Mortality swaps | 50,000 | — | 1,276 | 50,000 | — | 797 | |||||||||||||||||||
Synthetic guaranteed investment contracts | 6,577,133 | — | — | 6,500,942 | — | — | |||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | — | 19,769 | — | — | 22,094 | — | |||||||||||||||||||
Indexed annuity products | — | — | 947,857 | — | — | 925,887 | |||||||||||||||||||
Variable annuity products | — | — | 184,413 | — | — | 159,279 | |||||||||||||||||||
Total non-hedging derivatives | 9,855,630 | 192,638 | 1,152,215 | 10,132,552 | 188,817 | 1,109,058 | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swaps | 120,000 | — | 25,848 | 120,000 | — | 18,228 | |||||||||||||||||||
Foreign currency swaps | 672,053 | 116,588 | 32 | 676,972 | 70,906 | — | |||||||||||||||||||
Forward bond purchase commitments | 178,152 | 1,917 | 7,666 | 196,452 | 1,175 | 14,545 | |||||||||||||||||||
Total hedging derivatives | 970,205 | 118,505 | 33,546 | 993,424 | 72,081 | 32,773 | |||||||||||||||||||
Total derivatives | $ | 10,825,835 | $ | 311,143 | $ | 1,185,761 | $ | 11,125,976 | $ | 260,898 | $ | 1,141,831 | |||||||||||||
Netting Arrangements | |||||||||||||||||||||||||
Certain of the Company’s derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements. | |||||||||||||||||||||||||
The Company has elected to include all derivatives, except embedded derivatives, in the tables below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 4 – "Investments" for information regarding the Company’s securities borrowing, 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 March 31, 2015 and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the Balance Sheet | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Recognized | Offset in the | Presented in the | Instruments | Pledged/ | |||||||||||||||||||||
Balance Sheet | Balance Sheet | Received | |||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||
Derivative assets | $ | 291,374 | $ | (17,752 | ) | $ | 273,622 | $ | (24,514 | ) | $ | (219,016 | ) | $ | 30,092 | ||||||||||
Derivative liabilities | 53,491 | (17,752 | ) | 35,739 | (55,397 | ) | (5,120 | ) | (24,778 | ) | |||||||||||||||
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 | ) | ||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||
The Company does not enter into derivative instruments for speculative purposes. As discussed below under “Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging,” the Company uses various derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. As of March 31, 2015 and December 31, 2014, 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, had derivative instruments that were not designated as hedging instruments and had forward bond purchase commitments that qualified as cash flow hedges. See Note 2 – “Summary of Significant Accounting Policies” of the Company’s 2014 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. Derivative instruments are carried at fair value and generally require an insignificant amount of cash at inception of the contracts. | |||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
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 condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2015 and 2014 (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), balance beginning of period | $ | (31,591 | ) | $ | (4,578 | ) | |||||||||||||||||||
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | 213 | 776 | |||||||||||||||||||||||
Amounts reclassified to investment related gains (losses), net | 840 | — | |||||||||||||||||||||||
Amounts reclassified to investment income | (60 | ) | (218 | ) | |||||||||||||||||||||
Accumulated other comprehensive income (loss), balance end of period | $ | (30,598 | ) | $ | (4,020 | ) | |||||||||||||||||||
As of March 31, 2015, 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 approximately $0.1 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 condensed consolidated statements of income and AOCI for the three months ended March 31, 2015 and 2014 (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 three months ended March 31, 2015: | |||||||||||||||||||||||||
Interest rate swaps | $ | (7,567 | ) | $ | 60 | Investment Income | $ | 7 | Investment related gains (losses) | ||||||||||||||||
Forward bond purchase commitments | 7,780 | (840 | ) | Investment related gains (losses) | — | Investment related gains (losses) | |||||||||||||||||||
Total | $ | 213 | $ | (780 | ) | $ | 7 | ||||||||||||||||||
For the three months ended March 31, 2014: | |||||||||||||||||||||||||
Interest rate swaps | $ | 776 | $ | 218 | Investment Income | $ | (6 | ) | Investment related 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 three months ended March 31, 2015 and 2014 (dollars in thousands): | |||||||||||||||||||||||||
Derivative Gains (Losses) Deferred in AOCI | |||||||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||||||
Type of NIFO Hedge (1) (2) | 2015 | 2014 | |||||||||||||||||||||||
Foreign currency swaps | $ | 49,966 | $ | 23,080 | |||||||||||||||||||||
-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 $125.8 million and $75.8 million at March 31, 2015 and December 31, 2014, respectively. If a foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a foreign operation. | |||||||||||||||||||||||||
Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging | |||||||||||||||||||||||||
The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), in the condensed consolidated statements of income, except where otherwise noted. | |||||||||||||||||||||||||
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s income statement for the three months ended March 31, 2015 and 2014 is as follows (dollars in thousands): | |||||||||||||||||||||||||
Gain (Loss) for the three months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
Type of Non-hedging Derivative | Income Statement Location of Gain (Loss) | 2015 | 2014 | ||||||||||||||||||||||
Interest rate swaps | Investment related gains (losses), net | $ | 29,344 | $ | 29,653 | ||||||||||||||||||||
Interest rate options | Investment related gains (losses), net | 3,275 | 1,282 | ||||||||||||||||||||||
Financial futures | Investment related gains (losses), net | (7,331 | ) | (1,584 | ) | ||||||||||||||||||||
Foreign currency forwards | Investment related gains (losses), net | (220 | ) | 1,154 | |||||||||||||||||||||
CPI swaps | Investment related gains (losses), net | (71 | ) | 352 | |||||||||||||||||||||
Credit default swaps | Investment related gains (losses), net | 2,658 | (2,114 | ) | |||||||||||||||||||||
Equity options | Investment related gains (losses), net | (8,067 | ) | (8,966 | ) | ||||||||||||||||||||
Longevity swaps | Other revenues | 1,821 | — | ||||||||||||||||||||||
Mortality swaps | Other revenues | (479 | ) | — | |||||||||||||||||||||
Subtotal | 20,930 | 19,777 | |||||||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | Investment related gains (losses), net | (2,325 | ) | 77,241 | |||||||||||||||||||||
Indexed annuity products | Interest credited | (29,326 | ) | (23,840 | ) | ||||||||||||||||||||
Variable annuity products | Investment related gains (losses), net | (25,133 | ) | (23,661 | ) | ||||||||||||||||||||
Total non-hedging derivatives | $ | (35,854 | ) | $ | 49,517 | ||||||||||||||||||||
Types of Derivatives Used by the Company | |||||||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||||||
Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). With an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between two rates, which can be either fixed-rate or floating-rate interest amounts, tied to an agreed-upon notional principal amount. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments at each due date. | |||||||||||||||||||||||||
Interest Rate Options | |||||||||||||||||||||||||
Interest rate options, commonly referred to as swaptions, are used by the Company primarily to hedge living benefit guarantees embedded in certain variable annuity products. A swaption, used to hedge against adverse changes in interest rates, is an option to enter into a swap with a forward starting effective date. The Company pays an upfront premium for the right to exercise this option in the future. | |||||||||||||||||||||||||
Financial Futures | |||||||||||||||||||||||||
Exchange-traded futures are used primarily to economically hedge liabilities embedded in certain variable annuity products. With exchange-traded futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the relevant indices, and to post variation margin on a daily basis in an amount equal to the difference between the daily estimated fair values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. | |||||||||||||||||||||||||
Equity Options | |||||||||||||||||||||||||
Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products. To hedge against adverse changes in equity indices volatility, the Company buys put options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price. | |||||||||||||||||||||||||
Consumer Price Index Swaps | |||||||||||||||||||||||||
Consumer price index (“CPI”) swaps are used by the Company primarily to economically hedge liabilities embedded in certain insurance products where value is directly affected by changes in a designated benchmark consumer price index. With a CPI swap transaction, the Company agrees with another party to exchange the actual amount of inflation realized over a specified period of time for a fixed amount of inflation determined at inception. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments to be made by the counterparty at each due date. Most of these swaps will require a single payment to be made by one counterparty at the maturity date of the swap. | |||||||||||||||||||||||||
Foreign Currency Swaps | |||||||||||||||||||||||||
Foreign currency swaps are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon principal amount. The principal amount of each currency is exchanged at the termination of the currency swap by each party. The Company uses foreign currency swaps to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. | |||||||||||||||||||||||||
Foreign Currency Forwards | |||||||||||||||||||||||||
Foreign currency forwards are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a different currency at the specified future date. | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
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 | $ | 1,819 | $ | 182,500 | 4.4 | $ | 1,498 | $ | 167,500 | 4.6 | |||||||||||||||
Credit default swaps referencing indices | — | — | — | — | — | — | |||||||||||||||||||
Subtotal | 1,819 | 182,500 | 4.4 | 1,498 | 167,500 | 4.6 | |||||||||||||||||||
BBB+/BBB/BBB- | |||||||||||||||||||||||||
Single name credit default swaps | 232 | 267,200 | 4.7 | 168 | 217,200 | 4.9 | |||||||||||||||||||
Credit default swaps referencing indices | 7,518 | 416,000 | 5.2 | 6,651 | 416,000 | 5 | |||||||||||||||||||
Subtotal | 7,750 | 683,200 | 5 | 6,819 | 633,200 | 4.9 | |||||||||||||||||||
BB+ | |||||||||||||||||||||||||
Single name credit default swaps | (172 | ) | 5,000 | 4.2 | (130 | ) | 5,000 | 4.5 | |||||||||||||||||
Credit default swaps referencing indices | — | — | — | — | — | — | |||||||||||||||||||
Subtotal | (172 | ) | 5,000 | 4.2 | (130 | ) | 5,000 | 4.5 | |||||||||||||||||
Total | $ | 9,397 | $ | 870,700 | 4.9 | $ | 8,187 | $ | 805,700 | 4.9 | |||||||||||||||
-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. | ||||||||||||||||||||||||
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 (“modco”) or funds withheld basis. 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). | |||||||||||||||||||||||||
Changes in fair values of embedded derivatives on modco or funds withheld treaties are net of an increase (decrease) in investment related gains (losses) of $0.1 million and $(0.9) million for the three months ended March 31, 2015 and 2014, respectively, associated with a CVA. The Company also 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 in investment related gains (losses) of $0.5 million for both three month periods ended March 31, 2015 and 2014, associated with a CVA. The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three months ended March 31, 2015 and 2014 are reflected in the following table (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Embedded derivatives in modco or funds withheld arrangements included in investment related gains | $ | (2,325 | ) | $ | 77,241 | ||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (2,588 | ) | 18,079 | ||||||||||||||||||||||
Embedded derivatives in variable annuity contracts included in investment related gains | (25,133 | ) | (23,661 | ) | |||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (9,409 | ) | (13,669 | ) | |||||||||||||||||||||
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses | (29,326 | ) | (23,840 | ) | |||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (15,999 | ) | (18,375 | ) | |||||||||||||||||||||
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 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 March 31, 2015 and December 31, 2014 are reflected in the following table (dollars in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Estimated fair value of derivatives in net asset position | $ | 230,557 | $ | 175,209 | |||||||||||||||||||||
Cash provided as collateral(1) | 5,120 | — | |||||||||||||||||||||||
Securities pledged to counterparties as collateral(2) | 55,397 | 47,222 | |||||||||||||||||||||||
Cash pledged from counterparties as collateral(3) | (219,016 | ) | (178,141 | ) | |||||||||||||||||||||
Securities pledged from counterparties as collateral(4) | (24,514 | ) | (20,260 | ) | |||||||||||||||||||||
Initial margin for cleared derivatives(2) | (31,291 | ) | (16,333 | ) | |||||||||||||||||||||
Net credit exposure | $ | 16,253 | $ | 7,697 | |||||||||||||||||||||
Margin account related to exchange-traded futures(5) | $ | 6,267 | $ | 7,976 | |||||||||||||||||||||
-1 | Consists of receivable from counterparty, included in other assets. | ||||||||||||||||||||||||
-2 | Included in available-for-sale securities, primarily consists of U.S. Treasury securities. | ||||||||||||||||||||||||
-3 | Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. | ||||||||||||||||||||||||
-4 | Consists of U.S. Treasury securities. | ||||||||||||||||||||||||
-5 | Included in cash and cash equivalents. |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value Disclosures | Fair Value of Assets and Liabilities | ||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||
General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||||||
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined as having the following characteristics for the measured asset/liability: (i) many transactions, (ii) current prices, (iii) price quotes not varying substantially among market makers, (iv) narrow bid/ask spreads and (v) most information publicly available. The Company’s Level 1 assets include investment securities that are traded in exchange markets. | |||||||||||||||||||||||||
Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions with significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Such observable inputs include benchmarking prices for similar assets in active, liquid markets, quoted prices in markets that are not active and observable yields and spreads in the market. The Company’s Level 2 assets and liabilities include investment securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose values are determined using market standard valuation techniques. This category primarily includes corporate securities, Canadian and Canadian provincial government securities, and residential and commercial mortgage-backed securities, among others. Level 2 valuations are generally obtained from third party pricing services for identical or comparable assets or liabilities or through the use of valuation methodologies using observable market inputs. Prices from servicers are validated through analytical reviews and assessment of current market activity. | |||||||||||||||||||||||||
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities. Level 3 assets and liabilities include 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 March 31, 2015 and December 31, 2014 are summarized below (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2015: | Fair Value Measurements Using: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fixed maturity securities – available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 15,179,135 | $ | 141,501 | $ | 13,750,655 | $ | 1,286,979 | |||||||||||||||||
Canadian and Canadian provincial governments | 3,893,739 | — | 3,893,739 | — | |||||||||||||||||||||
Residential mortgage-backed securities | 1,127,674 | — | 935,095 | 192,579 | |||||||||||||||||||||
Asset-backed securities | 1,098,112 | — | 488,676 | 609,436 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,534,274 | — | 1,440,405 | 93,869 | |||||||||||||||||||||
U.S. government and agencies securities | 473,408 | 385,705 | 59,947 | 27,756 | |||||||||||||||||||||
State and political subdivision securities | 429,771 | — | 387,896 | 41,875 | |||||||||||||||||||||
Other foreign government supranational and foreign government-sponsored enterprises | 2,065,110 | 273,890 | 1,776,018 | 15,202 | |||||||||||||||||||||
Total fixed maturity securities – available-for-sale | 25,801,223 | 801,096 | 22,732,431 | 2,267,696 | |||||||||||||||||||||
Funds withheld at interest – embedded derivatives | 19,769 | — | — | 19,769 | |||||||||||||||||||||
Cash equivalents | 376,508 | 376,508 | — | — | |||||||||||||||||||||
Short-term investments | 59,931 | 36,465 | 23,466 | — | |||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||
Non-redeemable preferred stock | 94,374 | 86,382 | — | 7,992 | |||||||||||||||||||||
Other equity securities | 40,245 | 40,245 | — | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 100,290 | — | 100,290 | — | |||||||||||||||||||||
CPI swaps | (386 | ) | — | (386 | ) | — | |||||||||||||||||||
Credit default swaps | 9,781 | — | 9,781 | — | |||||||||||||||||||||
Equity options | 38,747 | — | 38,747 | — | |||||||||||||||||||||
Foreign currency swaps | 116,588 | — | 116,588 | — | |||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 136,597 | 131,932 | 4,665 | — | |||||||||||||||||||||
Other | 12,480 | 12,480 | — | — | |||||||||||||||||||||
Total other invested assets | 548,716 | 271,039 | 269,685 | 7,992 | |||||||||||||||||||||
Other assets – longevity swaps | 8,602 | — | — | 8,602 | |||||||||||||||||||||
Total | $ | 26,814,749 | $ | 1,485,108 | $ | 23,025,582 | $ | 2,304,059 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives | $ | 1,132,270 | $ | — | $ | — | $ | 1,132,270 | |||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 17,784 | — | 17,784 | — | |||||||||||||||||||||
Foreign currency forwards | 10,514 | — | 10,514 | — | |||||||||||||||||||||
Credit default swaps | 384 | — | 384 | — | |||||||||||||||||||||
Foreign currency swaps | 32 | — | 32 | — | |||||||||||||||||||||
Forward purchase commitments | 5,749 | — | 5,749 | — | |||||||||||||||||||||
Mortality swaps | 1,276 | — | — | 1,276 | |||||||||||||||||||||
Total | $ | 1,168,009 | $ | — | $ | 34,463 | $ | 1,133,546 | |||||||||||||||||
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 | |||||||||||||||||
The Company may utilize information from third parties, such as pricing services and brokers, to assist in determining the fair value for certain assets and liabilities; however, management is ultimately responsible for all fair values presented in the Company’s condensed consolidated financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of 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 both March 31, 2015 and December 31, 2014, the Company classified approximately 8.8% 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 March 31, 2015 and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2015: | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 5,038 | Market comparable securities | Liquidity premium | 1 | % | |||||||||||||||||||
Corporate securities | 221,072 | Market comparable securities | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
U.S. government and agencies | 27,985 | Market comparable securities | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
Funds withheld at interest- embedded derivatives | 19,769 | 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 | 8,602 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Mortality improvement | (10%)-10% (3%) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 947,857 | 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 | 184,413 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-25% (9%) | ||||||||||||||||||||||||
Withdrawal | 0-7% (3%) | ||||||||||||||||||||||||
CVA | 0-5% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (10%) | ||||||||||||||||||||||||
Mortality swaps | 1,276 | Discounted cash flow | Mortality | 0-100% (1%) | |||||||||||||||||||||
December 31, 2014: | Fair Value | Valuation Technique(s) | Unobservable Input | Range (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%) | |||||||||||||||||||||
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, 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. In addition, certain transfers out of Level 3 were also due to ratings upgrades on mortgage-backed securities that had previously had below investment-grade ratings. | |||||||||||||||||||||||||
Transfers from Level 1 to Level 2 are due to the lack of observable market data when pricing these securities, while transfers from Level 2 to Level 1 are due to an increase in the availability of market observable data in an active market. The following tables present the transfers between Level 1 and Level 2 during the three months ended March 31, 2015 and 2014 (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
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 | $ | 625 | $ | 5,100 | $ | — | $ | — | |||||||||||||||||
The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three months ended March 31, 2015, as well as the portion of gains or losses included in income for the three months ended March 31, 2015 attributable to unrealized gains or losses related to those assets and liabilities still held at March 31, 2015 (dollars in thousands): | |||||||||||||||||||||||||
For the three months ended March 31, 2015: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. government | State | ||||||||||||||||||||
securities | mortgage- | securities | mortgage- | and agencies | and political | ||||||||||||||||||||
backed | backed | securities | subdivision | ||||||||||||||||||||||
securities | securities | securities | |||||||||||||||||||||||
Fair value, beginning of period | $ | 1,310,427 | $ | 188,094 | $ | 572,960 | $ | 86,746 | $ | 28,529 | $ | 42,711 | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (803 | ) | (140 | ) | 1,419 | 594 | (19 | ) | 7 | ||||||||||||||||
Investment related gains (losses), net | (405 | ) | (82 | ) | 73 | 87 | (107 | ) | (4 | ) | |||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | 6,069 | 523 | 3,632 | (310 | ) | 176 | 25 | ||||||||||||||||||
Purchases(1) | 36,900 | 11,439 | 40,991 | — | 121 | — | |||||||||||||||||||
Sales(1) | — | (714 | ) | (7,356 | ) | (956 | ) | — | — | ||||||||||||||||
Settlements(1) | (59,600 | ) | (5,719 | ) | (4,122 | ) | (5,120 | ) | (944 | ) | (29 | ) | |||||||||||||
Transfers into Level 3 | — | 600 | 9,055 | 12,828 | — | — | |||||||||||||||||||
Transfers out of Level 3 | (5,609 | ) | (1,422 | ) | (7,216 | ) | — | — | (835 | ) | |||||||||||||||
Fair value, end of period | $ | 1,286,979 | $ | 192,579 | $ | 609,436 | $ | 93,869 | $ | 27,756 | $ | 41,875 | |||||||||||||
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 | $ | (803 | ) | $ | (141 | ) | $ | 1,399 | $ | 589 | $ | (19 | ) | $ | 7 | ||||||||||
Investment related gains (losses), net | — | — | — | — | — | — | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
For the three months ended March 31, 2015 (continued): | Fixed maturity securities | ||||||||||||||||||||||||
available-for-sale | |||||||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | Funds withheld | Other invested assets - non-redeemable preferred stock | Other assets longevity swaps | Interest sensitive contract liabilities embedded derivatives | Other liabilities mortality swaps | ||||||||||||||||||||
at interest- | |||||||||||||||||||||||||
embedded | |||||||||||||||||||||||||
derivatives | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 19,663 | $ | 22,094 | $ | 7,904 | $ | 7,727 | $ | (1,085,166 | ) | $ | (797 | ) | |||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | — | — | — | — | — | — | |||||||||||||||||||
Investment related gains (losses), net | — | (2,325 | ) | — | — | (25,133 | ) | — | |||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | (29,326 | ) | — | ||||||||||||||||||
Included in other comprehensive income | 182 | — | 88 | 1,821 | — | — | |||||||||||||||||||
Other revenues | — | — | — | (946 | ) | — | (479 | ) | |||||||||||||||||
Purchases(1) | — | — | 29 | — | (11,644 | ) | — | ||||||||||||||||||
Sales(1) | — | — | — | — | — | — | |||||||||||||||||||
Settlements(1) | (310 | ) | — | — | — | — | — | ||||||||||||||||||
Transfers into Level 3 | — | — | — | — | 18,999 | — | |||||||||||||||||||
Transfers out of Level 3 | (4,333 | ) | — | (29 | ) | — | — | — | |||||||||||||||||
Fair value, end of period | $ | 15,202 | $ | 19,769 | $ | 7,992 | $ | 8,602 | $ | (1,132,270 | ) | $ | (1,276 | ) | |||||||||||
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 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Investment related gains (losses), net | — | — | — | — | (28,245 | ) | — | ||||||||||||||||||
Other revenues | — | — | — | (946 | ) | — | (479 | ) | |||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | (2,325 | ) | — | — | (48,324 | ) | — | |||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
-1 | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. | ||||||||||||||||||||||||
The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three months ended March 31, 2014, as well as the portion of gains or losses included in income for the three months ended March 31, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at March 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
For the three months ended March 31, 2014: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential mortgage-backed securities | Asset-backed securities | Commercial mortgage-backed securities | U.S. government and agencies securities | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,345,289 | $ | 153,505 | $ | 471,848 | $ | 101,785 | $ | 40,919 | |||||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (1,111 | ) | 56 | 2,057 | 372 | (97 | ) | ||||||||||||||||||
Investment related gains (losses), net | (161 | ) | 106 | 304 | 86 | (195 | ) | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | — | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income | 2,450 | 2,887 | 5,501 | 3,035 | 305 | ||||||||||||||||||||
Purchases (1) | 79,512 | 18,750 | 59,224 | — | 128 | ||||||||||||||||||||
Sales(1) | (38,747 | ) | (744 | ) | (6,612 | ) | (14,626 | ) | — | ||||||||||||||||
Settlements(1) | (51,944 | ) | (6,172 | ) | (6,315 | ) | (279 | ) | (3,029 | ) | |||||||||||||||
Transfers into Level 3 | 6,930 | 10,563 | 5,948 | — | — | ||||||||||||||||||||
Transfers out of Level 3 | (50,517 | ) | (1,024 | ) | (29,280 | ) | — | — | |||||||||||||||||
Fair value, end of period | $ | 1,291,701 | $ | 177,927 | $ | 502,675 | $ | 90,373 | $ | 38,031 | |||||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | (1,062 | ) | $ | 52 | $ | 2,050 | $ | 428 | $ | (97 | ) | |||||||||||||
Investment related gains (losses), net | — | — | — | — | — | ||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | — | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Fixed maturity securities - available-for-sale | |||||||||||||||||||||||||
For the three months ended March 31, 2014 (continued): | State and political subdivision securities | Other foreign government, supranational and foreign government-sponsored enterprises | Funds | Other invested assets- non-redeemable preferred stock | Interest sensitive contract liabilities embedded derivatives | ||||||||||||||||||||
withheld | |||||||||||||||||||||||||
at interest- | |||||||||||||||||||||||||
embedded | |||||||||||||||||||||||||
derivatives | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 43,776 | $ | 37,997 | $ | (176,270 | ) | $ | 4,962 | $ | (868,726 | ) | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | 12 | — | — | — | — | ||||||||||||||||||||
Investment related gains (losses), net | (4 | ) | — | 77,241 | — | (23,661 | ) | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (23,840 | ) | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income | 113 | — | — | — | — | ||||||||||||||||||||
Purchases(1) | — | — | — | — | (15,193 | ) | |||||||||||||||||||
Sales(1) | — | — | — | — | — | ||||||||||||||||||||
Settlements(1) | (64 | ) | (298 | ) | — | — | 19,433 | ||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | ||||||||||||||||||||
Transfers out of Level 3 | — | (26,542 | ) | — | (4,962 | ) | — | ||||||||||||||||||
Fair value, end of period | $ | 43,833 | $ | 11,157 | $ | (99,029 | ) | $ | — | $ | (911,987 | ) | |||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | 12 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Investment related gains (losses), net | — | — | 77,241 | — | (24,211 | ) | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (43,273 | ) | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
-1 | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. | ||||||||||||||||||||||||
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 March 31, | Three months ended March 31, | ||||||||||||||||||||||||
(dollars in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
Mortgage loans(1) | $ | 3,540 | $ | 10,660 | $ | 50 | $ | 380 | |||||||||||||||||
Limited partnership interests(2) | 13,667 | — | (4,509 | ) | — | ||||||||||||||||||||
-1 | Mortgage loans — The impaired mortgage loans presented above were written down to their estimated fair values at the date the impairments were recognized and are reported as losses above. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains above. Nonrecurring fair value adjustments on mortgage loans are based on the fair value of underlying collateral or discounted cash flows. | ||||||||||||||||||||||||
-2 | Limited partnership interests — The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency. | ||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
The Company is required by general accounting principles for Fair Value Measurements and Disclosures to disclose the fair value of certain financial instruments including those that are not carried at fair value. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, at March 31, 2015 and December 31, 2014 (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. | |||||||||||||||||||||||||
March 31, 2015: | Carrying Value | Estimated | Fair Value Measurement Using: | ||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Mortgage loans on real estate | $ | 2,913,486 | $ | 3,053,041 | $ | — | $ | — | $ | 3,053,041 | |||||||||||||||
Policy loans | 1,284,085 | 1,284,085 | — | 1,284,085 | — | ||||||||||||||||||||
Funds withheld at interest(1) | 5,815,835 | 6,305,645 | — | — | 6,305,645 | ||||||||||||||||||||
Cash and cash equivalents(2) | 706,671 | 706,671 | 706,671 | — | — | ||||||||||||||||||||
Short-term investments(2) | 29,205 | 29,205 | 29,205 | — | — | ||||||||||||||||||||
Other invested assets(2) | 458,423 | 510,287 | 4,637 | 35,446 | 470,204 | ||||||||||||||||||||
Accrued investment income | 283,665 | 283,665 | — | 283,665 | — | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest-sensitive contract liabilities(1) | $ | 9,479,958 | $ | 9,830,871 | $ | — | $ | — | $ | 9,830,871 | |||||||||||||||
Long-term debt | 2,313,884 | 2,527,728 | — | — | 2,527,728 | ||||||||||||||||||||
Collateral finance and securitization notes | 774,351 | 684,719 | — | — | 684,719 | ||||||||||||||||||||
December 31, 2014: | Carrying Value | Estimated | Fair Value Measurement Using: | ||||||||||||||||||||||
Fair 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 | ||||||||||||||||||||
-1 | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis. | ||||||||||||||||||||||||
-2 | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis. | ||||||||||||||||||||||||
Mortgage Loans on Real Estate – The fair value of mortgage loans on real estate is estimated by discounting cash flows, both principal and interest, using current interest rates for mortgage loans with similar credit ratings and similar remaining maturities. As such, inputs include current treasury yields and spreads, which are based on the credit rating and average life of the loan, corresponding to the market spreads. The valuation of mortgage loans on real estate is considered Level 3 in the fair value hierarchy. | |||||||||||||||||||||||||
Policy Loans – Policy loans typically carry an interest rate that is adjusted annually based on an observable market index and therefore carrying value approximates fair value. The valuation of policy loans is considered Level 2 in the fair value hierarchy. | |||||||||||||||||||||||||
Funds Withheld at Interest – The carrying value of funds withheld at interest approximates fair value except where the funds withheld are specifically identified in the agreement. When funds withheld are specifically identified in the agreement, the fair value is based on the fair value of the underlying assets which are held by the ceding company. Ceding companies use a variety of sources and pricing methodologies, which are not transparent to the Company and may include significant unobservable inputs, to value the securities that are held in distinct portfolios, therefore the valuation of these funds withheld assets are considered Level 3 in the fair value hierarchy. | |||||||||||||||||||||||||
Cash and Cash Equivalents and Short-term Investments – The carrying values of cash and cash equivalents and short-term investments approximates fair values due to the short-term maturities of these instruments and are considered Level 1 in the fair value hierarchy. | |||||||||||||||||||||||||
Other Invested Assets – This primarily includes limited partnership interests accounted for using the cost method, structured loans, FHLB common stock, 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 are generally obtained from brokers and is considered Level 3 in the fair value hierarchy. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Information | Segment Information | ||||||||
Effective January 1, 2015, the Company further refined its reporting of the Canada; Europe, Middle East and Africa; and Asia Pacific segments into traditional and non-traditional businesses to reflect the expanded product offerings within its geographic-based segments. The Company’s traditional and non-traditional segments are now managed separately and have discrete financial information available that is reviewed regularly by the Company’s chief operating decision maker. The Company has recently experienced growth and opportunity in its non-traditional businesses resulting from its efforts to meet the needs of its clients and adapt to the changing regulatory environment within the insurance industry. The non-traditional business primarily consists of asset-intensive, longevity, financial reinsurance and capital motivated transactions that are sourced and managed by the Company’s Global Financial Solutions unit. The prior period presentation has been adjusted to conform to the new segment reporting structure. | |||||||||
The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in Note 2 of the consolidated financial statements accompanying the 2014 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets. Investment income is allocated to the segments based upon average assets and related capital levels deemed appropriate to support the segment business volumes. | |||||||||
The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income and investment related gains and losses are attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses. | |||||||||
The Company’s reportable segments are strategic business units that are primarily segregated by geographic region. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in thousands). | |||||||||
Three months ended March 31, | |||||||||
Total revenues: | 2015 | 2014 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 1,255,290 | $ | 1,278,692 | |||||
Non-Traditional | 192,673 | 288,621 | |||||||
Total | 1,447,963 | 1,567,313 | |||||||
Canada: | |||||||||
Traditional | 265,004 | 271,444 | |||||||
Non-Traditional | 11,874 | 6,305 | |||||||
Total | 276,878 | 277,749 | |||||||
Europe, Middle East and Africa: | |||||||||
Traditional | 295,232 | 307,750 | |||||||
Non-Traditional | 55,376 | 58,107 | |||||||
Total | 350,608 | 365,857 | |||||||
Asia Pacific: | |||||||||
Traditional | 393,875 | 386,889 | |||||||
Non-Traditional | 19,570 | 28,140 | |||||||
Total | 413,445 | 415,029 | |||||||
Corporate and Other | 31,719 | 31,225 | |||||||
Total | $ | 2,520,613 | $ | 2,657,173 | |||||
Three months ended March 31, | |||||||||
Income (loss) before income taxes: | 2015 | 2014 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 17,843 | $ | 50,972 | |||||
Non-Traditional | 54,505 | 83,124 | |||||||
Total | 72,348 | 134,096 | |||||||
Canada: | |||||||||
Traditional | 22,727 | 19,433 | |||||||
Non-Traditional | 4,131 | 631 | |||||||
Total | 26,858 | 20,064 | |||||||
Europe, Middle East and Africa: | |||||||||
Traditional | 10,482 | (992 | ) | ||||||
Non-Traditional | 19,634 | 16,197 | |||||||
Total | 30,116 | 15,205 | |||||||
Asia Pacific: | |||||||||
Traditional | 52,648 | 18,867 | |||||||
Non-Traditional | 10,145 | 7,444 | |||||||
Total | 62,793 | 26,311 | |||||||
Corporate and Other | (7,990 | ) | 3,764 | ||||||
Total | $ | 184,125 | $ | 199,440 | |||||
Total Assets: | 31-Mar-15 | 31-Dec-14 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 14,835,231 | $ | 14,159,824 | |||||
Non-Traditional | 11,548,878 | 11,572,251 | |||||||
Total | 26,384,109 | 25,732,075 | |||||||
Canada: | |||||||||
Traditional | 3,859,043 | 3,946,942 | |||||||
Non-Traditional | 43,708 | 49,186 | |||||||
Total | 3,902,751 | 3,996,128 | |||||||
Europe, Middle East and Africa: | |||||||||
Traditional | 2,438,389 | 2,514,868 | |||||||
Non-Traditional | 2,075,279 | 2,178,454 | |||||||
Total | 4,513,668 | 4,693,322 | |||||||
Asia Pacific: | |||||||||
Traditional | 2,953,837 | 2,951,723 | |||||||
Non-Traditional | 657,826 | 667,645 | |||||||
Total | 3,611,663 | 3,619,368 | |||||||
Corporate and Other | 6,279,077 | 6,638,718 | |||||||
Total | $ | 44,691,268 | $ | 44,679,611 | |||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
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 March 31, 2015 and December 31, 2014 are presented in the following table (dollars in thousands): | |||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||
Limited partnerships | $ | 233,330 | $ | 254,314 | |||||||||||
Commercial mortgage loans | 28,750 | 33,850 | |||||||||||||
Bank loans and revolving credit agreements | 49,835 | 52,859 | |||||||||||||
Equity release mortgages | 8,509 | 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 condensed 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 March 31, 2015 and December 31, 2014, there were approximately $159.9 million and $176.5 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. The capital required to support the business in the affiliates reflects more realistic expectations than the original jurisdiction of the business, where capital requirements are often considered to be quite conservative. As of March 31, 2015 and December 31, 2014, $1,335.6 million and $1,035.0 million, respectively, in undrawn letters of credit from various banks were outstanding, primarily backing reinsurance between the various subsidiaries of the Company. The banks providing letters of credit to the Company are included on the National Association of Insurance Commissioners (“NAIC”) list of approved banks. | |||||||||||||||
The Company maintains 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 $818.5 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 credit facilities as of March 31, 2015 and December 31, 2014 (dollars in thousands): | |||||||||||||||
Amount Utilized(1) | |||||||||||||||
Facility Capacity | Maturity Date | 31-Mar-15 | 31-Dec-14 | Basis of Fees | |||||||||||
$ | 850,000 | September 2019 | $ | 577,157 | $ | 204,774 | Senior unsecured long-term debt rating | ||||||||
77,259(2) | Nov-15 | 77,259 | 74,623 | Fixed | |||||||||||
120,000 | May-16 | 80,040 | 80,040 | Fixed | |||||||||||
38,035(2) | May-16 | 26,625 | 28,612 | Fixed | |||||||||||
150,000 | Jun-16 | 130,000 | 130,000 | Fixed | |||||||||||
100,000 | Jun-17 | 74,898 | 81,747 | Fixed | |||||||||||
270,000 | Nov-17 | 270,000 | 270,000 | Fixed | |||||||||||
63,174(2) | Mar-19 | 63,174 | 80,961 | 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. | ||||||||||||||
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 condensed consolidated balance sheets in future policy benefits. 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 March 31, 2015 and December 31, 2014 are reflected in the following table (dollars in thousands): | |||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||
Treaty guarantees | $ | 793,815 | $ | 826,496 | |||||||||||
Treaty guarantees, net of assets in trust | 650,115 | 664,913 | |||||||||||||
Borrowed securities | 193,840 | 201,050 | |||||||||||||
Financing arrangements | 132,193 | 100,000 | |||||||||||||
Lease obligations | 6,085 | 6,085 | |||||||||||||
RGA, through wholly-owned subsidiaries, has committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). The third-parties have recourse to RGA should the subsidiary fail to provide the required funding, however, as of March 31, 2015, 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 the maximum potential obligation for these commitments as of March 31, 2015 (dollars in millions): | |||||||||||||||
Commitment Period | 31-Mar-15 | ||||||||||||||
2023 | $ | 500 | |||||||||||||
2033 | 950 | ||||||||||||||
2034 | 3,000 | ||||||||||||||
2035 | 500 | ||||||||||||||
2036 | 1,432 | ||||||||||||||
In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future. |
Income_Tax_Income_Tax
Income Tax Income Tax | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | Income Tax | ||||||||
Provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 35% to pre-tax income as a result of the following for the three months ended March 31, 2015 and 2014 (dollars in thousands): | |||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
Tax provision at U.S. statutory rate | $ | 64,444 | $ | 69,804 | |||||
Increase (decrease) in income taxes resulting from: | |||||||||
Foreign tax rate differing from U.S. tax rate | (5,517 | ) | (3,221 | ) | |||||
Differences in tax bases in foreign jurisdictions | (6,670 | ) | 250 | ||||||
Deferred tax valuation allowance | 6,791 | (3,157 | ) | ||||||
Amounts related to tax audit contingencies | 952 | 778 | |||||||
Corporate rate changes | 272 | (17 | ) | ||||||
Subpart F | 6,434 | 2,439 | |||||||
Foreign tax credits | (2,343 | ) | (855 | ) | |||||
Return to provision adjustments | (4,765 | ) | (3,353 | ) | |||||
Other, net | (587 | ) | 108 | ||||||
Total provision for income taxes | $ | 59,011 | $ | 62,776 | |||||
Effective tax rate | 32.1 | % | 31.5 | % | |||||
The first quarter of 2015 effective tax rate was lower than the U.S. Statutory rate of 35.0% primarily as a result of income in non-U.S. jurisdictions with lower tax rates than the U.S. and differences in tax bases in foreign jurisdictions. The first quarter rate in 2014 was also lower due to the release of a valuation allowance on tax benefits associated with claims experience on certain treaties. These 2015 and 2014 adjustments were partially offset by a tax accrual related to the Active Financing Exception business extender provision that the U.S. Congress did not pass prior to the end of the quarter. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | ||||||||||||||||
The components of net periodic benefit costs for the three months ended March 31, 2015 and 2014 were as follows (dollars in thousands): | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
Three months ended March 31, | Three months ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 2,030 | $ | 1,501 | $ | 589 | $ | 470 | |||||||||
Interest Cost | 1,243 | 808 | 491 | 338 | |||||||||||||
Expected return on plan assets | (1,118 | ) | (933 | ) | — | — | |||||||||||
Amortization of prior service cost | 83 | 2 | — | — | |||||||||||||
Amortization of prior actuarial loss | 439 | 673 | 265 | 217 | |||||||||||||
Net periodic benefit cost | $ | 2,677 | $ | 2,051 | $ | 1,345 | $ | 1,025 | |||||||||
The Company has made no pension contributions during the first three months of 2015, and expects to make total pension contributions of $3.7 million in 2015. |
Equity_Based_Compensation
Equity Based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Based Compensation | Equity Based Compensation |
Equity compensation expense was $4.5 million and $4.3 million in the first quarter of 2015 and 2014, respectively. In the first quarter of 2015, the Company granted 0.3 million stock appreciation rights at $90.06 weighted average exercise price per share and 0.2 million performance contingent units to employees. Additionally, non-employee directors were granted a total of 15,174 shares of common stock. As of March 31, 2015, 1.9 million share options at $53.08 weighted average per share were vested and exercisable with a remaining weighted average exercise period of 5.1 years. As of March 31, 2015, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $43.0 million. It is estimated that these costs will vest over a weighted average period of 2.3 years. |
Retrocession_Arrangements_and_
Retrocession Arrangements and Reinsurance Ceded Receivables | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] | |||||||||||||||||
Retrocession Arrangements and Reinsurance Ceded Receivables | Retrocession Arrangements and Reinsurance Ceded Receivables | ||||||||||||||||
The Company generally reports retrocession activity on a gross basis. Amounts paid or deemed to have been paid for reinsurance are reflected in reinsurance ceded receivables. The cost of reinsurance related to long-duration contracts is recognized over the terms of the reinsured policies on a basis consistent with the reporting of those policies. | |||||||||||||||||
Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. At March 31, 2015 and December 31, 2014, no allowances were deemed necessary. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. | |||||||||||||||||
Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of March 31, 2015 and December 31, 2014, 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 reinsurance ceded 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 March 31, 2015 and December 31, 2014 (dollars in thousands): | |||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Reinsurer | A.M. Best Rating | Amount | % of Total | Amount | % of Total | ||||||||||||
Reinsurer A | A+ | $ | 197,021 | 29.6 | % | $ | 210,996 | 36.5 | % | ||||||||
Reinsurer B | A+ | 152,870 | 23 | 45,541 | 7.9 | ||||||||||||
Reinsurer C | A+ | 74,754 | 11.2 | 74,412 | 12.9 | ||||||||||||
Reinsurer D | A++ | 49,313 | 7.4 | 43,154 | 7.5 | ||||||||||||
Reinsurer E | A | 45,468 | 6.8 | 43,818 | 7.6 | ||||||||||||
Other reinsurers | 146,371 | 22 | 160,285 | 27.6 | |||||||||||||
Total | $ | 665,797 | 100 | % | $ | 578,206 | 100 | % | |||||||||
Included in the total reinsurance ceded receivables balance were $253.7 million and $143.0 million of claims recoverable, of which $13.6 million and $10.9 million were in excess of 90 days past due, as of March 31, 2015 and December 31, 2014, respectively. The increase in the Company's reinsurance ceded receivable and claims recoverable are due to a large retrocession transaction with Reinsurer B, as reflected in the table above. |
Stock_Transactions
Stock Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Stock Transactions | Stock Transactions |
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 was effective immediately and does not have an expiration date. Repurchases are to be made in accordance with applicable securities laws and are to 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. | |
During the first quarter of 2015, RGA repurchased 2,538,718 shares of common stock under this program for $230.1 million. The common shares repurchased have been placed into treasury to be used for general corporate purposes. As of March 31, 2015 there was $69.9 million remaining under the share repurchase authorization. |
New_Accounting_Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting Standards |
Changes to the general accounting principles are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements. | |
Adoption of New Accounting Standards | |
Income Taxes | |
In July 2013, the FASB amended the general accounting principles for Income Taxes as it relates to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This amendment clarifies that an unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and not combined with deferred tax assets. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this amendment did not have an impact on the Company's condensed consolidated financial statements. | |
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 condensed 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. Certain interim period disclosures for repurchase agreements and securities lending transactions are not required until the second quarter of 2015. The adoption of this amendment is not expected to have an impact on the Company's condensed consolidated financial statements other than the addition of the required disclosures | |
Consolidation | |
In February 2015, the FASB amended the general accounting principle for Consolidation, effective for fiscal years beginning after December 15, 2015 and interim periods within those years and early adoption is permitted. The new standard is intended to improve targeted areas of the consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments affect the consolidation evaluation for reporting organizations. In addition, the amendments simplify and improve current GAAP by reducing the number of consolidation models. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. | |
Debt Issuance Costs | |
In April 2015, the FASB amended the general accounting principle related to the presentation of Debt Issuance Costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. These amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this amendment is not expected to have a material impact on the Company’s condensed consolidated financial statements. |
Subsequent_Event_Subsequent_Ev
Subsequent Event Subsequent Event | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event |
On April 1, 2015, the Company completed the acquisition of 100% of Aurora National Life Assurance Company’s stock (“Aurora”) from Swiss Re Life & Health America, Inc. (“Swiss Re”) pursuant to the stock purchase agreement dated October 20, 2014 between the Company and Swiss Re. The purchase price was approximately $200.0 million and represented approximately $3.7 billion of assets and $3.5 billion of liabilities subject to confirmation and customary post-closing adjustments. There is no goodwill, including tax deductible goodwill, associated with the acquisition. The aggregate purchase price will be subject to the customary post-closing adjustments within 90 days of the closing date. The business acquired will be managed by the U.S. and Latin America traditional and non-traditional segments. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block] | The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information): | ||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
Earnings: | |||||||||
Net income (numerator for basic and diluted calculations) | $ | 125,114 | $ | 136,664 | |||||
Shares: | |||||||||
Weighted average outstanding shares (denominator for basic calculation) | 68,141 | 70,574 | |||||||
Equivalent shares from outstanding stock options | 801 | 690 | |||||||
Denominator for diluted calculation | 68,942 | 71,264 | |||||||
Earnings per share: | |||||||||
Basic | $ | 1.84 | $ | 1.94 | |||||
Diluted | $ | 1.81 | $ | 1.92 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||
Components of Accumulated Other Comprehensive Income | The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2015 and 2014 are as follows (dollars in thousands): | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Income Tax | |||||||||||||||||
Accumulated | Unrealized | Pension and | Total | ||||||||||||||
Currency | Appreciation | Postretirement | |||||||||||||||
Translation | (Depreciation) | Benefits | |||||||||||||||
Adjustments | of Investments(1) | ||||||||||||||||
Balance, December 31, 2014 | $ | 81,847 | $ | 1,624,773 | $ | (49,491 | ) | $ | 1,657,129 | ||||||||
Other comprehensive income (loss) before reclassifications | (103,285 | ) | 494,294 | 617 | 391,626 | ||||||||||||
Deferred income tax benefit (expense) | (14,486 | ) | (142,978 | ) | (175 | ) | (157,639 | ) | |||||||||
Other comprehensive income (loss) before reclassifications, net of income tax | (117,771 | ) | 351,316 | 442 | 233,987 | ||||||||||||
Amounts reclassified to (from) AOCI | — | (8,252 | ) | 787 | (7,465 | ) | |||||||||||
Deferred income tax benefit (expense) | — | 860 | (275 | ) | 585 | ||||||||||||
Amounts reclassified to (from) AOCI, net of income tax | — | (7,392 | ) | 512 | (6,880 | ) | |||||||||||
Balance, March 31, 2015 | $ | (35,924 | ) | $ | 1,968,697 | $ | (48,537 | ) | $ | 1,884,236 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Income Tax | |||||||||||||||||
Accumulated | Unrealized | Pension and | Total | ||||||||||||||
Currency | Appreciation | Postretirement | |||||||||||||||
Translation | (Depreciation) | Benefits | |||||||||||||||
Adjustments | of Investments(1) | ||||||||||||||||
Balance, December 31, 2013 | $ | 207,083 | $ | 820,245 | $ | (21,721 | ) | $ | 1,005,607 | ||||||||
Other comprehensive income (loss) before reclassifications | (45,428 | ) | 469,975 | 225 | 424,772 | ||||||||||||
Deferred income tax benefit (expense) | 2,745 | (150,217 | ) | (64 | ) | (147,536 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications, net of income tax | (42,683 | ) | 319,758 | 161 | 277,236 | ||||||||||||
Amounts reclassified to (from) AOCI | — | (5,828 | ) | 892 | (4,936 | ) | |||||||||||
Deferred income tax benefit (expense) | — | 1,904 | (312 | ) | 1,592 | ||||||||||||
Amounts reclassified to (from) AOCI, net of income tax | — | (3,924 | ) | 580 | (3,344 | ) | |||||||||||
Balance, March 31, 2014 | $ | 164,400 | $ | 1,136,079 | $ | (20,980 | ) | $ | 1,279,499 | ||||||||
-1 | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. | ||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income | The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2015 and 2014 (dollars in thousands): | ||||||||||||||||
Amount Reclassified from AOCI | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
Details about AOCI Components | 2015 | 2014 | Affected Line Item in | ||||||||||||||
Statement of Income | |||||||||||||||||
Unrealized gains and losses on available-for-sale securities | $ | 3,079 | $ | 1,189 | Investment related gains (losses), net | ||||||||||||
Gains and losses on cash flow hedge - interest rate swap | 840 | 218 | Investment income | ||||||||||||||
Deferred policy acquisition costs attributed to unrealized gains and losses(1) | 4,333 | 4,421 | |||||||||||||||
Total | 8,252 | 5,828 | |||||||||||||||
Provision for income taxes | (860 | ) | (1,904 | ) | |||||||||||||
Net unrealized gains (losses), net of tax | $ | 7,392 | $ | 3,924 | |||||||||||||
Amortization of unrealized pension and postretirement benefits: | |||||||||||||||||
Prior service cost(2) | $ | (83 | ) | $ | (2 | ) | |||||||||||
Actuarial gains/(losses)(2) | (704 | ) | (890 | ) | |||||||||||||
Total | (787 | ) | (892 | ) | |||||||||||||
Provision for income taxes | 275 | 312 | |||||||||||||||
Amortization of unrealized pension and postretirement benefits, net of tax | $ | (512 | ) | $ | (580 | ) | |||||||||||
Total reclassifications, net of tax | $ | 6,880 | $ | 3,344 | |||||||||||||
-1 | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2014 Annual Report for additional details. | ||||||||||||||||
-2 | These AOCI components are included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details. |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||
Available For Sale Securities | The following tables provide information relating to investments in fixed maturity and equity securities by sector as of March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
March 31, 2015: | Amortized | Unrealized | Unrealized | Estimated Fair | % of | Other-than- | |||||||||||||||||||
temporary impairments | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Total | in AOCI | ||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 14,084,589 | $ | 1,159,377 | $ | 64,831 | $ | 15,179,135 | 58.8 | % | $ | — | |||||||||||||
Canadian and Canadian provincial governments | 2,477,703 | 1,416,036 | — | 3,893,739 | 15.1 | — | |||||||||||||||||||
Residential mortgage-backed securities | 1,072,415 | 60,491 | 5,232 | 1,127,674 | 4.4 | (300 | ) | ||||||||||||||||||
Asset-backed securities | 1,082,883 | 23,322 | 8,093 | 1,098,112 | 4.3 | 354 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,448,372 | 93,304 | 7,402 | 1,534,274 | 5.9 | (1,609 | ) | ||||||||||||||||||
U.S. government and agencies | 444,529 | 28,879 | — | 473,408 | 1.8 | — | |||||||||||||||||||
State and political subdivisions | 378,403 | 54,496 | 3,128 | 429,771 | 1.7 | — | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 1,944,822 | 129,615 | 9,327 | 2,065,110 | 8 | — | |||||||||||||||||||
Total fixed maturity securities | $ | 22,933,716 | $ | 2,965,520 | $ | 98,013 | $ | 25,801,223 | 100 | % | $ | (1,555 | ) | ||||||||||||
Non-redeemable preferred stock | $ | 90,643 | $ | 5,136 | $ | 1,405 | $ | 94,374 | 70.1 | % | |||||||||||||||
Other equity securities | 39,395 | 894 | 44 | 40,245 | 29.9 | ||||||||||||||||||||
Total equity securities | $ | 130,038 | $ | 6,030 | $ | 1,449 | $ | 134,619 | 100 | % | |||||||||||||||
December 31, 2014: | Amortized | Unrealized | Unrealized | Estimated Fair | % of | Other-than- | |||||||||||||||||||
temporary impairments | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Total | 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 | % | |||||||||||||||
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 March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Fixed maturity securities pledged as collateral | $ | 148,411 | $ | 160,448 | $ | 127,229 | $ | 134,863 | |||||||||||||||||
Fixed maturity securities received as collateral | n/a | 128,643 | n/a | 117,227 | |||||||||||||||||||||
Securities held in trust | 9,719,868 | 10,628,413 | 10,197,489 | 10,922,947 | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 is as follows (dollars in thousands). | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Fixed maturity securities guaranteed or issued by: | |||||||||||||||||||||||||
Canadian province of Ontario | $ | 901,634 | $ | 1,351,722 | $ | 979,908 | $ | 1,359,339 | |||||||||||||||||
Canadian province of Quebec | 934,860 | 1,628,425 | 1,006,315 | 1,599,673 | |||||||||||||||||||||
Investments Classified By Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities available-for-sale at March 31, 2015 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 | $ | 594,886 | $ | 600,953 | |||||||||||||||||||||
Due after one year through five years | 4,504,020 | 4,771,660 | |||||||||||||||||||||||
Due after five years through ten years | 7,388,162 | 7,862,501 | |||||||||||||||||||||||
Due after ten years | 6,842,978 | 8,806,049 | |||||||||||||||||||||||
Asset and mortgage-backed securities | 3,603,670 | 3,760,060 | |||||||||||||||||||||||
Total | $ | 22,933,716 | $ | 25,801,223 | |||||||||||||||||||||
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block] | The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
March 31, 2015: | Estimated | ||||||||||||||||||||||||
Amortized Cost | Fair Value | % of Total | |||||||||||||||||||||||
Finance | $ | 4,842,257 | $ | 5,186,461 | 34.2 | % | |||||||||||||||||||
Industrial | 7,699,936 | 8,270,678 | 54.4 | ||||||||||||||||||||||
Utility | 1,542,396 | 1,721,996 | 11.4 | ||||||||||||||||||||||
Total | $ | 14,084,589 | $ | 15,179,135 | 100 | % | |||||||||||||||||||
December 31, 2014: | Estimated | ||||||||||||||||||||||||
Amortized Cost | Fair Value | % of Total | |||||||||||||||||||||||
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 | % | |||||||||||||||||||
Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures | The following table presents the total gross unrealized losses for the 687 and 932 fixed maturity and equity securities as of March 31, 2015 and December 31, 2014, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Gross | % of Total | Gross | % of Total | ||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
Less than 20% | $ | 72,598 | 73 | % | $ | 111,965 | 83 | % | |||||||||||||||||
20% or more for less than six months | 15,318 | 15.4 | 13,698 | 10.1 | |||||||||||||||||||||
20% or more for six months or greater | 11,546 | 11.6 | 9,256 | 6.9 | |||||||||||||||||||||
Total | $ | 99,462 | 100 | % | $ | 134,919 | 100 | % | |||||||||||||||||
Fair Value And Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosures | The following tables present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 687 and 932 fixed maturity and equity securities that have estimated fair values below amortized cost as of March 31, 2015 and December 31, 2014, respectively (dollars in thousands). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost. | ||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
March 31, 2015: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Investment grade securities: | |||||||||||||||||||||||||
Corporate securities | $ | 805,091 | $ | 18,419 | $ | 227,150 | $ | 15,576 | $ | 1,032,241 | $ | 33,995 | |||||||||||||
Residential mortgage-backed securities | 100,937 | 1,507 | 62,201 | 3,228 | 163,138 | 4,735 | |||||||||||||||||||
Asset-backed securities | 285,839 | 2,774 | 99,896 | 3,381 | 385,735 | 6,155 | |||||||||||||||||||
Commercial mortgage-backed securities | 49,304 | 162 | 20,733 | 1,590 | 70,037 | 1,752 | |||||||||||||||||||
State and political subdivisions | — | — | 13,647 | 3,128 | 13,647 | 3,128 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 109,347 | 5,560 | 36,737 | 1,494 | 146,084 | 7,054 | |||||||||||||||||||
Total investment grade securities | 1,350,518 | 28,422 | 460,364 | 28,397 | 1,810,882 | 56,819 | |||||||||||||||||||
Below investment grade securities: | |||||||||||||||||||||||||
Corporate securities | 357,118 | 28,279 | 25,560 | 2,557 | 382,678 | 30,836 | |||||||||||||||||||
Residential mortgage-backed securities | 10,308 | 83 | 12,033 | 414 | 22,341 | 497 | |||||||||||||||||||
Asset-backed securities | 14,478 | 231 | 6,715 | 1,707 | 21,193 | 1,938 | |||||||||||||||||||
Commercial mortgage-backed securities | 6,739 | 240 | 5,522 | 5,410 | 12,261 | 5,650 | |||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | 15,375 | 2,145 | 2,910 | 128 | 18,285 | 2,273 | |||||||||||||||||||
Total below investment grade securities | 404,018 | 30,978 | 52,740 | 10,216 | 456,758 | 41,194 | |||||||||||||||||||
Total fixed maturity securities | $ | 1,754,536 | $ | 59,400 | $ | 513,104 | $ | 38,613 | $ | 2,267,640 | $ | 98,013 | |||||||||||||
Non-redeemable preferred stock | $ | 20,885 | $ | 501 | $ | 6,649 | $ | 904 | $ | 27,534 | $ | 1,405 | |||||||||||||
Other equity securities | 8,597 | 44 | — | — | 8,597 | 44 | |||||||||||||||||||
Total equity securities | $ | 29,482 | $ | 545 | $ | 6,649 | $ | 904 | $ | 36,131 | $ | 1,449 | |||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
December 31, 2014: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | 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 | |||||||||||||||||||
Below 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 below 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 | |||||||||||||
Investment Income | Major categories of investment income, net of related expenses, consist of the following (dollars in thousands): | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Fixed maturity securities available-for-sale | $ | 269,768 | $ | 243,962 | |||||||||||||||||||||
Mortgage loans on real estate | 34,772 | 33,092 | |||||||||||||||||||||||
Policy loans | 14,040 | 13,438 | |||||||||||||||||||||||
Funds withheld at interest | 112,260 | 112,739 | |||||||||||||||||||||||
Short-term investments | 695 | 965 | |||||||||||||||||||||||
Other invested assets | 12,027 | 14,501 | |||||||||||||||||||||||
Investment income | 443,562 | 418,697 | |||||||||||||||||||||||
Investment expense | (16,671 | ) | (14,322 | ) | |||||||||||||||||||||
Investment income, net of related expenses | $ | 426,891 | $ | 404,375 | |||||||||||||||||||||
Gain Loss On Investments | Investment related gains (losses), net consist of the following (dollars in thousands): | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Fixed maturity and equity securities available for sale: | |||||||||||||||||||||||||
Other-than-temporary impairment losses on fixed maturity securities recognized in earnings | $ | (2,527 | ) | $ | (303 | ) | |||||||||||||||||||
Gain on investment activity | 19,201 | 8,067 | |||||||||||||||||||||||
Loss on investment activity | (13,596 | ) | (6,583 | ) | |||||||||||||||||||||
Other impairment losses and change in mortgage loan provision | (4,168 | ) | 1,664 | ||||||||||||||||||||||
Derivatives and other, net | 8,673 | 81,726 | |||||||||||||||||||||||
Total investment related gains (losses), net | $ | 7,583 | $ | 84,571 | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 (dollars in thousands). | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Borrowed securities | $ | 193,840 | $ | 207,476 | $ | 201,050 | $ | 212,946 | |||||||||||||||||
Repurchase program securities pledged | 91,875 | 108,268 | 92,446 | 107,158 | |||||||||||||||||||||
Repurchase program/reverse repurchase program: | |||||||||||||||||||||||||
Securities pledged | 298,625 | 317,368 | 298,466 | 314,160 | |||||||||||||||||||||
Securities received | n/a | 346,560 | n/a | 338,929 | |||||||||||||||||||||
Disclosure Of Real Estate Holdings By Property Type [Table Text Block] | The distribution of mortgage loans, gross of valuation allowances, by property type is as follows as of March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Property type: | Recorded | % of Total | Recorded | % of Total | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Office building | $ | 937,939 | 32.2 | % | $ | 851,749 | 31.3 | % | |||||||||||||||||
Retail | 890,080 | 30.5 | 802,466 | 29.6 | |||||||||||||||||||||
Industrial | 474,310 | 16.2 | 466,583 | 17.2 | |||||||||||||||||||||
Apartment | 404,174 | 13.8 | 376,430 | 13.8 | |||||||||||||||||||||
Other commercial | 213,113 | 7.3 | 221,481 | 8.1 | |||||||||||||||||||||
Total | $ | 2,919,616 | 100 | % | $ | 2,718,709 | 100 | % | |||||||||||||||||
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | The maturities of the mortgage loans, gross of valuation allowances, as of March 31, 2015 and December 31, 2014 are as follows (dollars in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Recorded | % of Total | Recorded | % of Total | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Due within five years | $ | 923,234 | 31.6 | % | $ | 860,362 | 31.6 | % | |||||||||||||||||
Due after five years through ten years | 1,263,984 | 43.3 | 1,165,530 | 42.9 | |||||||||||||||||||||
Due after ten years | 732,398 | 25.1 | 692,817 | 25.5 | |||||||||||||||||||||
Total | $ | 2,919,616 | 100 | % | $ | 2,718,709 | 100 | % | |||||||||||||||||
Mortgage Loan Internal Credit Risk Grade [Table Text Block] | Information regarding the Company’s credit quality indicators, as determined by the Company's internal evaluation methodology for its recorded investment in mortgage loans, gross of valuation allowances, as of March 31, 2015 and December 31, 2014 is as follows (dollars in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Internal credit quality grade: | Recorded | % of Total | Recorded | % of Total | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
High investment grade | $ | 1,404,166 | 48 | % | $ | 1,326,199 | 48.8 | % | |||||||||||||||||
Investment grade | 1,377,802 | 47.2 | 1,235,046 | 45.4 | |||||||||||||||||||||
Average | 98,531 | 3.4 | 118,152 | 4.4 | |||||||||||||||||||||
Watch list | 22,161 | 0.8 | 22,285 | 0.8 | |||||||||||||||||||||
In or near default | 16,956 | 0.6 | 17,027 | 0.6 | |||||||||||||||||||||
Total | $ | 2,919,616 | 100 | % | $ | 2,718,709 | 100 | % | |||||||||||||||||
Recorded Investment And Allowance For Credit Losses | The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||
Individually measured for impairment | $ | 16,956 | $ | 17,027 | |||||||||||||||||||||
Collectively measured for impairment | 2,902,660 | 2,701,682 | |||||||||||||||||||||||
Mortgage loans, gross of valuation allowances | 2,919,616 | 2,718,709 | |||||||||||||||||||||||
Valuation allowances: | |||||||||||||||||||||||||
Individually measured for impairment | 713 | 816 | |||||||||||||||||||||||
Collectively measured for impairment | 5,417 | 5,655 | |||||||||||||||||||||||
Total valuation allowances | 6,130 | 6,471 | |||||||||||||||||||||||
$ | 2,913,486 | $ | 2,712,238 | ||||||||||||||||||||||
Mortgage loans, net of valuation allowances | |||||||||||||||||||||||||
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net | Information regarding the Company’s loan valuation allowances for mortgage loans for the three months ended March 31, 2015 and 2014 is as follows (dollars in thousands): | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 6,471 | $ | 10,106 | |||||||||||||||||||||
Charge-offs, net of recoveries | — | 24 | |||||||||||||||||||||||
Provision (release) | (341 | ) | (1,664 | ) | |||||||||||||||||||||
Balance, end of period | $ | 6,130 | $ | 8,466 | |||||||||||||||||||||
Impaired Financing Receivables Table | Information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2015 and December 31, 2014 is as follows (dollars in thousands): | ||||||||||||||||||||||||
Unpaid | Recorded | Related | Carrying | ||||||||||||||||||||||
Principal | Investment | Allowance | Value | ||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 7,296 | $ | 6,693 | $ | — | $ | 6,693 | |||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | 10,227 | 10,263 | 713 | 9,550 | |||||||||||||||||||||
Total impaired mortgage loans | $ | 17,523 | $ | 16,956 | $ | 713 | $ | 16,243 | |||||||||||||||||
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 | |||||||||||||||||
The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment(1) | Investment(1) | ||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 10,290 | $ | 106 | $ | 14,539 | $ | 318 | |||||||||||||||||
6,702 | 155 | 20,554 | 193 | ||||||||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | |||||||||||||||||||||||||
Total impaired mortgage loans | $ | 16,992 | $ | 261 | $ | 35,093 | $ | 511 | |||||||||||||||||
(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances | |||||||||||||||||||||||||
Schedule Of Other Invested Assets [Table Text Block] | Carrying values of these assets as of March 31, 2015 and December 31, 2014 are as follows (dollars in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Equity securities | $ | 134,619 | $ | 126,860 | |||||||||||||||||||||
Limited partnerships and real estate joint ventures | 450,842 | 446,604 | |||||||||||||||||||||||
Structured loans | 148,377 | 164,309 | |||||||||||||||||||||||
Derivatives | 265,020 | 216,966 | |||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 136,597 | 140,344 | |||||||||||||||||||||||
Other | 107,578 | 103,236 | |||||||||||||||||||||||
Total other invested assets | $ | 1,243,033 | $ | 1,198,319 | |||||||||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value | The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
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 | $ | 1,000,440 | $ | 111,886 | $ | 3,532 | $ | 1,144,661 | $ | 93,783 | $ | 3,934 | |||||||||||||
Interest rate options | — | — | — | 240,000 | 18,195 | — | |||||||||||||||||||
Financial futures | 249,212 | — | — | 275,983 | — | — | |||||||||||||||||||
Foreign currency forwards | 80,000 | 71 | 10,585 | 67,967 | 87 | 15,098 | |||||||||||||||||||
Consumer price index swaps | 39,024 | — | 386 | 41,938 | — | 561 | |||||||||||||||||||
Credit default swaps | 870,700 | 13,563 | 4,166 | 805,700 | 11,689 | 3,502 | |||||||||||||||||||
Equity options | 506,226 | 38,747 | — | 555,361 | 35,242 | — | |||||||||||||||||||
Longevity swaps | 482,895 | 8,602 | — | 450,000 | 7,727 | — | |||||||||||||||||||
Mortality swaps | 50,000 | — | 1,276 | 50,000 | — | 797 | |||||||||||||||||||
Synthetic guaranteed investment contracts | 6,577,133 | — | — | 6,500,942 | — | — | |||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | — | 19,769 | — | — | 22,094 | — | |||||||||||||||||||
Indexed annuity products | — | — | 947,857 | — | — | 925,887 | |||||||||||||||||||
Variable annuity products | — | — | 184,413 | — | — | 159,279 | |||||||||||||||||||
Total non-hedging derivatives | 9,855,630 | 192,638 | 1,152,215 | 10,132,552 | 188,817 | 1,109,058 | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swaps | 120,000 | — | 25,848 | 120,000 | — | 18,228 | |||||||||||||||||||
Foreign currency swaps | 672,053 | 116,588 | 32 | 676,972 | 70,906 | — | |||||||||||||||||||
Forward bond purchase commitments | 178,152 | 1,917 | 7,666 | 196,452 | 1,175 | 14,545 | |||||||||||||||||||
Total hedging derivatives | 970,205 | 118,505 | 33,546 | 993,424 | 72,081 | 32,773 | |||||||||||||||||||
Total derivatives | $ | 10,825,835 | $ | 311,143 | $ | 1,185,761 | $ | 11,125,976 | $ | 260,898 | $ | 1,141,831 | |||||||||||||
Offsetting Assets And Liabilities | The following table provides information relating to the Company’s derivative instruments as of March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
Gross Amounts Not | |||||||||||||||||||||||||
Offset in the Balance Sheet | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Recognized | Offset in the | Presented in the | Instruments | Pledged/ | |||||||||||||||||||||
Balance Sheet | Balance Sheet | Received | |||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||
Derivative assets | $ | 291,374 | $ | (17,752 | ) | $ | 273,622 | $ | (24,514 | ) | $ | (219,016 | ) | $ | 30,092 | ||||||||||
Derivative liabilities | 53,491 | (17,752 | ) | 35,739 | (55,397 | ) | (5,120 | ) | (24,778 | ) | |||||||||||||||
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 | ) | ||||||||||||||||
The Company has elected to include all derivatives, except embedded derivatives, in the tables below, irrespective of whether the | |||||||||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2015 and 2014 (dollars in thousands): | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), balance beginning of period | $ | (31,591 | ) | $ | (4,578 | ) | |||||||||||||||||||
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | 213 | 776 | |||||||||||||||||||||||
Amounts reclassified to investment related gains (losses), net | 840 | — | |||||||||||||||||||||||
Amounts reclassified to investment income | (60 | ) | (218 | ) | |||||||||||||||||||||
Accumulated other comprehensive income (loss), balance end of period | $ | (30,598 | ) | $ | (4,020 | ) | |||||||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effects of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and AOCI for the three months ended March 31, 2015 and 2014 (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 three months ended March 31, 2015: | |||||||||||||||||||||||||
Interest rate swaps | $ | (7,567 | ) | $ | 60 | Investment Income | $ | 7 | Investment related gains (losses) | ||||||||||||||||
Forward bond purchase commitments | 7,780 | (840 | ) | Investment related gains (losses) | — | Investment related gains (losses) | |||||||||||||||||||
Total | $ | 213 | $ | (780 | ) | $ | 7 | ||||||||||||||||||
For the three months ended March 31, 2014: | |||||||||||||||||||||||||
Interest rate swaps | $ | 776 | $ | 218 | Investment Income | $ | (6 | ) | Investment related gains (losses) | ||||||||||||||||
Derivatives Hedging Instruments In Net Investment Hedging Relationships | The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three months ended March 31, 2015 and 2014 (dollars in thousands): | ||||||||||||||||||||||||
Derivative Gains (Losses) Deferred in AOCI | |||||||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||||||
Type of NIFO Hedge (1) (2) | 2015 | 2014 | |||||||||||||||||||||||
Foreign currency swaps | $ | 49,966 | $ | 23,080 | |||||||||||||||||||||
-1 | There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented. | ||||||||||||||||||||||||
-2 | There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. | ||||||||||||||||||||||||
Derivative Instruments Gain Loss By Income Statement Location | A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s income statement for the three months ended March 31, 2015 and 2014 is as follows (dollars in thousands): | ||||||||||||||||||||||||
Gain (Loss) for the three months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
Type of Non-hedging Derivative | Income Statement Location of Gain (Loss) | 2015 | 2014 | ||||||||||||||||||||||
Interest rate swaps | Investment related gains (losses), net | $ | 29,344 | $ | 29,653 | ||||||||||||||||||||
Interest rate options | Investment related gains (losses), net | 3,275 | 1,282 | ||||||||||||||||||||||
Financial futures | Investment related gains (losses), net | (7,331 | ) | (1,584 | ) | ||||||||||||||||||||
Foreign currency forwards | Investment related gains (losses), net | (220 | ) | 1,154 | |||||||||||||||||||||
CPI swaps | Investment related gains (losses), net | (71 | ) | 352 | |||||||||||||||||||||
Credit default swaps | Investment related gains (losses), net | 2,658 | (2,114 | ) | |||||||||||||||||||||
Equity options | Investment related gains (losses), net | (8,067 | ) | (8,966 | ) | ||||||||||||||||||||
Longevity swaps | Other revenues | 1,821 | — | ||||||||||||||||||||||
Mortality swaps | Other revenues | (479 | ) | — | |||||||||||||||||||||
Subtotal | 20,930 | 19,777 | |||||||||||||||||||||||
Embedded derivatives in: | |||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | Investment related gains (losses), net | (2,325 | ) | 77,241 | |||||||||||||||||||||
Indexed annuity products | Interest credited | (29,326 | ) | (23,840 | ) | ||||||||||||||||||||
Variable annuity products | Investment related gains (losses), net | (25,133 | ) | (23,661 | ) | ||||||||||||||||||||
Total non-hedging derivatives | $ | (35,854 | ) | $ | 49,517 | ||||||||||||||||||||
Disclosure Of Credit Derivatives | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
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 | $ | 1,819 | $ | 182,500 | 4.4 | $ | 1,498 | $ | 167,500 | 4.6 | |||||||||||||||
Credit default swaps referencing indices | — | — | — | — | — | — | |||||||||||||||||||
Subtotal | 1,819 | 182,500 | 4.4 | 1,498 | 167,500 | 4.6 | |||||||||||||||||||
BBB+/BBB/BBB- | |||||||||||||||||||||||||
Single name credit default swaps | 232 | 267,200 | 4.7 | 168 | 217,200 | 4.9 | |||||||||||||||||||
Credit default swaps referencing indices | 7,518 | 416,000 | 5.2 | 6,651 | 416,000 | 5 | |||||||||||||||||||
Subtotal | 7,750 | 683,200 | 5 | 6,819 | 633,200 | 4.9 | |||||||||||||||||||
BB+ | |||||||||||||||||||||||||
Single name credit default swaps | (172 | ) | 5,000 | 4.2 | (130 | ) | 5,000 | 4.5 | |||||||||||||||||
Credit default swaps referencing indices | — | — | — | — | — | — | |||||||||||||||||||
Subtotal | (172 | ) | 5,000 | 4.2 | (130 | ) | 5,000 | 4.5 | |||||||||||||||||
Total | $ | 9,397 | $ | 870,700 | 4.9 | $ | 8,187 | $ | 805,700 | 4.9 | |||||||||||||||
-1 | The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). | ||||||||||||||||||||||||
-2 | Assumes the value of the referenced credit obligations is zero. | ||||||||||||||||||||||||
-3 | The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. | ||||||||||||||||||||||||
Changes In Estimated Fair Value Related To Embedded Derivatives | The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three months ended March 31, 2015 and 2014 are reflected in the following table (dollars in thousands): | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Embedded derivatives in modco or funds withheld arrangements included in investment related gains | $ | (2,325 | ) | $ | 77,241 | ||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (2,588 | ) | 18,079 | ||||||||||||||||||||||
Embedded derivatives in variable annuity contracts included in investment related gains | (25,133 | ) | (23,661 | ) | |||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (9,409 | ) | (13,669 | ) | |||||||||||||||||||||
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses | (29,326 | ) | (23,840 | ) | |||||||||||||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (15,999 | ) | (18,375 | ) | |||||||||||||||||||||
Credit Risk | 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 March 31, 2015 and December 31, 2014 are reflected in the following table (dollars in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Estimated fair value of derivatives in net asset position | $ | 230,557 | $ | 175,209 | |||||||||||||||||||||
Cash provided as collateral(1) | 5,120 | — | |||||||||||||||||||||||
Securities pledged to counterparties as collateral(2) | 55,397 | 47,222 | |||||||||||||||||||||||
Cash pledged from counterparties as collateral(3) | (219,016 | ) | (178,141 | ) | |||||||||||||||||||||
Securities pledged from counterparties as collateral(4) | (24,514 | ) | (20,260 | ) | |||||||||||||||||||||
Initial margin for cleared derivatives(2) | (31,291 | ) | (16,333 | ) | |||||||||||||||||||||
Net credit exposure | $ | 16,253 | $ | 7,697 | |||||||||||||||||||||
Margin account related to exchange-traded futures(5) | $ | 6,267 | $ | 7,976 | |||||||||||||||||||||
-1 | Consists of receivable from counterparty, included in other assets. | ||||||||||||||||||||||||
-2 | Included in available-for-sale securities, primarily consists of U.S. Treasury securities. | ||||||||||||||||||||||||
-3 | Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. | ||||||||||||||||||||||||
-4 | Consists of U.S. Treasury securities. | ||||||||||||||||||||||||
-5 | Included in cash and cash equivalents. |
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block | Assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 are summarized below (dollars in thousands): | ||||||||||||||||||||||||
March 31, 2015: | Fair Value Measurements Using: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fixed maturity securities – available-for-sale: | |||||||||||||||||||||||||
Corporate securities | $ | 15,179,135 | $ | 141,501 | $ | 13,750,655 | $ | 1,286,979 | |||||||||||||||||
Canadian and Canadian provincial governments | 3,893,739 | — | 3,893,739 | — | |||||||||||||||||||||
Residential mortgage-backed securities | 1,127,674 | — | 935,095 | 192,579 | |||||||||||||||||||||
Asset-backed securities | 1,098,112 | — | 488,676 | 609,436 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,534,274 | — | 1,440,405 | 93,869 | |||||||||||||||||||||
U.S. government and agencies securities | 473,408 | 385,705 | 59,947 | 27,756 | |||||||||||||||||||||
State and political subdivision securities | 429,771 | — | 387,896 | 41,875 | |||||||||||||||||||||
Other foreign government supranational and foreign government-sponsored enterprises | 2,065,110 | 273,890 | 1,776,018 | 15,202 | |||||||||||||||||||||
Total fixed maturity securities – available-for-sale | 25,801,223 | 801,096 | 22,732,431 | 2,267,696 | |||||||||||||||||||||
Funds withheld at interest – embedded derivatives | 19,769 | — | — | 19,769 | |||||||||||||||||||||
Cash equivalents | 376,508 | 376,508 | — | — | |||||||||||||||||||||
Short-term investments | 59,931 | 36,465 | 23,466 | — | |||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||
Non-redeemable preferred stock | 94,374 | 86,382 | — | 7,992 | |||||||||||||||||||||
Other equity securities | 40,245 | 40,245 | — | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 100,290 | — | 100,290 | — | |||||||||||||||||||||
CPI swaps | (386 | ) | — | (386 | ) | — | |||||||||||||||||||
Credit default swaps | 9,781 | — | 9,781 | — | |||||||||||||||||||||
Equity options | 38,747 | — | 38,747 | — | |||||||||||||||||||||
Foreign currency swaps | 116,588 | — | 116,588 | — | |||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 136,597 | 131,932 | 4,665 | — | |||||||||||||||||||||
Other | 12,480 | 12,480 | — | — | |||||||||||||||||||||
Total other invested assets | 548,716 | 271,039 | 269,685 | 7,992 | |||||||||||||||||||||
Other assets – longevity swaps | 8,602 | — | — | 8,602 | |||||||||||||||||||||
Total | $ | 26,814,749 | $ | 1,485,108 | $ | 23,025,582 | $ | 2,304,059 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives | $ | 1,132,270 | $ | — | $ | — | $ | 1,132,270 | |||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 17,784 | — | 17,784 | — | |||||||||||||||||||||
Foreign currency forwards | 10,514 | — | 10,514 | — | |||||||||||||||||||||
Credit default swaps | 384 | — | 384 | — | |||||||||||||||||||||
Foreign currency swaps | 32 | — | 32 | — | |||||||||||||||||||||
Forward purchase commitments | 5,749 | — | 5,749 | — | |||||||||||||||||||||
Mortality swaps | 1,276 | — | — | 1,276 | |||||||||||||||||||||
Total | $ | 1,168,009 | $ | — | $ | 34,463 | $ | 1,133,546 | |||||||||||||||||
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 | |||||||||||||||||
Fair Value Unobservable Input Measurements [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed by the Company, which does not include unobservable Level 3 asset and liability measurements provided by third parties, as of March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
March 31, 2015: | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 5,038 | Market comparable securities | Liquidity premium | 1 | % | |||||||||||||||||||
Corporate securities | 221,072 | Market comparable securities | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
U.S. government and agencies | 27,985 | Market comparable securities | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
Funds withheld at interest- embedded derivatives | 19,769 | 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 | 8,602 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Mortality improvement | (10%)-10% (3%) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 947,857 | 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 | 184,413 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-25% (9%) | ||||||||||||||||||||||||
Withdrawal | 0-7% (3%) | ||||||||||||||||||||||||
CVA | 0-5% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (10%) | ||||||||||||||||||||||||
Mortality swaps | 1,276 | Discounted cash flow | Mortality | 0-100% (1%) | |||||||||||||||||||||
December 31, 2014: | Fair Value | Valuation Technique(s) | Unobservable Input | Range (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%) | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
March 31, 2015: | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
State and political subdivision securities | $ | 5,038 | Market comparable securities | Liquidity premium | 1 | % | |||||||||||||||||||
Corporate securities | 221,072 | Market comparable securities | Liquidity premium | 0-2% (1%) | |||||||||||||||||||||
U.S. government and agencies | 27,985 | Market comparable securities | Liquidity premium | 0-1% (1%) | |||||||||||||||||||||
Funds withheld at interest- embedded derivatives | 19,769 | 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 | 8,602 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Mortality improvement | (10%)-10% (3%) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 947,857 | 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 | 184,413 | Discounted cash flow | Mortality | 0-100% (2%) | |||||||||||||||||||||
Lapse | 0-25% (9%) | ||||||||||||||||||||||||
Withdrawal | 0-7% (3%) | ||||||||||||||||||||||||
CVA | 0-5% (1%) | ||||||||||||||||||||||||
Long-term volatility | 0-27% (10%) | ||||||||||||||||||||||||
Mortality swaps | 1,276 | Discounted cash flow | Mortality | 0-100% (1%) | |||||||||||||||||||||
December 31, 2014: | Fair Value | Valuation Technique(s) | Unobservable Input | Range (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%) | |||||||||||||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Level Transfers [Table Text Block] | The following tables present the transfers between Level 1 and Level 2 during the three months ended March 31, 2015 and 2014 (dollars in thousands): | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
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 | $ | 625 | $ | 5,100 | $ | — | $ | — | |||||||||||||||||
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 three months ended March 31, 2014, as well as the portion of gains or losses included in income for the three months ended March 31, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at March 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
For the three months ended March 31, 2014: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential mortgage-backed securities | Asset-backed securities | Commercial mortgage-backed securities | U.S. government and agencies securities | |||||||||||||||||||||
securities | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,345,289 | $ | 153,505 | $ | 471,848 | $ | 101,785 | $ | 40,919 | |||||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (1,111 | ) | 56 | 2,057 | 372 | (97 | ) | ||||||||||||||||||
Investment related gains (losses), net | (161 | ) | 106 | 304 | 86 | (195 | ) | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | — | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income | 2,450 | 2,887 | 5,501 | 3,035 | 305 | ||||||||||||||||||||
Purchases (1) | 79,512 | 18,750 | 59,224 | — | 128 | ||||||||||||||||||||
Sales(1) | (38,747 | ) | (744 | ) | (6,612 | ) | (14,626 | ) | — | ||||||||||||||||
Settlements(1) | (51,944 | ) | (6,172 | ) | (6,315 | ) | (279 | ) | (3,029 | ) | |||||||||||||||
Transfers into Level 3 | 6,930 | 10,563 | 5,948 | — | — | ||||||||||||||||||||
Transfers out of Level 3 | (50,517 | ) | (1,024 | ) | (29,280 | ) | — | — | |||||||||||||||||
Fair value, end of period | $ | 1,291,701 | $ | 177,927 | $ | 502,675 | $ | 90,373 | $ | 38,031 | |||||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | (1,062 | ) | $ | 52 | $ | 2,050 | $ | 428 | $ | (97 | ) | |||||||||||||
Investment related gains (losses), net | — | — | — | — | — | ||||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | — | ||||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Fixed maturity securities - available-for-sale | |||||||||||||||||||||||||
For the three months ended March 31, 2014 (continued): | State and political subdivision securities | Other foreign government, supranational and foreign government-sponsored enterprises | Funds | Other invested assets- non-redeemable preferred stock | Interest sensitive contract liabilities embedded derivatives | ||||||||||||||||||||
withheld | |||||||||||||||||||||||||
at interest- | |||||||||||||||||||||||||
embedded | |||||||||||||||||||||||||
derivatives | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 43,776 | $ | 37,997 | $ | (176,270 | ) | $ | 4,962 | $ | (868,726 | ) | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | 12 | — | — | — | — | ||||||||||||||||||||
Investment related gains (losses), net | (4 | ) | — | 77,241 | — | (23,661 | ) | ||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (23,840 | ) | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income | 113 | — | — | — | — | ||||||||||||||||||||
Purchases(1) | — | — | — | — | (15,193 | ) | |||||||||||||||||||
Sales(1) | — | — | — | — | — | ||||||||||||||||||||
Settlements(1) | (64 | ) | (298 | ) | — | — | 19,433 | ||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | ||||||||||||||||||||
Transfers out of Level 3 | — | (26,542 | ) | — | (4,962 | ) | — | ||||||||||||||||||
Fair value, end of period | $ | 43,833 | $ | 11,157 | $ | (99,029 | ) | $ | — | $ | (911,987 | ) | |||||||||||||
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | $ | 12 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Investment related gains (losses), net | — | — | 77,241 | — | (24,211 | ) | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | ||||||||||||||||||||
Interest credited | — | — | — | — | (43,273 | ) | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | ||||||||||||||||||||
-1 | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. | ||||||||||||||||||||||||
The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three months ended March 31, 2015, as well as the portion of gains or losses included in income for the three months ended March 31, 2015 attributable to unrealized gains or losses related to those assets and liabilities still held at March 31, 2015 (dollars in thousands): | |||||||||||||||||||||||||
For the three months ended March 31, 2015: | Fixed maturity securities - available-for-sale | ||||||||||||||||||||||||
Corporate | Residential | Asset-backed | Commercial | U.S. government | State | ||||||||||||||||||||
securities | mortgage- | securities | mortgage- | and agencies | and political | ||||||||||||||||||||
backed | backed | securities | subdivision | ||||||||||||||||||||||
securities | securities | securities | |||||||||||||||||||||||
Fair value, beginning of period | $ | 1,310,427 | $ | 188,094 | $ | 572,960 | $ | 86,746 | $ | 28,529 | $ | 42,711 | |||||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | (803 | ) | (140 | ) | 1,419 | 594 | (19 | ) | 7 | ||||||||||||||||
Investment related gains (losses), net | (405 | ) | (82 | ) | 73 | 87 | (107 | ) | (4 | ) | |||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | 6,069 | 523 | 3,632 | (310 | ) | 176 | 25 | ||||||||||||||||||
Purchases(1) | 36,900 | 11,439 | 40,991 | — | 121 | — | |||||||||||||||||||
Sales(1) | — | (714 | ) | (7,356 | ) | (956 | ) | — | — | ||||||||||||||||
Settlements(1) | (59,600 | ) | (5,719 | ) | (4,122 | ) | (5,120 | ) | (944 | ) | (29 | ) | |||||||||||||
Transfers into Level 3 | — | 600 | 9,055 | 12,828 | — | — | |||||||||||||||||||
Transfers out of Level 3 | (5,609 | ) | (1,422 | ) | (7,216 | ) | — | — | (835 | ) | |||||||||||||||
Fair value, end of period | $ | 1,286,979 | $ | 192,579 | $ | 609,436 | $ | 93,869 | $ | 27,756 | $ | 41,875 | |||||||||||||
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 | $ | (803 | ) | $ | (141 | ) | $ | 1,399 | $ | 589 | $ | (19 | ) | $ | 7 | ||||||||||
Investment related gains (losses), net | — | — | — | — | — | — | |||||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
For the three months ended March 31, 2015 (continued): | Fixed maturity securities | ||||||||||||||||||||||||
available-for-sale | |||||||||||||||||||||||||
Other foreign government, supranational and foreign government-sponsored enterprises | Funds withheld | Other invested assets - non-redeemable preferred stock | Other assets longevity swaps | Interest sensitive contract liabilities embedded derivatives | Other liabilities mortality swaps | ||||||||||||||||||||
at interest- | |||||||||||||||||||||||||
embedded | |||||||||||||||||||||||||
derivatives | |||||||||||||||||||||||||
Fair value, beginning of period | $ | 19,663 | $ | 22,094 | $ | 7,904 | $ | 7,727 | $ | (1,085,166 | ) | $ | (797 | ) | |||||||||||
Total gains/losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings, net: | |||||||||||||||||||||||||
Investment income, net of related expenses | — | — | — | — | — | — | |||||||||||||||||||
Investment related gains (losses), net | — | (2,325 | ) | — | — | (25,133 | ) | — | |||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | — | — | — | — | — | |||||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | (29,326 | ) | — | ||||||||||||||||||
Included in other comprehensive income | 182 | — | 88 | 1,821 | — | — | |||||||||||||||||||
Other revenues | — | — | — | (946 | ) | — | (479 | ) | |||||||||||||||||
Purchases(1) | — | — | 29 | — | (11,644 | ) | — | ||||||||||||||||||
Sales(1) | — | — | — | — | — | — | |||||||||||||||||||
Settlements(1) | (310 | ) | — | — | — | — | — | ||||||||||||||||||
Transfers into Level 3 | — | — | — | — | 18,999 | — | |||||||||||||||||||
Transfers out of Level 3 | (4,333 | ) | — | (29 | ) | — | — | — | |||||||||||||||||
Fair value, end of period | $ | 15,202 | $ | 19,769 | $ | 7,992 | $ | 8,602 | $ | (1,132,270 | ) | $ | (1,276 | ) | |||||||||||
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 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Investment related gains (losses), net | — | — | — | — | (28,245 | ) | — | ||||||||||||||||||
Other revenues | — | — | — | (946 | ) | — | (479 | ) | |||||||||||||||||
Claims & other policy benefits | — | — | — | — | — | — | |||||||||||||||||||
Interest credited | — | (2,325 | ) | — | — | (48,324 | ) | — | |||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | — | — | — | |||||||||||||||||||
-1 | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. | ||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | 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 March 31, | Three months ended March 31, | ||||||||||||||||||||||||
(dollars in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
Mortgage loans(1) | $ | 3,540 | $ | 10,660 | $ | 50 | $ | 380 | |||||||||||||||||
Limited partnership interests(2) | 13,667 | — | (4,509 | ) | — | ||||||||||||||||||||
-1 | Mortgage loans — The impaired mortgage loans presented above were written down to their estimated fair values at the date the impairments were recognized and are reported as losses above. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains above. Nonrecurring fair value adjustments on mortgage loans are based on the fair value of underlying collateral or discounted cash flows. | ||||||||||||||||||||||||
-2 | Limited partnership interests — The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency. | ||||||||||||||||||||||||
Financial Instruments Carrying Amounts And Estimated Fair Value [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 March 31, 2015 and December 31, 2014 (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. | ||||||||||||||||||||||||
March 31, 2015: | Carrying Value | Estimated | Fair Value Measurement Using: | ||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Mortgage loans on real estate | $ | 2,913,486 | $ | 3,053,041 | $ | — | $ | — | $ | 3,053,041 | |||||||||||||||
Policy loans | 1,284,085 | 1,284,085 | — | 1,284,085 | — | ||||||||||||||||||||
Funds withheld at interest(1) | 5,815,835 | 6,305,645 | — | — | 6,305,645 | ||||||||||||||||||||
Cash and cash equivalents(2) | 706,671 | 706,671 | 706,671 | — | — | ||||||||||||||||||||
Short-term investments(2) | 29,205 | 29,205 | 29,205 | — | — | ||||||||||||||||||||
Other invested assets(2) | 458,423 | 510,287 | 4,637 | 35,446 | 470,204 | ||||||||||||||||||||
Accrued investment income | 283,665 | 283,665 | — | 283,665 | — | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest-sensitive contract liabilities(1) | $ | 9,479,958 | $ | 9,830,871 | $ | — | $ | — | $ | 9,830,871 | |||||||||||||||
Long-term debt | 2,313,884 | 2,527,728 | — | — | 2,527,728 | ||||||||||||||||||||
Collateral finance and securitization notes | 774,351 | 684,719 | — | — | 684,719 | ||||||||||||||||||||
December 31, 2014: | Carrying Value | Estimated | Fair Value Measurement Using: | ||||||||||||||||||||||
Fair 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 | ||||||||||||||||||||
-1 | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis. | ||||||||||||||||||||||||
-2 | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Reconciliation Of Revenue From Segments To Consolidated Text Block | The Company’s reportable segments are strategic business units that are primarily segregated by geographic region. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in thousands). | ||||||||
Three months ended March 31, | |||||||||
Total revenues: | 2015 | 2014 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 1,255,290 | $ | 1,278,692 | |||||
Non-Traditional | 192,673 | 288,621 | |||||||
Total | 1,447,963 | 1,567,313 | |||||||
Canada: | |||||||||
Traditional | 265,004 | 271,444 | |||||||
Non-Traditional | 11,874 | 6,305 | |||||||
Total | 276,878 | 277,749 | |||||||
Europe, Middle East and Africa: | |||||||||
Traditional | 295,232 | 307,750 | |||||||
Non-Traditional | 55,376 | 58,107 | |||||||
Total | 350,608 | 365,857 | |||||||
Asia Pacific: | |||||||||
Traditional | 393,875 | 386,889 | |||||||
Non-Traditional | 19,570 | 28,140 | |||||||
Total | 413,445 | 415,029 | |||||||
Corporate and Other | 31,719 | 31,225 | |||||||
Total | $ | 2,520,613 | $ | 2,657,173 | |||||
Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block | |||||||||
Three months ended March 31, | |||||||||
Income (loss) before income taxes: | 2015 | 2014 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 17,843 | $ | 50,972 | |||||
Non-Traditional | 54,505 | 83,124 | |||||||
Total | 72,348 | 134,096 | |||||||
Canada: | |||||||||
Traditional | 22,727 | 19,433 | |||||||
Non-Traditional | 4,131 | 631 | |||||||
Total | 26,858 | 20,064 | |||||||
Europe, Middle East and Africa: | |||||||||
Traditional | 10,482 | (992 | ) | ||||||
Non-Traditional | 19,634 | 16,197 | |||||||
Total | 30,116 | 15,205 | |||||||
Asia Pacific: | |||||||||
Traditional | 52,648 | 18,867 | |||||||
Non-Traditional | 10,145 | 7,444 | |||||||
Total | 62,793 | 26,311 | |||||||
Corporate and Other | (7,990 | ) | 3,764 | ||||||
Total | $ | 184,125 | $ | 199,440 | |||||
Reconciliation Of Assets From Segment To Consolidated Text Block | |||||||||
Total Assets: | 31-Mar-15 | 31-Dec-14 | |||||||
U.S. and Latin America: | |||||||||
Traditional | $ | 14,835,231 | $ | 14,159,824 | |||||
Non-Traditional | 11,548,878 | 11,572,251 | |||||||
Total | 26,384,109 | 25,732,075 | |||||||
Canada: | |||||||||
Traditional | 3,859,043 | 3,946,942 | |||||||
Non-Traditional | 43,708 | 49,186 | |||||||
Total | 3,902,751 | 3,996,128 | |||||||
Europe, Middle East and Africa: | |||||||||
Traditional | 2,438,389 | 2,514,868 | |||||||
Non-Traditional | 2,075,279 | 2,178,454 | |||||||
Total | 4,513,668 | 4,693,322 | |||||||
Asia Pacific: | |||||||||
Traditional | 2,953,837 | 2,951,723 | |||||||
Non-Traditional | 657,826 | 667,645 | |||||||
Total | 3,611,663 | 3,619,368 | |||||||
Corporate and Other | 6,279,077 | 6,638,718 | |||||||
Total | $ | 44,691,268 | $ | 44,679,611 | |||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
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 March 31, 2015 and December 31, 2014 are presented in the following table (dollars in thousands): | ||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||
Limited partnerships | $ | 233,330 | $ | 254,314 | |||||||||||
Commercial mortgage loans | 28,750 | 33,850 | |||||||||||||
Bank loans and revolving credit agreements | 49,835 | 52,859 | |||||||||||||
Equity release mortgages | 8,509 | 8,549 | |||||||||||||
Credit Facilities | The following table provides additional information on the Company’s credit facilities as of March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||
Amount Utilized(1) | |||||||||||||||
Facility Capacity | Maturity Date | 31-Mar-15 | 31-Dec-14 | Basis of Fees | |||||||||||
$ | 850,000 | September 2019 | $ | 577,157 | $ | 204,774 | Senior unsecured long-term debt rating | ||||||||
77,259(2) | Nov-15 | 77,259 | 74,623 | Fixed | |||||||||||
120,000 | May-16 | 80,040 | 80,040 | Fixed | |||||||||||
38,035(2) | May-16 | 26,625 | 28,612 | Fixed | |||||||||||
150,000 | Jun-16 | 130,000 | 130,000 | Fixed | |||||||||||
100,000 | Jun-17 | 74,898 | 81,747 | Fixed | |||||||||||
270,000 | Nov-17 | 270,000 | 270,000 | Fixed | |||||||||||
63,174(2) | Mar-19 | 63,174 | 80,961 | 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. | ||||||||||||||
Schedule of Guarantor Obligations [Table Text Block] | RGA’s guarantees issued as of March 31, 2015 and December 31, 2014 are reflected in the following table (dollars in thousands): | ||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||
Treaty guarantees | $ | 793,815 | $ | 826,496 | |||||||||||
Treaty guarantees, net of assets in trust | 650,115 | 664,913 | |||||||||||||
Borrowed securities | 193,840 | 201,050 | |||||||||||||
Financing arrangements | 132,193 | 100,000 | |||||||||||||
Lease obligations | 6,085 | 6,085 | |||||||||||||
Other Commitments [Table Text Block] | The following table presents the maximum potential obligation for these commitments as of March 31, 2015 (dollars in millions): | ||||||||||||||
Commitment Period | 31-Mar-15 | ||||||||||||||
2023 | $ | 500 | |||||||||||||
2033 | 950 | ||||||||||||||
2034 | 3,000 | ||||||||||||||
2035 | 500 | ||||||||||||||
2036 | 1,432 | ||||||||||||||
Income_Tax_Income_Tax_Tables
Income Tax Income Tax (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 35% to pre-tax income as a result of the following for the three months ended March 31, 2015 and 2014 (dollars in thousands): | ||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
Tax provision at U.S. statutory rate | $ | 64,444 | $ | 69,804 | |||||
Increase (decrease) in income taxes resulting from: | |||||||||
Foreign tax rate differing from U.S. tax rate | (5,517 | ) | (3,221 | ) | |||||
Differences in tax bases in foreign jurisdictions | (6,670 | ) | 250 | ||||||
Deferred tax valuation allowance | 6,791 | (3,157 | ) | ||||||
Amounts related to tax audit contingencies | 952 | 778 | |||||||
Corporate rate changes | 272 | (17 | ) | ||||||
Subpart F | 6,434 | 2,439 | |||||||
Foreign tax credits | (2,343 | ) | (855 | ) | |||||
Return to provision adjustments | (4,765 | ) | (3,353 | ) | |||||
Other, net | (587 | ) | 108 | ||||||
Total provision for income taxes | $ | 59,011 | $ | 62,776 | |||||
Effective tax rate | 32.1 | % | 31.5 | % | |||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule Of Defined Benefit Plans Disclosures Text Block | The components of net periodic benefit costs for the three months ended March 31, 2015 and 2014 were as follows (dollars in thousands): | ||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
Three months ended March 31, | Three months ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 2,030 | $ | 1,501 | $ | 589 | $ | 470 | |||||||||
Interest Cost | 1,243 | 808 | 491 | 338 | |||||||||||||
Expected return on plan assets | (1,118 | ) | (933 | ) | — | — | |||||||||||
Amortization of prior service cost | 83 | 2 | — | — | |||||||||||||
Amortization of prior actuarial loss | 439 | 673 | 265 | 217 | |||||||||||||
Net periodic benefit cost | $ | 2,677 | $ | 2,051 | $ | 1,345 | $ | 1,025 | |||||||||
Retrocession_Arrangements_and_1
Retrocession Arrangements and Reinsurance Ceded Receivables Retrocession Arrangements and Reinsurance Ceded Receivables (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] | |||||||||||||||||
Ceded Credit Risk [Table Text Block] | The following table presents information for the Company's reinsurance ceded 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 March 31, 2015 and December 31, 2014 (dollars in thousands): | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Reinsurer | A.M. Best Rating | Amount | % of Total | Amount | % of Total | ||||||||||||
Reinsurer A | A+ | $ | 197,021 | 29.6 | % | $ | 210,996 | 36.5 | % | ||||||||
Reinsurer B | A+ | 152,870 | 23 | 45,541 | 7.9 | ||||||||||||
Reinsurer C | A+ | 74,754 | 11.2 | 74,412 | 12.9 | ||||||||||||
Reinsurer D | A++ | 49,313 | 7.4 | 43,154 | 7.5 | ||||||||||||
Reinsurer E | A | 45,468 | 6.8 | 43,818 | 7.6 | ||||||||||||
Other reinsurers | 146,371 | 22 | 160,285 | 27.6 | |||||||||||||
Total | $ | 665,797 | 100 | % | $ | 578,206 | 100 | % | |||||||||
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Shares) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||
Net income (numerator for basic and diluted calculations) | $125,114 | $136,664 |
Shares: | ||
Weighted average outstanding shares (denominator for basic calculation) | 68,141 | 70,574 |
Equivalent shares from outstanding stock options | 801 | 690 |
Denominator for diluted calculation | 68,942 | 71,264 |
Earnings Per Share: | ||
Basic earnings per share | $1.84 | $1.94 |
Diluted earnings per share | $1.81 | $1.92 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0.3 | 0.3 |
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 | 0.7 | 0.9 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Balance of and Changes in Each Component of AOCI) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Other Comprehensive Income (Loss), before Tax | $391,626 | $424,772 | ||
Other Comprehensive Income (Loss), Tax | -157,639 | -147,536 | ||
Net income | 125,114 | 136,664 | ||
Balance, Beginning of Period | 1,657,129 | 1,005,607 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 184,125 | 199,440 | ||
Balance, End of Period | 1,884,236 | 1,279,499 | ||
Income Tax Expense (Benefit) | -59,011 | -62,776 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 233,987 | 277,236 | ||
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | -103,285 | -45,428 | ||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | -14,486 | 2,745 | ||
Net income | 0 | 0 | ||
Balance, Beginning of Period | 81,847 | 207,083 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 0 | ||
Balance, End of Period | -35,924 | 164,400 | ||
Income Tax Expense (Benefit) | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -117,771 | -42,683 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments and Tax | 494,294 | [1] | 469,975 | [1] |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | -142,978 | [1] | -150,217 | [1] |
Net income | -7,392 | [1] | -3,924 | [1] |
Balance, Beginning of Period | 1,624,773 | [1] | 820,245 | [1] |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -8,252 | [1] | -5,828 | [1] |
Balance, End of Period | 1,968,697 | [1] | 1,136,079 | [1] |
Income Tax Expense (Benefit) | 860 | [1] | 1,904 | [1] |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 351,316 | [1] | 319,758 | [1] |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 617 | 225 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | -175 | -64 | ||
Net income | 512 | 580 | ||
Balance, Beginning of Period | -49,491 | -21,721 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 787 | 892 | ||
Balance, End of Period | -48,537 | -20,980 | ||
Income Tax Expense (Benefit) | 275 | 312 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 442 | 161 | ||
Amounts Reclassified From AOCI [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Net income | -6,880 | -3,344 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -7,465 | -4,936 | ||
Income Tax Expense (Benefit) | ($585) | ($1,592) | ||
[1] | Includes cash flow hedges. See Note 5 - “Derivative Instruments†for additional information on cash flow hedges. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment related gains (losses), net | $10,110 | $84,874 | ||
Investment income | 426,891 | 404,375 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 184,125 | 199,440 | ||
Income Tax Expense (Benefit) | -59,011 | -62,776 | ||
Net income | 125,114 | 136,664 | ||
Unrealized Appreciation Depreciation Of Investments [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 8,252 | 5,828 | ||
Income Tax Expense (Benefit) | -860 | -1,904 | ||
Net income | 7,392 | 3,924 | ||
Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment related gains (losses), net | 3,079 | 1,189 | ||
Unrealized Appreciation Depreciation Of Investments [Member] | Gains Losses On Qualifying Cash Flow Hedging Instruments [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment income | 840 | 218 | ||
Unrealized Appreciation Depreciation Of Investments [Member] | DAC Attributed To Unrealized Gains Losses [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Deferred policy acquisition costs attributed to unrealized gains and losses | 4,333 | [1] | 4,421 | [1] |
Amortization Of Unrealized Pension And Postretirement Benefits [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -787 | -892 | ||
Income Tax Expense (Benefit) | 275 | 312 | ||
Net income | -512 | -580 | ||
Amounts Reclassified From AOCI [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | 6,880 | 3,344 | ||
Prior Service Cost [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Prior service cost | -83 | [2] | -2 | [2] |
Actuarial Gains Losses [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Actuarial gains/(losses) | ($704) | [2] | ($890) | [2] |
[1] | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs†of the 2014 Annual Report for additional details. | |||
[2] | These AOCI components are included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans†for additional details. |
Investments_Investments_in_Fix
Investments (Investments in Fixed Maturity and Equity Securities Available-for-Sale by Sector) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $14,084,589 | $14,010,604 |
Unrealized Losses | 99,462 | 134,919 |
Estimated Fair Value | 15,179,135 | 14,885,583 |
% of Total | 100.00% | 100.00% |
Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 22,933,716 | 23,105,597 |
Unrealized Gains | 2,965,520 | 2,508,673 |
Unrealized Losses | 98,013 | 133,298 |
Estimated Fair Value | 25,801,223 | 25,480,972 |
% of Total | 100.00% | 100.00% |
Other-than-temporary impairments in AOCI | 1,555 | -1,555 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 130,038 | 120,534 |
Unrealized Gains | 6,030 | 7,947 |
Unrealized Losses | 1,449 | 1,621 |
Estimated Fair Value | 134,619 | 126,860 |
% of Total | 100.00% | 100.00% |
Corporate Debt Securities [Member] | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,084,589 | 14,010,604 |
Unrealized Gains | 1,159,377 | 965,523 |
Unrealized Losses | 64,831 | 90,544 |
Estimated Fair Value | 15,179,135 | 14,885,583 |
% of Total | 58.80% | 58.40% |
Other-than-temporary impairments in AOCI | 0 | 0 |
Canadian and Canadian provincial governments | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,477,703 | 2,668,852 |
Unrealized Gains | 1,416,036 | 1,196,420 |
Unrealized Losses | 0 | 7 |
Estimated Fair Value | 3,893,739 | 3,865,265 |
% of Total | 15.10% | 15.20% |
Other-than-temporary impairments in AOCI | 0 | 0 |
Residential mortgage-backed securities | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,072,415 | 991,867 |
Unrealized Gains | 60,491 | 52,640 |
Unrealized Losses | 5,232 | 6,611 |
Estimated Fair Value | 1,127,674 | 1,037,896 |
% of Total | 4.40% | 4.10% |
Other-than-temporary impairments in AOCI | -300 | -300 |
Asset-backed securities | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,082,883 | 1,059,660 |
Unrealized Gains | 23,322 | 20,301 |
Unrealized Losses | 8,093 | 10,375 |
Estimated Fair Value | 1,098,112 | 1,069,586 |
% of Total | 4.30% | 4.20% |
Other-than-temporary impairments in AOCI | 354 | 354 |
Commercial Mortgage Backed Securities [Member] | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,448,372 | 1,453,657 |
Unrealized Gains | 93,304 | 87,593 |
Unrealized Losses | 7,402 | 8,659 |
Estimated Fair Value | 1,534,274 | 1,532,591 |
% of Total | 5.90% | 6.00% |
Other-than-temporary impairments in AOCI | -1,609 | -1,609 |
US Treasury and Government [Member] | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 444,529 | 501,352 |
Unrealized Gains | 28,879 | 25,014 |
Unrealized Losses | 0 | 515 |
Estimated Fair Value | 473,408 | 525,851 |
% of Total | 1.80% | 2.00% |
Other-than-temporary impairments in AOCI | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 378,403 | 378,457 |
Unrealized Gains | 54,496 | 51,117 |
Unrealized Losses | 3,128 | 3,498 |
Estimated Fair Value | 429,771 | 426,076 |
% of Total | 1.70% | 1.70% |
Other-than-temporary impairments in AOCI | 0 | 0 |
Foreign Government Debt Securities [Member] | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,944,822 | 2,041,148 |
Unrealized Gains | 129,615 | 110,065 |
Unrealized Losses | 9,327 | 13,089 |
Estimated Fair Value | 2,065,110 | 2,138,124 |
% of Total | 8.00% | 8.40% |
Other-than-temporary impairments in AOCI | 0 | 0 |
Nonredeemable Preferred Stock [Member] | Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 90,643 | 93,540 |
Unrealized Gains | 5,136 | 7,350 |
Unrealized Losses | 1,405 | 1,527 |
Estimated Fair Value | 94,374 | 99,363 |
% of Total | 70.10% | 78.30% |
Other equity securities | Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 39,395 | 26,994 |
Unrealized Gains | 894 | 597 |
Unrealized Losses | 44 | 94 |
Estimated Fair Value | $40,245 | $27,497 |
% of Total | 29.90% | 21.70% |
Investments_Fixed_Maturity_Sec
Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $14,084,589 | $14,010,604 |
Available-for-sale Securities | 15,179,135 | 14,885,583 |
Collateral Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 148,411 | 127,229 |
Available-for-sale Securities | 160,448 | 134,863 |
Collateral Received Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 128,643 | 117,227 |
Reported Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets Held-in-trust | 9,719,868 | 10,197,489 |
Estimate of Fair Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets Held-in-trust | $10,628,413 | $10,922,947 |
Investments_Exposure_To_Concen
Investments (Exposure To Concentrations Of Credit Risk) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $14,084,589 | $14,010,604 |
Available-for-sale Securities | 15,179,135 | 14,885,583 |
Canadian Province Of Quebec Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 934,860 | 1,006,315 |
Available-for-sale Securities | 1,628,425 | 1,599,673 |
Canadian Province Of Ontario Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 901,634 | 979,908 |
Available-for-sale Securities | $1,351,722 | $1,359,339 |
Investments_Amortized_Cost_and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available For Sale Securities Debt Maturities Amortized Cost | ||
Due in one year or less | $594,886 | |
Due after one year through five years | 4,504,020 | |
Due after five year through ten years | 7,388,162 | |
Due after ten years | 6,842,978 | |
Asset and mortgage-backed securities | 3,603,670 | |
Total | 22,933,716 | 23,105,597 |
Available For Sale Securities Debt Maturities Fair Value | ||
Due in one year or less | 600,953 | |
Due after one year through five years | 4,771,660 | |
Due after five year through ten years | 7,862,501 | |
Due after ten years | 8,806,049 | |
Asset and mortgage-backed securities | 3,760,060 | |
Total | $25,801,223 | $25,480,972 |
Investments_Amortized_Cost_and1
Investments (Amortized Cost and Fair Value of Fixed Maturity Holdings by Industry Type) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $14,084,589 | $14,010,604 |
Estimated Fair Value | 15,179,135 | 14,885,583 |
% of Total | 100.00% | 100.00% |
Finance | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | 4,842,257 | 4,789,568 |
Estimated Fair Value | 5,186,461 | 5,066,408 |
% of Total | 34.20% | 34.00% |
Industrial | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | 7,699,936 | 7,639,330 |
Estimated Fair Value | 8,270,678 | 8,086,067 |
% of Total | 54.40% | 54.30% |
Utility | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | 1,542,396 | 1,581,706 |
Estimated Fair Value | $1,721,996 | $1,733,108 |
% of Total | 11.40% | 11.70% |
Investments_Fair_Value_Below_A
Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity and Equity Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $99,462 | $134,919 |
% of Total | 100.00% | 100.00% |
Less than 20% | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | 72,598 | 111,965 |
% of Total | 73.00% | 83.00% |
20% or more for less than six months | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | 15,318 | 13,698 |
% of Total | 15.40% | 10.10% |
20% or more for six months or greater | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $11,546 | $9,256 |
% of Total | 11.60% | 6.90% |
Investments_Fair_Value_and_Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | $1,754,536 | $2,437,278 |
Gross Unrealized Losses - Less than 12 months | 59,400 | 73,639 |
Estimated Fair Value - 12 months or greater | 513,104 | 1,068,336 |
Gross Unrealized Losses - 12 months or greater | 38,613 | 59,659 |
Estimated Fair Value | 2,267,640 | 3,505,614 |
Gross Unrealized Losses | 98,013 | 133,298 |
Equity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 29,482 | 11,619 |
Gross Unrealized Losses - Less than 12 months | 545 | 235 |
Estimated Fair Value - 12 months or greater | 6,649 | 22,645 |
Gross Unrealized Losses - 12 months or greater | 904 | 1,386 |
Estimated Fair Value | 36,131 | 34,264 |
Gross Unrealized Losses | 1,449 | 1,621 |
Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 404,018 | 469,408 |
Gross Unrealized Losses - Less than 12 months | 30,978 | 33,311 |
Estimated Fair Value - 12 months or greater | 52,740 | 51,539 |
Gross Unrealized Losses - 12 months or greater | 10,216 | 10,805 |
Estimated Fair Value | 456,758 | 520,947 |
Gross Unrealized Losses | 41,194 | 44,116 |
Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 1,350,518 | 1,967,870 |
Gross Unrealized Losses - Less than 12 months | 28,422 | 40,328 |
Estimated Fair Value - 12 months or greater | 460,364 | 1,016,797 |
Gross Unrealized Losses - 12 months or greater | 28,397 | 48,854 |
Estimated Fair Value | 1,810,882 | 2,984,667 |
Gross Unrealized Losses | 56,819 | 89,182 |
Corporate Debt Securities [Member] | Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 357,118 | 415,886 |
Gross Unrealized Losses - Less than 12 months | 28,279 | 29,316 |
Estimated Fair Value - 12 months or greater | 25,560 | 32,567 |
Gross Unrealized Losses - 12 months or greater | 2,557 | 3,404 |
Estimated Fair Value | 382,678 | 448,453 |
Gross Unrealized Losses | 30,836 | 32,720 |
Corporate Debt Securities [Member] | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 805,091 | 1,225,767 |
Gross Unrealized Losses - Less than 12 months | 18,419 | 27,784 |
Estimated Fair Value - 12 months or greater | 227,150 | 614,294 |
Gross Unrealized Losses - 12 months or greater | 15,576 | 30,040 |
Estimated Fair Value | 1,032,241 | 1,840,061 |
Gross Unrealized Losses | 33,995 | 57,824 |
Canadian and Canadian provincial governments | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 0 | |
Gross Unrealized Losses - Less than 12 months | 0 | |
Estimated Fair Value - 12 months or greater | 1,235 | |
Gross Unrealized Losses - 12 months or greater | 7 | |
Estimated Fair Value | 1,235 | |
Gross Unrealized Losses | 7 | |
Residential mortgage-backed securities | Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 10,308 | 22,836 |
Gross Unrealized Losses - Less than 12 months | 83 | 293 |
Estimated Fair Value - 12 months or greater | 12,033 | 6,284 |
Gross Unrealized Losses - 12 months or greater | 414 | 225 |
Estimated Fair Value | 22,341 | 29,120 |
Gross Unrealized Losses | 497 | 518 |
Residential mortgage-backed securities | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 100,937 | 78,864 |
Gross Unrealized Losses - Less than 12 months | 1,507 | 846 |
Estimated Fair Value - 12 months or greater | 62,201 | 135,414 |
Gross Unrealized Losses - 12 months or greater | 3,228 | 5,247 |
Estimated Fair Value | 163,138 | 214,278 |
Gross Unrealized Losses | 4,735 | 6,093 |
Asset-backed securities | Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 14,478 | 12,448 |
Gross Unrealized Losses - Less than 12 months | 231 | 274 |
Estimated Fair Value - 12 months or greater | 6,715 | 7,108 |
Gross Unrealized Losses - 12 months or greater | 1,707 | 1,791 |
Estimated Fair Value | 21,193 | 19,556 |
Gross Unrealized Losses | 1,938 | 2,065 |
Asset-backed securities | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 285,839 | 332,785 |
Gross Unrealized Losses - Less than 12 months | 2,774 | 4,021 |
Estimated Fair Value - 12 months or greater | 99,896 | 109,411 |
Gross Unrealized Losses - 12 months or greater | 3,381 | 4,289 |
Estimated Fair Value | 385,735 | 442,196 |
Gross Unrealized Losses | 6,155 | 8,310 |
Commercial mortgage-backed securities | Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 6,739 | 3,288 |
Gross Unrealized Losses - Less than 12 months | 240 | 249 |
Estimated Fair Value - 12 months or greater | 5,522 | 5,580 |
Gross Unrealized Losses - 12 months or greater | 5,410 | 5,385 |
Estimated Fair Value | 12,261 | 8,868 |
Gross Unrealized Losses | 5,650 | 5,634 |
Commercial mortgage-backed securities | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 49,304 | 78,632 |
Gross Unrealized Losses - Less than 12 months | 162 | 564 |
Estimated Fair Value - 12 months or greater | 20,733 | 28,375 |
Gross Unrealized Losses - 12 months or greater | 1,590 | 2,461 |
Estimated Fair Value | 70,037 | 107,007 |
Gross Unrealized Losses | 1,752 | 3,025 |
US Government Agencies Debt Securities [Member] | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 81,317 | |
Gross Unrealized Losses - Less than 12 months | 89 | |
Estimated Fair Value - 12 months or greater | 32,959 | |
Gross Unrealized Losses - 12 months or greater | 426 | |
Estimated Fair Value | 114,276 | |
Gross Unrealized Losses | 515 | |
US States and Political Subdivisions Debt Securities [Member] | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 0 | 13,780 |
Gross Unrealized Losses - Less than 12 months | 0 | 17 |
Estimated Fair Value - 12 months or greater | 13,647 | 18,998 |
Gross Unrealized Losses - 12 months or greater | 3,128 | 3,438 |
Estimated Fair Value | 13,647 | 32,778 |
Gross Unrealized Losses | 3,128 | 3,455 |
Foreign Government Debt Securities [Member] | Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 15,375 | 13,986 |
Gross Unrealized Losses - Less than 12 months | 2,145 | 3,136 |
Estimated Fair Value - 12 months or greater | 2,910 | 0 |
Gross Unrealized Losses - 12 months or greater | 128 | 0 |
Estimated Fair Value | 18,285 | 13,986 |
Gross Unrealized Losses | 2,273 | 3,136 |
Foreign Government Debt Securities [Member] | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 109,347 | 156,725 |
Gross Unrealized Losses - Less than 12 months | 5,560 | 7,007 |
Estimated Fair Value - 12 months or greater | 36,737 | 76,111 |
Gross Unrealized Losses - 12 months or greater | 1,494 | 2,946 |
Estimated Fair Value | 146,084 | 232,836 |
Gross Unrealized Losses | 7,054 | 9,953 |
Nonredeemable Preferred Stock [Member] | Equity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 20,885 | 11,619 |
Gross Unrealized Losses - Less than 12 months | 501 | 235 |
Estimated Fair Value - 12 months or greater | 6,649 | 19,100 |
Gross Unrealized Losses - 12 months or greater | 904 | 1,292 |
Estimated Fair Value | 27,534 | 30,719 |
Gross Unrealized Losses | 1,405 | 1,527 |
Other equity securities | Equity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 8,597 | 0 |
Gross Unrealized Losses - Less than 12 months | 44 | 0 |
Estimated Fair Value - 12 months or greater | 0 | 3,545 |
Gross Unrealized Losses - 12 months or greater | 0 | 94 |
Estimated Fair Value | 8,597 | 3,545 |
Gross Unrealized Losses | $44 | $94 |
Investments_Investment_Income_
Investments (Investment Income Net of Related Expenses) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | $443,562 | $418,697 |
Investment expense | -16,671 | -14,322 |
Investment income, net of related expenses | 426,891 | 404,375 |
Available-for-sale Securities [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 269,768 | 243,962 |
Mortgage Loans on Real Estate [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 34,772 | 33,092 |
Policy loans | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 14,040 | 13,438 |
Funds withheld at interest | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 112,260 | 112,739 |
Short-term Investments [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 695 | 965 |
Other invested assets | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | $12,027 | $14,501 |
Investments_Investment_Related
Investments (Investment Related Gains (Losses) Net) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investment Gains And Losses [Abstract] | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $2,527 | $303 |
Gain on investment activity | 19,201 | 8,067 |
Loss on investment activity | -13,596 | -6,583 |
Other impairment losses and change in mortgage loan provision | -4,168 | 1,664 |
Derivatives and other, net | 8,673 | 81,726 |
Total investment related gains (losses), net | $7,583 | $84,571 |
Investments_Borrowed_Securitie
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Sold under Agreements to Repurchase | $91,875 | $92,446 |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 108,268 | 107,158 |
Securities for Reverse Repurchase Agreements | 298,625 | 298,466 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 346,560 | 338,929 |
Reported Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Borrowed | 193,840 | 201,050 |
Estimate of Fair Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Borrowed | 207,476 | 212,946 |
Securities for Reverse Repurchase Agreements | $317,368 | $314,160 |
Investments_Mortgage_Loans_by_
Investments (Mortgage Loans by Property Type) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mortgage Loans on Real Estate [Line Items] | ||
Recorded investment | $2,919,616 | $2,718,709 |
Percentage of total | 100.00% | 100.00% |
Apartment | ||
Mortgage Loans on Real Estate [Line Items] | ||
Recorded investment | 404,174 | 376,430 |
Percentage of total | 13.80% | 13.80% |
Retail | ||
Mortgage Loans on Real Estate [Line Items] | ||
Recorded investment | 890,080 | 802,466 |
Percentage of total | 30.50% | 29.60% |
Office building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Recorded investment | 937,939 | 851,749 |
Percentage of total | 32.20% | 31.30% |
Industrial | ||
Mortgage Loans on Real Estate [Line Items] | ||
Recorded investment | 474,310 | 466,583 |
Percentage of total | 16.20% | 17.20% |
Other commercial | ||
Mortgage Loans on Real Estate [Line Items] | ||
Recorded investment | $213,113 | $221,481 |
Percentage of total | 7.30% | 8.10% |
Investments_Mortgage_Loans_by_1
Investments (Mortgage Loans by Maturity Date) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans, gross of valuation allowances | $2,919,616 | $2,718,709 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Due within five years | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans, gross of valuation allowances | 923,234 | 860,362 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 31.60% | 31.60% |
Due after five years through ten years | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans, gross of valuation allowances | 1,263,984 | 1,165,530 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 43.30% | 42.90% |
Due after ten years | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans, gross of valuation allowances | $732,398 | $692,817 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 25.10% | 25.50% |
Investments_Mortgage_Loans_by_2
Investments (Mortgage Loans by Credit Quality Indicator) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans, gross of valuation allowances | $2,919,616 | $2,718,709 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
High investment grade | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans, gross of valuation allowances | 1,404,166 | 1,326,199 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 48.00% | 48.80% |
Investment grade | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans, gross of valuation allowances | 1,377,802 | 1,235,046 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 47.20% | 45.40% |
Average | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans, gross of valuation allowances | 98,531 | 118,152 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.40% | 4.40% |
Watch list | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans, gross of valuation allowances | 22,161 | 22,285 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 0.80% | 0.80% |
In or near default | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans, gross of valuation allowances | $16,956 | $17,027 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 0.60% | 0.60% |
Investments_Mortgage_Loans_by_3
Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mortgage Loans: | ||
Total mortgage loans | $2,919,616 | $2,718,709 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | ||
Mortgage loans on real estate (net of valuation allowances) | 2,913,486 | 2,712,238 |
Commercial Real Estate Portfolio Segment | ||
Mortgage Loans: | ||
Evaluated individually for credit losses | 16,956 | 17,027 |
Evaluated collectively for credit losses | 2,902,660 | 2,701,682 |
Total mortgage loans | 2,919,616 | 2,718,709 |
Valuation Allowances: | ||
Specific for credit losses | 713 | 816 |
Non-specifically identified credit losses | 5,417 | 5,655 |
Total valuation allowances | $6,130 | $6,471 |
Investments_Loan_Valuation_All
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Allowance For Loan And Lease Losses Roll Forward | ||
Balance, Beginning of Period | $6,471 | $10,106 |
Charge-offs | 0 | 24 |
Provision (release) | -341 | -1,664 |
Balance, End of Period | $6,130 | $8,466 |
Investments_Impaired_Mortgage_
Investments (Impaired Mortgage Loans) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | $17,523 | $17,593 | |||
Recorded Investment | 16,956 | 17,027 | |||
Related Allowance | 713 | 816 | |||
Carrying Value | 16,243 | 16,211 | |||
Average Investment | 16,992 | [1] | 35,093 | [1] | |
Interest Income | 261 | 511 | |||
Impaired mortgage loans with valuation allowance recorded | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 10,227 | 10,279 | |||
Recorded Investment | 10,263 | 10,316 | |||
Related Allowance | 713 | 816 | |||
Carrying Value | 9,550 | 9,500 | |||
Average Investment | 6,702 | [1] | 20,554 | [1] | |
Interest Income | 155 | 193 | |||
Impaired mortgage loans with no valuation allowance recorded | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 7,296 | 7,314 | |||
Recorded Investment | 6,693 | 6,711 | |||
Related Allowance | 0 | 0 | |||
Carrying Value | 6,693 | 6,711 | |||
Average Investment | 10,290 | [1] | 14,539 | [1] | |
Interest Income | $106 | $318 | |||
[1] | Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances. |
Investments_Other_Invested_Ass
Investments (Other Invested Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Investments [Line Items] | ||
Other invested assets | $1,243,033 | $1,198,319 |
Equity securities | ||
Other Investments [Line Items] | ||
Other invested assets | 134,619 | 126,860 |
Limited Partner [Member] | ||
Other Investments [Line Items] | ||
Other invested assets | 450,842 | 446,604 |
Structured loans | ||
Other Investments [Line Items] | ||
Other invested assets | 148,377 | 164,309 |
Derivatives | ||
Other Investments [Line Items] | ||
Other invested assets | 265,020 | 216,966 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Other Investments [Line Items] | ||
Other invested assets | 136,597 | 140,344 |
Other | ||
Other Investments [Line Items] | ||
Other invested assets | $107,578 | $103,236 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
securities | securities | ||
Investment Narrative [Line Items] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $7,300,000 | $11,700,000 | |
Policy Loans Percent Of Total Investments | 3.50% | 3.50% | |
Mortgage Loan To Value Ratio on Approval | 75.00% | ||
Mortgage Loan Percent Of Cash And Invested Assets | 7.80% | 7.40% | |
Proceeds From Sale Of Available For Sale Securities Sold At Loss | 199,600,000 | 235,100,000 | |
Available-for-sale Securities, Gross Realized Losses | 13,596,000 | 6,583,000 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 687 | 932 | |
Securities As Percentage Of Consolidated Stockholder Equity | 10.00% | ||
Securities Borrowed Or Pledged, Minimum Fair Value Percentage | 100.00% | ||
Minimum Collateral Balance of Cash Received Fair Value | 105.00% | ||
Collateral Obtained Percent Of Fair Value Reverse Repurchase Agreements | 100.00% | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% | |
Funds Withheld At Interest Percent Of Total Investments | 15.70% | 16.10% | |
Funds withheld at interest | 5,841,554,000 | 5,922,561,000 | |
Funds Held Under Reinsurance Agreements Asset Specific Client | 4,200,000,000 | ||
Other Invested Assets Percent Of Cash And Invested Assets | 3.30% | 3.30% | |
Assets Sold under Agreements to Repurchase, Repurchase Liability | 101,700,000 | 101,400,000 | |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 108,268,000 | 107,158,000 | |
Repurchase Agreement Counterparty, Amount at Risk | 6,600,000 | 5,800,000 | |
Investment in mortgage loans | |||
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 | 20.30% | 18.70% |
Derivative_Instruments_Gross_N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Notional Amount | $10,825,835 | $11,125,976 |
Carrying Value / Fair Value of Assets | 311,143 | 260,898 |
Carrying Value / Fair Value of Liabilities | 1,185,761 | 1,141,831 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 9,855,630 | 10,132,552 |
Carrying Value / Fair Value of Assets | 192,638 | 188,817 |
Carrying Value / Fair Value of Liabilities | 1,152,215 | 1,109,058 |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 1,000,440 | 1,144,661 |
Carrying Value / Fair Value of Assets | 111,886 | 93,783 |
Carrying Value / Fair Value of Liabilities | 3,532 | 3,934 |
Not Designated as Hedging Instrument | Interest Rate Options | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 240,000 |
Carrying Value / Fair Value of Assets | 0 | 18,195 |
Carrying Value / Fair Value of Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Financial Futures | ||
Derivative [Line Items] | ||
Notional Amount | 249,212 | 275,983 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional Amount | 80,000 | 67,967 |
Carrying Value / Fair Value of Assets | 71 | 87 |
Carrying Value / Fair Value of Liabilities | 10,585 | 15,098 |
Not Designated as Hedging Instrument | Consumer Price Index Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 39,024 | 41,938 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 386 | 561 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 870,700 | 805,700 |
Carrying Value / Fair Value of Assets | 13,563 | 11,689 |
Carrying Value / Fair Value of Liabilities | 4,166 | 3,502 |
Not Designated as Hedging Instrument | Equity Options | ||
Derivative [Line Items] | ||
Notional Amount | 506,226 | 555,361 |
Carrying Value / Fair Value of Assets | 38,747 | 35,242 |
Carrying Value / Fair Value of Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Longevity Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 482,895 | 450,000 |
Carrying Value / Fair Value of Assets | 8,602 | 7,727 |
Carrying Value / Fair Value of Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Mortality Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 50,000 | 50,000 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 1,276 | 797 |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 19,769 | 22,094 |
Carrying Value / Fair Value of Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 947,857 | 925,887 |
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 184,413 | 159,279 |
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 6,577,133 | 6,500,942 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 0 | 0 |
Designated As Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 970,205 | 993,424 |
Carrying Value / Fair Value of Assets | 118,505 | 72,081 |
Carrying Value / Fair Value of Liabilities | 33,546 | 32,773 |
Designated As Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 120,000 | 120,000 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Carrying Value / Fair Value of Liabilities | 25,848 | 18,228 |
Designated As Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 672,053 | 676,972 |
Carrying Value / Fair Value of Assets | 116,588 | 70,906 |
Carrying Value / Fair Value of Liabilities | 32 | 0 |
Designated As Hedging Instrument | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 178,152 | 196,452 |
Carrying Value / Fair Value of Assets | 1,917 | 1,175 |
Carrying Value / Fair Value of Liabilities | $7,666 | $14,545 |
Derivative_Instruments_Derivat
Derivative Instruments (Derivative Instruments Offsetting Balance Sheet) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Derivative Assets [Abstract] | ||||
Derivative Fair Value Of Free Standing Derivative Asset | $291,374 | $238,804 | ||
Gross Amounts Offset in the Balance Sheet | -17,752 | -14,111 | ||
Net Amounts Presented in the Balance Sheet | 273,622 | 224,693 | ||
Derivative Asset, Fair Value of Collateral | -24,514 | [1] | -20,260 | [1] |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | -219,016 | [2] | -178,141 | [2] |
Net Amount | 30,092 | 26,292 | ||
Derivative Liabilities [Abstract] | ||||
Gross Amounts Recognized | 53,491 | 56,665 | ||
Gross Amounts Offset in the Balance Sheet | -17,752 | -14,111 | ||
Net Amounts Presented in the Balance Sheet | 35,739 | 42,554 | ||
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments | -55,397 | [3] | -47,222 | [3] |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | -5,120 | [4] | 0 | [4] |
Net Amount | ($24,778) | ($4,668) | ||
[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 available-for-sale securities, primarily consists of U.S. Treasury securities. | |||
[4] | Consists of receivable from counterparty, included in other assets. |
Derivative_Instruments_Current
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
AOCI Cash Flow Hedges [Roll Forward] | ||
Balance beginning | ($31,591) | ($4,578) |
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | 213 | 776 |
Balance ending | -30,598 | -4,020 |
Forward Contracts [Member] | ||
AOCI Cash Flow Hedges [Roll Forward] | ||
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | 7,780 | |
Interest Rate Swap [Member] | ||
AOCI Cash Flow Hedges [Roll Forward] | ||
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | -7,567 | 776 |
Investment Income [Member] | ||
AOCI Cash Flow Hedges [Roll Forward] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 780 | |
Investment Income [Member] | Interest Rate Swap [Member] | ||
AOCI Cash Flow Hedges [Roll Forward] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -60 | -218 |
Investment Related Gains Losses [Member] | Forward Contracts [Member] | ||
AOCI Cash Flow Hedges [Roll Forward] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $840 | $0 |
Derivative_Instruments_Cash_Fl
Derivative Instruments (Cash Flow Hedges) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivatives In Cash Flow Hedging Relationships [Line Items] | ||
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | $213 | $776 |
Interest Rate Swaps | ||
Derivatives In Cash Flow Hedging Relationships [Line Items] | ||
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | -7,567 | 776 |
Forward Contracts [Member] | ||
Derivatives In Cash Flow Hedging Relationships [Line Items] | ||
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | 7,780 | |
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 | 7 | |
Investment Related Gains Losses [Member] | Interest Rate Swaps | ||
Derivatives In Cash Flow Hedging Relationships [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 7 | -6 |
Investment Related Gains Losses [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 | -840 | 0 |
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 | -780 | |
Investment Income [Member] | Interest Rate Swaps | ||
Derivatives In Cash Flow Hedging Relationships [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $60 | $218 |
Derivative_Instruments_Hedges_
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) (Currency Swap [Member], USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Currency Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Net Derivatives Gains (Losses) Deferred in AOCI | $49,966 | [1],[2] | $23,080 | [1],[2] |
[1] | There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented. | |||
[2] | There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. |
Derivative_Instruments_Non_Hed
Derivative Instruments (Non Hedging Derivatives and Embedded Derivatives Effect on Income Statement) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | $7,583 | $84,571 |
Policy acquisition costs and other insurance expenses | -277,043 | -354,873 |
Interest credited | -120,678 | -110,594 |
Other revenues | 62,287 | 67,590 |
Not Designated as Hedging Instrument | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | -35,854 | 49,517 |
Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 29,344 | 29,653 |
Not Designated as Hedging Instrument | Interest Rate Options | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 3,275 | 1,282 |
Not Designated as Hedging Instrument | Financial Futures | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | -7,331 | -1,584 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | -220 | 1,154 |
Not Designated as Hedging Instrument | Consumer Price Index Swaps | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | -71 | 352 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 2,658 | -2,114 |
Not Designated as Hedging Instrument | Equity Options | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | -8,067 | -8,966 |
Not Designated as Hedging Instrument | Longevity Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Other revenues | 1,821 | 0 |
Not Designated as Hedging Instrument | Mortality Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Other revenues | -479 | 0 |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | -2,325 | 77,241 |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Interest credited | -29,326 | -23,840 |
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | ($25,133) | ($23,661) |
Derivative_Instruments_Exposur
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | $9,397 | [1] | $8,187 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 870,700 | [1],[2] | 805,700 | [1],[2] |
Derivative Average Remaining Maturity | 4 years 11 months | [1],[3] | 4 years 11 months | [1],[3] |
Standard Poors AAA To A Minus Ratings [Member] | Single Name Credit Default Swaps [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 1,819 | [1] | 1,498 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 182,500 | [1],[2] | 167,500 | [1],[2] |
Derivative Average Remaining Maturity | 4 years 5 months | [1],[3] | 4 years 7 months | [1],[3] |
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Swaps Referencing Indices [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 0 | [1] | 0 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 0 | [1],[2] | 0 | [1],[2] |
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 1,819 | [1] | 1,498 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 182,500 | [1],[2] | 167,500 | [1],[2] |
Derivative Average Remaining Maturity | 4 years 5 months | [1],[3] | 4 years 7 months | [1],[3] |
Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 232 | [1] | 168 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 267,200 | [1],[2] | 217,200 | [1],[2] |
Derivative Average Remaining Maturity | 4 years 8 months | [1],[3] | 4 years 11 months | [1],[3] |
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 7,518 | [1] | 6,651 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 416,000 | [1],[2] | 416,000 | [1],[2] |
Derivative Average Remaining Maturity | 5 years 2 months | [1],[3] | 5 years | [1],[3] |
Standard Poors BBB Rating [Member] | Credit Default Subtotal [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 7,750 | [1] | 6,819 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 683,200 | [1],[2] | 633,200 | [1],[2] |
Derivative Average Remaining Maturity | 5 years | [1],[3] | 4 years 11 months | [1],[3] |
Standard & Poor's, BB Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Derivative Average Remaining Maturity | 4 years 2 months | [1],[2] | 4 years 6 months | [1],[2] |
Standard & Poor's, BB Rating [Member] | Single Name Credit Default Swaps [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | -172 | [1] | -130 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 5,000 | [1],[2] | 5,000 | [1],[2] |
Standard & Poor's, BB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | 0 | [1] | 0 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | 0 | [1],[2] | 0 | [1],[2] |
Standard & Poor's, BB Rating [Member] | Credit Default Subtotal [Member] | ||||
Credit Derivatives [Line Items] | ||||
Credit Derivative Current Fair Value | -172 | [1] | -130 | [1] |
Maximum Potential Future Exposure on Credit Risk Derivatives | $5,000 | [1],[2] | $5,000 | [1],[2] |
[1] | The rating agency designations are based on ratings from Standard and Poor’s (“S&Pâ€). | |||
[2] | Assumes the value of the referenced credit obligations is zero. | |||
[3] | The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. |
Derivative_Instruments_Changes
Derivative Instruments (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||
Total investment related gains (losses), net | $7,583 | $84,571 |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | 20,930 | 19,777 |
Total benefits and expenses | 2,336,488 | 2,457,733 |
Net income | 125,114 | 136,664 |
Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||
Total investment related gains (losses), net | -2,325 | 77,241 |
Net income | -2,588 | 18,079 |
Embedded Derivatives In Equity Indexed Annuities [Member] | ||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||
Total benefits and expenses | -29,326 | -23,840 |
Net income | -15,999 | -18,375 |
Embedded Derivatives In Variable Annuity Contracts [Member] | ||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||
Total investment related gains (losses), net | -25,133 | -23,661 |
Net income | ($9,409) | ($13,669) |
Derivative_Instruments_Credit_
Derivative Instruments (Credit Exposure of Derivative Contracts) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Credit Exposure of Derivative Contracts | ||||
Estimated fair value of derivatives in net asset (liability) position | $230,557 | $175,209 | ||
Derivative, Collateral, Right to Reclaim Cash | 5,120 | [1] | 0 | [1] |
Derivative Liability, Fair Value of Collateral | 55,397 | [2] | 47,222 | [2] |
Derivative, Collateral, Obligation to Return Cash | -219,016 | [3] | -178,141 | [3] |
Derivative Asset, Fair Value of Collateral | -24,514 | [4] | -20,260 | [4] |
Deposits with Clearing Organizations and Others, Securities | -31,291 | -16,333 | ||
Net credit exposure | 16,253 | 7,697 | ||
Margin account related to exchange-traded futures | $6,267 | [5] | $7,976 | [5] |
[1] | Consists of receivable from counterparty, included in other assets. | |||
[2] | Included in available-for-sale securities, primarily consists of U.S. Treasury securities. | |||
[3] | Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. | |||
[4] | Consists of U.S. Treasury securities. | |||
[5] | Included in cash and cash equivalents. |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $0.10 | ||
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges | 125.8 | 75.8 | |
Embedded Derivative Gain Loss In Financial Statements From Use Of Own Credit Risk | 0.1 | -0.9 | |
Embedded Derivative Gain Loss On Variable Annuity Contracts In Financial Statements From Use Of Own Credit Risk | $0.50 |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $25,801,223 | $25,480,972 |
Funds withheld at interest embedded derivatives | 19,769 | 22,094 |
Cash and cash equivalents | 376,508 | 899,846 |
Short-term investments | 59,931 | 45,190 |
Investments, Fair Value Disclosure | 548,716 | 490,590 |
Other Assets, Fair Value Disclosure | 8,602 | 7,727 |
Assets, Fair Value Disclosure, Recurring | 26,814,749 | 26,946,419 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 1,132,270 | 1,085,166 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 1,127,720 | |
Liabilities, Fair Value Disclosure, Recurring | 1,168,009 | |
Nonredeemable Preferred Stock [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 94,374 | 99,363 |
Other equity securities | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 40,245 | 27,497 |
Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 12,480 | 6,420 |
Interest Rate Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 100,290 | 84,578 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 17,784 | 12,957 |
Interest Rate Options | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 18,195 | |
Foreign Currency Forwards | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 10,514 | 15,011 |
Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 116,588 | 70,906 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 32 | |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 136,597 | 140,344 |
Consumer Price Index Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | -386 | -561 |
Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 9,781 | 8,606 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 384 | 419 |
Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 38,747 | 35,242 |
Mortality Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 1,276 | 797 |
Purchase Commitment [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 5,749 | 13,370 |
Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 15,179,135 | 14,885,583 |
Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 3,893,739 | 3,865,265 |
Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,127,674 | 1,037,896 |
Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,098,112 | 1,069,586 |
Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,534,274 | 1,532,591 |
US Treasury And Government Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 473,408 | 525,851 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 429,771 | 426,076 |
Foreign Government Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,065,110 | 2,138,124 |
Fair Value Inputs Level 1 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 801,096 | 838,946 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 376,508 | 899,846 |
Short-term investments | 36,465 | 21,536 |
Investments, Fair Value Disclosure | 271,039 | 260,116 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 1,485,108 | 2,020,444 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | |
Liabilities, Fair Value Disclosure, Recurring | 0 | |
Fair Value Inputs Level 1 Member | Nonredeemable Preferred Stock [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 86,382 | 91,450 |
Fair Value Inputs Level 1 Member | Other equity securities | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 40,245 | 27,497 |
Fair Value Inputs Level 1 Member | Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 12,480 | 6,420 |
Fair Value Inputs Level 1 Member | Interest Rate Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Interest Rate Options | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | |
Fair Value Inputs Level 1 Member | Foreign Currency Forwards | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | |
Fair Value Inputs Level 1 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 131,932 | 134,749 |
Fair Value Inputs Level 1 Member | Consumer Price Index Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 1 Member | Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 1 Member | Mortality Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Purchase Commitment [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 141,501 | 115,822 |
Fair Value Inputs Level 1 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | US Treasury And Government Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 385,705 | 437,129 |
Fair Value Inputs Level 1 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Foreign Government Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 273,890 | 285,995 |
Fair Value Inputs Level 2 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 22,732,431 | 22,392,896 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 23,466 | 23,654 |
Investments, Fair Value Disclosure | 269,685 | 222,570 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 23,025,582 | 22,639,120 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 41,757 | |
Liabilities, Fair Value Disclosure, Recurring | 34,463 | |
Fair Value Inputs Level 2 Member | Nonredeemable Preferred Stock [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 9 |
Fair Value Inputs Level 2 Member | Other equity securities | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 2 Member | Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 2 Member | Interest Rate Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 100,290 | 84,578 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 17,784 | 12,957 |
Fair Value Inputs Level 2 Member | Interest Rate Options | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 18,195 | |
Fair Value Inputs Level 2 Member | Foreign Currency Forwards | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 10,514 | 15,011 |
Fair Value Inputs Level 2 Member | Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 116,588 | 70,906 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 32 | |
Fair Value Inputs Level 2 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 4,665 | 5,595 |
Fair Value Inputs Level 2 Member | Consumer Price Index Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | -386 | -561 |
Fair Value Inputs Level 2 Member | Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 9,781 | 8,606 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 384 | 419 |
Fair Value Inputs Level 2 Member | Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 38,747 | 35,242 |
Fair Value Inputs Level 2 Member | Mortality Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 2 Member | Purchase Commitment [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 5,749 | 13,370 |
Fair Value Inputs Level 2 Member | Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 13,750,655 | 13,459,334 |
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 3,893,739 | 3,865,265 |
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 935,095 | 849,802 |
Fair Value Inputs Level 2 Member | Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 488,676 | 496,626 |
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,440,405 | 1,445,845 |
Fair Value Inputs Level 2 Member | US Treasury And Government Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 59,947 | 60,193 |
Fair Value Inputs Level 2 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 387,896 | 383,365 |
Fair Value Inputs Level 2 Member | Foreign Government Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,776,018 | 1,832,466 |
Fair Value Inputs Level 3 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,267,696 | 2,249,130 |
Funds withheld at interest embedded derivatives | 19,769 | 22,094 |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Investments, Fair Value Disclosure | 7,992 | 7,904 |
Other Assets, Fair Value Disclosure | 8,602 | 7,727 |
Assets, Fair Value Disclosure, Recurring | 2,304,059 | 2,286,855 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 1,132,270 | 1,085,166 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 1,085,963 | |
Liabilities, Fair Value Disclosure, Recurring | 1,133,546 | |
Fair Value Inputs Level 3 Member | Nonredeemable Preferred Stock [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 7,992 | 7,904 |
Fair Value Inputs Level 3 Member | Other equity securities | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | Interest Rate Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 3 Member | Interest Rate Options | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | |
Fair Value Inputs Level 3 Member | Foreign Currency Forwards | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 3 Member | Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | |
Fair Value Inputs Level 3 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | Consumer Price Index Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 3 Member | Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | Mortality Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 1,276 | 797 |
Fair Value Inputs Level 3 Member | Purchase Commitment [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 3 Member | Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,286,979 | 1,310,427 |
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 192,579 | 188,094 |
Fair Value Inputs Level 3 Member | Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 609,436 | 572,960 |
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 93,869 | 86,746 |
Fair Value Inputs Level 3 Member | US Treasury And Government Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 27,756 | 28,529 |
Fair Value Inputs Level 3 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 41,875 | 42,711 |
Fair Value Inputs Level 3 Member | Foreign Government Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $15,202 | $19,663 |
Fair_Value_of_Assets_and_Liabi3
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Percentage Of Fixed Maturity Securities Classified As Level 3 | 8.80% | 8.80% |
Corporate Debt Securities [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | -221,072 | -205,392 |
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% |
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] | 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% |
Longevity Swap [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | -8,602 | -7,727 |
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% | 2.00% |
Fair Value Inputs Mortality Improvement | 3.00% | 3.00% |
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% | 100.00% |
Fair Value Inputs Mortality Improvement | 10.00% | 10.00% |
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% | 0.00% |
Fair Value Inputs Mortality Improvement | -10.00% | -10.00% |
Funds Withheld At Interest Embedded Derivatives [Member] | Total Return Swap [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 19,769 | 22,094 |
Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Total Return Swap [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
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 Withdrawal | 3.00% | |
Fair Value Inputs, Entity Credit Risk | 1.00% | 1.00% |
Fair Value Inputs Credit Rate | 3.00% | 3.00% |
Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Total Return Swap [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, High End | 35.00% | 35.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, High End | 100.00% | 100.00% |
Fair Value Inputs Withdrawal | 5.00% | 5.00% |
Fair Value Inputs, Entity Credit Risk | 5.00% | 5.00% |
Fair Value Inputs Credit Rate | 4.00% | 4.00% |
Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Total Return Swap [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
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 Withdrawal | 0.00% | 0.00% |
Fair Value Inputs, Entity Credit Risk | 0.00% | 0.00% |
Fair Value Inputs Credit Rate | 2.00% | 2.00% |
US Government Agencies Debt Securities [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | -27,985 | -28,530 |
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% |
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] | 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 States and Political Subdivisions Debt Securities [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | -5,038 | -4,994 |
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% |
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] | 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% |
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 | 947,857 | 925,887 |
Embedded Derivatives In Indexed Annuity [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, 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 Withdrawal | 3.00% | 3.00% |
Fair Value Inputs Option Budget Projection | 3.00% | 3.00% |
Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, High End | 35.00% | 35.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, High End | 100.00% | 100.00% |
Fair Value Inputs Withdrawal | 5.00% | 5.00% |
Fair Value Inputs Option Budget Projection | 4.00% | 4.00% |
Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
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 Withdrawal | 0.00% | 0.00% |
Fair Value Inputs Option Budget Projection | 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 | 184,413 | 159,279 |
Embedded Derivatives In Variable Annuity [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, Lapse Rate, Low End | 9.00% | 8.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 2.00% | 2.00% |
Fair Value Inputs Withdrawal | 3.00% | 3.00% |
Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, High End | 25.00% | 25.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, High End | 100.00% | 100.00% |
Fair Value Inputs Withdrawal | 7.00% | 7.00% |
Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
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 Withdrawal | 0.00% | 0.00% |
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 Inputs, Entity Credit Risk | 1.00% | 1.00% |
Fair Value Assumptions, Expected Volatility Rate | 10.00% | 11.00% |
Embedded Derivatives In Variable Annuity Contracts [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Entity Credit Risk | 5.00% | 5.00% |
Fair Value Assumptions, Expected Volatility Rate | 27.00% | 27.00% |
Embedded Derivatives In Variable Annuity Contracts [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Entity Credit Risk | 0.00% | 0.00% |
Fair Value Assumptions, Expected Volatility Rate | 0.00% | 0.00% |
Mortality Swap [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,276 | 797 |
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% | 1.00% |
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% | 100.00% |
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% | 0.00% |
Fair_Value_of_Assets_and_Liabi4
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Fair Value Assets Transfers between Level 1 and Level 2) (Details) (Corporate Debt Securities [Member], Available-for-sale Securities [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Equity, Level 1 to Level 2 Transfers, Description | 625 | 0 |
Fair Value, Equity, Level 2 to Level 1 Transfers, Description | 5100 | 0 |
Fair_Value_of_Assets_and_Liabi5
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $22,094 | ($176,270) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | [1] | 0 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 19,769 | -99,029 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 77,241 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -2,325 | 77,241 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -2,325 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Other Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Nonredeemable Preferred Stock [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7,904 | 4,962 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 88 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 29 | [1] | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | [1] | 0 | |||
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 | -29 | 4,962 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7,992 | 0 | ||||
Nonredeemable Preferred Stock [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Nonredeemable Preferred Stock [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Nonredeemable Preferred Stock [Member] | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Nonredeemable Preferred Stock [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Nonredeemable Preferred Stock [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Nonredeemable Preferred Stock [Member] | Other Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Longevity Swap [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7,727 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,821 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 8,602 | |||||
Longevity Swap [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Longevity Swap [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Longevity Swap [Member] | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Longevity Swap [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Longevity Swap [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Longevity Swap [Member] | Other Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -946 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -946 | |||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -1,132,270 | -911,987 | -1,085,166 | -868,726 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | -11,644 | [1] | -15,193 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | 0 | [1] | 0 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | [1] | 19,433 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 18,999 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -28,245 | -24,211 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | -25,133 | -23,661 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -48,324 | -43,273 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | -23,840 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | -29,326 | 0 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Other Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |||||
Mortality Swap [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -1,276 | -797 | ||||
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 | |||||
Mortality Swap [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |||||
Mortality Swap [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |||||
Mortality Swap [Member] | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |||||
Mortality Swap [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |||||
Mortality Swap [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |||||
Mortality Swap [Member] | Other Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -479 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | -479 | |||||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,310,427 | 1,345,289 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 6,069 | 2,450 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 36,900 | [1] | 79,512 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | -38,747 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -59,600 | [1] | -51,944 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 6,930 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -5,609 | -50,517 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,286,979 | 1,291,701 | ||||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -803 | -1,062 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -803 | -1,111 | ||||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -405 | -161 | ||||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 188,094 | 153,505 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 523 | 2,887 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 11,439 | [1] | 18,750 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -714 | [1] | -744 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -5,719 | [1] | -6,172 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 600 | 10,563 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -1,422 | -1,024 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 192,579 | 177,927 | ||||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -141 | 52 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -140 | 56 | ||||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -82 | 106 | ||||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Asset-backed securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 572,960 | 471,848 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 3,632 | 5,501 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 40,991 | [1] | 59,224 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -7,356 | [1] | -6,612 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -4,122 | [1] | -6,315 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 9,055 | 5,948 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -7,216 | -29,280 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 609,436 | 502,675 | ||||
Available-for-sale Securities [Member] | Asset-backed securities | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 1,399 | 2,050 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1,419 | 2,057 | ||||
Available-for-sale Securities [Member] | Asset-backed securities | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 73 | 304 | ||||
Available-for-sale Securities [Member] | Asset-backed securities | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Asset-backed securities | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Asset-backed securities | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 86,746 | 101,785 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -310 | 3,035 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -956 | [1] | -14,626 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -5,120 | [1] | -279 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 12,828 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 93,869 | 90,373 | ||||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 589 | 428 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 594 | 372 | ||||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 87 | 86 | ||||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | US Treasury And Government Member | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 28,529 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 176 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 121 | [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 | -944 | [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 Reconciliation, Recurring Basis, Asset Value | 27,756 | |||||
Available-for-sale Securities [Member] | US Treasury And Government Member | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -19 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -19 | |||||
Available-for-sale Securities [Member] | US Treasury And Government Member | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -107 | |||||
Available-for-sale Securities [Member] | US Treasury And Government Member | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Available-for-sale Securities [Member] | US Treasury And Government Member | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Available-for-sale Securities [Member] | US Treasury And Government Member | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 42,711 | 43,776 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 25 | 113 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -29 | [1] | -64 | [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 | -835 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 41,875 | 43,833 | ||||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 7 | 12 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 7 | 12 | ||||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -4 | -4 | ||||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 19,663 | 37,997 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 182 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -310 | [1] | -298 | [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 | -4,333 | -26,542 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 15,202 | 11,157 | ||||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Other Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Available-for-sale Securities [Member] | US Treasury And Government Member | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 40,919 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 305 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 128 | [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 | -3,029 | [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 Reconciliation, Recurring Basis, Asset Value | 38,031 | |||||
Available-for-sale Securities [Member] | US Treasury And Government Member | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -97 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -97 | |||||
Available-for-sale Securities [Member] | US Treasury And Government Member | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -195 | |||||
Available-for-sale Securities [Member] | US Treasury And Government Member | Insurance Claims [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Available-for-sale Securities [Member] | US Treasury And Government Member | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Available-for-sale Securities [Member] | US Treasury And Government Member | Policy Acquisition Costs And Other Insurance Expenses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $0 | |||||
[1] | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. |
Fair_Value_of_Assets_and_Liabi6
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Fair Value Assets Measured on Non-Recurring Basis) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
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 | $3,540 | [1] | $10,660 | [1] |
Fair Value Assets Gains Losses | 50 | [1] | 380 | [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 | 13,667 | [2] | 0 | [2] |
Fair Value Assets Gains Losses | ($4,509) | [2] | $0 | [2] |
[1] | Mortgage loans — The impaired mortgage loans presented above were written down to their estimated fair values at the date the impairments were recognized and are reported as losses above. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains above. Nonrecurring fair value adjustments on mortgage loans are based on the fair value of underlying collateral or discounted cash flows. | |||
[2] | Limited partnership interests — The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency. |
Fair_Value_of_Assets_and_Liabi7
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | $2,913,486 | $2,712,238 | ||||
Policy loans | 1,284,085 | 1,284,284 | ||||
Funds withheld at interest | 5,841,554 | 5,922,561 | ||||
Cash and cash equivalents | 1,083,179 | 1,645,669 | 1,127,132 | 923,647 | ||
Short-term investments | 89,136 | 97,694 | ||||
Other invested assets | 1,243,033 | 1,198,319 | ||||
Accrued investment income | 283,665 | 261,096 | ||||
Liabilities | ||||||
Interest-sensitive contract liabilities | 12,508,201 | 12,591,497 | ||||
Long-term debt | 2,313,884 | 2,314,293 | ||||
Collateral finance and securitization notes | 774,351 | 782,701 | ||||
Reported Value Measurement [Member] | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | 2,913,486 | 2,712,238 | ||||
Policy loans | 1,284,085 | 1,284,284 | ||||
Funds withheld at interest | 5,815,835 | [1] | 5,897,202 | [1] | ||
Cash and cash equivalents | 706,671 | [2] | 745,823 | [2] | ||
Short-term investments | 29,205 | [2] | 52,504 | [2] | ||
Other invested assets | 458,423 | [2] | 465,720 | [2] | ||
Accrued investment income | 283,665 | 261,096 | ||||
Liabilities | ||||||
Interest-sensitive contract liabilities | 9,479,958 | [1] | 9,623,596 | [1] | ||
Long-term debt | 2,313,884 | |||||
Debt, Long-term and Short-term, Combined Amount | 2,314,293 | |||||
Collateral finance and securitization notes | 774,351 | 782,701 | ||||
Estimate of Fair Value Measurement [Member] | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | 3,053,041 | 2,803,942 | ||||
Policy loans | 1,284,085 | 1,284,284 | ||||
Funds withheld at interest | 6,305,645 | [1] | 6,367,165 | [1] | ||
Cash and cash equivalents | 706,671 | [2] | 745,823 | [2] | ||
Short-term investments | 29,205 | [2] | 52,504 | [2] | ||
Other invested assets | 510,287 | [2] | 518,261 | [2] | ||
Accrued investment income | 283,665 | 261,096 | ||||
Liabilities | ||||||
Interest-sensitive contract liabilities | 9,830,871 | [1] | 9,666,240 | [1] | ||
Long-term Debt, Fair Value | 2,527,728 | |||||
Debt, Long-term and Short-term, Combined Amount | 2,518,399 | |||||
Collateral finance and securitization notes | 684,719 | 674,984 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 1 Member | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | ||||
Policy loans | 0 | 0 | ||||
Funds withheld at interest | 0 | [1] | 0 | [1] | ||
Cash and cash equivalents | 706,671 | [2] | 745,823 | [2] | ||
Short-term investments | 29,205 | [2] | 52,504 | [2] | ||
Other invested assets | 4,637 | [2] | 4,674 | [2] | ||
Accrued investment income | 0 | 0 | ||||
Liabilities | ||||||
Interest-sensitive contract liabilities | 0 | [1] | 0 | [1] | ||
Long-term Debt, Fair Value | 0 | |||||
Debt, Long-term and Short-term, Combined Amount | 0 | |||||
Collateral finance and securitization notes | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 2 Member | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | ||||
Policy loans | 1,284,085 | 1,284,284 | ||||
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] | 35,446 | [2] | ||
Accrued investment income | 283,665 | 261,096 | ||||
Liabilities | ||||||
Interest-sensitive contract liabilities | 0 | [1] | 0 | [1] | ||
Long-term Debt, Fair Value | 0 | |||||
Debt, Long-term and Short-term, Combined Amount | 0 | |||||
Collateral finance and securitization notes | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 3 Member | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | 3,053,041 | 2,803,942 | ||||
Policy loans | 0 | 0 | ||||
Funds withheld at interest | 6,305,645 | [1] | 6,367,165 | [1] | ||
Cash and cash equivalents | 0 | [2] | 0 | [2] | ||
Short-term investments | 0 | [2] | 0 | [2] | ||
Other invested assets | 470,204 | [2] | 478,141 | [2] | ||
Accrued investment income | 0 | 0 | ||||
Liabilities | ||||||
Interest-sensitive contract liabilities | 9,830,871 | [1] | 9,666,240 | [1] | ||
Long-term Debt, Fair Value | 2,527,728 | |||||
Debt, Long-term and Short-term, Combined Amount | 2,518,399 | |||||
Collateral finance and securitization notes | $684,719 | $674,984 | ||||
[1] | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis. | |||||
[2] | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis. |
Fair_Value_of_Assets_and_Liabi8
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Narrative) (Details) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Percentage Of Fixed Maturity Securities Classified As Level 3 | 8.80% | 8.80% |
Segment_Information_Total_Reve
Segment Information (Total Revenues of Reportable Segments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $2,520,613 | $2,657,173 |
Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 1,447,963 | 1,567,313 |
CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 276,878 | 277,749 |
EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 350,608 | 365,857 |
Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 413,445 | 415,029 |
Corporate and Other [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 31,719 | 31,225 |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 1,255,290 | 1,278,692 |
Life Insurance Product Line [Member] | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 265,004 | 271,444 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 295,232 | 307,750 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 393,875 | 386,889 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 192,673 | 288,621 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 11,874 | 6,305 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 55,376 | 58,107 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $19,570 | $28,140 |
Segment_Information_Income_Los
Segment Information (Income Loss Before Provision for Income Tax of Reportable Segments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $184,125 | $199,440 |
Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 72,348 | 134,096 |
CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 26,858 | 20,064 |
EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 30,116 | 15,205 |
Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 62,793 | 26,311 |
Corporate and Other [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -7,990 | 3,764 |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 17,843 | 50,972 |
Life Insurance Product Line [Member] | CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 22,727 | 19,433 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 10,482 | -992 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 52,648 | 18,867 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 54,505 | 83,124 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 4,131 | 631 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 19,634 | 16,197 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $10,145 | $7,444 |
Segment_Information_Total_Asse
Segment Information (Total Assets of Reportable Segments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $44,691,268 | $44,679,611 |
Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 26,384,109 | 25,732,075 |
CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,902,751 | 3,996,128 |
EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,513,668 | 4,693,322 |
Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,611,663 | 3,619,368 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,279,077 | 6,638,718 |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 14,835,231 | 14,159,824 |
Life Insurance Product Line [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,859,043 | 3,946,942 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,438,389 | 2,514,868 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,953,837 | 2,951,723 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 11,548,878 | 11,572,251 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 43,708 | 49,186 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,075,279 | 2,178,454 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $657,826 | $667,645 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities Commitments and Contingent Liabilities (Commitments to Fund Investments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $233,330 | $254,314 |
Commercial Loan [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 28,750 | 33,850 |
Bank Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 49,835 | 52,859 |
Equity Release Mortgages [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $8,509 | $8,549 |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities (Credit Facility) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Credit Facility One Hundred Million [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $100,000 | |||
Maturity Date | Jun-17 | |||
Amount Utilized | 74,898 | [1] | 81,747 | [1] |
Basis Of Fees | Fixed | |||
Credit Facility Fifty Three Million [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 77,259 | [2] | ||
Maturity Date | Nov-15 | |||
Amount Utilized | 77,259 | [1] | 74,623 | [1] |
Basis Of Fees | Fixed | |||
Credit Facility 270 Million [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 270,000 | |||
Maturity Date | Nov-17 | |||
Amount Utilized | 270,000 | [1] | 270,000 | [1] |
Basis Of Fees | Fixed | |||
Credit Facility 120 Million [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 120,000 | |||
Maturity Date | May-16 | |||
Amount Utilized | 80,040 | [1] | 80,040 | [1] |
Basis Of Fees | Fixed | |||
Credit Facility 850 Million [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 850,000 | |||
Maturity Date | September 2019 | |||
Amount Utilized | 577,157 | [1] | 204,774 | |
Basis Of Fees | Senior unsecured long-term debt rating | |||
Credit Facility One Hundred Fifty Million [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 38,035 | [2] | ||
Maturity Date | Mar-19 | |||
Amount Utilized | 63,174 | [1] | 80,961 | [1] |
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 | |||
Maturity Date | Jun-16 | |||
Amount Utilized | 130,000 | [1] | 130,000 | [1] |
Basis Of Fees | Fixed | |||
Credit Facility Forty Seven Million [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 63,174 | [2] | ||
Maturity Date | May-16 | |||
Amount Utilized | $26,625 | [1] | $28,612 | [1] |
Basis Of Fees | Fixed | |||
[1] | Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. | |||
[2] | Foreign currency facility, amounts presented are in U.S. dollars. |
Commitments_and_Contingent_Lia4
Commitments and Contingent Liabilities Commitments and Contingent Liabilities (Guarantees Issued) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Insurance Treaty Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $793,815 | $826,496 |
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 650,115 | 664,913 |
Guarantee Of Borrowed Securities [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 193,840 | 201,050 |
Product Financing Arrangement [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 132,193 | 100,000 |
Guarantee Of Lease Obligations [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $6,085 | $6,085 |
Commitments_and_Contingent_Lia5
Commitments and Contingent Liabilities Commitments and Contingent Liabilities (Maximum Potential Obligation) (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Commitment Period Two Thousand Twenty Three [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $500 |
Commitment Period Two Thousand Thirty Three [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 950 |
Commitment Period Two Thousand Thirty Four [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 3,000 |
Commitment Period Two Thousand Thirty Five [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 500 |
Commitment Period Two Thousand Thirty Six [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $1,432 |
Commitments_and_Contingent_Lia6
Commitments and Contingent Liabilities (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
credit_facilities | ||
Commitments And Contingent Liabilities [Line Items] | ||
Undrawn outstanding letters of credit in favor of third parties | $159,900,000 | $176,500,000 |
Undrawn outstanding letters of credit between subsidiaries | 1,335,600,000 | 1,035,000,000 |
Number of credit facilities | 8 | |
Credit Facility 850 Million [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 850,000,000 | |
Letter of Credit [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Number of credit facilities | 7 | |
Line of Credit Facility, Maximum Borrowing Capacity | $818,500,000 |
Income_Tax_Income_Tax_Provisio
Income Tax Income Tax (Provision for Income Tax Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $64,444 | $69,804 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | -5,517 | -3,221 |
Income Tax Reconciliation Foreign Income Tax Basis Differential | -6,670 | 250 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 6,791 | -3,157 |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | 952 | 778 |
Income Tax Reconciliation Change In Foreign Enacted Tax Rate | 272 | -17 |
Income Tax Reconciliation SubpartF | 6,434 | 2,439 |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | -2,343 | -855 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | -4,765 | -3,353 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | -587 | 108 |
Income Tax Expense (Benefit) | $59,011 | $62,776 |
Effective Income Tax Rate Reconciliation, Percent | 32.10% | 31.50% |
Employee_Benefit_Plans_Defined
Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $2,030 | $1,501 |
Interest cost | 1,243 | 808 |
Expected return on plan assets | -1,118 | -933 |
Amortization of prior service cost | 83 | 2 |
Amortization of prior actuarial loss | 439 | 673 |
Total | 2,677 | 2,051 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 589 | 470 |
Interest cost | 491 | 338 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of prior actuarial loss | 265 | 217 |
Total | $1,345 | $1,025 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Plan, Contributions by Employer | $0 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $3.70 |
Equity_Based_Compensation_Narr
Equity Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Equity compensation expense | $4.50 | $4.30 |
Stock appreciation rights granted | 300,000 | |
Stock appreciation rights granted, weighted average exercise price (per share) | $90.06 | |
Performance contingent units | 200,000 | |
Shares Granted To Non Employee Directors | 15,174 | |
Options exercisable (shares) | 1,900,000 | |
Options exercisable, weighted average price (per share) | $53.08 | |
Options, remaining term | 5 years 1 month | |
Compensation cost not yet recognized | $43 | |
Period for recognition | 2 years 3 months |
Retrocession_Arrangements_and_2
Retrocession Arrangements and Reinsurance Ceded Receivables Retrocession Arrangements and Reinsurance Ceded Receivables (Ceded Reinsurance Receivable Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $665,797 | $578,206 |
Reinsurance Recoverables, Percentage of Total | 100.00% | 100.00% |
Other Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | 146,371 | 160,285 |
Reinsurance Recoverables, Percentage of Total | 22.00% | 27.60% |
AM Best, A+ Rating [Member] | Reinsurer A [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | 197,021 | 210,996 |
Reinsurance Recoverables, Percentage of Total | 29.60% | 36.50% |
AM Best, A+ Rating [Member] | Reinsurer B [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | 152,870 | 45,541 |
Reinsurance Recoverables, Percentage of Total | 23.00% | 7.90% |
AM Best, A+ Rating [Member] | Reinsurer C [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | 74,754 | 74,412 |
Reinsurance Recoverables, Percentage of Total | 11.20% | 12.90% |
AM Best, A Rating [Member] | Reinsurer E [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | 45,468 | 43,818 |
Reinsurance Recoverables, Percentage of Total | 6.80% | 7.60% |
AM Best, A++ Rating [Member] | Reinsurer D [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $49,313 | $43,154 |
Reinsurance Recoverables, Percentage of Total | 7.40% | 7.50% |
Retrocession_Arrangements_and_3
Retrocession Arrangements and Reinsurance Ceded Receivables (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Ceded Credit Risk [Line Items] | ||
Reinsurance Claims Recoverables | 253.7 | 143 |
Claims Recoverable From Retrocessionaires Past Due | 13.6 | 10.9 |
AM Best, A- Rating [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Credit Risk, Disclosure | “A- (excellent)†| “A- (excellent)†|
Stock_Transactions_Stock_Trans
Stock Transactions Stock Transactions (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||
Treasury Stock, Shares, Acquired | 2,538,718 | |
Treasury Stock, Value, Acquired, Cost Method | $230.10 | |
Stock Repurchase Program, Authorized Amount | 300 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $69.90 |
Subsequent_Event_Subsequent_Ev1
Subsequent Event Subsequent Event (Narrative) (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | |
Apr. 01, 2015 | Apr. 01, 2015 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Business Acquisition, Effective Date of Acquisition | 1-Apr-15 | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% |
Business Acquisition, Name of Acquired Entity | Aurora National Life Assurance Company | |
Payments to Acquire Businesses, Gross | $200,000,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 3,700,000,000 | 3,700,000,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $3,500,000,000 | $3,500,000,000 |