Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entitiy Information [Abstract] | ||
Document Type | 10-Q | |
Document period end date | Mar. 31, 2019 | |
Amendment flag | false | |
Entity registrant name | REINSURANCE GROUP OF AMERICA INC | |
Entity central index key | 0000898174 | |
Entity current reporting status | Yes | |
Current fiscal year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Common Shares Outstanding | 62,560,064 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Fixed maturity securities available-for-sale, at fair value (amortized cost $39,188,627 and $38,882,168) | $ 41,738,443 | $ 39,992,346 |
Available-for-sale Securities, Equity Securities | 89,865 | 82,197 |
Mortgage loans on real estate (net of allowances of $11,218 and $11,286) | 5,117,545 | 4,966,298 |
Policy loans | 1,312,349 | 1,344,980 |
Funds withheld at interest | 5,729,838 | 5,761,471 |
Short-term investments | 119,215 | 142,598 |
Other invested assets | 2,006,870 | 1,915,297 |
Total investments | 56,114,125 | 54,205,187 |
Cash and cash equivalents | 2,020,396 | 1,889,733 |
Accrued investment income | 442,956 | 427,893 |
Premiums receivable and other reinsurance balances | 2,857,673 | 3,017,868 |
Reinsurance ceded receivables | 814,806 | 757,572 |
Deferred policy acquisition costs | 3,404,593 | 3,397,770 |
Other assets | 1,037,932 | 839,222 |
Total assets | 66,692,481 | 64,535,245 |
Liabilities and Stockholders’ Equity | ||
Future policy benefits | 25,976,847 | 25,285,400 |
Interest-sensitive contract liabilities | 17,750,197 | 18,004,526 |
Other policy claims and benefits | 5,911,554 | 5,642,755 |
Other reinsurance balances | 517,096 | 487,177 |
Deferred income taxes | 2,144,680 | 1,798,800 |
Other liabilities | 1,278,108 | 1,396,200 |
Long-term debt | 2,787,717 | 2,787,873 |
Collateral finance and securitization notes | 656,174 | 681,961 |
Total liabilities | 57,022,373 | 56,084,692 |
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, 2019 and December 31, 2018 | 791 | 791 |
Additional paid-in-capital | 1,906,291 | 1,898,652 |
Retained earnings | 7,412,081 | 7,284,949 |
Treasury stock, at cost - 16,593,411 and 16,323,390 shares | (1,415,020) | (1,370,602) |
Accumulated other comprehensive income | 1,765,965 | 636,763 |
Total stockholders’ equity | 9,670,108 | 8,450,553 |
Total liabilities and stockholders’ equity | $ 66,692,481 | $ 64,535,245 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available for Sale at Fair value - Amortized cost | $ 39,188,627 | $ 38,882,168 |
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 | 62,544,347 | 62,814,368 |
Treasury stock, shares | 16,593,411 | 16,323,390 |
Allowance for Loan and Lease Losses, Real Estate | $ 11,218 | $ 11,286 |
Available-for-sale Equity Securities, Amortized Cost Basis | $ 111,785 | $ 107,721 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Net premiums | $ 2,737,813 | $ 2,582,551 |
Investment income, net of related expenses | 579,877 | 516,329 |
Investment related gains (losses), net: | ||
Other-than-temporary impairments on fixed maturity securities | (9,453) | 0 |
Other investment related gains (losses), net | 17,241 | (470) |
Total investment related gains (losses), net | 7,788 | (470) |
Other revenues | 94,553 | 75,297 |
Total revenues | 3,420,031 | 3,173,707 |
Benefits and Expenses: | ||
Claims and other policy benefits | 2,508,324 | 2,362,101 |
Interest credited | 133,189 | 80,449 |
Policy acquisition costs and other insurance expenses | 311,881 | 356,902 |
Other operating expenses | 201,483 | 191,274 |
Interest expense | 40,173 | 37,454 |
Collateral finance and securitization expense | 8,417 | 7,602 |
Total benefits and expenses | 3,203,467 | 3,035,782 |
Income before income taxes | 216,564 | 137,925 |
Provision for income taxes | 47,057 | 37,695 |
Net income | $ 169,507 | $ 100,230 |
Earnings per share: | ||
Basic earnings per share | $ 2.70 | $ 1.55 |
Diluted earnings per share | $ 2.65 | $ 1.52 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Comprehensive income (loss) | ||
Net Income (Loss) Attributable to Parent | $ 169,507 | $ 100,230 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 21,386 | (1,160) |
Net unrealized investment gains (losses) | 1,108,211 | (633,604) |
Defined benefit pension and postretirement plan adjustments | (395) | (471) |
Total other comprehensive income (loss), net of tax | 1,129,202 | (635,235) |
Total comprehensive income (loss) | $ 1,298,709 | $ (535,005) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] |
Stockholders' Equity Attributable to Parent | $ 9,569,535 | $ 791 | $ 1,870,906 | $ 6,736,265 | $ (1,102,058) | $ 2,063,631 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2018 02 [Member] | (2,020) | (2,020) | ||||
Net Income (Loss) Attributable to Parent | 100,230 | |||||
Other Comprehensive Income (Loss), Net of Tax | (635,235) | (635,235) | ||||
Dividends, Common Stock, Cash | (32,241) | (32,241) | ||||
Treasury Stock, Value, Acquired, Cost Method | (2,616) | 2,616 | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (10,608) | (9,446) | (4,689) | (5,851) | ||
Stockholders' Equity Attributable to Parent | 9,008,261 | 791 | 1,880,352 | 6,797,545 | (1,098,823) | 1,428,396 |
Stockholders' Equity Attributable to Parent | 8,450,553 | 791 | 1,898,652 | 7,284,949 | (1,370,602) | 636,763 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2018 02 [Member] | (87) | (87) | ||||
Net Income (Loss) Attributable to Parent | 169,507 | |||||
Other Comprehensive Income (Loss), Net of Tax | 1,129,202 | 1,129,202 | ||||
Dividends, Common Stock, Cash | (37,707) | (37,707) | ||||
Treasury Stock, Value, Acquired, Cost Method | (49,052) | 49,052 | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (7,692) | (7,639) | (4,581) | (4,634) | ||
Stockholders' Equity Attributable to Parent | $ 9,670,108 | $ 791 | $ 1,906,291 | $ 7,412,081 | $ (1,415,020) | $ 1,765,965 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders Equity Parenthetical - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.60 | $ 0.50 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows from Operating Activities: | ||
Net Income (Loss) Attributable to Parent | $ 169,507 | $ 100,230 |
Change in operating assets and liabilities: | ||
Accrued investment income | (10,688) | (10,484) |
Premiums receivable and other reinsurance balances | 163,965 | (275,354) |
Deferred policy acquisition costs | (17,784) | 13,007 |
Reinsurance ceded receivable balances | (65,053) | (21,872) |
Future policy benefits, other policy claims and benefits, and other reinsurance balances | 119,620 | 466,983 |
Deferred income taxes | 39,490 | 33,715 |
Other assets and other liabilities, net | (107,266) | (41,385) |
Amortization of net investment premiums, discounts and other | (16,659) | (31,032) |
Depreciation, Depletion and Amortization | 11,017 | 10,294 |
Investment related (gains) losses, net | (7,788) | 470 |
Other, net | 62,260 | (20,823) |
Net cash provided by operating activities | 340,621 | 223,749 |
Cash Flows from Investing Activities: | ||
Sales of fixed maturity securities available-for-sale | 3,139,794 | 1,898,722 |
Maturities of fixed maturity securities available-for-sale | 195,625 | 195,549 |
Proceeds from Sale of Available-for-sale Securities, Equity | 83 | 29,683 |
Payments to Acquire Mortgage Notes Receivable | (93,393) | (102,002) |
Payments to Fund Policy Loans | (33,271) | (10,694) |
Payments to Acquire Available-for-sale Securities | 3,010,397 | 1,969,899 |
Payments to Acquire Available-for-sale Securities, Equity | (3,173) | (2,173) |
Proceeds from Sale and Collection of Mortgage Notes Receivable | (240,411) | (141,131) |
Increase (Decrease) in Funds Held under Reinsurance Agreements | 36,995 | (19,638) |
Payments to Acquire Businesses, Net of Cash Acquired | (3,561) | 24,864 |
Payments to Acquire Property, Plant, and Equipment | (10,440) | (5,292) |
Change in short-term investments | 25,422 | (13,026) |
Change in other invested assets | (97,012) | (23,353) |
Net cash provided by investing activities | 92,721 | 76,550 |
Cash Flows from Financing Activities: | ||
Dividends to stockholders | (37,707) | (32,241) |
Proceeds from (Repayments of) Secured Debt | (29,064) | (27,104) |
Repayments of Long-term Debt | (690) | (662) |
Purchases of treasury stock | (49,052) | (2,616) |
Exercise of stock options, net | 1,755 | 1,163 |
Change in cash collateral for derivative positions and other arrangements | (44,628) | 19,537 |
Deposits on universal life and other investment type policies and contracts | 44,926 | 83,004 |
Withdrawals on universal life and other investment type policies and contracts | (195,360) | (156,486) |
Net cash used in financing activities | (309,820) | (115,405) |
Effect of exchange rate changes on cash | 7,141 | 21,989 |
Cash and Cash Equivalents, Period Increase (Decrease) | 130,663 | 206,883 |
Cash and cash equivalents, beginning of period | 1,889,733 | 1,303,524 |
Cash and cash equivalents, end of period | 2,020,396 | 1,510,407 |
Supplemental disclosures of cash flow information: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 40,193 | 39,284 |
Income Taxes Paid, Net | 3,076 | 6,356 |
Transfer to Investments | 720,983 | 605,085 |
Capital Expenditures Incurred but Not yet Paid | 1,311 | 0 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 8,303 | 59,184 |
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 11,864 | (34,320) |
Payments to Acquire Businesses, Gross | $ (3,561) | $ 24,864 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS PARENTHETICAL - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Cash Flows [Abstract] | ||
Cash Acquired from Acquisition | $ 27,374 | $ 1,733 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Business and Basis of Presentation Business Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. RGA and its subsidiaries (collectively, the “Company”) is engaged in providing traditional reinsurance, which includes individual and group life and health, disability, and critical illness reinsurance. The Company also provides financial solutions, which includes longevity reinsurance, financial reinsurance, asset-intensive products, primarily annuities and stable value products. Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s 2018 Annual Report on Form 10-K filed with the SEC on February 27, 2019 (the “2018 Annual Report”). In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation have been included. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. Consolidation These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries and all intercompany accounts and transactions have been eliminated. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 Earnings: Net income (numerator for basic and diluted calculations) $ 169,507 $ 100,230 Shares: Weighted average outstanding shares (denominator for basic calculation) 62,758 64,490 Equivalent shares from outstanding stock options 1,269 1,382 Denominator for diluted calculation 64,027 65,872 Earnings per share: Basic $ 2.70 $ 1.55 Diluted $ 2.65 $ 1.52 The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. The following table presents approximate amounts of stock options and performance contingent shares excluded from the calculation of common equivalent shares (in thousands): Three months ended March 31, 2019 2018 Excluded from common equivalent shares: Stock options 544 276 Performance contingent shares 109 212 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Common stock The changes in number of common stock shares, issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2018 79,137,758 16,323,390 62,814,368 Common stock acquired — 344,237 (344,237 ) Stock-based compensation (1) — (74,216 ) 74,216 Balance, March 31, 2019 79,137,758 16,593,411 62,544,347 Issued Held In Treasury Outstanding Balance, December 31, 2017 79,137,758 14,685,663 64,452,095 Stock-based compensation (1) — (60,678 ) 60,678 Balance, March 31, 2018 79,137,758 14,624,985 64,512,773 (1) Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. Common Stock Held in Treasury Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings. On January 24, 2019, RGA’s board of directors authorized a share repurchase program for up to $400.0 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the three months ended March 31, 2019 , RGA repurchased 0.3 million shares of common stock under this program for $50.0 million . Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2019 and 2018 are as follows (dollars in thousands): Accumulated Other Comprehensive Income (Loss), Net of Income Tax Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2018 $ (168,698 ) $ 856,159 $ (50,698 ) $ 636,763 Other comprehensive income (loss) before reclassifications 18,462 1,437,058 (1,787 ) 1,453,733 Amounts reclassified to (from) AOCI (14,694 ) 1,286 (13,408 ) Deferred income tax benefit (expense) 2,924 (314,153 ) 106 (311,123 ) Balance, March 31, 2019 $ (147,312 ) $ 1,964,370 $ (51,093 ) $ 1,765,965 Accumulated Other Comprehensive Income (Loss), Net of Income Tax Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2017 $ (86,350 ) $ 2,200,661 $ (50,680 ) $ 2,063,631 Other comprehensive income (loss) before reclassifications 5,696 (827,701 ) (1,910 ) (823,915 ) Amounts reclassified to (from) AOCI — 21,274 1,346 22,620 Deferred income tax benefit (expense) (6,856 ) 172,823 93 166,060 Balance, March 31, 2018 $ (87,510 ) $ 1,567,057 $ (51,151 ) $ 1,428,396 (1) Includes cash flow hedges of $(1,902) and $8,788 as of March 31, 2019 and December 31, 2018 , respectively, and $20,662 and $2,619 as of March 31, 2018 and December 31, 2017 , respectively. 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, 2019 and 2018 (dollars in thousands): Amount Reclassified from AOCI Three months ended March 31, Details about AOCI Components 2019 2018 Affected Line Item in Statement of Income Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ (273 ) $ (14,456 ) Investment related gains (losses), net Cash flow hedges - Interest rate 469 (370 ) (1) Cash flow hedges - Currency/Interest rate 25 144 (1) Deferred policy acquisition costs attributed to unrealized gains and losses 14,473 (6,592 ) (2) Total 14,694 (21,274 ) Provision for income taxes (3,006 ) 4,678 Net unrealized gains (losses), net of tax $ 11,688 $ (16,596 ) Amortization of defined benefit plan items: Prior service cost (credit) $ 269 $ 246 (3) Actuarial gains/(losses) (1,555 ) (1,592 ) (3) Total (1,286 ) (1,346 ) Provision for income taxes 270 283 Amortization of defined benefit plans, net of tax $ (1,016 ) $ (1,063 ) Total reclassifications for the period $ 10,672 $ (17,659 ) (1) See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. (2) This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2018 Annual Report for additional details. (3) This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional deta |
Equity Based Compensation
Equity Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Based Compensation | Equity Based Compensation Equity compensation expense was $7.6 million and $9.7 million for the three months ended March 31, 2019 and 2018 , respectively. In the first quarter of 2019, the Company granted 0.2 million stock appreciation rights at $145.25 weighted average exercise price per share and 0.1 million performance contingent units to employees. As of March 31, 2019 , 1.6 million share options at a weighted average strike price per share of $74.36 were vested and exercisable, with a remaining weighted average exercise period of 4.5 years. As of March 31, 2019, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $32.8 million . It is estimated that these costs will vest over a weighted average period of 1.2 years. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Investments | Investments Fixed Maturity Securities Available-for-Sale The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). The following tables provide information relating to investments in fixed maturity securities by sector as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019: Amortized Unrealized Unrealized Estimated Fair % of Other-than- Cost Gains Losses Value Total in AOCI Available-for-sale: Corporate $ 24,216,876 $ 1,024,557 $ 164,095 $ 25,077,338 60.1 % $ — Canadian government 2,870,018 1,408,501 655 4,277,864 10.2 — RMBS 1,969,694 34,746 10,254 1,994,186 4.8 — ABS 2,243,449 14,286 15,749 2,241,986 5.4 275 CMBS 1,404,852 30,009 3,115 1,431,746 3.4 — U.S. government 1,578,975 9,826 21,238 1,567,563 3.8 — State and political subdivisions 738,690 56,668 2,641 792,717 1.9 — Other foreign government 4,166,073 201,446 12,476 4,355,043 10.4 — Total fixed maturity securities $ 39,188,627 $ 2,780,039 $ 230,223 $ 41,738,443 100.0 % $ 275 December 31, 2018: Amortized Unrealized Unrealized Estimated Fair % of Other-than- Cost Gains Losses Value Total in AOCI Available-for-sale: Corporate $ 24,006,407 $ 530,804 $ 555,092 $ 23,982,119 59.9 % $ — Canadian government 2,768,466 1,126,227 2,308 3,892,385 9.7 — RMBS 1,872,236 22,267 25,282 1,869,221 4.7 — ABS 2,171,254 10,779 32,829 2,149,204 5.4 275 CMBS 1,428,115 9,153 18,234 1,419,034 3.5 — U.S. government 2,233,537 10,204 57,867 2,185,874 5.5 — State and political subdivisions 721,290 39,914 9,010 752,194 1.9 — Other foreign government 3,680,863 109,320 47,868 3,742,315 9.4 — Total fixed maturity securities $ 38,882,168 $ 1,858,668 $ 748,490 $ 39,992,346 100.0 % $ 275 The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of fixed maturity securities as collateral. 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 repledge collateral it receives; however, as of March 31, 2019 and December 31, 2018 , none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under derivative transactions and 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 derivative transactions and certain third-party reinsurance treaties as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities pledged as collateral $ 74,647 $ 77,806 $ 80,891 $ 83,950 Fixed maturity securities received as collateral n/a 668,046 n/a 616,584 Assets in trust held to satisfy collateral requirements 20,635,739 21,609,979 20,072,735 20,366,170 The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and its agencies as well as the securities disclosed below as of March 31, 2019 and December 31, 2018 (dollars in thousands). March 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities guaranteed or issued by: Canadian province of Quebec $ 1,128,373 $ 1,955,925 $ 1,091,018 $ 1,757,087 Canadian province of Ontario 946,731 1,287,150 913,642 1,187,526 The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2019 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 $ 1,409,578 $ 1,419,110 Due after one year through five years 8,141,200 8,340,166 Due after five years through ten years 8,933,926 9,345,621 Due after ten years 15,085,928 16,965,628 Asset and mortgage-backed securities 5,617,995 5,667,918 Total $ 39,188,627 $ 41,738,443 Corporate Fixed Maturity Securities The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019: Estimated Amortized Cost Fair Value % of Total Finance $ 8,981,541 $ 9,249,273 36.9 % Industrial 12,316,131 12,759,526 50.9 Utility 2,919,204 3,068,539 12.2 Total $ 24,216,876 $ 25,077,338 100.0 % December 31, 2018: Estimated Amortized Cost Fair Value % of Total Finance $ 8,793,742 $ 8,730,568 36.3 % Industrial 12,336,857 12,342,111 51.6 Utility 2,875,808 2,909,440 12.1 Total $ 24,006,407 $ 23,982,119 100.0 % Other-Than-Temporary Impairments - Fixed Maturity Securities As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the 2018 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 $3.7 million as of March 31, 2019 and 2018 . There were no changes in these amounts from their respective prior-year ending balances. Unrealized Losses for Fixed Maturity Securities Available-for-Sale The following table presents the total gross unrealized losses for the 1,585 and 3,109 fixed maturity securities as of March 31, 2019 and December 31, 2018 , respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands): March 31, 2019 December 31, 2018 Gross Unrealized Losses % of Total Gross Unrealized Losses % of Total Less than 20% $ 208,034 90.3 % $ 721,015 96.3 % 20% or more for less than six months 20,845 9.1 21,336 2.9 20% or more for six months or greater 1,344 0.6 6,139 0.8 Total $ 230,223 100.0 % $ 748,490 100.0 % The Company’s determination of whether a decline in value is other-than-temporary includes an 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. The following tables present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 1,585 and 3,109 fixed maturity securities that have estimated fair values below amortized cost as of March 31, 2019 and December 31, 2018 , 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, 2019: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 1,140,753 $ 23,578 $ 3,756,371 $ 108,434 $ 4,897,124 $ 132,012 Canadian government 2,812 19 72,244 636 75,056 655 RMBS 29,505 122 672,715 10,109 702,220 10,231 ABS 774,538 7,246 528,169 8,472 1,302,707 15,718 CMBS 100,664 369 227,404 2,746 328,068 3,115 U.S. government 1,265 1 1,125,274 21,237 1,126,539 21,238 State and political subdivisions 31,416 149 113,463 2,492 144,879 2,641 Other foreign government 115,581 2,813 345,928 7,213 461,509 10,026 Total investment grade securities 2,196,534 34,297 6,841,568 161,339 9,038,102 195,636 Below investment grade securities: Corporate 215,368 21,398 161,915 10,685 377,283 32,083 RMBS — — 1,001 23 1,001 23 ABS — — 1,029 31 1,029 31 Other foreign government 27,413 838 27,301 1,612 54,714 2,450 Total below investment grade securities 242,781 22,236 191,246 12,351 434,027 34,587 Total fixed maturity securities $ 2,439,315 $ 56,533 $ 7,032,814 $ 173,690 $ 9,472,129 $ 230,223 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2018: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 8,505,371 $ 302,604 $ 3,611,266 $ 195,082 $ 12,116,637 $ 497,686 Canadian government 25,169 419 131,806 1,612 156,975 2,031 RMBS 269,558 2,488 836,741 22,760 1,106,299 25,248 ABS 1,102,677 24,271 381,609 8,523 1,484,286 32,794 CMBS 384,259 4,304 414,719 13,930 798,978 18,234 U.S. government 8,616 80 1,086,694 57,787 1,095,310 57,867 State and political subdivisions 103,504 1,538 157,330 7,472 260,834 9,010 Other foreign government 789,859 24,509 472,934 17,446 1,262,793 41,955 Total investment grade securities 11,189,013 360,213 7,093,099 324,612 18,282,112 684,825 Below investment grade securities: Corporate 755,679 42,760 122,559 14,646 878,238 57,406 Canadian government 443 34 1,770 243 2,213 277 RMBS — — 1,026 34 1,026 34 ABS — — 1,063 35 1,063 35 Other foreign government 128,725 5,574 7,479 339 136,204 5,913 Total below investment grade securities 884,847 48,368 133,897 15,297 1,018,744 63,665 Total fixed maturity securities $ 12,073,860 $ 408,581 $ 7,226,996 $ 339,909 $ 19,300,856 $ 748,490 The Company has no 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 securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily driven by changes in interest rates. 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, 2019 2018 Fixed maturity securities available-for-sale $ 415,087 $ 369,203 Equity securities 1,246 1,682 Mortgage loans on real estate 59,562 50,199 Policy loans 14,109 14,780 Funds withheld at interest 61,734 75,445 Short-term investments and cash and cash equivalents 6,900 3,245 Other invested assets 42,236 23,828 Investment income 600,874 538,382 Investment expense (20,997 ) (22,053 ) Investment income, net of related expenses $ 579,877 $ 516,329 Investment Related Gains (Losses), Net Investment related gains (losses), net, consist of the following (dollars in thousands): Three months ended March 31, 2019 2018 Fixed maturity securities available-for-sale: Other-than-temporary impairment losses $ (9,453 ) $ — Gain on investment activity 28,045 10,966 Loss on investment activity (18,723 ) (20,380 ) Equity securities: Gain on investment activity 74 28 Loss on investment activity (1 ) (950 ) Change in unrealized gains (losses) recognized in earnings 3,744 (4,137 ) Other impairment losses and change in mortgage loan provision (1,859 ) (312 ) Derivatives and other, net 5,961 14,315 Total investment related gains (losses), net $ 7,788 $ (470 ) The fixed maturity impairments for the three months ended March 31, 2019 were largely related to a U.S. utility company. There were no fixed maturity impairments for the three months ended March 31, 2018 . The other impairment losses and change in mortgage loan provision for the three months ended March 31, 2019 were primarily due to impairments on real estate joint ventures and an increase of the equity release mortgage valuation allowance. The other impairment losses and change in mortgage loan provision for the three months ended March 31, 2018 were primarily due to impairments on real estate joint ventures offset by a release of the mortgage loan valuation allowance. The fluctuations in investment related gains (losses) for derivatives and other for the three months ended March 31, 2019 , compared to the same period in 2018 , are primarily due to changes in the fair value of embedded derivatives, futures and equity options offset by interest rate swaps. During the three months ended March 31, 2019 and 2018 , the Company sold fixed maturity securities with fair values of $1,246.6 million and $1,263.6 million at losses of $18.7 million and $20.4 million , respectively. During the three months ended March 31, 2019 , the Company sold equity securities for immaterial losses. During the three months ended March 31, 2018 , the Company sold equity securities with fair values of $28.4 million at losses of $1.0 million . The Company generally does not buy and sell securities on a short-term basis. Securities Borrowing, Lending and Other The following table includes the amount of borrowed securities, securities lent and securities collateral received as part of the securities lending program and repurchased/reverse repurchased securities pledged and received as of March 31, 2019 and December 31, 2018 (dollars in thousands). March 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Borrowed securities $ 339,593 $ 371,473 $ 335,781 $ 366,663 Securities lending: Securities loaned 97,510 100,665 101,981 102,618 Securities received n/a 107,000 n/a 112,000 Repurchase program/reverse repurchase program: Securities pledged 548,100 558,981 554,806 554,589 Securities received n/a 558,523 n/a 530,932 The Company also held cash collateral for repurchase program/reverse repurchase programs of $28.7 million and $28.6 million at March 31, 2019 and December 31, 2018 , respectively. No cash or securities have been pledged by the Company for its securities borrowing program as of March 31, 2019 and December 31, 2018 . The following tables present information on the Company’s securities lending and repurchase transactions as of March 31, 2019 and December 31, 2018 (dollars in thousands). Collateral associated with certain borrowed securities is not included within the tables, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows. March 31, 2019 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending transactions: Corporate $ — $ — $ — $ 100,665 $ 100,665 Total — — — 100,665 100,665 Repurchase transactions: Corporate — — — 267,846 267,846 U.S. government — — 43,657 165,272 208,929 Foreign government — — — 82,206 82,206 Total — — 43,657 515,324 558,981 Total borrowings $ — $ — $ 43,657 $ 615,989 $ 659,646 Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table $ 694,271 Amounts related to agreements not included in offsetting disclosure $ 34,625 December 31, 2018 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending transactions: Corporate $ — $ — $ — $ 102,618 $ 102,618 Total — — — 102,618 102,618 Repurchase transactions: Corporate — — — 254,151 254,151 U.S. government — — — 221,572 221,572 Foreign government — — — 78,866 78,866 Total — — — 554,589 554,589 Total borrowings $ — $ — $ — $ 657,207 $ 657,207 Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table $ 671,492 Amounts related to agreements not included in offsetting disclosure $ 14,285 The Company has elected to offset amounts recognized as receivables and payables resulting from the repurchase/reverse repurchase programs. After the effect of offsetting, the net amount presented on the condensed consolidated balance sheets was a liability of $0.4 million as of both March 31, 2019 and December 31, 2018 . As of March 31, 2019 and December 31, 2018 , the Company recognized payables resulting from cash received as collateral associated with a repurchase agreement, as discussed above. Amounts owed to and due from the counterparties may be settled in cash or offset, in accordance with the agreements. Mortgage Loans on Real Estate Mortgage loans represented approximately 9.1% of the Company’s total investments as of both March 31, 2019 and December 31, 2018 . As of March 31, 2019 , mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California ( 17.7% ), Texas ( 11.8% ) and Washington ( 7.1% ) and include loans secured by properties in Canada ( 2.9% ) and United Kingdom ( 0.5% ). The recorded investment in mortgage loans on real estate presented below is gross of unamortized deferred loan origination fees and expenses, and valuation allowances. The distribution of mortgage loans by property type is as follows as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Property type: Carrying Value % of Total Carrying Value % of Total Office building $ 1,707,764 33.3 % $ 1,725,748 34.6 % Retail 1,495,883 29.1 1,432,394 28.7 Industrial 1,021,871 19.9 961,924 19.3 Apartment 620,926 12.1 571,291 11.5 Other commercial 288,454 5.6 291,997 5.9 Recorded investment $ 5,134,898 100.0 % $ 4,983,354 100.0 % Unamortized balance of loan origination fees and expenses (6,135 ) (5,770 ) Valuation allowances (11,218 ) (11,286 ) Total mortgage loans on real estate $ 5,117,545 $ 4,966,298 The maturities of mortgage loans as of March 31, 2019 and December 31, 2018 are as follows (dollars in thousands): March 31, 2019 December 31, 2018 Recorded Investment % of Total Recorded Investment % of Total Due within five years $ 1,449,925 28.2 % $ 1,425,598 28.6 % Due after five years through ten years 2,833,275 55.2 2,686,264 53.9 Due after ten years 851,698 16.6 871,492 17.5 Total $ 5,134,898 100.0 % $ 4,983,354 100.0 % The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2019 and December 31, 2018 (dollars in thousands): Recorded Investment Debt Service Ratios Construction loans >1.20x 1.00x - 1.20x <1.00x Total % of Total March 31, 2019: Loan-to-Value Ratio 0% - 59.99% $ 2,477,507 $ 87,802 $ 36,998 $ 16,556 $ 2,618,863 51.0 % 60% - 69.99% 1,692,549 78,559 41,680 21,051 1,833,839 35.7 70% - 79.99% 403,173 27,591 42,008 — 472,772 9.2 Greater than 80% 117,390 49,522 42,512 — 209,424 4.1 Total $ 4,690,619 $ 243,474 $ 163,198 $ 37,607 $ 5,134,898 100.0 % Recorded Investment Debt Service Ratios Construction loans >1.20x 1.00x - 1.20x <1.00x Total % of Total December 31, 2018: Loan-to-Value Ratio 0% - 59.99% $ 2,410,556 $ 61,246 $ 38,177 $ 13,691 $ 2,523,670 50.6 % 60% - 69.99% 1,618,374 73,908 38,120 18,929 1,749,331 35.1 70% - 79.99% 414,269 48,438 54,440 — 517,147 10.4 Greater than 80% 117,978 49,668 25,560 — 193,206 3.9 Total $ 4,561,177 $ 233,260 $ 156,297 $ 32,620 $ 4,983,354 100.0 % The age analysis of the Company’s past due recorded investments in mortgage loans as of March 31, 2019 and December 31, 2018 is as follows (dollars in thousands): March 31, 2019 December 31, 2018 31-60 days past due $ 11,795 $ — 61-90 days past due 17,079 — Total past due 28,874 — Current 5,106,024 4,983,354 Total $ 5,134,898 $ 4,983,354 The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Mortgage loans: Individually measured for impairment $ 17,079 $ 30,635 Collectively measured for impairment 5,117,819 4,952,719 Recorded investment $ 5,134,898 $ 4,983,354 Valuation allowances: Individually measured for impairment $ — $ — Collectively measured for impairment 11,218 11,286 Total valuation allowances $ 11,218 $ 11,286 Information regarding the Company’s loan valuation allowances for mortgage loans for the three months ended March 31, 2019 and 2018 is as follows (dollars in thousands): Three months ended March 31, 2019 2018 Balance, beginning of period $ 11,286 $ 9,384 Provision (release) (73 ) (516 ) Translation adjustment 5 (4 ) Balance, end of period $ 11,218 $ 8,864 Information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2019 and December 31, 2018 is as follows (dollars in thousands): Unpaid Principal Balance Recorded Investment Related Allowance Carrying Value March 31, 2019: Impaired mortgage loans with no valuation allowance recorded $ 17,084 $ 17,079 $ — $ 17,079 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17,084 $ 17,079 $ — $ 17,079 December 31, 2018: Impaired mortgage loans with no valuation allowance recorded $ 30,660 $ 30,635 $ — $ 30,635 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 30,660 $ 30,635 $ — $ 30,635 The Company’s average investment balance of 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, 2019 2018 Average (1) Interest Income Average (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 23,857 $ 328 $ 14,640 $ 56 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 23,857 $ 328 $ 14,640 $ 56 (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, 2019 and 2018 . The Company had no mortgage loans that were on a nonaccrual status as of March 31, 2019 and December 31, 2018 . Policy Loans Policy loans comprised approximately 2.3% and 2.5% of the Company’s total investments as of March 31, 2019 and December 31, 2018 , respectively, the majority 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. 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 10.2% and 10.6% of the Company’s total investments as of March 31, 2019 and December 31, 2018 , respectively. Of the $5.7 billion funds withheld at interest balance, net of embedded derivatives, as of March 31, 2019 , $3.7 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 against amounts owed to the Company from the ceding company. Other Invested Assets Other invested assets represented approximately 3.6% and 3.5% of the Company’s total investments as of March 31, 2019 and December 31, 2018 , respectively. Carrying values of these assets as of March 31, 2019 and December 31, 2018 are as follows (dollars in thousands): March 31, 2019 December 31, 2018 Limited partnership interests and real estate joint ventures $ 982,592 $ 965,094 Equity release mortgages 595,559 475,905 Derivatives 132,412 180,699 FVO contractholder-directed unit-linked investments 202,848 197,770 Other 93,459 95,829 Total other invested assets $ 2,006,870 $ 1,915,297 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Accounting for Derivative Instruments and Hedging Activities See Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2018 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. See Note 6 – “Fair Value of Assets and Liabilities” for additional disclosures related to the fair value hierarchy for derivative instruments, including embedded derivatives. Types of Derivatives Used by the Company The Company utilizes various derivative instruments and strategies to manage its risks. Commonly used derivative instruments include, but are not necessarily limited to: credit default swaps, financial futures, equity options, foreign currency swaps, foreign currency forwards, interest rate swaps, synthetic guaranteed investment contracts (“GICs”), consumer price index (“CPI”) swaps, longevity swaps, mortality swaps and embedded derivatives. For detailed information on these derivative instruments and the related strategies, see Note 5 – “Derivative Instruments” of the Company’s 2018 Annual Report. Summary of Derivative Positions 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 and liabilities on modified coinsurance (“modco”) 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, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Primary Underlying Risk 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 Interest rate $ 1,018,438 $ 57,278 $ 2,670 $ 1,040,588 $ 47,652 $ 961 Financial futures Equity 360,170 — — 325,620 — — Foreign currency swaps Foreign currency 149,698 — 4,629 149,698 504 4,659 Foreign currency forwards Foreign currency 25,000 251 — 25,000 — 234 CPI swaps CPI 388,151 — 20,505 385,580 — 11,384 Credit default swaps Credit 1,348,300 6,614 58 1,338,300 6,003 1,166 Equity options Equity 439,158 20,152 — 439,158 42,836 — Longevity swaps Longevity 897,440 48,869 — 917,360 47,789 — Mortality swaps Mortality 25,000 489 — 25,000 — 369 Synthetic GICs Interest rate 13,895,380 — — 13,397,729 — — Embedded derivatives in: Modco or funds withheld arrangements — 107,506 — — 109,597 — Indexed annuity products — — 754,171 — — 776,940 Variable annuity products — — 149,764 — — 167,925 Total non-hedging derivatives 18,546,735 241,159 931,797 18,044,033 254,381 963,638 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 435,000 891 24,436 435,000 — 27,257 Foreign currency swaps Foreign currency 451,686 38,620 479 494,461 51,311 — Foreign currency forwards Foreign currency 949,879 32,862 — 911,197 50,974 — Total hedging derivatives 1,836,565 72,373 24,915 1,840,658 102,285 27,257 Total derivatives $ 20,383,300 $ 313,532 $ 956,712 $ 19,884,691 $ 356,666 $ 990,895 Fair Value Hedges The Company designates and reports certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging . The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of March 31, 2019 and 2018, were (dollars in thousands): Type of Fair Value Hedge Hedged Item Gains (Losses) Recognized for Derivatives Gains (Losses) Recognized for Hedged Items Investment Related Gains (Losses) For the three months ended March 31, 2019: Foreign currency swaps Foreign-denominated fixed maturity securities $ (709 ) $ (703 ) For the three months ended March 31, 2018: Foreign currency swaps Foreign-denominated fixed maturity securities $ (1,891 ) $ 1,891 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 the following as cash flows: (i) certain interest rate swaps, in which the cash flows of liabilities are variable based on a benchmark rate; and (ii) certain interest rate swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps. 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, 2019 and 2018 (dollars in thousands): Three months ended March 31, 2019 2018 Balance beginning of period $ 8,788 $ 2,619 Gains (losses) deferred in other comprehensive income (loss) (10,196 ) 17,817 Amounts reclassified to investment income (25 ) (144 ) Amounts reclassified to interest expense (469 ) 370 Balance end of period $ (1,902 ) $ 20,662 As of March 31, 2019 , the before-tax deferred net gains (losses) on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are approximately $0.1 million and $1.7 million in investment income and interest expense, respectively. The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2019 and 2018 (dollars in thousands): Derivative Type Gain (Loss) Deferred in OCI Gain (Loss) Reclassified into Income from OCI Investment Income Interest Expense For the three months ended March 31, 2019: Interest rate $ (12,101 ) $ — $ 469 Currency/Interest rate 1,905 25 — Total $ (10,196 ) $ 25 $ 469 For the three months ended March 31, 2018: Interest rate $ 14,986 $ — $ (370 ) Currency/Interest rate 2,831 144 — Total $ 17,817 $ 144 $ (370 ) For the three months ended March 31, 2019 and 2018 , there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. Hedges of Net Investments in Foreign Operations The Company uses foreign currency swaps and foreign currency forwards 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, 2019 and 2018 (dollars in thousands): Derivative Gains (Losses) Deferred in AOCI For the three months ended March 31, Type of NIFO Hedge (1) 2019 2018 Foreign currency swaps $ (7,007 ) $ 8,805 Foreign currency forwards (18,112 ) 12,236 (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. The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $175.9 million and $201.0 million at March 31, 2019 and December 31, 2018 , respectively. If a hedged 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 hedged 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. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), net 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 condensed consolidated statements of income for the three months ended March 31, 2019 and 2018 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) 2019 2018 Interest rate swaps Investment related gains (losses), net $ 23,974 $ (26,571 ) Financial futures Investment related gains (losses), net (22,278 ) 129 Foreign currency swaps Investment related gains (losses), net 723 — Foreign currency forwards Investment related gains (losses), net 492 323 CPI swaps Investment related gains (losses), net (8,851 ) 2,186 Credit default swaps Investment related gains (losses), net 14,500 (402 ) Equity options Investment related gains (losses), net (22,684 ) 2,593 Longevity swaps Other revenues 2,143 2,267 Mortality swaps Other revenues 858 — Subtotal (11,123 ) (19,475 ) Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net (2,092 ) 13,611 Indexed annuity products Interest credited 3,070 25,351 Variable annuity products Investment related gains (losses), net 18,161 14,785 Total non-hedging derivatives $ 8,016 $ 34,272 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, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Rating Agency Designation of Referenced Credit Obligations (1) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) AAA/AA+/AA/AA-/A+/A/A- Single name credit default swaps $ 2,082 $ 157,000 2.1 $ 1,953 $ 152,000 2.2 Subtotal 2,082 157,000 2.1 1,953 152,000 2.2 BBB+/BBB/BBB- Single name credit default swaps 3,672 358,700 2.0 2,930 353,700 2.2 Credit default swaps referencing indices 769 817,600 5.0 (76 ) 817,600 6.4 Subtotal 4,441 1,176,300 4.1 2,854 1,171,300 5.1 BB+/BB/BB- Single name credit default swaps 33 15,000 0.5 30 15,000 0.7 Subtotal 33 15,000 0.5 30 15,000 0.7 Total $ 6,556 $ 1,348,300 3.8 $ 4,837 $ 1,338,300 4.7 (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. Netting Arrangements and Credit Risk 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, lending, repurchase and repurchase/reverse repurchase programs. The following table provides information relating to the Company’s derivative instruments as of March 31, 2019 and December 31, 2018 (dollars in thousands): Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments (1) Cash Collateral Pledged/ Received Net Amount March 31, 2019: Derivative assets $ 206,026 $ (24,745 ) $ 181,281 $ — $ (205,177 ) $ (23,896 ) Derivative liabilities 52,777 (24,745 ) 28,032 (63,992 ) (37,980 ) (73,940 ) December 31, 2018: Derivative assets $ 247,069 $ (18,581 ) $ 228,488 $ — $ (235,611 ) $ (7,123 ) Derivative liabilities 46,030 (18,581 ) 27,449 (71,376 ) (24,080 ) (68,007 ) (1) Includes initial margin posted to a central clearing partner. The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments with a positive fair value. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value at the reporting date plus or minus any collateral posted or held by the Company. The Company had no credit exposure related to its derivative contracts, as of March 31, 2019 and December 31, 2018 , as the net amount of collateral pledged to the Company from counterparties exceeded the fair value of the derivative contracts. Derivatives may be exchange-traded or they may be privately negotiated contracts, which are referred to as over-the-counter (“OTC”) derivatives. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”) and others are bilateral contracts between two counterparties. The Company manages its credit risk related to 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 Company is only exposed to the default of the central clearing counterparties for OTC cleared derivatives, and these transactions require initial and daily variation margin collateral postings. Exchange-traded derivatives are settled on a daily basis, thereby reducing the credit risk exposure in the event of non-performance by counterparties to such financial instruments. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
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 that 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. The Company’s Level 1 assets and liabilities are traded in active 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 that use significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 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. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques that require management’s judgment or estimation in developing inputs that are consistent with what other market participants would use when pricing similar assets and 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. For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 in the Notes to Consolidated Financial Statements included in the Company’s 2018 Annual Report. Assets and Liabilities by Hierarchy Level Assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 are summarized below (dollars in thousands): March 31, 2019: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 25,077,338 $ — $ 23,546,583 $ 1,530,755 Canadian government 4,277,864 — 3,670,073 607,791 RMBS 1,994,186 — 1,987,664 6,522 ABS 2,241,986 — 2,128,199 113,787 CMBS 1,431,746 — 1,431,725 21 U.S. government 1,567,563 1,464,139 86,215 17,209 State and political subdivisions 792,717 — 782,555 10,162 Other foreign government 4,355,043 — 4,349,977 5,066 Total fixed maturity securities – available-for-sale 41,738,443 1,464,139 37,982,991 2,291,313 Equity securities 89,865 49,443 — 40,422 Funds withheld at interest – embedded derivatives 107,506 — — 107,506 Cash equivalents 855,265 853,927 1,319 19 Short-term investments 75,360 4,766 41,392 29,202 Other invested assets: Derivatives: Interest rate swaps 48,683 — 48,683 — Foreign currency forwards 33,113 — 33,113 — Credit default swaps (6,201 ) — (6,201 ) — Equity options 18,676 — 18,676 — Foreign currency swaps 38,141 — 38,141 — FVO contractholder-directed unit-linked investments 202,848 201,833 1,015 — Total other invested assets 335,260 201,833 133,427 — Other assets - longevity swaps 48,869 — — 48,869 Total $ 43,250,568 $ 2,574,108 $ 38,159,129 $ 2,517,331 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 903,935 $ — $ — $ 903,935 Other liabilities: Derivatives: Interest rate swaps 17,620 — 17,620 — Foreign currency swaps - non-hedged 4,629 — 4,629 — CPI swaps 20,505 — 20,505 — Credit default swaps (12,757 ) — (12,757 ) — Equity options (1,476 ) — (1,476 ) — Mortality swaps (489 ) — — (489 ) Total $ 931,967 $ — $ 28,521 $ 903,446 December 31, 2018: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 23,982,119 $ — $ 22,651,194 $ 1,330,925 Canadian government 3,892,385 — 3,364,261 528,124 RMBS 1,869,221 — 1,862,366 6,855 ABS 2,149,204 — 2,053,632 95,572 CMBS 1,419,034 — 1,419,012 22 U.S. government 2,185,874 2,067,529 100,320 18,025 State and political subdivisions 752,194 — 741,992 10,202 Other foreign government 3,742,315 — 3,737,309 5,006 Total fixed maturity securities – available-for-sale 39,992,346 2,067,529 35,930,086 1,994,731 Equity securities 82,197 48,737 — 33,460 Funds withheld at interest – embedded derivatives 109,597 — — 109,597 Cash equivalents 485,167 473,509 11,658 — Short-term investments 105,991 4,989 98,774 2,228 Other invested assets: Derivatives: Interest rate swaps 37,976 — 37,976 — Foreign currency forwards 50,740 — 50,740 — Credit default swaps 4,466 — 4,466 — Equity options 36,206 — 36,206 — Foreign currency swaps 51,311 — 51,311 — FVO contractholder-directed unit-linked investments 197,770 196,781 989 — Total other invested assets 378,469 196,781 181,688 — Other assets - longevity swaps 47,789 — — 47,789 Total $ 41,201,556 $ 2,791,545 $ 36,222,206 $ 2,187,805 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 944,865 $ — $ — $ 944,865 Other liabilities: Derivatives: Interest rate swaps 18,542 — 18,542 — Foreign currency swaps - non-hedged 4,155 — 4,155 — CPI swaps 11,384 — 11,384 — Credit default swaps (371 ) — (371 ) — Equity options (6,630 ) — (6,630 ) — Mortality swaps 369 — — 369 Total $ 972,314 $ — $ 27,080 $ 945,234 Transfers between Levels 1 and 2 Transfers between Levels 1 and 2 are made to reflect changes in observability of inputs and market activity. 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. There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2019 or 2018. Quantitative Information Regarding Internally - Priced Assets and Liabilities The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2019 and December 31, 2018 (dollars in thousands): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Assets: Corporate $740,698 $642,647 Market comparable securities Liquidity premium 0-5% (1%) 0-5% (1%) EBITDA Multiple 5.9x 5.9x-7.5x (6.5x) ABS 81,417 77,842 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) U.S. government 17,209 18,025 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Other foreign government 5,066 5,006 Market comparable Liquidity premium 1 % 1 % Equity securities 30,294 25,007 Market comparable securities Liquidity premium 4 % 4 % EBITDA Multiple 6.9x-12.3x (8.2x) 6.9x-12.3x (7.9x) Funds withheld at interest- embedded derivatives 107,506 109,597 Total return swap Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (11%) 0-35% (10%) Withdrawal 0-5% (3%) 0-5% (3%) CVA 0-5% (1%) 0-5% (1%) Crediting rate 2-4% (2%) 2-4% (2%) Longevity swaps 48,869 47,789 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Mortality improvement (10%)-10% (3%) (10%)-10% (3%) Liabilities: Interest sensitive contract liabilities- embedded derivatives- indexed annuities 754,171 776,940 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (11%) 0-35% (10%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget projection 2-4% (2%) 2-4% (2%) Interest sensitive contract liabilities- embedded derivatives- variable annuities 149,764 167,925 Discounted cash flow Mortality 0-100% (1%) 0-100% (1%) Lapse 0-25% (5%) 0-25% (5%) Withdrawal 0-7% (4%) 0-7% (5%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (13%) 0-27% (13%) Mortality swaps (489 ) 369 Discounted cash flow Mortality 0-100% (1%) 0-100% (1%) Changes in Level 3 Assets and Liabilities Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Transfers out of Level 3 are primarily the result of the Company obtaining observable pricing information or a third party pricing quotation that appropriately reflects the fair value of those assets and liabilities. In 2018, the Company transferred equity securities with a fair value of approximately $38.9 million into Level 3 as a result of the adoption of the new accounting guidance for the recognition and measurement of equity securities (see “New Accounting Pronouncements – Financial Instruments – Recognition and Measurement” in Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements included in the Company’s 2018 Annual Report). For further information on the Company’s valuation processes, see Note 6 in the Notes to Consolidated Financial Statements included in the Company’s 2018 Annual Report. The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in thousands): For the three months ended March 31, 2019: Fixed maturity securities - available-for-sale Corporate Canadian government RMBS ABS Fair value, beginning of period $ 1,330,925 $ 528,124 $ 6,855 $ 95,572 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 133 3,493 2 17 Included in other comprehensive income 19,404 76,174 1 975 Purchases (1) 214,441 — — 31,322 Sales (1) (10,712 ) — — — Settlements (1) (23,436 ) — (336 ) (14,099 ) Fair value, end of period $ 1,530,755 $ 607,791 $ 6,522 $ 113,787 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 $ 166 $ 3,493 $ 2 $ 17 For the three months ended March 31, 2019 (continued): Fixed maturity securities - available-for-sale CMBS U.S. government State Other foreign government Equity securities Fair value, beginning of period $ 22 $ 18,025 $ 10,202 $ 5,006 33,460 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — (89 ) 5 — — Investment related gains (losses), net — — — — 3,762 Included in other comprehensive income — 267 (7 ) 60 — Purchases (1) — 84 — — 3,200 Settlements (1) (1 ) (1,078 ) (38 ) — — Fair value, end of period $ 21 $ 17,209 $ 10,162 $ 5,066 $ 40,422 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 $ — $ (89 ) $ 5 $ — $ — Investment related gains (losses), net — — — — 3,762 For the three months ended March 31, 2019 (continued): Funds withheld at interest- embedded derivatives Cash equivalents Short-term investments Other assets - longevity swaps Interest sensitive contract liabilities embedded derivatives Other liabilities - mortality swaps Fair value, beginning of period $ 109,597 $ — $ 2,228 $ 47,789 $ (944,865 ) $ (369 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — — 32 — — — Investment related gains (losses), net (2,091 ) — — — 18,161 — Interest credited — — — — 3,070 — Included in other comprehensive income — — 199 (1,063 ) — — Other revenues — — — 2,143 — 858 Purchases (1) — 19 26,743 — 1,398 — Settlements (1) — — — — 18,301 — Fair value, end of period $ 107,506 $ 19 $ 29,202 $ 48,869 $ (903,935 ) $ 489 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 $ — $ — $ 32 $ — $ — $ — Investment related gains (losses), net (2,091 ) — — — 16,766 — Other revenues — — — 2,143 — 858 Interest credited — — — — (15,231 ) — For the three months ended March 31, 2018: Fixed maturity securities - available-for-sale Corporate Canadian government RMBS ABS Fair value, beginning of period $ 1,337,272 $ 593,942 $ 107,882 $ 123,474 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses (361 ) 3,444 (92 ) 106 Investment related gains (losses), net — — — 2 Included in other comprehensive income (32,852 ) (24,639 ) (1,110 ) 853 Purchases (1) 100,170 — 20,916 11,000 Sales (1) (6,180 ) — — — Settlements (1) (75,146 ) — (2,963 ) (2,739 ) Transfers into Level 3 7,166 — — — Transfers out of Level 3 (30,805 ) — (4,019 ) (1,990 ) Fair value, end of period $ 1,299,264 $ 572,747 $ 120,614 $ 130,706 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 $ (361 ) $ 3,444 $ (92 ) $ 106 For the three months ended March 31, 2018 (continued): Fixed maturity securities - available-for-sale CMBS U.S. government State Other foreign government Fair value, beginning of period $ 3,234 $ 22,511 $ 41,203 $ 5,092 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — (110 ) 8 — Included in other comprehensive income (47 ) (340 ) 700 (88 ) Purchases (1) — 96 — — Settlements (1) (1 ) (1,104 ) (35 ) — Transfers out of Level 3 (1,302 ) — — — Fair value, end of period $ 1,884 $ 21,053 $ 41,876 $ 5,004 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 $ — $ (110 ) $ 8 $ — For the three months ended March 31, 2018 (continued): Equity securities Funds withheld at interest- embedded derivatives Short-term investments Other assets - longevity swaps Interest sensitive contract liabilities embedded derivatives Other liabilities - mortality swaps Fair value, beginning of period $ — $ 122,194 $ 3,096 $ 40,659 $ (1,014,229 ) $ (1,683 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment related gains (losses), net (2,677 ) 13,611 — — 14,785 — Interest credited — — — — 25,351 — Included in other comprehensive income — — (25 ) 1,085 — — Other revenues — — — 2,267 — — Purchases (1) — — 146 — (8,508 ) — Sales (1) (28 ) — — — — — Settlements (1) (48 ) — — — 17,807 — Transfers into Level 3 38,905 — — — — — Fair value, end of period $ 36,152 $ 135,805 $ 3,217 $ 44,011 $ (964,794 ) $ (1,683 ) 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 related gains (losses), net $ (2,705 ) $ 13,611 $ — $ — $ 12,901 $ — Other revenues — — — 2,267 — — Interest credited — — — — 7,544 — (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 During the three months ended March 31, 2019 and March 31, 2018, the Company did not have any adjustments to its financial instruments measured at fair value on a nonrecurring basis that are still held at the reporting date. 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, as of March 31, 2019 and December 31, 2018 (dollars in thousands). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 in the Notes to Consolidated Financial Statements included in the Company’s 2018 Annual Report. 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, 2019: Carrying Value (1) Estimated Fair Value Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 5,117,545 $ 5,210,513 $ — $ — $ 5,210,513 $ — Policy loans 1,312,349 1,312,349 — 1,312,349 — — Funds withheld at interest 5,619,039 5,823,245 — — 5,823,245 — Cash and cash equivalents 1,165,131 1,165,131 1,165,131 — — — Short-term investments 43,855 43,855 43,855 — — — Other invested assets 1,061,220 1,060,931 5,176 83,529 603,835 368,391 Accrued investment income 442,956 442,956 — 442,956 — — Liabilities: Interest-sensitive contract liabilities $ 14,543,332 $ 14,790,369 $ — $ — $ 14,790,369 $ — Long-term debt 2,787,717 2,915,623 — — 2,915,623 — Collateral finance and securitization notes 656,174 601,680 — — 601,680 — December 31, 2018: Assets: Mortgage loans on real estate $ 4,966,298 $ 4,917,416 $ — $ — $ 4,917,416 $ — Policy loans 1,344,980 1,344,980 — 1,344,980 — — Funds withheld at interest 5,655,055 5,802,518 — — 5,802,518 — Cash and cash equivalents 1,404,566 1,404,566 1,404,566 — — — Short-term investments 36,607 36,607 36,607 — — — Other invested assets 945,731 941,449 4,640 83,203 477,214 376,392 Accrued investment income 427,893 427,893 — 427,893 — — Liabilities: Interest-sensitive contract liabilities $ 14,547,436 $ 14,611,011 $ — $ — $ 14,611,011 $ — Long-term debt 2,787,873 2,752,047 — — 2,752,047 — Collateral finance and securitization notes 681,961 626,731 — — 626,731 — (1) Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The accounting policies of the segments are the same as those described in the Significant Accounting Policies and Pronouncements in Note 2 of the consolidated financial statements accompanying the 2018 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. 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 is 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 has geographic-based and business-based operational segments. Geographic-based operations are further segmented into traditional and financial solutions businesses. 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, Revenues: 2019 2018 U.S. and Latin America: Traditional $ 1,540,666 $ 1,489,694 Financial Solutions 254,660 213,352 Total 1,795,326 1,703,046 Canada: Traditional 312,333 302,319 Financial Solutions 23,574 12,777 Total 335,907 315,096 Europe, Middle East and Africa: Traditional 384,006 393,782 Financial Solutions 109,421 88,143 Total 493,427 481,925 Asia Pacific: Traditional 673,172 614,539 Financial Solutions 54,528 19,846 Total 727,700 634,385 Corporate and Other 67,671 39,255 Total $ 3,420,031 $ 3,173,707 Three months ended March 31, Income (loss) before income taxes: 2019 2018 U.S. and Latin America: Traditional $ 11,654 $ 2,892 Financial Solutions 83,277 67,421 Total 94,931 70,313 Canada: Traditional 50,279 23,707 Financial Solutions 1,348 3,191 Total 51,627 26,898 Europe, Middle East and Africa: Traditional 15,424 15,421 Financial Solutions 38,390 39,164 Total 53,814 54,585 Asia Pacific: Traditional 36,624 22,887 Financial Solutions 6,083 4,021 Total 42,707 26,908 Corporate and Other (26,515 ) (40,779 ) Total $ 216,564 $ 137,925 Assets: March 31, 2019 December 31, 2018 U.S. and Latin America: Traditional $ 18,820,270 $ 19,235,781 Financial Solutions 20,308,486 19,870,388 Total 39,128,756 39,106,169 Canada: Traditional 3,579,658 4,200,792 Financial Solutions 57,549 154,000 Total 3,637,207 4,354,792 Europe, Middle East and Africa: Traditional 3,797,482 3,643,174 Financial Solutions 4,968,853 4,737,529 Total 8,766,335 8,380,703 Asia Pacific: Traditional 6,043,694 5,680,978 Financial Solutions 1,530,360 1,180,745 Total 7,574,054 6,861,723 Corporate and Other 7,586,129 5,831,858 Total $ 66,692,481 $ 64,535,245 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and December 31, 2018 are presented in the following table (dollars in thousands): March 31, 2019 December 31, 2018 Limited partnership interests and joint ventures $ 579,647 $ 523,903 Commercial mortgage loans 147,898 22,605 Bank loans and private placements 77,854 137,076 Equity release mortgages 215,305 264,858 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. Bank loans and private placements are included in fixed maturity securities available-for-sale. 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 Contingencies 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 Statutory Reserve Support 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, 2019 , 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, 2019 (dollars in millions): Commitment Period Maximum Potential Obligation 2023 $ 500.0 2033 450.0 2034 2,000.0 2035 1,314.2 2036 2,658.0 2037 5,750.0 2038 1,800.0 Other Guarantees RGA has issued guarantees to third parties on behalf of its subsidiaries for the payment of amounts due under certain securities borrowing and repurchase 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. Additionally, 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 of 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 securities borrowing and repurchase arrangements provide additional security to third parties should a subsidiary fail to provide securities when due. RGA’s guarantees issued as of March 31, 2019 and December 31, 2018 are reflected in the following table (dollars in thousands): March 31, 2019 December 31, 2018 Treaty guarantees $ 1,481,172 $ 1,392,352 Treaty guarantees, net of assets in trust 1,381,152 1,291,445 Securities borrowing and repurchase arrangements 272,365 269,980 Financing arrangements 57,801 61,273 Lease obligations 401 392 |
Income Tax Income Tax
Income Tax Income Tax | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Tax The provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 21% to pre-tax income as a result of the following for the three months ended March 31, 2019 and 2018 , respectively (dollars in thousands): Three months ended March 31, 2019 2018 Tax provision at U.S. statutory rate $ 45,478 $ 28,964 Increase (decrease) in income taxes resulting from: U.S. Tax Reform — 775 Foreign tax rate differing from U.S. tax rate 664 1,432 Differences in tax bases in foreign jurisdictions (15,078 ) (5,760 ) Deferred tax valuation allowance 18,544 7,947 Amounts related to tax audit contingencies 560 835 Corporate rate changes (1,764 ) 111 Subpart F 165 658 Foreign tax credits — (572 ) Global intangible low-taxed income, net of credit — 4,409 Equity compensation excess benefit (1,461 ) (1,114 ) Other, net (51 ) 10 Total provision for income taxes $ 47,057 $ 37,695 Effective tax rate 21.7 % 27.3 % The effective tax rate for the three months ended March 31, 2019 and 2018 was higher than the U.S. Statutory tax rate of 21% primarily as a result of income in non-U.S. jurisdictions with tax rates greater than the U.S. and losses in foreign jurisdictions for which the company established a valuation allowance, which was partially offset with tax benefits related to bases differences in non-U.S. jurisdictions. The effective tax for the three months ended March 31, 2018 was further increased due to the inclusion of U.S. tax related to global intangible low-taxed income (“GILTI”). |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The components of net periodic benefit cost, included in other operating expenses on the condensed consolidated statements of income, for the three months ended March 31, 2019 and 2018 were as follows (dollars in thousands): Pension Benefits Other Benefits Three months ended March 31, Three months ended March 31, 2019 2018 2019 2018 Service cost $ 3,138 $ 2,654 $ 757 $ 636 Interest cost 1,386 1,330 580 530 Expected return on plan assets (1,884 ) (1,554 ) — — Amortization of prior service cost (credit) 60 83 (329 ) (329 ) Amortization of prior actuarial losses 911 1,094 644 498 Net periodic benefit cost $ 3,611 $ 3,607 $ 1,652 $ 1,335 |
Reinsurance
Reinsurance | 3 Months Ended |
Mar. 31, 2019 | |
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] | |
Retrocession Arrangements and Reinsurance Ceded Receivables | Reinsurance 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, 2019 and December 31, 2018 , 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, 2019 , 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 posted. 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, 2019 or December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 324,370 39.8 % $ 303,036 40.0 % Reinsurer B A+ 199,748 24.5 193,324 25.5 Reinsurer C A 71,367 8.8 69,885 9.2 Reinsurer D A++ 50,244 6.2 36,600 4.8 Reinsurer E A+ 41,362 5.1 40,004 5.3 Other reinsurers 127,715 15.6 114,723 15.2 Total $ 814,806 100.0 % $ 757,572 100.0 % Included in the total reinsurance ceded receivables balance were $232.0 million and $242.8 million of claims recoverable, of which $6.7 million and $17.4 million were in excess of 90 days past due, as of March 31, 2019 and December 31, 2018 , respectively. |
Policy Claims and Benefits
Policy Claims and Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Insurance [Abstract] | |
Short-Duration Insurance and Deposit Contracts [Text Block] | Policy Claims and Benefits Rollforward of Claims and Claim Adjustment Expenses The liability for unpaid claims is reported in future policy benefits and other policy-related balances within the Company’s consolidated balance sheet. Activity associated with unpaid claims is summarized below (dollars in thousands): Three months ended March 31, 2019 2018 Balance at beginning of year $ 6,584,668 $ 5,896,469 Less: reinsurance recoverable (432,582 ) (455,547 ) Net balance at beginning of year 6,152,086 5,440,922 Incurred: Current year 2,807,937 2,663,116 Prior years 31,447 6,255 Total incurred 2,839,384 2,669,371 Payments: Current year (186,601 ) (180,802 ) Prior years (2,387,312 ) (2,111,275 ) Total payments (2,573,913 ) (2,292,077 ) Other changes: Interest accretion 6,556 6,115 Foreign exchange adjustments 9,630 26,676 Total other changes 16,186 32,791 Net balance at end the period 6,433,743 5,851,007 Plus: reinsurance recoverable 499,562 469,419 Balance at end of the period $ 6,933,305 $ 6,320,426 Incurred claims related to prior years reflected in the table above, resulted in part from developed claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2019 | |
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. Description Date of Adoption Effect on the financial statements or other significant matters Standards adopted: Financial Instruments - Recognition and Measurement This guidance requires equity investments that are not accounted for under the equity method of accounting to be measured at fair value with changes recognized in net income and also updates certain presentation and disclosure requirements. January 1, 2018 This guidance required a cumulative-effect adjustment for certain items upon adoption. The adoption of the new guidance was not material to the Company's financial position. Compensation - Retirement Benefits - Defined Benefit Plans - General This guidance is part of the FASB’s disclosure framework project and eliminates certain disclosure requirements for defined benefit pension and other postretirement plans. Early adoption is permitted. December 31, 2018 This guidance was applied retrospectively to all periods presented in the year of adoption. The adoption of the new standard was not material to the Company’s financial position. Leases This new standard, based on the principle that entities should recognize assets and liabilities arising from leases, does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Leases are classified as finance or operating. The new standard’s primary change is the requirement for entities to recognize a lease liability for payments and a right of use asset representing the right to use the leased asset during the term of operating lease arrangements. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. Lessors’ accounting is largely unchanged from the previous accounting standard. In addition, the new standard expands the disclosure requirements of lease arrangements. Early adoption is permitted. January 1, 2019 This guidance was adopted by applying the optional transition method. The adoption of the standard did not have a material impact on the Company’s results of operations or financial position. The adoption of the updated guidance resulted in the Company recognizing a right-to-use asset and lease liability of $55.2 million included in other assets and other liabilities, respectively, in the condensed consolidated balance sheets. Derivatives and Hedging This updated guidance improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting in current GAAP related to the assessment of hedge effectiveness. Early adoption is permitted. January 1, 2019 This guidance was adopted by applying a modified retrospective approach to existing hedging relationships as of the date of adoption. The adoption of the new standard did not have a material impact on the Company’s results of operations or financial position. Upon adoption of the standard, the Company recorded an immaterial adjustment to retained earnings as of the beginning of the first reporting period in which the guidance was effective and modified some disclosures. Description Date of Adoption Effect on the financial statements or other significant matters Standards not yet adopted: Financial Services - Insurance This guidance significantly changes how insurers account for long-duration insurance contracts. The new guidance also significantly expands the disclosure requirements of long-duration insurance contracts. Below are the most significant areas of change: Cash flow assumptions for measuring liability for future policy benefits The new guidance requires insurers to review, and if necessary, update the cash flow assumptions used to measure liabilities for future policy benefits periodically. The change in the liability estimate as a result of updating cash flow assumptions will be recognized in net income. Discount rate assumption for measuring liability for future policy benefits The new guidance requires insurers to update the discount rate assumption used to measure liabilities for future policy benefits at each reporting period, and the discount rate utilized must be based on an upper-medium grade fixed income instrument yield. The change in the liability estimate as a result of updating the discount rate assumption will be recognized in other comprehensive income. Market risk benefits The new guidance created a new category of benefit features called market risk benefits that will be measured at fair value with changes in fair value attributable to a change in the instrument-specific credit risk recognized in other comprehensive income. Amortization of deferred acquisition costs (“DAC”) and other balances The new guidance requires DAC and other balances to be amortized on a constant level basis over the expected term of the related contracts. January 1, 2021 See each significant area of change below for the method of adoption and impact to the Company’s results of operations and financial position. Cash flow assumptions for measuring liability for future policy benefits The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact. Discount rate assumption for measuring liability for future policy benefits The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact. Market risk benefits The Company will adopt this guidance on a retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the guidance will likely have a material impact. Amortization of deferred acquisition costs (“DAC”) and other balances The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact. Financial Instruments - Credit Losses This guidance adds to U.S. GAAP an impairment model, known as current expected credit loss (“CECL”) model that is based on expected losses rather than incurred losses. For traditional and other receivables, held-to-maturity debt securities, loans and other instruments entities will be required to use the new forward-looking “expected loss” model that generally will result in earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses similar to what they do today, except the losses will be recognized as allowances rather than reduction to the amortized cost of the securities. Early adoption is permitted. January 1, 2020 This guidance will be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is currently evaluating the impact of this amendment on its results of operations and financial position. Fair Value Measurement This guidance is part of the FASB’s disclosure framework project and eliminates certain disclosure requirements for fair value measurement, requires entities to disclose new information and modifies existing disclosure requirements. Early adoption is permitted. January 1, 2020 Certain disclosure changes in the new guidance will be applied prospectively in the year of adoption. The remaining changes in the new guidance will be applied retrospectively to all periods presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block] | The following table presents approximate amounts of stock options and performance contingent shares excluded from the calculation of common equivalent shares (in thousands): Three months ended March 31, 2019 2018 Excluded from common equivalent shares: Stock options 544 276 Performance contingent shares 109 212 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, 2019 2018 Earnings: Net income (numerator for basic and diluted calculations) $ 169,507 $ 100,230 Shares: Weighted average outstanding shares (denominator for basic calculation) 62,758 64,490 Equivalent shares from outstanding stock options 1,269 1,382 Denominator for diluted calculation 64,027 65,872 Earnings per share: Basic $ 2.70 $ 1.55 Diluted $ 2.65 $ 1.52 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The changes in number of common stock shares, issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2018 79,137,758 16,323,390 62,814,368 Common stock acquired — 344,237 (344,237 ) Stock-based compensation (1) — (74,216 ) 74,216 Balance, March 31, 2019 79,137,758 16,593,411 62,544,347 Issued Held In Treasury Outstanding Balance, December 31, 2017 79,137,758 14,685,663 64,452,095 Stock-based compensation (1) — (60,678 ) 60,678 Balance, March 31, 2018 79,137,758 14,624,985 64,512,773 (1) Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. |
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, 2019 and 2018 are as follows (dollars in thousands): Accumulated Other Comprehensive Income (Loss), Net of Income Tax Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2018 $ (168,698 ) $ 856,159 $ (50,698 ) $ 636,763 Other comprehensive income (loss) before reclassifications 18,462 1,437,058 (1,787 ) 1,453,733 Amounts reclassified to (from) AOCI (14,694 ) 1,286 (13,408 ) Deferred income tax benefit (expense) 2,924 (314,153 ) 106 (311,123 ) Balance, March 31, 2019 $ (147,312 ) $ 1,964,370 $ (51,093 ) $ 1,765,965 Accumulated Other Comprehensive Income (Loss), Net of Income Tax Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2017 $ (86,350 ) $ 2,200,661 $ (50,680 ) $ 2,063,631 Other comprehensive income (loss) before reclassifications 5,696 (827,701 ) (1,910 ) (823,915 ) Amounts reclassified to (from) AOCI — 21,274 1,346 22,620 Deferred income tax benefit (expense) (6,856 ) 172,823 93 166,060 Balance, March 31, 2018 $ (87,510 ) $ 1,567,057 $ (51,151 ) $ 1,428,396 (1) Includes cash flow hedges of $(1,902) and $8,788 as of March 31, 2019 and December 31, 2018 , respectively, and $20,662 and $2,619 as of March 31, 2018 and December 31, 2017 , respectively. 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, 2019 and 2018 (dollars in thousands): Amount Reclassified from AOCI Three months ended March 31, Details about AOCI Components 2019 2018 Affected Line Item in Statement of Income Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ (273 ) $ (14,456 ) Investment related gains (losses), net Cash flow hedges - Interest rate 469 (370 ) (1) Cash flow hedges - Currency/Interest rate 25 144 (1) Deferred policy acquisition costs attributed to unrealized gains and losses 14,473 (6,592 ) (2) Total 14,694 (21,274 ) Provision for income taxes (3,006 ) 4,678 Net unrealized gains (losses), net of tax $ 11,688 $ (16,596 ) Amortization of defined benefit plan items: Prior service cost (credit) $ 269 $ 246 (3) Actuarial gains/(losses) (1,555 ) (1,592 ) (3) Total (1,286 ) (1,346 ) Provision for income taxes 270 283 Amortization of defined benefit plans, net of tax $ (1,016 ) $ (1,063 ) Total reclassifications for the period $ 10,672 $ (17,659 ) (1) See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. (2) This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2018 Annual Report for additional details. (3) This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional detai |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Available For Sale Securities | The following tables provide information relating to investments in fixed maturity securities by sector as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019: Amortized Unrealized Unrealized Estimated Fair % of Other-than- Cost Gains Losses Value Total in AOCI Available-for-sale: Corporate $ 24,216,876 $ 1,024,557 $ 164,095 $ 25,077,338 60.1 % $ — Canadian government 2,870,018 1,408,501 655 4,277,864 10.2 — RMBS 1,969,694 34,746 10,254 1,994,186 4.8 — ABS 2,243,449 14,286 15,749 2,241,986 5.4 275 CMBS 1,404,852 30,009 3,115 1,431,746 3.4 — U.S. government 1,578,975 9,826 21,238 1,567,563 3.8 — State and political subdivisions 738,690 56,668 2,641 792,717 1.9 — Other foreign government 4,166,073 201,446 12,476 4,355,043 10.4 — Total fixed maturity securities $ 39,188,627 $ 2,780,039 $ 230,223 $ 41,738,443 100.0 % $ 275 December 31, 2018: Amortized Unrealized Unrealized Estimated Fair % of Other-than- Cost Gains Losses Value Total in AOCI Available-for-sale: Corporate $ 24,006,407 $ 530,804 $ 555,092 $ 23,982,119 59.9 % $ — Canadian government 2,768,466 1,126,227 2,308 3,892,385 9.7 — RMBS 1,872,236 22,267 25,282 1,869,221 4.7 — ABS 2,171,254 10,779 32,829 2,149,204 5.4 275 CMBS 1,428,115 9,153 18,234 1,419,034 3.5 — U.S. government 2,233,537 10,204 57,867 2,185,874 5.5 — State and political subdivisions 721,290 39,914 9,010 752,194 1.9 — Other foreign government 3,680,863 109,320 47,868 3,742,315 9.4 — Total fixed maturity securities $ 38,882,168 $ 1,858,668 $ 748,490 $ 39,992,346 100.0 % $ 275 |
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 derivative transactions and certain third-party reinsurance treaties as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities pledged as collateral $ 74,647 $ 77,806 $ 80,891 $ 83,950 Fixed maturity securities received as collateral n/a 668,046 n/a 616,584 Assets in trust held to satisfy collateral requirements 20,635,739 21,609,979 20,072,735 20,366,170 |
Concentration Risk Disclosure [Text Block] | The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and its agencies as well as the securities disclosed below as of March 31, 2019 and December 31, 2018 (dollars in thousands). March 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities guaranteed or issued by: Canadian province of Quebec $ 1,128,373 $ 1,955,925 $ 1,091,018 $ 1,757,087 Canadian province of Ontario 946,731 1,287,150 913,642 1,187,526 |
Investments Classified By Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2019 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 $ 1,409,578 $ 1,419,110 Due after one year through five years 8,141,200 8,340,166 Due after five years through ten years 8,933,926 9,345,621 Due after ten years 15,085,928 16,965,628 Asset and mortgage-backed securities 5,617,995 5,667,918 Total $ 39,188,627 $ 41,738,443 |
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, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019: Estimated Amortized Cost Fair Value % of Total Finance $ 8,981,541 $ 9,249,273 36.9 % Industrial 12,316,131 12,759,526 50.9 Utility 2,919,204 3,068,539 12.2 Total $ 24,216,876 $ 25,077,338 100.0 % December 31, 2018: Estimated Amortized Cost Fair Value % of Total Finance $ 8,793,742 $ 8,730,568 36.3 % Industrial 12,336,857 12,342,111 51.6 Utility 2,875,808 2,909,440 12.1 Total $ 24,006,407 $ 23,982,119 100.0 % |
Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures | The following table presents the total gross unrealized losses for the 1,585 and 3,109 fixed maturity securities as of March 31, 2019 and December 31, 2018 , respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands): March 31, 2019 December 31, 2018 Gross Unrealized Losses % of Total Gross Unrealized Losses % of Total Less than 20% $ 208,034 90.3 % $ 721,015 96.3 % 20% or more for less than six months 20,845 9.1 21,336 2.9 20% or more for six months or greater 1,344 0.6 6,139 0.8 Total $ 230,223 100.0 % $ 748,490 100.0 % |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following tables present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 1,585 and 3,109 fixed maturity securities that have estimated fair values below amortized cost as of March 31, 2019 and December 31, 2018 , 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, 2019: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 1,140,753 $ 23,578 $ 3,756,371 $ 108,434 $ 4,897,124 $ 132,012 Canadian government 2,812 19 72,244 636 75,056 655 RMBS 29,505 122 672,715 10,109 702,220 10,231 ABS 774,538 7,246 528,169 8,472 1,302,707 15,718 CMBS 100,664 369 227,404 2,746 328,068 3,115 U.S. government 1,265 1 1,125,274 21,237 1,126,539 21,238 State and political subdivisions 31,416 149 113,463 2,492 144,879 2,641 Other foreign government 115,581 2,813 345,928 7,213 461,509 10,026 Total investment grade securities 2,196,534 34,297 6,841,568 161,339 9,038,102 195,636 Below investment grade securities: Corporate 215,368 21,398 161,915 10,685 377,283 32,083 RMBS — — 1,001 23 1,001 23 ABS — — 1,029 31 1,029 31 Other foreign government 27,413 838 27,301 1,612 54,714 2,450 Total below investment grade securities 242,781 22,236 191,246 12,351 434,027 34,587 Total fixed maturity securities $ 2,439,315 $ 56,533 $ 7,032,814 $ 173,690 $ 9,472,129 $ 230,223 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2018: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 8,505,371 $ 302,604 $ 3,611,266 $ 195,082 $ 12,116,637 $ 497,686 Canadian government 25,169 419 131,806 1,612 156,975 2,031 RMBS 269,558 2,488 836,741 22,760 1,106,299 25,248 ABS 1,102,677 24,271 381,609 8,523 1,484,286 32,794 CMBS 384,259 4,304 414,719 13,930 798,978 18,234 U.S. government 8,616 80 1,086,694 57,787 1,095,310 57,867 State and political subdivisions 103,504 1,538 157,330 7,472 260,834 9,010 Other foreign government 789,859 24,509 472,934 17,446 1,262,793 41,955 Total investment grade securities 11,189,013 360,213 7,093,099 324,612 18,282,112 684,825 Below investment grade securities: Corporate 755,679 42,760 122,559 14,646 878,238 57,406 Canadian government 443 34 1,770 243 2,213 277 RMBS — — 1,026 34 1,026 34 ABS — — 1,063 35 1,063 35 Other foreign government 128,725 5,574 7,479 339 136,204 5,913 Total below investment grade securities 884,847 48,368 133,897 15,297 1,018,744 63,665 Total fixed maturity securities $ 12,073,860 $ 408,581 $ 7,226,996 $ 339,909 $ 19,300,856 $ 748,490 |
Investment Income | Major categories of investment income, net of related expenses, consist of the following (dollars in thousands): Three months ended March 31, 2019 2018 Fixed maturity securities available-for-sale $ 415,087 $ 369,203 Equity securities 1,246 1,682 Mortgage loans on real estate 59,562 50,199 Policy loans 14,109 14,780 Funds withheld at interest 61,734 75,445 Short-term investments and cash and cash equivalents 6,900 3,245 Other invested assets 42,236 23,828 Investment income 600,874 538,382 Investment expense (20,997 ) (22,053 ) Investment income, net of related expenses $ 579,877 $ 516,329 |
Gain Loss On Investments | Investment related gains (losses), net, consist of the following (dollars in thousands): Three months ended March 31, 2019 2018 Fixed maturity securities available-for-sale: Other-than-temporary impairment losses $ (9,453 ) $ — Gain on investment activity 28,045 10,966 Loss on investment activity (18,723 ) (20,380 ) Equity securities: Gain on investment activity 74 28 Loss on investment activity (1 ) (950 ) Change in unrealized gains (losses) recognized in earnings 3,744 (4,137 ) Other impairment losses and change in mortgage loan provision (1,859 ) (312 ) Derivatives and other, net 5,961 14,315 Total investment related gains (losses), net $ 7,788 $ (470 ) |
Schedule of Repurchase Agreements [Table Text Block] | The following table includes the amount of borrowed securities, securities lent and securities collateral received as part of the securities lending program and repurchased/reverse repurchased securities pledged and received as of March 31, 2019 and December 31, 2018 (dollars in thousands). March 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Borrowed securities $ 339,593 $ 371,473 $ 335,781 $ 366,663 Securities lending: Securities loaned 97,510 100,665 101,981 102,618 Securities received n/a 107,000 n/a 112,000 Repurchase program/reverse repurchase program: Securities pledged 548,100 558,981 554,806 554,589 Securities received n/a 558,523 n/a 530,932 |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | The following tables present information on the Company’s securities lending and repurchase transactions as of March 31, 2019 and December 31, 2018 (dollars in thousands). Collateral associated with certain borrowed securities is not included within the tables, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows. March 31, 2019 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending transactions: Corporate $ — $ — $ — $ 100,665 $ 100,665 Total — — — 100,665 100,665 Repurchase transactions: Corporate — — — 267,846 267,846 U.S. government — — 43,657 165,272 208,929 Foreign government — — — 82,206 82,206 Total — — 43,657 515,324 558,981 Total borrowings $ — $ — $ 43,657 $ 615,989 $ 659,646 Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table $ 694,271 Amounts related to agreements not included in offsetting disclosure $ 34,625 December 31, 2018 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending transactions: Corporate $ — $ — $ — $ 102,618 $ 102,618 Total — — — 102,618 102,618 Repurchase transactions: Corporate — — — 254,151 254,151 U.S. government — — — 221,572 221,572 Foreign government — — — 78,866 78,866 Total — — — 554,589 554,589 Total borrowings $ — $ — $ — $ 657,207 $ 657,207 Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table $ 671,492 Amounts related to agreements not included in offsetting disclosure $ 14,285 |
Disclosure Of Real Estate Holdings By Property Type [Table Text Block] | The distribution of mortgage loans by property type is as follows as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Property type: Carrying Value % of Total Carrying Value % of Total Office building $ 1,707,764 33.3 % $ 1,725,748 34.6 % Retail 1,495,883 29.1 1,432,394 28.7 Industrial 1,021,871 19.9 961,924 19.3 Apartment 620,926 12.1 571,291 11.5 Other commercial 288,454 5.6 291,997 5.9 Recorded investment $ 5,134,898 100.0 % $ 4,983,354 100.0 % Unamortized balance of loan origination fees and expenses (6,135 ) (5,770 ) Valuation allowances (11,218 ) (11,286 ) Total mortgage loans on real estate $ 5,117,545 $ 4,966,298 |
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | The maturities of mortgage loans as of March 31, 2019 and December 31, 2018 are as follows (dollars in thousands): March 31, 2019 December 31, 2018 Recorded Investment % of Total Recorded Investment % of Total Due within five years $ 1,449,925 28.2 % $ 1,425,598 28.6 % Due after five years through ten years 2,833,275 55.2 2,686,264 53.9 Due after ten years 851,698 16.6 871,492 17.5 Total $ 5,134,898 100.0 % $ 4,983,354 100.0 % |
Mortgage Loan Internal Credit Risk Grade [Table Text Block] | The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2019 and December 31, 2018 (dollars in thousands): Recorded Investment Debt Service Ratios Construction loans >1.20x 1.00x - 1.20x <1.00x Total % of Total March 31, 2019: Loan-to-Value Ratio 0% - 59.99% $ 2,477,507 $ 87,802 $ 36,998 $ 16,556 $ 2,618,863 51.0 % 60% - 69.99% 1,692,549 78,559 41,680 21,051 1,833,839 35.7 70% - 79.99% 403,173 27,591 42,008 — 472,772 9.2 Greater than 80% 117,390 49,522 42,512 — 209,424 4.1 Total $ 4,690,619 $ 243,474 $ 163,198 $ 37,607 $ 5,134,898 100.0 % Recorded Investment Debt Service Ratios Construction loans >1.20x 1.00x - 1.20x <1.00x Total % of Total December 31, 2018: Loan-to-Value Ratio 0% - 59.99% $ 2,410,556 $ 61,246 $ 38,177 $ 13,691 $ 2,523,670 50.6 % 60% - 69.99% 1,618,374 73,908 38,120 18,929 1,749,331 35.1 70% - 79.99% 414,269 48,438 54,440 — 517,147 10.4 Greater than 80% 117,978 49,668 25,560 — 193,206 3.9 Total $ 4,561,177 $ 233,260 $ 156,297 $ 32,620 $ 4,983,354 100.0 % |
Past Due Financing Receivables [Table Text Block] | The age analysis of the Company’s past due recorded investments in mortgage loans as of March 31, 2019 and December 31, 2018 is as follows (dollars in thousands): March 31, 2019 December 31, 2018 31-60 days past due $ 11,795 $ — 61-90 days past due 17,079 — Total past due 28,874 — Current 5,106,024 4,983,354 Total $ 5,134,898 $ 4,983,354 |
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, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Mortgage loans: Individually measured for impairment $ 17,079 $ 30,635 Collectively measured for impairment 5,117,819 4,952,719 Recorded investment $ 5,134,898 $ 4,983,354 Valuation allowances: Individually measured for impairment $ — $ — Collectively measured for impairment 11,218 11,286 Total valuation allowances $ 11,218 $ 11,286 |
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, 2019 and 2018 is as follows (dollars in thousands): Three months ended March 31, 2019 2018 Balance, beginning of period $ 11,286 $ 9,384 Provision (release) (73 ) (516 ) Translation adjustment 5 (4 ) Balance, end of period $ 11,218 $ 8,864 |
Impaired Financing Receivables Table | Information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2019 and December 31, 2018 is as follows (dollars in thousands): Unpaid Principal Balance Recorded Investment Related Allowance Carrying Value March 31, 2019: Impaired mortgage loans with no valuation allowance recorded $ 17,084 $ 17,079 $ — $ 17,079 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17,084 $ 17,079 $ — $ 17,079 December 31, 2018: Impaired mortgage loans with no valuation allowance recorded $ 30,660 $ 30,635 $ — $ 30,635 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 30,660 $ 30,635 $ — $ 30,635 The Company’s average investment balance of 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, 2019 2018 Average (1) Interest Income Average (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 23,857 $ 328 $ 14,640 $ 56 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 23,857 $ 328 $ 14,640 $ 56 (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, 2019 and December 31, 2018 are as follows (dollars in thousands): March 31, 2019 December 31, 2018 Limited partnership interests and real estate joint ventures $ 982,592 $ 965,094 Equity release mortgages 595,559 475,905 Derivatives 132,412 180,699 FVO contractholder-directed unit-linked investments 202,848 197,770 Other 93,459 95,829 Total other invested assets $ 2,006,870 $ 1,915,297 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Primary Underlying Risk 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 Interest rate $ 1,018,438 $ 57,278 $ 2,670 $ 1,040,588 $ 47,652 $ 961 Financial futures Equity 360,170 — — 325,620 — — Foreign currency swaps Foreign currency 149,698 — 4,629 149,698 504 4,659 Foreign currency forwards Foreign currency 25,000 251 — 25,000 — 234 CPI swaps CPI 388,151 — 20,505 385,580 — 11,384 Credit default swaps Credit 1,348,300 6,614 58 1,338,300 6,003 1,166 Equity options Equity 439,158 20,152 — 439,158 42,836 — Longevity swaps Longevity 897,440 48,869 — 917,360 47,789 — Mortality swaps Mortality 25,000 489 — 25,000 — 369 Synthetic GICs Interest rate 13,895,380 — — 13,397,729 — — Embedded derivatives in: Modco or funds withheld arrangements — 107,506 — — 109,597 — Indexed annuity products — — 754,171 — — 776,940 Variable annuity products — — 149,764 — — 167,925 Total non-hedging derivatives 18,546,735 241,159 931,797 18,044,033 254,381 963,638 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 435,000 891 24,436 435,000 — 27,257 Foreign currency swaps Foreign currency 451,686 38,620 479 494,461 51,311 — Foreign currency forwards Foreign currency 949,879 32,862 — 911,197 50,974 — Total hedging derivatives 1,836,565 72,373 24,915 1,840,658 102,285 27,257 Total derivatives $ 20,383,300 $ 313,532 $ 956,712 $ 19,884,691 $ 356,666 $ 990,895 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of March 31, 2019 and 2018, were (dollars in thousands): Type of Fair Value Hedge Hedged Item Gains (Losses) Recognized for Derivatives Gains (Losses) Recognized for Hedged Items Investment Related Gains (Losses) For the three months ended March 31, 2019: Foreign currency swaps Foreign-denominated fixed maturity securities $ (709 ) $ (703 ) For the three months ended March 31, 2018: Foreign currency swaps Foreign-denominated fixed maturity securities $ (1,891 ) $ 1,891 |
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, 2019 and 2018 (dollars in thousands): Three months ended March 31, 2019 2018 Balance beginning of period $ 8,788 $ 2,619 Gains (losses) deferred in other comprehensive income (loss) (10,196 ) 17,817 Amounts reclassified to investment income (25 ) (144 ) Amounts reclassified to interest expense (469 ) 370 Balance end of period $ (1,902 ) $ 20,662 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2019 and 2018 (dollars in thousands): Derivative Type Gain (Loss) Deferred in OCI Gain (Loss) Reclassified into Income from OCI Investment Income Interest Expense For the three months ended March 31, 2019: Interest rate $ (12,101 ) $ — $ 469 Currency/Interest rate 1,905 25 — Total $ (10,196 ) $ 25 $ 469 For the three months ended March 31, 2018: Interest rate $ 14,986 $ — $ (370 ) Currency/Interest rate 2,831 144 — Total $ 17,817 $ 144 $ (370 ) |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three months ended March 31, 2019 and 2018 (dollars in thousands): Derivative Gains (Losses) Deferred in AOCI For the three months ended March 31, Type of NIFO Hedge (1) 2019 2018 Foreign currency swaps $ (7,007 ) $ 8,805 Foreign currency forwards (18,112 ) 12,236 (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. |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three months ended March 31, 2019 and 2018 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) 2019 2018 Interest rate swaps Investment related gains (losses), net $ 23,974 $ (26,571 ) Financial futures Investment related gains (losses), net (22,278 ) 129 Foreign currency swaps Investment related gains (losses), net 723 — Foreign currency forwards Investment related gains (losses), net 492 323 CPI swaps Investment related gains (losses), net (8,851 ) 2,186 Credit default swaps Investment related gains (losses), net 14,500 (402 ) Equity options Investment related gains (losses), net (22,684 ) 2,593 Longevity swaps Other revenues 2,143 2,267 Mortality swaps Other revenues 858 — Subtotal (11,123 ) (19,475 ) Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net (2,092 ) 13,611 Indexed annuity products Interest credited 3,070 25,351 Variable annuity products Investment related gains (losses), net 18,161 14,785 Total non-hedging derivatives $ 8,016 $ 34,272 |
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, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Rating Agency Designation of Referenced Credit Obligations (1) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) AAA/AA+/AA/AA-/A+/A/A- Single name credit default swaps $ 2,082 $ 157,000 2.1 $ 1,953 $ 152,000 2.2 Subtotal 2,082 157,000 2.1 1,953 152,000 2.2 BBB+/BBB/BBB- Single name credit default swaps 3,672 358,700 2.0 2,930 353,700 2.2 Credit default swaps referencing indices 769 817,600 5.0 (76 ) 817,600 6.4 Subtotal 4,441 1,176,300 4.1 2,854 1,171,300 5.1 BB+/BB/BB- Single name credit default swaps 33 15,000 0.5 30 15,000 0.7 Subtotal 33 15,000 0.5 30 15,000 0.7 Total $ 6,556 $ 1,348,300 3.8 $ 4,837 $ 1,338,300 4.7 (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. |
Offsetting Assets [Table Text Block] | The following table provides information relating to the Company’s derivative instruments as of March 31, 2019 and December 31, 2018 (dollars in thousands): Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments (1) Cash Collateral Pledged/ Received Net Amount March 31, 2019: Derivative assets $ 206,026 $ (24,745 ) $ 181,281 $ — $ (205,177 ) $ (23,896 ) Derivative liabilities 52,777 (24,745 ) 28,032 (63,992 ) (37,980 ) (73,940 ) December 31, 2018: Derivative assets $ 247,069 $ (18,581 ) $ 228,488 $ — $ (235,611 ) $ (7,123 ) Derivative liabilities 46,030 (18,581 ) 27,449 (71,376 ) (24,080 ) (68,007 ) (1) Includes initial margin posted to a central clearing partner. |
Offsetting Liabilities [Table Text Block] | The following table provides information relating to the Company’s derivative instruments as of March 31, 2019 and December 31, 2018 (dollars in thousands): Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments (1) Cash Collateral Pledged/ Received Net Amount March 31, 2019: Derivative assets $ 206,026 $ (24,745 ) $ 181,281 $ — $ (205,177 ) $ (23,896 ) Derivative liabilities 52,777 (24,745 ) 28,032 (63,992 ) (37,980 ) (73,940 ) December 31, 2018: Derivative assets $ 247,069 $ (18,581 ) $ 228,488 $ — $ (235,611 ) $ (7,123 ) Derivative liabilities 46,030 (18,581 ) 27,449 (71,376 ) (24,080 ) (68,007 ) (1) Includes initial margin posted to a central clearing partner. |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and December 31, 2018 are summarized below (dollars in thousands): March 31, 2019: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 25,077,338 $ — $ 23,546,583 $ 1,530,755 Canadian government 4,277,864 — 3,670,073 607,791 RMBS 1,994,186 — 1,987,664 6,522 ABS 2,241,986 — 2,128,199 113,787 CMBS 1,431,746 — 1,431,725 21 U.S. government 1,567,563 1,464,139 86,215 17,209 State and political subdivisions 792,717 — 782,555 10,162 Other foreign government 4,355,043 — 4,349,977 5,066 Total fixed maturity securities – available-for-sale 41,738,443 1,464,139 37,982,991 2,291,313 Equity securities 89,865 49,443 — 40,422 Funds withheld at interest – embedded derivatives 107,506 — — 107,506 Cash equivalents 855,265 853,927 1,319 19 Short-term investments 75,360 4,766 41,392 29,202 Other invested assets: Derivatives: Interest rate swaps 48,683 — 48,683 — Foreign currency forwards 33,113 — 33,113 — Credit default swaps (6,201 ) — (6,201 ) — Equity options 18,676 — 18,676 — Foreign currency swaps 38,141 — 38,141 — FVO contractholder-directed unit-linked investments 202,848 201,833 1,015 — Total other invested assets 335,260 201,833 133,427 — Other assets - longevity swaps 48,869 — — 48,869 Total $ 43,250,568 $ 2,574,108 $ 38,159,129 $ 2,517,331 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 903,935 $ — $ — $ 903,935 Other liabilities: Derivatives: Interest rate swaps 17,620 — 17,620 — Foreign currency swaps - non-hedged 4,629 — 4,629 — CPI swaps 20,505 — 20,505 — Credit default swaps (12,757 ) — (12,757 ) — Equity options (1,476 ) — (1,476 ) — Mortality swaps (489 ) — — (489 ) Total $ 931,967 $ — $ 28,521 $ 903,446 December 31, 2018: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 23,982,119 $ — $ 22,651,194 $ 1,330,925 Canadian government 3,892,385 — 3,364,261 528,124 RMBS 1,869,221 — 1,862,366 6,855 ABS 2,149,204 — 2,053,632 95,572 CMBS 1,419,034 — 1,419,012 22 U.S. government 2,185,874 2,067,529 100,320 18,025 State and political subdivisions 752,194 — 741,992 10,202 Other foreign government 3,742,315 — 3,737,309 5,006 Total fixed maturity securities – available-for-sale 39,992,346 2,067,529 35,930,086 1,994,731 Equity securities 82,197 48,737 — 33,460 Funds withheld at interest – embedded derivatives 109,597 — — 109,597 Cash equivalents 485,167 473,509 11,658 — Short-term investments 105,991 4,989 98,774 2,228 Other invested assets: Derivatives: Interest rate swaps 37,976 — 37,976 — Foreign currency forwards 50,740 — 50,740 — Credit default swaps 4,466 — 4,466 — Equity options 36,206 — 36,206 — Foreign currency swaps 51,311 — 51,311 — FVO contractholder-directed unit-linked investments 197,770 196,781 989 — Total other invested assets 378,469 196,781 181,688 — Other assets - longevity swaps 47,789 — — 47,789 Total $ 41,201,556 $ 2,791,545 $ 36,222,206 $ 2,187,805 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 944,865 $ — $ — $ 944,865 Other liabilities: Derivatives: Interest rate swaps 18,542 — 18,542 — Foreign currency swaps - non-hedged 4,155 — 4,155 — CPI swaps 11,384 — 11,384 — Credit default swaps (371 ) — (371 ) — Equity options (6,630 ) — (6,630 ) — Mortality swaps 369 — — 369 Total $ 972,314 $ — $ 27,080 $ 945,234 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Level Transfers [Table Text Block] | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2019 and December 31, 2018 (dollars in thousands): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Assets: Corporate $740,698 $642,647 Market comparable securities Liquidity premium 0-5% (1%) 0-5% (1%) EBITDA Multiple 5.9x 5.9x-7.5x (6.5x) ABS 81,417 77,842 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) U.S. government 17,209 18,025 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Other foreign government 5,066 5,006 Market comparable Liquidity premium 1 % 1 % Equity securities 30,294 25,007 Market comparable securities Liquidity premium 4 % 4 % EBITDA Multiple 6.9x-12.3x (8.2x) 6.9x-12.3x (7.9x) Funds withheld at interest- embedded derivatives 107,506 109,597 Total return swap Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (11%) 0-35% (10%) Withdrawal 0-5% (3%) 0-5% (3%) CVA 0-5% (1%) 0-5% (1%) Crediting rate 2-4% (2%) 2-4% (2%) Longevity swaps 48,869 47,789 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Mortality improvement (10%)-10% (3%) (10%)-10% (3%) Liabilities: Interest sensitive contract liabilities- embedded derivatives- indexed annuities 754,171 776,940 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (11%) 0-35% (10%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget projection 2-4% (2%) 2-4% (2%) Interest sensitive contract liabilities- embedded derivatives- variable annuities 149,764 167,925 Discounted cash flow Mortality 0-100% (1%) 0-100% (1%) Lapse 0-25% (5%) 0-25% (5%) Withdrawal 0-7% (4%) 0-7% (5%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (13%) 0-27% (13%) Mortality swaps (489 ) 369 Discounted cash flow Mortality 0-100% (1%) 0-100% (1%) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the three months ended March 31, 2019: Fixed maturity securities - available-for-sale Corporate Canadian government RMBS ABS Fair value, beginning of period $ 1,330,925 $ 528,124 $ 6,855 $ 95,572 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 133 3,493 2 17 Included in other comprehensive income 19,404 76,174 1 975 Purchases (1) 214,441 — — 31,322 Sales (1) (10,712 ) — — — Settlements (1) (23,436 ) — (336 ) (14,099 ) Fair value, end of period $ 1,530,755 $ 607,791 $ 6,522 $ 113,787 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 $ 166 $ 3,493 $ 2 $ 17 For the three months ended March 31, 2019 (continued): Fixed maturity securities - available-for-sale CMBS U.S. government State Other foreign government Equity securities Fair value, beginning of period $ 22 $ 18,025 $ 10,202 $ 5,006 33,460 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — (89 ) 5 — — Investment related gains (losses), net — — — — 3,762 Included in other comprehensive income — 267 (7 ) 60 — Purchases (1) — 84 — — 3,200 Settlements (1) (1 ) (1,078 ) (38 ) — — Fair value, end of period $ 21 $ 17,209 $ 10,162 $ 5,066 $ 40,422 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 $ — $ (89 ) $ 5 $ — $ — Investment related gains (losses), net — — — — 3,762 For the three months ended March 31, 2019 (continued): Funds withheld at interest- embedded derivatives Cash equivalents Short-term investments Other assets - longevity swaps Interest sensitive contract liabilities embedded derivatives Other liabilities - mortality swaps Fair value, beginning of period $ 109,597 $ — $ 2,228 $ 47,789 $ (944,865 ) $ (369 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — — 32 — — — Investment related gains (losses), net (2,091 ) — — — 18,161 — Interest credited — — — — 3,070 — Included in other comprehensive income — — 199 (1,063 ) — — Other revenues — — — 2,143 — 858 Purchases (1) — 19 26,743 — 1,398 — Settlements (1) — — — — 18,301 — Fair value, end of period $ 107,506 $ 19 $ 29,202 $ 48,869 $ (903,935 ) $ 489 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 $ — $ — $ 32 $ — $ — $ — Investment related gains (losses), net (2,091 ) — — — 16,766 — Other revenues — — — 2,143 — 858 Interest credited — — — — (15,231 ) — For the three months ended March 31, 2018: Fixed maturity securities - available-for-sale Corporate Canadian government RMBS ABS Fair value, beginning of period $ 1,337,272 $ 593,942 $ 107,882 $ 123,474 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses (361 ) 3,444 (92 ) 106 Investment related gains (losses), net — — — 2 Included in other comprehensive income (32,852 ) (24,639 ) (1,110 ) 853 Purchases (1) 100,170 — 20,916 11,000 Sales (1) (6,180 ) — — — Settlements (1) (75,146 ) — (2,963 ) (2,739 ) Transfers into Level 3 7,166 — — — Transfers out of Level 3 (30,805 ) — (4,019 ) (1,990 ) Fair value, end of period $ 1,299,264 $ 572,747 $ 120,614 $ 130,706 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 $ (361 ) $ 3,444 $ (92 ) $ 106 For the three months ended March 31, 2018 (continued): Fixed maturity securities - available-for-sale CMBS U.S. government State Other foreign government Fair value, beginning of period $ 3,234 $ 22,511 $ 41,203 $ 5,092 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — (110 ) 8 — Included in other comprehensive income (47 ) (340 ) 700 (88 ) Purchases (1) — 96 — — Settlements (1) (1 ) (1,104 ) (35 ) — Transfers out of Level 3 (1,302 ) — — — Fair value, end of period $ 1,884 $ 21,053 $ 41,876 $ 5,004 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 $ — $ (110 ) $ 8 $ — For the three months ended March 31, 2018 (continued): Equity securities Funds withheld at interest- embedded derivatives Short-term investments Other assets - longevity swaps Interest sensitive contract liabilities embedded derivatives Other liabilities - mortality swaps Fair value, beginning of period $ — $ 122,194 $ 3,096 $ 40,659 $ (1,014,229 ) $ (1,683 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment related gains (losses), net (2,677 ) 13,611 — — 14,785 — Interest credited — — — — 25,351 — Included in other comprehensive income — — (25 ) 1,085 — — Other revenues — — — 2,267 — — Purchases (1) — — 146 — (8,508 ) — Sales (1) (28 ) — — — — — Settlements (1) (48 ) — — — 17,807 — Transfers into Level 3 38,905 — — — — — Fair value, end of period $ 36,152 $ 135,805 $ 3,217 $ 44,011 $ (964,794 ) $ (1,683 ) 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 related gains (losses), net $ (2,705 ) $ 13,611 $ — $ — $ 12,901 $ — Other revenues — — — 2,267 — — Interest credited — — — — 7,544 — (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. |
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, as of March 31, 2019 and December 31, 2018 (dollars in thousands). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 in the Notes to Consolidated Financial Statements included in the Company’s 2018 Annual Report. 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, 2019: Carrying Value (1) Estimated Fair Value Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 5,117,545 $ 5,210,513 $ — $ — $ 5,210,513 $ — Policy loans 1,312,349 1,312,349 — 1,312,349 — — Funds withheld at interest 5,619,039 5,823,245 — — 5,823,245 — Cash and cash equivalents 1,165,131 1,165,131 1,165,131 — — — Short-term investments 43,855 43,855 43,855 — — — Other invested assets 1,061,220 1,060,931 5,176 83,529 603,835 368,391 Accrued investment income 442,956 442,956 — 442,956 — — Liabilities: Interest-sensitive contract liabilities $ 14,543,332 $ 14,790,369 $ — $ — $ 14,790,369 $ — Long-term debt 2,787,717 2,915,623 — — 2,915,623 — Collateral finance and securitization notes 656,174 601,680 — — 601,680 — December 31, 2018: Assets: Mortgage loans on real estate $ 4,966,298 $ 4,917,416 $ — $ — $ 4,917,416 $ — Policy loans 1,344,980 1,344,980 — 1,344,980 — — Funds withheld at interest 5,655,055 5,802,518 — — 5,802,518 — Cash and cash equivalents 1,404,566 1,404,566 1,404,566 — — — Short-term investments 36,607 36,607 36,607 — — — Other invested assets 945,731 941,449 4,640 83,203 477,214 376,392 Accrued investment income 427,893 427,893 — 427,893 — — Liabilities: Interest-sensitive contract liabilities $ 14,547,436 $ 14,611,011 $ — $ — $ 14,611,011 $ — Long-term debt 2,787,873 2,752,047 — — 2,752,047 — Collateral finance and securitization notes 681,961 626,731 — — 626,731 — (1) Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation Of Revenue From Segments To Consolidated Text Block | 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, Revenues: 2019 2018 U.S. and Latin America: Traditional $ 1,540,666 $ 1,489,694 Financial Solutions 254,660 213,352 Total 1,795,326 1,703,046 Canada: Traditional 312,333 302,319 Financial Solutions 23,574 12,777 Total 335,907 315,096 Europe, Middle East and Africa: Traditional 384,006 393,782 Financial Solutions 109,421 88,143 Total 493,427 481,925 Asia Pacific: Traditional 673,172 614,539 Financial Solutions 54,528 19,846 Total 727,700 634,385 Corporate and Other 67,671 39,255 Total $ 3,420,031 $ 3,173,707 |
Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block | Three months ended March 31, Income (loss) before income taxes: 2019 2018 U.S. and Latin America: Traditional $ 11,654 $ 2,892 Financial Solutions 83,277 67,421 Total 94,931 70,313 Canada: Traditional 50,279 23,707 Financial Solutions 1,348 3,191 Total 51,627 26,898 Europe, Middle East and Africa: Traditional 15,424 15,421 Financial Solutions 38,390 39,164 Total 53,814 54,585 Asia Pacific: Traditional 36,624 22,887 Financial Solutions 6,083 4,021 Total 42,707 26,908 Corporate and Other (26,515 ) (40,779 ) Total $ 216,564 $ 137,925 |
Reconciliation Of Assets From Segment To Consolidated Text Block | Assets: March 31, 2019 December 31, 2018 U.S. and Latin America: Traditional $ 18,820,270 $ 19,235,781 Financial Solutions 20,308,486 19,870,388 Total 39,128,756 39,106,169 Canada: Traditional 3,579,658 4,200,792 Financial Solutions 57,549 154,000 Total 3,637,207 4,354,792 Europe, Middle East and Africa: Traditional 3,797,482 3,643,174 Financial Solutions 4,968,853 4,737,529 Total 8,766,335 8,380,703 Asia Pacific: Traditional 6,043,694 5,680,978 Financial Solutions 1,530,360 1,180,745 Total 7,574,054 6,861,723 Corporate and Other 7,586,129 5,831,858 Total $ 66,692,481 $ 64,535,245 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and December 31, 2018 are presented in the following table (dollars in thousands): March 31, 2019 December 31, 2018 Limited partnership interests and joint ventures $ 579,647 $ 523,903 Commercial mortgage loans 147,898 22,605 Bank loans and private placements 77,854 137,076 Equity release mortgages 215,305 264,858 |
Other Commitments [Table Text Block] | The following table presents the maximum potential obligation for these commitments as of March 31, 2019 (dollars in millions): Commitment Period Maximum Potential Obligation 2023 $ 500.0 2033 450.0 2034 2,000.0 2035 1,314.2 2036 2,658.0 2037 5,750.0 2038 1,800.0 |
Schedule of Guarantor Obligations [Table Text Block] | RGA’s guarantees issued as of March 31, 2019 and December 31, 2018 are reflected in the following table (dollars in thousands): March 31, 2019 December 31, 2018 Treaty guarantees $ 1,481,172 $ 1,392,352 Treaty guarantees, net of assets in trust 1,381,152 1,291,445 Securities borrowing and repurchase arrangements 272,365 269,980 Financing arrangements 57,801 61,273 Lease obligations 401 392 |
Income Tax (Tables)
Income Tax (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 21% to pre-tax income as a result of the following for the three months ended March 31, 2019 and 2018 , respectively (dollars in thousands): Three months ended March 31, 2019 2018 Tax provision at U.S. statutory rate $ 45,478 $ 28,964 Increase (decrease) in income taxes resulting from: U.S. Tax Reform — 775 Foreign tax rate differing from U.S. tax rate 664 1,432 Differences in tax bases in foreign jurisdictions (15,078 ) (5,760 ) Deferred tax valuation allowance 18,544 7,947 Amounts related to tax audit contingencies 560 835 Corporate rate changes (1,764 ) 111 Subpart F 165 658 Foreign tax credits — (572 ) Global intangible low-taxed income, net of credit — 4,409 Equity compensation excess benefit (1,461 ) (1,114 ) Other, net (51 ) 10 Total provision for income taxes $ 47,057 $ 37,695 Effective tax rate 21.7 % 27.3 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule Of Defined Benefit Plans Disclosures Text Block | The components of net periodic benefit cost, included in other operating expenses on the condensed consolidated statements of income, for the three months ended March 31, 2019 and 2018 were as follows (dollars in thousands): Pension Benefits Other Benefits Three months ended March 31, Three months ended March 31, 2019 2018 2019 2018 Service cost $ 3,138 $ 2,654 $ 757 $ 636 Interest cost 1,386 1,330 580 530 Expected return on plan assets (1,884 ) (1,554 ) — — Amortization of prior service cost (credit) 60 83 (329 ) (329 ) Amortization of prior actuarial losses 911 1,094 644 498 Net periodic benefit cost $ 3,611 $ 3,607 $ 1,652 $ 1,335 |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 or December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 324,370 39.8 % $ 303,036 40.0 % Reinsurer B A+ 199,748 24.5 193,324 25.5 Reinsurer C A 71,367 8.8 69,885 9.2 Reinsurer D A++ 50,244 6.2 36,600 4.8 Reinsurer E A+ 41,362 5.1 40,004 5.3 Other reinsurers 127,715 15.6 114,723 15.2 Total $ 814,806 100.0 % $ 757,572 100.0 % |
Policy Claims and Benefits (Tab
Policy Claims and Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Insurance [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | The liability for unpaid claims is reported in future policy benefits and other policy-related balances within the Company’s consolidated balance sheet. Activity associated with unpaid claims is summarized below (dollars in thousands): Three months ended March 31, 2019 2018 Balance at beginning of year $ 6,584,668 $ 5,896,469 Less: reinsurance recoverable (432,582 ) (455,547 ) Net balance at beginning of year 6,152,086 5,440,922 Incurred: Current year 2,807,937 2,663,116 Prior years 31,447 6,255 Total incurred 2,839,384 2,669,371 Payments: Current year (186,601 ) (180,802 ) Prior years (2,387,312 ) (2,111,275 ) Total payments (2,573,913 ) (2,292,077 ) Other changes: Interest accretion 6,556 6,115 Foreign exchange adjustments 9,630 26,676 Total other changes 16,186 32,791 Net balance at end the period 6,433,743 5,851,007 Plus: reinsurance recoverable 499,562 469,419 Balance at end of the period $ 6,933,305 $ 6,320,426 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||
Net income (numerator for basic and diluted calculations) | $ 169,507 | $ 100,230 |
Shares: | ||
Weighted average outstanding shares (denominator for basic calculation) | 62,758 | 64,490 |
Equivalent shares from outstanding stock options | 1,269 | 1,382 |
Denominator for diluted calculation | 64,027 | 65,872 |
Earnings Per Share: | ||
Basic earnings per share | $ 2.70 | $ 1.55 |
Diluted earnings per share | $ 2.65 | $ 1.52 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Stock Options and Performance Shares Excluded From Common Equivalent Shares) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stock Compensation Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 109 | 212 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 544 | 276 |
Equity (Common Stock Changes In
Equity (Common Stock Changes In Number of Shares Issued, Held In Treasury and Outstanding) (Details) - shares | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 79,137,758 | 79,137,758 | |||
Treasury Stock, Shares, Acquired | 300,000 | ||||
Common Stock Issuable [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 79,137,758 | 79,137,758 | 79,137,758 | 79,137,758 | |
Treasury Stock, Shares, Acquired | 0 | ||||
Stock Based Compensation Shares | [1] | 0 | 0 | ||
Common Stock Held In Treasury [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 16,593,411 | 14,624,985 | 16,323,390 | 14,685,663 | |
Treasury Stock, Shares, Acquired | 344,237 | ||||
Stock Based Compensation Shares | [1] | (74,216) | (60,678) | ||
Common Stock Outstanding [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 62,544,347 | 64,512,773 | 62,814,368 | 64,452,095 | |
Treasury Stock, Shares, Acquired | (344,237) | ||||
Stock Based Compensation Shares | [1] | 74,216 | 60,678 | ||
[1] | Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. |
Equity (Balance of and Changes
Equity (Balance of and Changes in Each Component of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Balance, Beginning of Period | $ 636,763 | $ 2,063,631 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 1,453,733 | (823,915) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (13,408) | 22,620 | |
Other Comprehensive Income (Loss), Tax | 311,123 | (166,060) | |
Balance, End of Period | 1,765,965 | 1,428,396 | |
Accumulated Translation Adjustment [Member] | |||
Balance, Beginning of Period | (168,698) | (86,350) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 18,462 | 5,696 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | ||
Other Comprehensive Income (Loss), Tax | 2,924 | (6,856) | |
Balance, End of Period | (147,312) | (87,510) | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Balance, Beginning of Period | [1] | 856,159 | 2,200,661 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | [1] | 1,437,058 | (827,701) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (14,694) | 21,274 |
Other Comprehensive Income (Loss), Tax | [1] | 314,153 | (172,823) |
Balance, End of Period | [1] | 1,964,370 | 1,567,057 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Balance, Beginning of Period | (50,698) | (50,680) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (1,787) | (1,910) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,286 | 1,346 | |
Other Comprehensive Income (Loss), Tax | (106) | (93) | |
Balance, End of Period | $ (51,093) | $ (51,151) | |
[1] | Includes cash flow hedges of $(1,902) and $8,788 as of March 31, 2019 and December 31, 2018, respectively, and $20,662 and $2,619 as of March 31, 2018 and December 31, 2017, respectively. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. |
Equity (Balance of and Change_2
Equity (Balance of and Changes in Each Component of AOCI) (Footnote) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (1,902) | $ 20,662 | $ 8,788 | $ 2,619 |
Equity (Schedule of Reclassific
Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Investment related gains (losses), net | $ 17,241 | $ (470) | |
Investment income | 579,877 | 516,329 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 216,564 | 137,925 | |
Income Tax Expense (Benefit) | (47,057) | (37,695) | |
Net income | 169,507 | 100,230 | |
Unrealized Appreciation Depreciation Of Investments [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Investment related gains (losses), net | (273) | (14,456) | |
Deferred policy acquisition costs attributed to unrealized gains and losses | [1] | 14,473 | (6,592) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 14,694 | (21,274) | |
Income Tax Expense (Benefit) | (3,006) | 4,678 | |
Net income | 11,688 | (16,596) | |
Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Prior service cost | [2] | 269 | 246 |
Actuarial gains/(losses) | [2] | (1,555) | (1,592) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (1,286) | (1,346) | |
Income Tax Expense (Benefit) | 270 | 283 | |
Net income | (1,016) | (1,063) | |
Amounts Reclassified From AOCI [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | 10,672 | (17,659) | |
Interest Rate Options [Member] | 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] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [3] | 469 | (370) |
Currency Swap [Member] | 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] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [3] | $ 25 | $ 144 |
[1] | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2018 Annual Report for additional details. | ||
[2] | This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details. | ||
[3] | See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 400,000 | |
Treasury Stock, Shares, Acquired | 0.3 | |
Treasury Stock, Value, Acquired, Cost Method | $ 49,052 | $ 2,616 |
Share Repurchase Program [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Treasury Stock, Value, Acquired, Cost Method | $ 50,000 |
Equity Based Compensation (Narr
Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Equity compensation expense | $ 7.6 | $ 9.7 |
Stock appreciation rights granted | 0.2 | |
Stock appreciation rights granted, weighted average exercise price (per share) | $ 145.25 | |
Performance contingent units | 0.1 | |
Options exercisable (shares) | 1.6 | |
Options exercisable, weighted average price (per share) | $ 74.36 | |
Options, remaining term | 4 years 6 months | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 32.8 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months |
Investments (Investments in Fix
Investments (Investments in Fixed Maturity and Equity Securities Available-for-Sale by Sector) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 24,216,876 | $ 24,006,407 |
Estimated Fair Value | $ 25,077,338 | $ 23,982,119 |
% of Total | 100.00% | 100.00% |
Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 39,188,627 | $ 38,882,168 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,780,039 | 1,858,668 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 230,223 | 748,490 |
Estimated Fair Value | $ 41,738,443 | $ 39,992,346 |
% of Total | 100.00% | 100.00% |
Other-than-temporary impairments in AOCI | $ 275 | $ 275 |
Corporate Debt Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 24,216,876 | 24,006,407 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,024,557 | 530,804 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 164,095 | 555,092 |
Estimated Fair Value | $ 25,077,338 | $ 23,982,119 |
% of Total | 60.10% | 59.90% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Canadian and Canadian provincial governments | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,870,018 | 2,768,466 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,408,501 | 1,126,227 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 655 | 2,308 |
Estimated Fair Value | $ 4,277,864 | $ 3,892,385 |
% of Total | 10.20% | 9.70% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Residential mortgage-backed securities | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,969,694 | 1,872,236 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 34,746 | 22,267 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 10,254 | 25,282 |
Estimated Fair Value | $ 1,994,186 | $ 1,869,221 |
% of Total | 4.80% | 4.70% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Asset-backed Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,243,449 | 2,171,254 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 14,286 | 10,779 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 15,749 | 32,829 |
Estimated Fair Value | $ 2,241,986 | $ 2,149,204 |
% of Total | 5.40% | 5.40% |
Other-than-temporary impairments in AOCI | $ 275 | $ 275 |
Commercial Mortgage Backed Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,404,852 | 1,428,115 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 30,009 | 9,153 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 3,115 | 18,234 |
Estimated Fair Value | $ 1,431,746 | $ 1,419,034 |
% of Total | 3.40% | 3.50% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
US Treasury and Government [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,578,975 | 2,233,537 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 9,826 | 10,204 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 21,238 | 57,867 |
Estimated Fair Value | $ 1,567,563 | $ 2,185,874 |
% of Total | 3.80% | 5.50% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
US States and Political Subdivisions Debt Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 738,690 | 721,290 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 56,668 | 39,914 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2,641 | 9,010 |
Estimated Fair Value | $ 792,717 | $ 752,194 |
% of Total | 1.90% | 1.90% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Debt Security, Government, Non-US [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,166,073 | 3,680,863 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 201,446 | 109,320 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 12,476 | 47,868 |
Estimated Fair Value | $ 4,355,043 | $ 3,742,315 |
% of Total | 10.40% | 9.40% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 24,216,876 | $ 24,006,407 |
Available-for-sale Securities | 25,077,338 | 23,982,119 |
Collateral Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 74,647 | 80,891 |
Available-for-sale Securities | 77,806 | 83,950 |
Collateral Received Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 668,046 | 616,584 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | 20,635,739 | 20,072,735 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | $ 21,609,979 | $ 20,366,170 |
Investments (Exposure To Concen
Investments (Exposure To Concentrations Of Credit Risk) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 24,216,876 | $ 24,006,407 |
Available-for-sale Securities | 25,077,338 | 23,982,119 |
Canadian Province Of Quebec Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,128,373 | 913,642 |
Available-for-sale Securities | 1,955,925 | 1,187,526 |
Canadian Province Of Ontario Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 946,731 | 1,091,018 |
Available-for-sale Securities | $ 1,287,150 | $ 1,757,087 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available For Sale Securities Debt Maturities Amortized Cost | ||
Due in one year or less | $ 1,409,578 | |
Due after one year through five years | 8,141,200 | |
Due after five year through ten years | 8,933,926 | |
Due after ten years | 15,085,928 | |
Asset and mortgage-backed securities | 5,617,995 | |
Total | 39,188,627 | $ 38,882,168 |
Available For Sale Securities Debt Maturities Fair Value | ||
Due in one year or less | 1,419,110 | |
Due after one year through five years | 8,340,166 | |
Due after five year through ten years | 9,345,621 | |
Due after ten years | 16,965,628 | |
Asset and mortgage-backed securities | 5,667,918 | |
Total | $ 41,738,443 | $ 39,992,346 |
Investments (Amortized Cost a_2
Investments (Amortized Cost and Fair Value of Fixed Maturity Holdings by Industry Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 24,216,876 | $ 24,006,407 |
Estimated Fair Value | $ 25,077,338 | $ 23,982,119 |
% of Total | 100.00% | 100.00% |
Finance | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 8,981,541 | $ 8,793,742 |
Estimated Fair Value | $ 9,249,273 | $ 8,730,568 |
% of Total | 36.90% | 36.30% |
Industrial | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 12,316,131 | $ 12,336,857 |
Estimated Fair Value | $ 12,759,526 | $ 12,342,111 |
% of Total | 50.90% | 51.60% |
Utility | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 2,919,204 | $ 2,875,808 |
Estimated Fair Value | $ 3,068,539 | $ 2,909,440 |
% of Total | 12.20% | 12.10% |
Investments (Credit Losses Reco
Investments (Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 3.7 |
Investments (Fair Value Below A
Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity and Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 230,223 | $ 748,490 |
% of Total | 100.00% | 100.00% |
Less than 20% | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 208,034 | $ 721,015 |
% of Total | 90.30% | 96.30% |
20% or more for less than six months | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 20,845 | $ 21,336 |
% of Total | 9.10% | 2.90% |
20% or more for six months or greater | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 1,344 | $ 6,139 |
% of Total | 0.60% | 0.80% |
Investments (Fair Value and Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed maturity securities - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | $ 2,439,315 | $ 12,073,860 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 56,533 | 408,581 |
Estimated Fair Value - 12 months or greater | 7,032,814 | 7,226,996 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 173,690 | 339,909 |
Estimated Fair Value | 9,472,129 | 19,300,856 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 230,223 | 748,490 |
Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 242,781 | 884,847 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 22,236 | 48,368 |
Estimated Fair Value - 12 months or greater | 191,246 | 133,897 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 12,351 | 15,297 |
Estimated Fair Value | 434,027 | 1,018,744 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 34,587 | 63,665 |
Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 2,196,534 | 11,189,013 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 34,297 | 360,213 |
Estimated Fair Value - 12 months or greater | 6,841,568 | 7,093,099 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 161,339 | 324,612 |
Estimated Fair Value | 9,038,102 | 18,282,112 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 195,636 | 684,825 |
Corporate Debt Securities [Member] | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 215,368 | 755,679 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 21,398 | 42,760 |
Estimated Fair Value - 12 months or greater | 161,915 | 122,559 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10,685 | 14,646 |
Estimated Fair Value | 377,283 | 878,238 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 32,083 | 57,406 |
Corporate Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 1,140,753 | 8,505,371 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 23,578 | 302,604 |
Estimated Fair Value - 12 months or greater | 3,756,371 | 3,611,266 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 108,434 | 195,082 |
Estimated Fair Value | 4,897,124 | 12,116,637 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 132,012 | 497,686 |
Canadian and Canadian provincial governments | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 0 | 443 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 34 |
Estimated Fair Value - 12 months or greater | 1,001 | 1,770 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 23 | 243 |
Estimated Fair Value | 1,001 | 2,213 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 23 | 277 |
Canadian and Canadian provincial governments | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 2,812 | 25,169 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 19 | 419 |
Estimated Fair Value - 12 months or greater | 72,244 | 131,806 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 636 | 1,612 |
Estimated Fair Value | 75,056 | 156,975 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 655 | 2,031 |
Residential mortgage-backed securities | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Estimated Fair Value - 12 months or greater | 1,029 | 1,026 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 31 | 34 |
Estimated Fair Value | 1,029 | 1,026 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 31 | 34 |
Residential mortgage-backed securities | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 29,505 | 269,558 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 122 | 2,488 |
Estimated Fair Value - 12 months or greater | 672,715 | 836,741 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10,109 | 22,760 |
Estimated Fair Value | 702,220 | 1,106,299 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 10,231 | 25,248 |
Asset-backed Securities [Member] | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Estimated Fair Value - 12 months or greater | 1,063 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 35 | |
Estimated Fair Value | 1,063 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 35 | |
Asset-backed Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 774,538 | 1,102,677 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7,246 | 24,271 |
Estimated Fair Value - 12 months or greater | 528,169 | 381,609 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 8,472 | 8,523 |
Estimated Fair Value | 1,302,707 | 1,484,286 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 15,718 | 32,794 |
Commercial mortgage-backed securities | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 27,413 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 838 | |
Estimated Fair Value - 12 months or greater | 27,301 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,612 | |
Estimated Fair Value | 54,714 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 2,450 | |
Commercial mortgage-backed securities | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 100,664 | 384,259 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 369 | 4,304 |
Estimated Fair Value - 12 months or greater | 227,404 | 414,719 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,746 | 13,930 |
Estimated Fair Value | 328,068 | 798,978 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3,115 | 18,234 |
US Government Agencies Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 1,265 | 8,616 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 80 |
Estimated Fair Value - 12 months or greater | 1,125,274 | 1,086,694 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 21,237 | 57,787 |
Estimated Fair Value | 1,126,539 | 1,095,310 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 21,238 | 57,867 |
US States and Political Subdivisions Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 31,416 | 103,504 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 149 | 1,538 |
Estimated Fair Value - 12 months or greater | 113,463 | 157,330 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,492 | 7,472 |
Estimated Fair Value | 144,879 | 260,834 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 2,641 | 9,010 |
Debt Security, Government, Non-US [Member] | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 128,725 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5,574 | |
Estimated Fair Value - 12 months or greater | 7,479 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 339 | |
Estimated Fair Value | 136,204 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 5,913 | |
Debt Security, Government, Non-US [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 115,581 | 789,859 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,813 | 24,509 |
Estimated Fair Value - 12 months or greater | 345,928 | 472,934 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7,213 | 17,446 |
Estimated Fair Value | 461,509 | 1,262,793 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 10,026 | $ 41,955 |
Investments (Investment Income
Investments (Investment Income Net of Related Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | $ 600,874 | $ 538,382 |
Investment expense | (20,997) | (22,053) |
Investment income, net of related expenses | 579,877 | 516,329 |
Available-for-sale Securities [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 415,087 | 369,203 |
Equity Securities [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 1,246 | 1,682 |
Mortgage Loans on Real Estate [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 59,562 | 50,199 |
Policy loans | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 14,109 | 14,780 |
Funds withheld at interest | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 61,734 | 75,445 |
Short-term Investments [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 6,900 | 3,245 |
Other invested assets | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | $ 42,236 | $ 23,828 |
Investments (Investment Related
Investments (Investment Related Gains (Losses) Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments [Abstract] | ||
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | $ (18,723) | $ (20,380) |
Available-for-sale Equity Securities, Gross Unrealized Gain | 74 | 28 |
Available-for-sale Equity Securities, Gross Unrealized Loss | (1) | (950) |
Gain (Loss) on Sale of Equity Investments | 3,744 | (4,137) |
Investment Gains And Losses [Abstract] | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 9,453 | 0 |
Gain on investment activity | 28,045 | 10,966 |
Other impairment losses and change in mortgage loan provision | (1,859) | (312) |
Derivatives and other, net | 5,961 | 14,315 |
Total investment related gains (losses), net | $ 7,788 | $ (470) |
Investments (Borrowed Securitie
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities Loaned, Fair Value of Collateral | $ 100,665 | $ 102,618 |
Securities Received as Collateral | 107,000 | 112,000 |
Securities for Reverse Repurchase Agreements | 548,100 | 554,806 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 558,523 | 530,932 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 339,593 | 335,781 |
Securities Loaned, Fair Value of Collateral | 97,510 | 101,981 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 371,473 | 366,663 |
Securities for Reverse Repurchase Agreements | $ 558,981 | $ 554,589 |
Investments (Securities Pledged
Investments (Securities Pledged as Collateral Related to Repurchase Reverse Repurchase Program) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | $ 100,665 | $ 102,618 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 558,981 | 554,589 |
Obligation to Return Securities Received as Collateral | 659,646 | 657,207 |
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 694,271 | 671,492 |
SecuredBorrowingsGrossDifferenceAmount | 34,625 | 14,285 |
Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 100,665 | 102,618 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 267,846 | 254,151 |
US Treasury and Government [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 208,929 | 221,572 |
Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 82,206 | 78,866 |
Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity Overnight [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity Overnight [Member] | US Treasury and Government [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity Overnight [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity up to 30 days [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | US Treasury and Government [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 43,657 | 0 |
Obligation to Return Securities Received as Collateral | 43,657 | 0 |
Maturity 30 to 90 Days [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | US Treasury and Government [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 43,657 | 0 |
Maturity 30 to 90 Days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 515,324 | 554,589 |
Obligation to Return Securities Received as Collateral | 615,989 | 657,207 |
Maturity over 90 days [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 100,665 | 102,618 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 267,846 | 254,151 |
Maturity over 90 days [Member] | US Treasury and Government [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 165,272 | 221,572 |
Maturity over 90 days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | $ 82,206 | $ 78,866 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Property Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 100.00% | 100.00% | ||
Recorded investment | $ 5,134,898 | $ 4,983,354 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (6,135) | (5,770) | ||
Allowance for Loan and Lease Losses, Real Estate | (11,218) | (11,286) | $ (8,864) | $ (9,384) |
Mortgage loans on real estate (net of allowances of $11,218 and $11,286) | $ 5,117,545 | $ 4,966,298 | ||
Apartment | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 12.10% | 11.50% | ||
Recorded investment | $ 620,926 | $ 571,291 | ||
Retail | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 29.10% | 28.70% | ||
Recorded investment | $ 1,495,883 | $ 1,432,394 | ||
Office building | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 33.30% | 34.60% | ||
Recorded investment | $ 1,707,764 | $ 1,725,748 | ||
Industrial | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 19.90% | 19.30% | ||
Recorded investment | $ 1,021,871 | $ 961,924 | ||
Other commercial | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 5.60% | 5.90% | ||
Recorded investment | $ 288,454 | $ 291,997 |
Investments (Mortgage Loans b_2
Investments (Mortgage Loans by Maturity Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | $ 5,134,898 | $ 4,983,354 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Due within five years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | $ 1,449,925 | $ 1,425,598 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 28.20% | 28.60% |
Due after five years through ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | $ 2,833,275 | $ 2,686,264 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 55.20% | 53.90% |
Due after ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | $ 851,698 | $ 871,492 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 16.60% | 17.50% |
Investments (Mortgage Loans b_3
Investments (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | $ 5,134,898 | $ 4,983,354 |
Loans Receivable, Gross, Commercial, Construction | $ 37,607 | $ 32,620 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | $ 209,424 | $ 193,206 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 4.10% | 3.90% |
Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | $ 472,772 | $ 517,147 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 9.20% | 10.40% |
Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | $ 1,833,839 | $ 1,749,331 |
Loans Receivable, Gross, Commercial, Construction | $ 21,051 | $ 18,929 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 35.70% | 35.10% |
Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | $ 2,618,863 | $ 2,523,670 |
Loans Receivable, Gross, Commercial, Construction | $ 16,556 | $ 13,691 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 51.00% | 50.60% |
Debt Service Coverage Ratio Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | $ 163,198 | $ 156,297 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 42,512 | 25,560 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 42,008 | 54,440 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 41,680 | 38,120 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 36,998 | 38,177 |
Debt Service Coverage Ratio Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 243,474 | 233,260 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 49,522 | 49,668 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 27,591 | 48,438 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 78,559 | 73,908 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 87,802 | 61,246 |
Debt Service Coverage Ratio Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 4,690,619 | 4,561,177 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 117,390 | 117,978 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 403,173 | 414,269 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | 1,692,549 | 1,618,374 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Gross | $ 2,477,507 | $ 2,410,556 |
Investments (Mortgage Loans Age
Investments (Mortgage Loans Age Analysis) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 28,874 | $ 0 |
Financing Receivable, Recorded Investment, Current | 5,106,024 | 4,983,354 |
Loans Receivable, Gross, Commercial, Real Estate | 5,134,898 | 4,983,354 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 11,795 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 17,079 | $ 0 |
Investments (Mortgage Loans b_4
Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Mortgage Loans: | ||||
Recorded investment | $ 5,134,898 | $ 4,983,354 | ||
Valuation Allowances: | ||||
Allowance for Loan and Lease Losses, Real Estate | 11,218 | 11,286 | $ 8,864 | $ 9,384 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Mortgage Loans: | ||||
Evaluated individually for credit losses | 17,079 | 30,635 | ||
Evaluated collectively for credit losses | 5,117,819 | 4,952,719 | ||
Recorded investment | 5,134,898 | 4,983,354 | ||
Valuation Allowances: | ||||
Specific for credit losses | 0 | 0 | ||
Non-specifically identified credit losses | 11,218 | 11,286 | ||
Allowance for Loan and Lease Losses, Real Estate | $ 11,218 | $ 11,286 |
Investments (Loan Valuation All
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Allowance For Loan And Lease Losses Roll Forward | ||
Balance, Beginning of Period | $ 11,286 | $ 9,384 |
Provision (release) | (73) | (516) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 5 | (4) |
Balance, End of Period | $ 11,218 | $ 8,864 |
Investments (Impaired Mortgage
Investments (Impaired Mortgage Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | $ 17,084 | $ 30,660 | |||
Recorded Investment | 17,079 | 30,635 | |||
Related Allowance | 0 | 0 | |||
Carrying Value | 17,079 | 30,635 | |||
Average Investment | [1] | 23,857 | $ 14,640 | ||
Interest Income | 328 | 56 | |||
Impaired mortgage loans with valuation allowance recorded | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 0 | 0 | |||
Recorded Investment | 0 | 0 | |||
Related Allowance | 0 | 0 | |||
Carrying Value | 0 | 0 | |||
Average Investment | 0 | 0 | [1] | ||
Interest Income | 0 | 0 | |||
Impaired mortgage loans with no valuation allowance recorded | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 17,084 | 30,660 | |||
Recorded Investment | 17,079 | 30,635 | |||
Related Allowance | 0 | 0 | |||
Carrying Value | 17,079 | $ 30,635 | |||
Average Investment | 23,857 | 14,640 | [1] | ||
Interest Income | $ 328 | $ 56 | |||
[1] | (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 ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Other invested assets | $ 2,006,870 | $ 1,915,297 |
Limited Partner [Member] | ||
Other invested assets | 982,592 | 965,094 |
Equity Release Mortgages [Member] | ||
Other invested assets | 595,559 | 475,905 |
Derivatives | ||
Other invested assets | 132,412 | 180,699 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Other invested assets | 202,848 | 197,770 |
Other | ||
Other invested assets | $ 93,459 | $ 95,829 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)securities | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)securities | |
Investment Narrative [Line Items] | |||
Proceeds From Sale Of Available For Sale Securities Sold At Loss | $ 1,246,600 | $ 1,263,600 | |
Sales of fixed maturity securities available-for-sale | 3,139,794 | 1,898,722 | |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | 28,700 | $ 28,600 | |
Net Amount Assets Liabilities From Repurchase Reverse Repurchase Agreements | 400 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 3,700 | ||
Policy Loans Percent Of Total Investments | 2.30% | 2.50% | |
Mortgage Loan Percent Of Cash And Invested Assets | 9.10% | ||
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | $ 18,723 | 20,380 | |
ProceedsFromSaleOfAvailableForSaleEquitySecuritiesSoldAtLoss | 28,400 | ||
Available-for-sale Equity Securities, Gross Unrealized Loss | 1 | 950 | |
Available-for-sale Securities, Gross Realized Gains | $ 28,045 | 10,966 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 1,585 | 3,109 | |
Securities As Percentage Of Consolidated Stockholder Equity | 10.00% | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% | |
Funds Withheld At Interest Percent Of Total Investments | 10.20% | 10.60% | |
Funds withheld at interest | $ 5,729,838 | $ 5,761,471 | |
Funds Held Under Reinsurance Agreements Asset Specific Client | 3,700,000 | ||
Gain (Loss) on Sale of Equity Investments | $ 3,744 | $ (4,137) | |
Other Invested Assets Percent Of Invested Assets | 3.60% | 3.50% | |
CALIFORNIA | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 17.70% | ||
TEXAS | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 11.80% | ||
GEORGIA | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 7.10% | ||
CANADA | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 2.90% | ||
UNITED KINGDOM | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 0.50% |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Notional Amount | $ 20,383,300 | $ 19,884,691 |
Carrying Value / Fair Value of Assets | 313,532 | 356,666 |
Derivative Liability, Fair Value, Gross Liability | 956,712 | 990,895 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 18,546,735 | 18,044,033 |
Carrying Value / Fair Value of Assets | 241,159 | 254,381 |
Derivative Liability, Fair Value, Gross Liability | 931,797 | 963,638 |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 1,018,438 | 1,040,588 |
Carrying Value / Fair Value of Assets | 57,278 | 47,652 |
Derivative Liability, Fair Value, Gross Liability | 2,670 | 961 |
Not Designated as Hedging Instrument | Financial Futures | ||
Derivative [Line Items] | ||
Notional Amount | 360,170 | 325,620 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional Amount | 25,000 | 25,000 |
Carrying Value / Fair Value of Assets | 251 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 234 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 388,151 | 385,580 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 20,505 | 11,384 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,348,300 | 1,338,300 |
Carrying Value / Fair Value of Assets | 6,614 | 6,003 |
Derivative Liability, Fair Value, Gross Liability | 58 | 1,166 |
Not Designated as Hedging Instrument | Equity Options | ||
Derivative [Line Items] | ||
Notional Amount | 439,158 | 439,158 |
Carrying Value / Fair Value of Assets | 20,152 | 42,836 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Longevity Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 897,440 | 917,360 |
Carrying Value / Fair Value of Assets | 48,869 | 47,789 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Mortality Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 25,000 | 25,000 |
Carrying Value / Fair Value of Assets | 489 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 369 |
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 13,895,380 | 13,397,729 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 107,506 | 109,597 |
Derivative Liability, Fair Value, Gross Liability | 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 |
Derivative Liability, Fair Value, Gross Liability | 754,171 | 776,940 |
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 |
Derivative Liability, Fair Value, Gross Liability | 149,764 | 167,925 |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 149,698 | 149,698 |
Carrying Value / Fair Value of Assets | 0 | 504 |
Derivative Liability, Fair Value, Gross Liability | 4,629 | 4,659 |
Designated As Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 1,836,565 | 1,840,658 |
Carrying Value / Fair Value of Assets | 72,373 | 102,285 |
Derivative Liability, Fair Value, Gross Liability | 24,915 | 27,257 |
Designated As Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 435,000 | 435,000 |
Carrying Value / Fair Value of Assets | 891 | 0 |
Derivative Liability, Fair Value, Gross Liability | 24,436 | 27,257 |
Designated As Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 451,686 | 494,461 |
Carrying Value / Fair Value of Assets | 38,620 | 51,311 |
Derivative Liability, Fair Value, Gross Liability | 479 | 0 |
Designated As Hedging Instrument | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 949,879 | 911,197 |
Carrying Value / Fair Value of Assets | 32,862 | 50,974 |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Fair Value Hedge Attributable to Foreign Currency) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ (709) | $ (1,891) |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ (703) | $ 1,891 |
Derivative Instruments (Current
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 1,902 | $ (20,662) | $ (8,788) | $ (2,619) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (10,196) | 17,817 | ||
Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (25) | (144) | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (469) | $ 370 |
Derivative Instruments (Cash Fl
Derivative Instruments (Cash Flow Hedges) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (10,196) | $ 17,817 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,902) | 20,662 | $ 8,788 | $ 2,619 |
Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 25 | 144 | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 469 | (370) | ||
Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (12,101) | 14,986 | ||
Interest Rate Swap [Member] | Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 469 | (370) | ||
Currency Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 1,905 | 2,831 | ||
Currency Swap [Member] | Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 25 | 144 | ||
Currency Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 |
Derivative Instruments (Hedges
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Currency Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net Derivatives Gains (Losses) Deferred in AOCI | [1] | $ (7,007) | $ 8,805 |
Foreign Exchange Forward [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net Derivatives Gains (Losses) Deferred in AOCI | [1] | $ (18,112) | $ 12,236 |
[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. |
Derivative Instruments (Non Hed
Derivative Instruments (Non Hedging Derivatives and Embedded Derivatives Effect on Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | $ 7,788 | $ (470) |
Policy acquisition costs and other insurance expenses | (311,881) | (356,902) |
Interest credited | (133,189) | (80,449) |
Other revenues | 94,553 | 75,297 |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | (11,123) | (19,475) |
Not Designated as Hedging Instrument | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 8,016 | 34,272 |
Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 23,974 | (26,571) |
Not Designated as Hedging Instrument | Financial Futures | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (22,278) | 129 |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 723 | 0 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 492 | 323 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (8,851) | 2,186 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 14,500 | (402) |
Not Designated as Hedging Instrument | Equity Options | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (22,684) | 2,593 |
Not Designated as Hedging Instrument | Longevity Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Other revenues | 2,143 | 2,267 |
Not Designated as Hedging Instrument | Mortality Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Other revenues | 858 | 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 | (2,092) | 13,611 |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Interest credited | (3,070) | (25,351) |
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 | $ 18,161 | $ 14,785 |
Derivative Instruments (Exposur
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | ||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 6,556 | $ 4,837 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,348,300 | $ 1,338,300 |
Derivative Average Remaining Maturity | [1],[3] | 3 years 9 months | 4 years 8 months |
Standard Poors AAA To A Minus Ratings [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 2,082 | $ 1,953 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 157,000 | $ 152,000 |
Derivative Average Remaining Maturity | [1],[3] | 2 years 1 month | 2 years 2 months |
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 2,082 | $ 1,953 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 157,000 | $ 152,000 |
Derivative Average Remaining Maturity | [1],[3] | 2 years 1 month | 2 years 2 months |
Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 3,672 | $ 2,930 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 358,700 | $ 353,700 |
Derivative Average Remaining Maturity | [1],[3] | 2 years | 2 years 2 months |
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 769 | $ (76) |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 817,600 | $ 817,600 |
Derivative Average Remaining Maturity | [1],[3] | 5 years | 6 years 5 months |
Standard Poors BBB Rating [Member] | Credit Default Subtotal [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 4,441 | $ 2,854 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,176,300 | $ 1,171,300 |
Derivative Average Remaining Maturity | [1],[3] | 4 years 1 month | 5 years 1 month |
Standard & Poor's, BB Rating [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative Average Remaining Maturity | [1],[2] | 6 months | 8 months |
Standard & Poor's, BB Rating [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 33 | $ 30 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | 15,000 | 15,000 |
Standard & Poor's, BB Rating [Member] | Credit Default Subtotal [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | 33 | 30 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 15,000 | $ 15,000 |
[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. |
Derivative Instruments (Derivat
Derivative Instruments (Derivative Instruments Offsetting Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative Assets [Abstract] | ||
Derivative Fair Value Of Free Standing Derivative Asset | $ 206,026 | $ 247,069 |
Gross Amounts Offset in the Balance Sheet | (24,745) | (18,581) |
Net Amounts Presented in the Balance Sheet | 181,281 | 228,488 |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | (205,177) | (235,611) |
Net Amount | (23,896) | (7,123) |
Derivative Liabilities [Abstract] | ||
Derivative Fair Value Of Free Standing Derivative Liability | 52,777 | 46,030 |
Gross Amounts Offset in the Balance Sheet | (24,745) | (18,581) |
Net Amounts Presented in the Balance Sheet | 28,032 | 27,449 |
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments | (63,992) | (71,376) |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | (37,980) | (24,080) |
Net Amount | $ (73,940) | $ (68,007) |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges | $ 175.9 | $ 201 |
Investment Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0.1 | |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1.7 |
Fair Value of Assets and Liab_3
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 ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $ 41,738,443 | $ 39,992,346 |
Equity Method Investments, Fair Value Disclosure | 89,865 | 82,197 |
Funds withheld at interest embedded derivatives | 107,506 | 109,597 |
Cash and cash equivalents | 855,265 | 485,167 |
Short-term investments | 75,360 | 105,991 |
Investments, Fair Value Disclosure | 335,260 | 378,469 |
Other Assets, Fair Value Disclosure | 48,869 | 47,789 |
Assets, Fair Value Disclosure | 43,250,568 | 41,201,556 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 903,935 | 944,865 |
Liabilities Fair Value Disclosure | ||
Financial Liabilities Fair Value Disclosure | 931,967 | 972,314 |
Interest Rate Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 48,683 | 37,976 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (17,620) | (18,542) |
Foreign Currency Forwards | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 33,113 | 50,740 |
Consumer Price Index Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | (20,505) | (11,384) |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 202,848 | 197,770 |
Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | (6,201) | 4,466 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (12,757) | (371) |
Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 18,676 | 36,206 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (1,476) | (6,630) |
Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 38,141 | 51,311 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (4,629) | (4,155) |
Mortality Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 489 | (369) |
Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 25,077,338 | 23,982,119 |
Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 4,277,864 | 3,892,385 |
Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,994,186 | 1,869,221 |
Asset-backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,241,986 | 2,149,204 |
Assets, Fair Value Disclosure | 81,417 | 77,842 |
Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,431,746 | 1,419,034 |
US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,567,563 | 2,185,874 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 792,717 | 752,194 |
Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 4,355,043 | 3,742,315 |
Fair Value Inputs Level 1 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,464,139 | 2,067,529 |
Equity Method Investments, Fair Value Disclosure | 49,443 | 48,737 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 853,927 | 473,509 |
Short-term investments | 4,766 | 4,989 |
Investments, Fair Value Disclosure | 201,833 | 196,781 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 2,574,108 | 2,791,545 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 |
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 | Foreign Currency Forwards | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 1 Member | Consumer Price Index Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 201,833 | 196,781 |
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 |
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 | 0 |
Fair Value Inputs Level 1 Member | Mortality Swap [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 | 0 | 0 |
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 [Member] | ||
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 | 1,464,139 | 2,067,529 |
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 | Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 2 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 37,982,991 | 35,930,086 |
Equity Method Investments, Fair Value Disclosure | 0 | 0 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 1,319 | 11,658 |
Short-term investments | 41,392 | 98,774 |
Investments, Fair Value Disclosure | 133,427 | 181,688 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 38,159,129 | 36,222,206 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Financial Liabilities Fair Value Disclosure | 28,521 | 27,080 |
Fair Value Inputs Level 2 Member | Interest Rate Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 48,683 | 37,976 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (17,620) | (18,542) |
Fair Value Inputs Level 2 Member | Foreign Currency Forwards | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 33,113 | 50,740 |
Fair Value Inputs Level 2 Member | Consumer Price Index Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | (20,505) | (11,384) |
Fair Value Inputs Level 2 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 1,015 | 989 |
Fair Value Inputs Level 2 Member | Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | (6,201) | 4,466 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (12,757) | (371) |
Fair Value Inputs Level 2 Member | Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 18,676 | 36,206 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (1,476) | (6,630) |
Fair Value Inputs Level 2 Member | Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 38,141 | 51,311 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (4,629) | (4,155) |
Fair Value Inputs Level 2 Member | Mortality Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 2 Member | Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 23,546,583 | 22,651,194 |
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 3,670,073 | 3,364,261 |
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,987,664 | 1,862,366 |
Fair Value Inputs Level 2 Member | Asset-backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,128,199 | 2,053,632 |
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,431,725 | 1,419,012 |
Fair Value Inputs Level 2 Member | US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 86,215 | 100,320 |
Fair Value Inputs Level 2 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 782,555 | 741,992 |
Fair Value Inputs Level 2 Member | Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 4,349,977 | 3,737,309 |
Fair Value Inputs Level 3 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,291,313 | 1,994,731 |
Equity Method Investments, Fair Value Disclosure | 40,422 | 33,460 |
Funds withheld at interest embedded derivatives | 107,506 | 109,597 |
Cash and cash equivalents | 19 | 0 |
Short-term investments | 29,202 | 2,228 |
Investments, Fair Value Disclosure | 0 | 0 |
Other Assets, Fair Value Disclosure | 48,869 | 47,789 |
Assets, Fair Value Disclosure | 2,517,331 | 2,187,805 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 903,935 | 944,865 |
Liabilities Fair Value Disclosure | ||
Financial Liabilities Fair Value Disclosure | 903,446 | 945,234 |
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 | Foreign Currency Forwards | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | Consumer Price Index Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 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 | 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 |
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 | 0 |
Fair Value Inputs Level 3 Member | Mortality Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 489 | (369) |
Fair Value Inputs Level 3 Member | Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,530,755 | 1,330,925 |
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 607,791 | 528,124 |
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 6,522 | 6,855 |
Fair Value Inputs Level 3 Member | Asset-backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 113,787 | 95,572 |
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 21 | 22 |
Fair Value Inputs Level 3 Member | US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 17,209 | 18,025 |
Fair Value Inputs Level 3 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 10,162 | 10,202 |
Fair Value Inputs Level 3 Member | Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $ 5,066 | $ 5,006 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) $ in Thousands | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 43,250,568 | $ 41,201,556 |
Asset-backed Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 81,417 | $ 77,842 |
Asset-backed Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Asset-backed Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Asset-backed Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0 | 0 |
Corporate Debt Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 740,698 | $ 642,647 |
Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.05 | 0.05 |
Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0 | 0 |
Longevity Swap [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 48,869 | $ 47,789 |
Funds Withheld At Interest Embedded Derivatives [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | 107,506 | 109,597 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 17,209 | $ 18,025 |
US Government Agencies Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0 | 0 |
Foreign Government Debt [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 5,066 | $ 5,006 |
Equity Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 30,294 | $ 25,007 |
Equity Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.04 |
Equity Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.04 |
Equity Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.04 |
Embedded Derivatives In Indexed Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 754,171 | $ 776,940 |
Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.04 |
Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Embedded Derivatives In Variable Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 149,764 | $ 167,925 |
Mortality Swap [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ (489) | $ 369 |
Debt Security, Corporate, Non-US [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Debt Security, Corporate, Non-US [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Debt Security, Corporate, Non-US [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.13 | 0.13 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.27 | 0.27 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input Mortality Improvement [Member] | Longevity Swap [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.03 | 0.03 |
Measurement Input Mortality Improvement [Member] | Longevity Swap [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.10 | 0.10 |
Measurement Input Mortality Improvement [Member] | Longevity Swap [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | (0.10) | (0.10) |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0.04 | 0.04 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0.01 | 0.01 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.01 | 0.01 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0.03 | 0.03 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.03 | 0.03 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.07 | 0.07 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0.11 | 0.10 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0.35 | 0.35 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.11 | 0.10 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.35 | 0.35 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.25 | 0.25 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Longevity Swap [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.02 | 0.02 |
Measurement Input, Mortality Rate [Member] | Longevity Swap [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Longevity Swap [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0.01 | 0.01 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Mortality Swap [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Measurement Input, Mortality Rate [Member] | Mortality Swap [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Mortality Swap [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 5.9 | 6.5 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 5.9 | 7.5 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Debt Instrument, Measurement Input | 5.9 | 5.9 |
Measurement Input, EBITDA Multiple [Member] | Equity Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input | 8.2 | 7.9 |
Measurement Input, EBITDA Multiple [Member] | Equity Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input | 12.3 | 12.3 |
Measurement Input, EBITDA Multiple [Member] | Equity Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input | 6.9 | 6.9 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |||
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 | $ 1,330,925,000 | $ 1,337,272,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 19,404,000 | (32,852,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (214,441,000) | (100,170,000) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (10,712,000) | (6,180,000) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (23,436,000) | (75,146,000) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 7,166,000 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,530,755,000 | 1,299,264,000 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (30,805,000) | |||||
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) | 166,000 | (361,000) | ||||
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 | 133,000 | (361,000) | ||||
Corporate Debt Securities [Member] | Gain (Loss) on Investments [Member] | ||||||
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 | |||||
Canadian Provincial Governments [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 | 528,124,000 | 593,942,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 76,174,000 | (24,639,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 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 Value | 607,791,000 | 572,747,000 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||||
Canadian Provincial Governments [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) | 3,493,000 | 3,444,000 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 3,493,000 | 3,444,000 | ||||
Canadian Provincial Governments [Member] | Gain (Loss) on Investments [Member] | ||||||
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 | |||||
Residential 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 | 6,855,000 | 107,882,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,000 | (1,110,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | (20,916,000) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (336,000) | (2,963,000) | |||
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 Value | 6,522,000 | 120,614,000 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (4,019,000) | |||||
Residential 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) | 2,000 | (92,000) | ||||
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 | 2,000 | (92,000) | ||||
Residential Mortgage Backed Securities [Member] | Gain (Loss) on Investments [Member] | ||||||
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 | |||||
Asset-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 | 95,572,000 | 123,474,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 975,000 | 853,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (31,322,000) | (11,000,000) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (14,099,000) | (2,739,000) | |||
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 Value | 113,787,000 | 130,706,000 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (1,990,000) | |||||
Asset-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) | 17,000 | 106,000 | ||||
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 | 17,000 | 106,000 | ||||
Asset-backed Securities [Member] | Gain (Loss) on Investments [Member] | ||||||
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 | 2,000 | |||||
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 | 22,000 | 3,234,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | (47,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (1,000) | (1,000) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 21,000 | 1,884,000 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (1,302,000) | |||||
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) | 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 | ||||
Commercial Mortgage Backed Securities [Member] | Gain (Loss) on Investments [Member] | ||||||
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 | |||||
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 | |||||
US Government Agencies 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 | 18,025,000 | 22,511,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 267,000 | (340,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (84,000) | (96,000) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (1,078,000) | (1,104,000) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 17,209,000 | 21,053,000 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||||
US Government Agencies 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) | (89,000) | (110,000) | ||||
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 | (89,000) | (110,000) | ||||
US Government Agencies Debt Securities [Member] | Gain (Loss) on Investments [Member] | ||||||
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 | |||||
US Government Agencies 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 | |||||
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 | 10,202,000 | 41,203,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (7,000) | 700,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (38,000) | (35,000) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 10,162,000 | 41,876,000 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||||
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) | 5,000 | 8,000 | ||||
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 | 5,000 | 8,000 | ||||
US States and Political Subdivisions Debt Securities [Member] | Gain (Loss) on Investments [Member] | ||||||
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 | |||||
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 | |||||
Debt Security, Government, Non-US [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 | 5,006,000 | 5,092,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 60,000 | (88,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,066,000 | 5,004,000 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||||
Debt Security, Government, Non-US [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 | ||||
Debt Security, Government, Non-US [Member] | Gain (Loss) on Investments [Member] | ||||||
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 | |||||
Debt Security, Government, Non-US [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 | |||||
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 | 109,597,000 | 122,194,000 | ||||
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 | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 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 Value | 107,506,000 | 135,805,000 | ||||
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 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||||
Funds Withheld At Interest Embedded Derivatives [Member] | Gain (Loss) on Investments [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) | (2,091,000) | 13,611,000 | ||||
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 | (2,091,000) | 13,611,000 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | 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 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Short-term Investments [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 | 2,228,000 | 3,096,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 199,000 | (25,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (26,743,000) | (146,000) | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 29,202,000 | 3,217,000 | ||||
Short-term Investments [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) | 32,000 | |||||
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 | 32,000 | |||||
Short-term Investments [Member] | Gain (Loss) on Investments [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Short-term Investments [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 | ||||
Short-term Investments [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 | 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 | ||||
Cash Equivalents [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 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (19,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 19,000 | |||||
Cash Equivalents [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 | |||||
Cash Equivalents [Member] | Gain (Loss) on Investments [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 | |||||
Cash Equivalents [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 | |||||
Cash Equivalents [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 | 47,789,000 | 40,659,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1,063,000) | 1,085,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 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 Value | 48,869,000 | 44,011,000 | ||||
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] | Gain (Loss) on Investments [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 | ||||
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 | 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 | ||||
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) | 2,143,000 | 2,267,000 | ||||
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 | 2,143,000 | 2,267,000 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (903,935,000) | (964,794,000) | $ (944,865,000) | $ (1,014,229,000) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | [1] | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 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 Other Comprehensive Income (Loss) | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | [1] | 1,398,000 | (8,508,000) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 18,301,000 | 17,807,000 | |||
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 | |||||
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 | |||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Gain (Loss) on Investments [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) | 16,766,000 | 12,901,000 | ||||
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 | 18,161,000 | 14,785,000 | ||||
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) | 15,231,000 | (7,544,000) | ||||
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 | (3,070,000) | (25,351,000) | ||||
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 | 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 | ||||
Mortality Swap [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 489,000 | (1,683,000) | $ (369,000) | $ (1,683,000) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | [1] | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 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 Other Comprehensive Income (Loss) | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 0 | 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] | Gain (Loss) on Investments [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 | ||||
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 | 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 | ||||
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) | (858,000) | 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 | 858,000 | 0 | ||||
Equity Securities [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 Value | 33,460,000 | 0 | ||||
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 | (3,200,000) | 0 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (28,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | (48,000) | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 38,905,000 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 40,422,000 | 36,152,000 | ||||
Equity 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 | |||||
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 | |||||
Equity Securities [Member] | Interest Income [Member] | ||||||
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 | |||||
Equity Securities [Member] | Other Income [Member] | ||||||
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 | |||||
Equity 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) | 3,762,000 | (2,705,000) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 3,762,000 | $ (2,677,000) | ||||
[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 Liab_6
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | $ 5,117,545 | $ 4,966,298 | |||
Policy loans | 1,312,349 | 1,344,980 | |||
Funds withheld at interest | 5,729,838 | 5,761,471 | |||
Cash and cash equivalents | 2,020,396 | 1,889,733 | $ 1,510,407 | $ 1,303,524 | |
Short-term investments | 119,215 | 142,598 | |||
Other invested assets | 2,006,870 | 1,915,297 | |||
Accrued investment income | 442,956 | 427,893 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 17,750,197 | 18,004,526 | |||
Long-term debt | 2,787,717 | 2,787,873 | |||
Collateral finance and securitization notes | 656,174 | 681,961 | |||
Reported Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | [1] | 5,117,545 | 4,966,298 | ||
Policy loans | [1] | 1,312,349 | 1,344,980 | ||
Funds withheld at interest | [1] | 5,619,039 | 5,655,055 | ||
Cash and cash equivalents | [1] | 1,165,131 | 1,404,566 | ||
Short-term investments | [1] | 43,855 | 36,607 | ||
Other invested assets | [1] | 1,061,220 | 945,731 | ||
Accrued investment income | [1] | 442,956 | 427,893 | ||
Liabilities | |||||
Interest-sensitive contract liabilities | [1] | 14,543,332 | 14,547,436 | ||
Long-term debt | [1] | 2,787,717 | |||
Debt, Long-term and Short-term, Combined Amount | [1] | 2,787,873 | |||
Collateral finance and securitization notes | [1] | 656,174 | 681,961 | ||
Estimate of Fair Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 5,210,513 | 4,917,416 | |||
Policy loans | 1,312,349 | 1,344,980 | |||
Funds withheld at interest | 5,823,245 | 5,802,518 | |||
Cash and cash equivalents | 1,165,131 | 1,404,566 | |||
Short-term investments | 43,855 | 36,607 | |||
Other invested assets | 1,060,931 | 941,449 | |||
Accrued investment income | 442,956 | 427,893 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 14,790,369 | 14,611,011 | |||
Long-term Debt, Fair Value | 2,915,623 | ||||
Debt, Long-term and Short-term, Combined Amount | 2,752,047 | ||||
Collateral finance and securitization notes | 601,680 | 626,731 | |||
Estimate of Fair Value Measurement [Member] | Net Asset Value [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 0 | ||||
Policy loans | 0 | ||||
Funds withheld at interest | 0 | ||||
Cash and cash equivalents | 0 | ||||
Short-term investments | 0 | ||||
Other invested assets | 368,391 | 376,392 | |||
Accrued investment income | 0 | ||||
Liabilities | |||||
Interest-sensitive contract liabilities | 0 | ||||
Debt, Long-term and Short-term, Combined Amount | 0 | ||||
Collateral finance and securitization notes | 0 | ||||
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 | 0 | |||
Cash and cash equivalents | 1,165,131 | 1,404,566 | |||
Short-term investments | 43,855 | 36,607 | |||
Other invested assets | 5,176 | 4,640 | |||
Accrued investment income | 0 | 0 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 0 | 0 | |||
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 | 1,312,349 | 1,344,980 | |||
Funds withheld at interest | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 83,529 | 83,203 | |||
Accrued investment income | 442,956 | 427,893 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 0 | 0 | |||
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) | 5,210,513 | 4,917,416 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | 5,823,245 | 5,802,518 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 603,835 | 477,214 | |||
Accrued investment income | 0 | 0 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 14,790,369 | 14,611,011 | |||
Long-term Debt, Fair Value | 2,915,623 | ||||
Debt, Long-term and Short-term, Combined Amount | 2,752,047 | ||||
Collateral finance and securitization notes | 601,680 | $ 626,731 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 3 Member | Net Asset Value [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 0 | ||||
Policy loans | 0 | ||||
Funds withheld at interest | 0 | ||||
Cash and cash equivalents | 0 | ||||
Short-term investments | 0 | ||||
Accrued investment income | 0 | ||||
Liabilities | |||||
Interest-sensitive contract liabilities | 0 | ||||
Long-term Debt, Fair Value | 0 | ||||
Collateral finance and securitization notes | $ 0 | ||||
[1] | Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Equity Securities [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 38,905 |
Segment Information (Total Reve
Segment Information (Total Revenues of Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 3,420,031 | $ 3,173,707 |
Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 1,795,326 | 1,703,046 |
CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 335,907 | 315,096 |
EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 493,427 | 481,925 |
Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 727,700 | 634,385 |
Corporate and Other [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 67,671 | 39,255 |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 1,540,666 | 1,489,694 |
Life Insurance Product Line [Member] | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 312,333 | 302,319 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 384,006 | 393,782 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 673,172 | 614,539 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 254,660 | 213,352 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 23,574 | 12,777 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 109,421 | 88,143 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 54,528 | $ 19,846 |
Segment Information (Income Los
Segment Information (Income Loss Before Provision for Income Tax of Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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, Noncontrolling Interest | $ 216,564 | $ 137,925 |
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, Noncontrolling Interest | 94,931 | 70,313 |
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, Noncontrolling Interest | 51,627 | 26,898 |
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, Noncontrolling Interest | 53,814 | 54,585 |
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, Noncontrolling Interest | 42,707 | 26,908 |
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, Noncontrolling Interest | (26,515) | (40,779) |
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, Noncontrolling Interest | 11,654 | 2,892 |
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, Noncontrolling Interest | 50,279 | 23,707 |
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, Noncontrolling Interest | 15,424 | 15,421 |
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, Noncontrolling Interest | 36,624 | 22,887 |
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, Noncontrolling Interest | 83,277 | 67,421 |
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, Noncontrolling Interest | 1,348 | 3,191 |
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, Noncontrolling Interest | 38,390 | 39,164 |
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, Noncontrolling Interest | $ 6,083 | $ 4,021 |
Segment Information (Total Asse
Segment Information (Total Assets of Reportable Segments) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 66,692,481 | $ 64,535,245 |
Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 39,128,756 | 39,106,169 |
CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,637,207 | 4,354,792 |
EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 8,766,335 | 8,380,703 |
Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 7,574,054 | 6,861,723 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 7,586,129 | 5,831,858 |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 18,820,270 | 19,235,781 |
Life Insurance Product Line [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,579,658 | 4,200,792 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,797,482 | 3,643,174 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,043,694 | 5,680,978 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 20,308,486 | 19,870,388 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 57,549 | 154,000 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,968,853 | 4,737,529 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 1,530,360 | $ 1,180,745 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Commitments to Fund Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Limited Partner [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 579,647 | $ 523,903 |
Commercial Loan [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 147,898 | 22,605 |
Bank Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 77,854 | 137,076 |
Equity Release Mortgages [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 215,305 | $ 264,858 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees (Maximum Potential Obligation) (Details) $ in Millions | Mar. 31, 2019USD ($) |
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 | 450 |
Commitment Period Two Thousand Thirty Four [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,000 |
Commitment Period Two Thousand Thirty Five [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,314.2 |
Commitment Period Two Thousand Thirty Six [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,658 |
Commitment Period Two Thousand Thirty Seven [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 5,750 |
Commitment Period Two Thousand Thirty Eight [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,800 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees (Guarantees Issued) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Insurance Treaty Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 1,481,172 | $ 1,392,352 |
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 1,381,152 | 1,291,445 |
Guarantee Of Borrowed Securities [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 272,365 | 269,980 |
Product Financing Arrangement [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 57,801 | 61,273 |
Guarantee Of Lease Obligations [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 401 | $ 392 |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 45,478 | $ 28,964 |
Tax Adjustments, Settlements, and Unusual Provisions | 0 | 775 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 664 | 1,432 |
Income Tax Reconciliation Foreign Income Tax Basis Differential | (15,078) | (5,760) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 18,544 | 7,947 |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | 560 | 835 |
Income Tax Reconciliation Change In Foreign Enacted Tax Rate | (1,764) | 111 |
Income Tax Reconciliation SubpartF | 165 | 658 |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 0 | (572) |
Effective Income Tax Rate Reconciliation Global Intangible Low Taxed Income | 0 | 4,409 |
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount | (1,461) | (1,114) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (51) | 10 |
Income Tax Expense (Benefit) | $ 47,057 | $ 37,695 |
Effective Income Tax Rate Reconciliation, Percent | 21.70% | 27.30% |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3,138 | $ 2,654 |
Interest cost | 1,386 | 1,330 |
Expected return on plan assets | (1,884) | (1,554) |
Amortization of prior service cost | 60 | 83 |
Amortization of prior actuarial loss | 911 | 1,094 |
Total | 3,611 | 3,607 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 757 | 636 |
Interest cost | 580 | 530 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | (329) | (329) |
Amortization of prior actuarial loss | 644 | 498 |
Total | $ 1,652 | $ 1,335 |
Reinsurance (Ceded Reinsurance
Reinsurance (Ceded Reinsurance Receivable Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 814,806 | $ 757,572 |
Reinsurance Recoverables, Percentage of Total | 100.00% | 100.00% |
Other Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 127,715 | $ 114,723 |
Reinsurance Recoverables, Percentage of Total | 15.60% | 15.20% |
AM Best, A+ Rating [Member] | Reinsurer A [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 324,370 | $ 303,036 |
Reinsurance Recoverables, Percentage of Total | 39.80% | 40.00% |
AM Best, A+ Rating [Member] | Reinsurer B [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 199,748 | $ 193,324 |
Reinsurance Recoverables, Percentage of Total | 24.50% | 25.50% |
AM Best, A+ Rating [Member] | Reinsurer E [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 41,362 | $ 40,004 |
Reinsurance Recoverables, Percentage of Total | 5.10% | 5.30% |
AM Best, A++ Rating [Member] | Reinsurer D [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 50,244 | $ 36,600 |
Reinsurance Recoverables, Percentage of Total | 6.20% | 4.80% |
AM Best, A Rating [Member] | Reinsurer C [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 71,367 | $ 69,885 |
Reinsurance Recoverables, Percentage of Total | 8.80% | 9.20% |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Ceded Credit Risk [Line Items] | ||
Reinsurance Claims Recoverables | $ 232 | $ 242.8 |
Claims Recoverable From Retrocessionaires Past Due | $ 6.7 | $ 17.4 |
AM Best, A- Rating [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Credit Risk, Disclosure | “A- (excellent)” |
Policy Claims and Benefits (Det
Policy Claims and Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Liability for Claims and Claims Adjustment Expense | $ 6,933,305 | $ 6,320,426 | $ 6,584,668 | $ 5,896,469 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (499,562) | (469,419) | (432,582) | (455,547) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable | 6,433,743 | 5,851,007 | $ 6,152,086 | $ 5,440,922 |
Current Year Claims and Claims Adjustment Expense | 2,807,937 | 2,663,116 | ||
Prior Year Claims and Claims Adjustment Expense | 31,447 | 6,255 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 2,839,384 | 2,669,371 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | (186,601) | (180,802) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | (2,387,312) | (2,111,275) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | (2,573,913) | (2,292,077) | ||
Interest On Liability For Policy And Contract Claims | 6,556 | 6,115 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Foreign Currency Translation Gain (Loss) | 9,630 | 26,676 | ||
Liability for Unpaid Claims and Claims Adjustment Expense Other | $ 16,186 | $ 32,791 |