Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 62,761,461 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | MO | |
Entity Tax Identification Number | 43-1627032 | |
Entity File Number | 1-11848 | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Type | 10-Q | |
Entity Central Index Key | 0000898174 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | REINSURANCE GROUP OF AMERICA, INCORPORATED |
Document and Entity Informati_2
Document and Entity Information Address | 6 Months Ended |
Jun. 30, 2019 | |
Entity Addresses [Line Items] | |
City Area Code | 636 |
Local Phone Number | 736-7000 |
Entity Address, Address Line One | 16600 Swingley Ridge Road |
Entity Address, City or Town | Chesterfield |
Entity Address, State or Province | MO |
Entity Address, Postal Zip Code | 63017 |
Document and Entity Informati_3
Document and Entity Information Document and Entity Information Entity Listings - NEW YORK STOCK EXCHANGE, INC. [Member] | 6 Months Ended |
Jun. 30, 2019 | |
RGA [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.01 |
Trading Symbol | RGA |
Security Exchange Name | NYSE |
RZA [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 |
Trading Symbol | RZA |
Security Exchange Name | NYSE |
RZB [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 |
Trading Symbol | RZB |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Fixed maturity securities available-for-sale, at fair value (amortized cost $42,457,618 and $38,882,168) | $ 46,189,305 | $ 39,992,346 |
Equity Securities, FV-NI | 146,755 | 82,197 |
Mortgage loans on real estate (net of allowances of $11,692 and $11,286) | 5,405,422 | 4,966,298 |
Policy loans | 1,319,722 | 1,344,980 |
Funds withheld at interest | 5,696,217 | 5,761,471 |
Short-term investments | 158,788 | 142,598 |
Other invested assets | 2,121,406 | 1,915,297 |
Total investments | 61,037,615 | 54,205,187 |
Cash and cash equivalents | 2,287,526 | 1,889,733 |
Accrued investment income | 470,074 | 427,893 |
Premiums receivable and other reinsurance balances | 2,944,820 | 3,017,868 |
Reinsurance ceded receivables | 851,380 | 757,572 |
Deferred policy acquisition costs | 3,440,339 | 3,397,770 |
Other assets | 1,012,062 | 839,222 |
Total assets | 72,043,816 | 64,535,245 |
Liabilities and Stockholders’ Equity | ||
Future policy benefits | 26,995,770 | 25,285,400 |
Interest-sensitive contract liabilities | 19,748,683 | 18,004,526 |
Other policy claims and benefits | 6,136,374 | 5,642,755 |
Other reinsurance balances | 512,924 | 487,177 |
Deferred income taxes | 2,443,429 | 1,798,800 |
Other liabilities | 1,480,914 | 1,396,200 |
Long-term debt | 3,381,411 | 2,787,873 |
Collateral finance and securitization notes | 635,300 | 681,961 |
Total liabilities | 61,334,805 | 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 June 30, 2019 and December 31, 2018 | 791 | 791 |
Additional paid-in capital | 1,920,144 | 1,898,652 |
Retained earnings | 7,549,737 | 7,284,949 |
Treasury stock, at cost - 16,379,267 and 16,323,390 shares | (1,403,774) | (1,370,602) |
Accumulated other comprehensive income | 2,642,113 | 636,763 |
Total stockholders’ equity | 10,709,011 | 8,450,553 |
Total liabilities and stockholders’ equity | $ 72,043,816 | $ 64,535,245 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available for Sale at Fair value - Amortized cost | $ 42,457,618 | $ 38,882,168 |
Available-for-sale Equity Securities, Amortized Cost Basis | $ 166,159 | $ 107,721 |
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 | 62,758,491 | 62,814,368 |
Treasury stock, shares | 16,379,267 | 16,323,390 |
Allowances for Loan and Lease Losses, Real Estate | $ 11,692 | $ 11,286 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Net premiums | $ 2,763,786 | $ 2,594,460 | $ 5,501,599 | $ 5,177,011 |
Investment income, net of related expenses | 584,078 | 528,061 | 1,163,955 | 1,044,390 |
Investment related gains (losses), net: | ||||
Other-than-temporary impairments on fixed maturity securities | 0 | (3,350) | (9,453) | (3,350) |
Other investment related gains (losses), net | 12,472 | (7,222) | 29,713 | (7,692) |
Total investment related gains (losses), net | 12,472 | (10,572) | 20,260 | (11,042) |
Other revenues | 107,072 | 83,959 | 201,625 | 159,256 |
Total revenues | 3,467,408 | 3,195,908 | 6,887,439 | 6,369,615 |
Benefits and Expenses: | ||||
Claims and other policy benefits | 2,515,211 | 2,279,593 | 5,023,535 | 4,641,694 |
Interest credited | 157,842 | 109,327 | 291,031 | 189,776 |
Policy acquisition costs and other insurance expenses | 260,345 | 320,276 | 572,226 | 677,178 |
Other operating expenses | 223,499 | 194,959 | 424,982 | 386,233 |
Interest expense | 43,283 | 37,025 | 83,456 | 74,479 |
Collateral finance and securitization expense | 7,151 | 7,440 | 15,568 | 15,042 |
Total benefits and expenses | 3,207,331 | 2,948,620 | 6,410,798 | 5,984,402 |
Income before income taxes | 260,077 | 247,288 | 476,641 | 385,213 |
Provision for income taxes | 57,379 | 42,914 | 104,436 | 80,609 |
Net income | $ 202,698 | $ 204,374 | $ 372,205 | $ 304,604 |
Earnings per share: | ||||
Basic earnings per share | $ 3.23 | $ 3.19 | $ 5.93 | $ 4.74 |
Diluted earnings per share | $ 3.18 | $ 3.13 | $ 5.83 | $ 4.65 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Comprehensive income (loss) | ||||
Net income | $ 202,698 | $ 204,374 | $ 372,205 | $ 304,604 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 24,603 | (54,677) | 45,989 | (55,837) |
Net unrealized investment gains (losses) | 851,523 | (368,719) | 1,959,734 | (1,002,323) |
Defined benefit pension and postretirement plan adjustments | 22 | (29) | (373) | (500) |
Total other comprehensive income (loss), net of tax | 876,148 | (423,425) | 2,005,350 | (1,058,660) |
Total comprehensive income (loss) | $ 1,078,846 | $ (219,051) | $ 2,377,555 | $ (754,056) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY Statement - 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 | (2,020) | (2,020) | ||||
Net income | 304,604 | 304,604 | ||||
Other Comprehensive Income (Loss), Net of Tax | (1,058,660) | |||||
Dividends, Common Stock, Cash | (64,370) | (64,370) | ||||
Treasury Stock, Value, Acquired, Cost Method | (165,069) | (165,069) | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (17,682) | (16,430) | (22,309) | (23,561) | ||
Stockholders' Equity Attributable to Parent | 9,008,261 | 791 | 1,880,352 | 6,797,545 | (1,098,823) | 1,428,396 |
Net income | 204,374 | 204,374 | ||||
Other Comprehensive Income (Loss), Net of Tax | (423,425) | |||||
Dividends, Common Stock, Cash | (32,129) | (32,129) | ||||
Treasury Stock, Value, Acquired, Cost Method | (162,453) | (162,453) | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (7,074) | (6,984) | (17,620) | (17,710) | ||
Stockholders' Equity Attributable to Parent | 8,601,702 | 791 | 1,887,336 | 6,952,170 | (1,243,566) | 1,004,971 |
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 | (87) | (87) | ||||
Net income | 372,205 | 372,205 | ||||
Other Comprehensive Income (Loss), Net of Tax | 2,005,350 | |||||
Dividends, Common Stock, Cash | (75,347) | (75,347) | ||||
Treasury Stock, Value, Acquired, Cost Method | (67,744) | (67,744) | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (24,081) | (21,492) | (31,983) | (34,572) | ||
Stockholders' Equity Attributable to Parent | 9,670,108 | 791 | 1,906,291 | 7,412,081 | (1,415,020) | 1,765,965 |
Net income | 202,698 | 202,698 | ||||
Other Comprehensive Income (Loss), Net of Tax | 876,148 | |||||
Dividends, Common Stock, Cash | (37,640) | (37,640) | ||||
Treasury Stock, Value, Acquired, Cost Method | (18,692) | (18,692) | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (16,389) | (13,853) | (27,402) | (29,938) | ||
Stockholders' Equity Attributable to Parent | $ 10,709,011 | $ 791 | $ 1,920,144 | $ 7,549,737 | $ (1,403,774) | $ 2,642,113 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 600 | $ 500 | $ 1,200 | $ 1,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net income | $ 372,205 | $ 304,604 |
Change in operating assets and liabilities: | ||
Accrued investment income | (12,200) | 1,834 |
Premiums receivable and other reinsurance balances | 84,599 | (345,253) |
Deferred policy acquisition costs | (114,895) | 20,528 |
Reinsurance ceded receivable balances | (109,011) | 18,245 |
Future policy benefits, other policy claims and benefits, and other reinsurance balances | 736,251 | 598,015 |
Deferred income taxes | 92,442 | 48,117 |
Other assets and other liabilities, net | (122,629) | (98,807) |
Amortization of net investment premiums, discounts and other | (33,742) | (25,713) |
Depreciation, Depletion and Amortization | 22,163 | 21,554 |
Investment related (gains) losses, net | (20,260) | 11,042 |
Other, net | 75,408 | 29,422 |
Net cash provided by operating activities | 970,331 | 583,588 |
Cash Flows from Investing Activities: | ||
Sales of fixed maturity securities available-for-sale | 5,096,692 | 3,836,575 |
Maturities of fixed maturity securities available-for-sale | 438,749 | 328,097 |
Proceeds from Sale of Available-for-sale Securities, Equity | 36 | 29,099 |
Payments to Acquire Debt Securities, Available-for-sale | 5,689,268 | 3,880,733 |
Payments to Acquire Available-for-sale Securities, Equity | (56,732) | (11,930) |
Payments to Acquire Mortgage Notes Receivable | (598,309) | (376,470) |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 166,483 | 213,691 |
Proceeds from Collection of Policy Loans | 43,849 | 24,793 |
Payments for (Proceeds from) Policy Loans | 4,940 | 6,421 |
Increase (Decrease) in Funds Held under Reinsurance Agreements | 54,030 | 42,761 |
Payments to Acquire Businesses, Net of Cash Acquired | 3,561 | (29,315) |
Payments to Acquire Property, Plant, and Equipment | (17,467) | (14,573) |
Change in short-term investments | 67,177 | (9,843) |
Change in other invested assets | (160,204) | (160,824) |
Net cash used in investing activities | (764,403) | (100,615) |
Cash Flows from Financing Activities: | ||
Dividends to stockholders | (75,347) | (64,370) |
Proceeds from (Repayments of) Secured Debt | (52,644) | (53,102) |
Payments of Debt Issuance Costs | (4,750) | 0 |
Proceeds from Issuance of Long-term Debt | 598,524 | 0 |
Repayments of Long-term Debt | (1,387) | (1,331) |
Purchases of treasury stock | (67,744) | (165,069) |
Exercise of stock options, net | 2,590 | 1,252 |
Change in cash collateral for derivative positions and other arrangements | (80,214) | 17,578 |
Deposits on universal life and other investment type policies and contracts | 256,373 | 225,876 |
Withdrawals on universal life and other investment type policies and contracts | (390,295) | (329,899) |
Net cash provided by (used in) financing activities | 185,106 | (369,065) |
Effect of exchange rate changes on cash | 6,759 | (19,753) |
Change in cash and cash equivalents | 397,793 | 94,155 |
Cash and cash equivalents, beginning of period | 1,889,733 | 1,303,524 |
Cash and cash equivalents, end of period | 2,287,526 | 1,397,679 |
Supplemental disclosures of cash flow information: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 85,829 | 84,670 |
Income Taxes Paid, Net | 22,632 | 59,397 |
Transfer to Investments | 3,420,531 | 604,374 |
Capital Expenditures Incurred but Not yet Paid | 1,105 | 0 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 8,303 | 65,948 |
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | $ (11,864) | $ (36,633) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||
Cash Acquired from Acquisition | $ 27,374 | $ 4,938 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 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, stable value products and asset-intensive products, primarily annuities. 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 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, 2019 2018 2019 2018 Earnings: Net income (numerator for basic and diluted calculations) $ 202,698 $ 204,374 $ 372,205 $ 304,604 Shares: Weighted average outstanding shares (denominator for basic calculation) 62,678 64,071 62,719 64,278 Equivalent shares from outstanding stock options 1,020 1,179 1,100 1,277 Denominator for diluted calculation 63,698 65,250 63,819 65,555 Earnings per share: Basic $ 3.23 $ 3.19 $ 5.93 $ 4.74 Diluted $ 3.18 $ 3.13 $ 5.83 $ 4.65 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 June 30, Six months ended June 30, 2019 2018 2019 2018 Excluded from common equivalent shares: Stock options 250 225 420 295 Performance contingent shares 242 229 171 217 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Common Stock The changes in the number of common stock 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) — (288,360 ) 288,360 Balance, June 30, 2019 79,137,758 16,379,267 62,758,491 Issued Held In Treasury Outstanding Balance, December 31, 2017 79,137,758 14,685,663 64,452,095 Common stock acquired — 991,477 (991,477 ) Stock-based compensation (1) — (211,868 ) 211,868 Balance, June 30, 2018 79,137,758 15,465,272 63,672,486 (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. In January 2019, RGA’s board of directors authorized a 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. Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice. In connection with this new authorization, the board of directors terminated the stock repurchase authority granted in 2017. During the first six months of 2019, RGA repurchased 0.3 million shares of common stock under this program for $50.0 million . During the first six months of 2018, RGA repurchased 1.0 million shares of common stock under the 2017 repurchase program for $150.0 million . Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the six months ended June 30, 2019 and 2018 are as follows (dollars in thousands): 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 43,534 2,617,211 (3,369 ) 2,657,376 Amounts reclassified to (from) AOCI — (98,502 ) 2,893 (95,609 ) Deferred income tax benefit (expense) 2,455 (558,975 ) 103 (556,417 ) Balance, June 30, 2019 $ (122,709 ) $ 2,815,893 $ (51,071 ) $ 2,642,113 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 (44,227 ) (1,327,195 ) (2,986 ) (1,374,408 ) Amounts reclassified to (from) AOCI — 53,646 2,366 56,012 Deferred income tax benefit (expense) (11,610 ) 271,226 120 259,736 Balance, June 30, 2018 $ (142,187 ) $ 1,198,338 $ (51,180 ) $ 1,004,971 (1) Includes cash flow hedges of $(14,862) and $8,788 as of June 30, 2019 and December 31, 2018 , respectively, and $22,656 and $2,619 as of June 30, 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 and six months ended June 30, 2019 and 2018 (dollars in thousands): Amount Reclassified from AOCI Three months ended June 30, Six months ended June 30, Details about AOCI Components 2019 2018 2019 2018 Affected Line Item in Statements of Income Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ 20,249 $ (24,642 ) $ 19,976 $ (39,098 ) Investment related gains (losses), net Cash flow hedges - Interest rate 383 29 852 (342 ) (1) Cash flow hedges - Currency/Interest rate (6 ) 76 19 221 (1) Deferred policy acquisition costs attributed to unrealized gains and losses 63,182 (7,835 ) 77,655 (14,427 ) (2) Total 83,808 (32,372 ) 98,502 (53,646 ) Provision for income taxes (17,273 ) 6,945 (20,279 ) 11,623 Net unrealized gains (losses), net of tax $ 66,535 $ (25,427 ) $ 78,223 $ (42,023 ) Amortization of defined benefit plan items: Prior service cost (credit) $ 268 $ 247 $ 537 $ 493 (3) Actuarial gains/(losses) (1,875 ) (1,267 ) (3,430 ) (2,859 ) (3) Total (1,607 ) (1,020 ) (2,893 ) (2,366 ) Provision for income taxes 338 214 608 497 Amortization of defined benefit plans, net of tax $ (1,269 ) $ (806 ) $ (2,285 ) $ (1,869 ) Total reclassifications for the period $ 65,266 $ (26,233 ) $ 75,938 $ (43,892 ) (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) |
Equity Based Compensation
Equity Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Based Compensation | Equity Based Compensation Equity compensation expense was $21.5 million and $16.6 million in the first six months of 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. Additionally, non-employee directors were granted a total of 8,472 shares of common stock. As of June 30, 2019 , 1.5 million share options at a weighted average strike price per share of $75.03 were vested and exercisable, with a remaining weighted average exercise period of 4.3 years. As of June 30, 2019 , the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $28.2 million . It is estimated that these costs will vest over a weighted average period of 1.0 years. |
Investments
Investments | 6 Months Ended |
Jun. 30, 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 June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019: Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value % of Total Other-than- Available-for-sale: Corporate $ 26,055,078 $ 1,651,141 $ 70,788 $ 27,635,431 59.8 % $ — Canadian government 2,960,943 1,613,153 133 4,573,963 9.9 — RMBS 2,214,963 64,629 3,077 2,276,515 4.9 — ABS 2,482,012 25,714 13,062 2,494,664 5.4 275 CMBS 1,687,024 60,775 514 1,747,285 3.8 — U.S. government 1,738,348 40,202 370 1,778,180 3.8 — State and political subdivisions 1,221,461 83,621 1,508 1,303,574 2.9 — Other foreign government 4,097,789 288,833 6,929 4,379,693 9.5 — Total fixed maturity securities $ 42,457,618 $ 3,828,068 $ 96,381 $ 46,189,305 100.0 % $ 275 December 31, 2018: Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value % of Total Other-than- 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 June 30, 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 June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities pledged as collateral $ 85,651 $ 89,295 $ 80,891 $ 83,950 Fixed maturity securities received as collateral n/a 687,071 n/a 616,584 Assets in trust held to satisfy collateral requirements 23,697,506 25,212,508 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 June 30, 2019 and December 31, 2018 (dollars in thousands). June 30, 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 $ 1,168,749 $ 2,115,321 $ 1,091,018 $ 1,757,087 Canadian province of Ontario 978,025 1,361,749 913,642 1,187,526 The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale at June 30, 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 $ 1,305,265 $ 1,314,533 Due after one year through five years 8,823,728 9,130,980 Due after five years through ten years 9,519,138 10,171,840 Due after ten years 16,425,488 19,053,488 Asset and mortgage-backed securities 6,383,999 6,518,464 Total $ 42,457,618 $ 46,189,305 Corporate Fixed Maturity Securities The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019: Estimated Amortized Cost Fair Value % of Total Finance $ 9,865,739 $ 10,385,443 37.6 % Industrial 13,063,121 13,878,056 50.2 Utility 3,126,218 3,371,932 12.2 Total $ 26,055,078 $ 27,635,431 100.0 % 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 June 30, 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 921 and 3,109 fixed maturity securities as of June 30, 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): June 30, 2019 December 31, 2018 Gross Unrealized Losses % of Total Gross Unrealized Losses % of Total Less than 20% $ 73,351 76.1 % $ 721,015 96.3 % 20% or more for less than six months 21,995 22.8 21,336 2.9 20% or more for six months or greater 1,035 1.1 6,139 0.8 Total $ 96,381 100.0 % $ 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 921 and 3,109 fixed maturity securities that have estimated fair values below amortized cost as of June 30, 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 June 30, 2019: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 780,802 $ 8,757 $ 1,276,130 $ 28,924 $ 2,056,932 $ 37,681 Canadian government 2,535 2 17,555 131 20,090 133 RMBS 57,572 489 240,046 2,577 297,618 3,066 ABS 753,026 5,383 399,818 7,679 1,152,844 13,062 CMBS 79,372 240 37,442 274 116,814 514 U.S. government 257,328 36 76,098 334 333,426 370 State and political subdivisions 42,876 11 13,856 1,497 56,732 1,508 Other foreign government 90,066 2,565 110,341 2,697 200,407 5,262 Total investment grade securities 2,063,577 17,483 2,171,286 44,113 4,234,863 61,596 Below investment grade securities: Corporate 216,611 22,148 139,318 10,959 355,929 33,107 RMBS — — 976 11 976 11 Other foreign government 6,337 77 18,664 1,590 25,001 1,667 Total below investment grade securities 222,948 22,225 158,958 12,560 381,906 34,785 Total fixed maturity securities $ 2,286,525 $ 39,708 $ 2,330,244 $ 56,673 $ 4,616,769 $ 96,381 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 June 30, Six months ended June 30, 2019 2018 2019 2018 Fixed maturity securities available-for-sale $ 427,841 $ 373,624 $ 842,928 $ 742,827 Equity securities 645 709 1,891 2,391 Mortgage loans on real estate 60,509 50,460 120,071 100,659 Policy loans 14,394 14,775 28,503 29,555 Funds withheld at interest 65,972 86,417 127,706 161,862 Short-term investments and cash and cash equivalents 7,465 2,964 14,365 6,209 Other invested assets 31,910 20,785 74,146 44,613 Investment income 608,736 549,734 1,209,610 1,088,116 Investment expense (24,658 ) (21,673 ) (45,655 ) (43,726 ) Investment income, net of related expenses $ 584,078 $ 528,061 $ 1,163,955 $ 1,044,390 Investment Related Gains (Losses), Net Investment related gains (losses), net, consist of the following (dollars in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Fixed maturity securities available-for-sale: Other-than-temporary impairment losses $ — $ (3,350 ) $ (9,453 ) $ (3,350 ) Gain on investment activity 20,384 21,140 48,429 32,106 Loss on investment activity (6,870 ) (35,934 ) (25,593 ) (56,314 ) Equity securities: Gain on investment activity — 469 74 497 Loss on investment activity — — (1 ) (950 ) Change in unrealized gains (losses) recognized in earnings 2,673 (6,966 ) 6,417 (11,103 ) Other impairment losses and change in mortgage loan provision (5,609 ) (1,357 ) (7,468 ) (1,669 ) Derivatives and other, net 1,894 15,426 7,855 29,741 Total investment related gains (losses), net $ 12,472 $ (10,572 ) $ 20,260 $ (11,042 ) There were no fixed maturity impairments for the three months ended June 30, 2019 . The fixed maturity impairments for the six months ended June 30, 2019 were primarily related to a U.S. utility company. The fixed maturity impairments for the three and six months ended June 30, 2018 were primarily related to high-yield corporate securities. The other impairment losses and change in mortgage loan provision for the three months ended June 30, 2019 includes impairments on limited partnerships. The other impairment losses and change in mortgage loan provision for the six months ended June 30, 2019 includes impairments on real estate joint ventures and limited partnerships. The other impairment losses and change in mortgage loan provision for the three months and six months ended June 30, 2018 includes impairments on real estate joint ventures. The fluctuations in investment related gains (losses) for derivatives and other for the three and six months ended June 30, 2019 , compared to the same periods in 2018 , are primarily due to changes in the fair value of embedded derivatives and interest rate swaps. During the three months ended June 30, 2019 and 2018 , the Company sold fixed maturity securities with fair values of $466.1 million and $1,174.4 million at losses of $6.9 million and $35.9 million , respectively. During the six months ended June 30, 2019 and 2018 , the Company sold fixed maturity securities with fair values of $1,712.7 million and $2,438.0 million at losses of $25.6 million and $56.3 million , respectively. The Company did not sell any equity securities at losses during the three months ended June 30, 2019 and 2018 . During the six months ended June 30, 2019 , the Company sold equity securities for immaterial losses. During the six months ended June 30, 2018 , the Company sold equity securities with fair values $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 June 30, 2019 and December 31, 2018 (dollars in thousands). June 30, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Borrowed securities $ 343,093 $ 376,665 $ 335,781 $ 366,663 Securities lending: Securities loaned 97,596 103,009 101,981 102,618 Securities received n/a 107,000 n/a 112,000 Repurchase program/reverse repurchase program: Securities pledged 576,381 596,412 554,806 554,589 Securities received n/a 578,112 n/a 530,932 The Company also held cash collateral for repurchase/reverse repurchase programs of $28.6 million at both June 30, 2019 and December 31, 2018 . No cash or securities have been pledged by the Company for its securities borrowing program as of June 30, 2019 and December 31, 2018 . The following tables present information on the Company’s securities lending and repurchase transactions as of June 30, 2019 and December 31, 2018 (dollars in thousands). Collateral associated with certain borrowed securities is not included within the table, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows. June 30, 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 $ — $ — $ — $ 103,009 $ 103,009 Total — — — 103,009 103,009 Repurchase transactions: Corporate — — — 289,659 289,659 U.S. government — — — 209,581 209,581 Foreign government — — — 97,172 97,172 Other — — — — — Total — — — 596,412 596,412 Total borrowings $ — $ — $ — $ 699,421 $ 699,421 Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table $ 713,727 Amounts related to agreements not included in offsetting disclosure $ 14,306 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 $0.5 million and $0.4 million as of June 30, 2019 and December 31, 2018 , respectively. As of June 30, 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 8.9% and 9.1% of the Company’s total investments as of June 30, 2019 and December 31, 2018 . As of June 30, 2019 , mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California ( 16.8% ), Texas ( 13.4% ) 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 June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Property type: Carrying Value % of Total Carrying Value % of Total Office building $ 1,718,595 31.7 % $ 1,725,748 34.6 % Retail 1,526,267 28.1 1,432,394 28.7 Industrial 1,112,460 20.5 961,924 19.3 Apartment 730,452 13.5 571,291 11.5 Other commercial 336,371 6.2 291,997 5.9 Recorded investment 5,424,145 100.0 % 4,983,354 100.0 % Unamortized balance of loan origination fees and expenses (7,031 ) (5,770 ) Valuation allowances (11,692 ) (11,286 ) Total mortgage loans on real estate $ 5,405,422 $ 4,966,298 The maturities of mortgage loans as of June 30, 2019 and December 31, 2018 are as follows (dollars in thousands): June 30, 2019 December 31, 2018 Recorded Investment % of Total Recorded Investment % of Total Due within five years $ 1,624,003 29.9 % $ 1,425,598 28.6 % Due after five years through ten years 2,921,184 53.9 2,686,264 53.9 Due after ten years 878,958 16.2 871,492 17.5 Total $ 5,424,145 100.0 % $ 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 June 30, 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 June 30, 2019: Loan-to-Value Ratio 0% - 59.99% $ 2,570,786 $ 99,194 $ 64,707 $ — $ 2,734,687 50.4 % 60% - 69.99% 1,786,531 108,392 41,680 39,432 1,976,035 36.4 70% - 79.99% 447,382 39,170 22,766 — 509,318 9.4 Greater than 80% 106,070 49,306 48,729 — 204,105 3.8 Total $ 4,910,769 $ 296,062 $ 177,882 $ 39,432 $ 5,424,145 100.0 % 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 June 30, 2019 and December 31, 2018 is as follows (dollars in thousands): June 30, 2019 December 31, 2018 31-60 days past due $ 11,715 $ — Total past due 11,715 — Current 5,412,430 4,983,354 Total $ 5,424,145 $ 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 June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Mortgage loans: Individually measured for impairment $ 17,014 $ 30,635 Collectively measured for impairment 5,407,131 4,952,719 Recorded investment $ 5,424,145 $ 4,983,354 Valuation allowances: Individually measured for impairment $ — $ — Collectively measured for impairment 11,692 11,286 Total valuation allowances $ 11,692 $ 11,286 Information regarding the Company’s loan valuation allowances for mortgage loans for the three and six months ended June 30, 2019 and 2018 is as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Balance, beginning of period $ 11,218 $ 8,864 $ 11,286 $ 9,384 Provision (release) 470 845 397 329 Translation adjustment 4 (3 ) 9 (7 ) Balance, end of period $ 11,692 $ 9,706 $ 11,692 $ 9,706 Information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2019 and December 31, 2018 is as follows (dollars in thousands): Unpaid Principal Balance Recorded Investment Related Allowance Carrying Value June 30, 2019: Impaired mortgage loans with no valuation allowance recorded $ 17,017 $ 17,014 $ — $ 17,014 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17,017 $ 17,014 $ — $ 17,014 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 June 30, 2019 2018 Average (1) Interest Income Average Recorded Investment (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 17,047 $ 171 $ 27,038 $ 247 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17,047 $ 171 $ 27,038 $ 247 Six months ended June 30, 2019 2018 Average (1) Interest Income Average (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 21,576 $ 499 $ 19,978 $ 304 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 21,576 $ 499 $ 19,978 $ 304 (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 six months ended June 30, 2019 and 2018 . The Company had no mortgage loans that were on a nonaccrual status at June 30, 2019 and December 31, 2018 . Policy Loans Policy loans comprised approximately 2.2% and 2.5% of the Company’s total investments as of June 30, 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 9.3% and 10.6% of the Company’s total investments as of June 30, 2019 and December 31, 2018 , respectively. Of the $5.7 billion funds withheld at interest balance, net of embedded derivatives, as of June 30, 2019 , $3.6 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 3.5% of the Company’s total investments as of June 30, 2019 and December 31, 2018 . Carrying values of these assets as of June 30, 2019 and December 31, 2018 were as follows (dollars in thousands): June 30, 2019 December 31, 2018 Limited partnership interests and real estate joint ventures $ 1,008,571 $ 965,094 Equity release mortgages 641,611 475,905 Derivatives 122,484 180,699 FVO contractholder-directed unit-linked investments 255,174 197,770 Other 93,566 95,829 Total other invested assets $ 2,121,406 $ 1,915,297 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 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 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 June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 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 $ 922,478 $ 71,535 $ 3,447 $ 1,040,588 $ 47,652 $ 961 Financial futures Equity 389,353 — — 325,620 — — Foreign currency swaps Foreign currency 149,698 — 12,194 149,698 504 4,659 Foreign currency forwards Foreign currency — — — 25,000 — 234 Consumer price index swaps CPI 438,587 189 25,481 385,580 — 11,384 Credit default swaps Credit 1,331,300 6,190 134 1,338,300 6,003 1,166 Equity options Equity 371,869 14,644 — 439,158 42,836 — Longevity swaps Longevity 909,840 51,755 — 917,360 47,789 — Mortality swaps Mortality 25,000 — 853 25,000 — 369 Synthetic guaranteed investment contracts Interest rate 13,526,503 — — 13,397,729 — — Embedded derivatives in: Modified coinsurance or funds withheld arrangements — 112,767 — — 109,597 — Indexed annuity products — — 740,683 — — 776,940 Variable annuity products — — 167,808 — — 167,925 Total non-hedging derivatives 18,064,628 257,080 950,600 18,044,033 254,381 963,638 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 535,000 825 27,560 435,000 — 27,257 Foreign currency swaps Foreign currency 408,910 28,400 2,425 494,461 51,311 — Foreign currency forwards Foreign currency 987,606 27,532 653 911,197 50,974 — Total hedging derivatives 1,931,516 56,757 30,638 1,840,658 102,285 27,257 Total derivatives $ 19,996,144 $ 313,837 $ 981,238 $ 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 June 30, 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 June 30, 2019: Foreign currency swaps Foreign-denominated fixed maturity securities $ (3,718 ) $ 1,118 For the three months ended June 30, 2018: Foreign currency swaps Foreign-denominated fixed maturity securities $ (1,134 ) $ 4,942 For the six months ended June 30, 2019: Foreign currency swaps Foreign-denominated fixed maturity securities $ (4,426 ) $ 415 For the six months ended June 30, 2018: Foreign currency swaps Foreign-denominated fixed maturity securities $ (3,025 ) $ 6,833 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 flow hedges: (i) certain interest rate swaps, in which the cash flows of assets and 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 and six months ended June 30, 2019 and 2018 (dollars in thousands): Three months ended June 30, 2019 2018 Balance beginning of period $ (1,902 ) $ 20,662 Gains (losses) deferred in other comprehensive income (loss) (12,583 ) 2,099 Amounts reclassified to investment income 6 (76 ) Amounts reclassified to interest expense (383 ) (29 ) Balance end of period $ (14,862 ) $ 22,656 Six months ended June 30, 2019 2018 Balance beginning of period $ 8,788 $ 2,619 Gains (losses) deferred in other comprehensive income (loss) (22,779 ) 19,916 Amounts reclassified to investment income (19 ) (221 ) Amounts reclassified to interest expense (852 ) 342 Balance end of period $ (14,862 ) $ 22,656 As of June 30, 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 $(0.3) 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 and six months ended June 30, 2019 and 2018 (dollars in thousands): Derivative Type Gain (Loss) Deferred in AOCI Gain (Loss) Reclassified into Income from AOCI Investment Income Interest Expense For the three months ended June 30, 2019: Interest rate $ (9,869 ) $ — $ 383 Currency/Interest rate (2,714 ) (6 ) — Total $ (12,583 ) $ (6 ) $ 383 For the three months ended June 30, 2018: Interest rate $ 4,742 $ — $ 29 Currency/Interest rate (2,643 ) 76 — Total $ 2,099 $ 76 $ 29 For the six months ended June 30, 2019: Interest rate $ (21,970 ) $ — $ 852 Currency/Interest rate (809 ) 19 — Total $ (22,779 ) $ 19 $ 852 For the six months ended June 30, 2018: Interest rate $ 19,727 $ — $ (342 ) Currency/Interest rate 189 221 — Total $ 19,916 $ 221 $ (342 ) 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 and six months ended June 30, 2019 and 2018 (dollars in thousands): Derivative Gains (Losses) Deferred in AOCI For the three months ended June 30, For the six months ended June 30, Type of NIFO Hedge (1) 2019 2018 2019 2018 Foreign currency swaps $ (2,486 ) $ 8,197 $ (9,493 ) $ 17,002 Foreign currency forwards (5,984 ) 11,063 (24,095 ) 23,299 Total $ (8,470 ) $ 19,260 $ (33,588 ) $ 40,301 (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 $167.4 million and $201.0 million at June 30, 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 and six months ended June 30, 2019 and 2018 is as follows (dollars in thousands): Gain (Loss) for the three months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2019 2018 Interest rate swaps Investment related gains (losses), net $ 33,404 $ (8,600 ) Financial futures Investment related gains (losses), net (7,685 ) (897 ) Foreign currency swaps Investment related gains (losses), net (6,380 ) — Foreign currency forwards Investment related gains (losses), net (258 ) (262 ) CPI swaps Investment related gains (losses), net (6,812 ) 1,041 Credit default swaps Investment related gains (losses), net 5,078 1,084 Equity options Investment related gains (losses), net (4,828 ) (8,007 ) Longevity swaps Other revenues 2,184 2,289 Mortality swaps Other revenues (1,342 ) (799 ) Subtotal 13,361 (14,151 ) Embedded derivatives in: Modified coinsurance or funds withheld arrangements Investment related gains (losses), net 5,262 8,805 Indexed annuity products Interest credited (8,459 ) 6,519 Variable annuity products Investment related gains (losses), net (18,044 ) 15,324 Total non-hedging derivatives $ (7,880 ) $ 16,497 Gain (Loss) for the six months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2019 2018 Interest rate swaps Investment related gains (losses), net $ 57,378 $ (35,171 ) Financial futures Investment related gains (losses), net (29,963 ) (768 ) Foreign currency swaps Investment related gains (losses), net (5,657 ) — Foreign currency forwards Investment related gains (losses), net 234 61 CPI swaps Investment related gains (losses), net (15,663 ) 3,227 Credit default swaps Investment related gains (losses), net 19,578 682 Equity options Investment related gains (losses), net (27,512 ) (5,414 ) Longevity swaps Other revenues 4,327 4,557 Mortality swaps Other revenues (484 ) (799 ) Subtotal 2,238 (33,625 ) Embedded derivatives in: Modified coinsurance or funds withheld arrangements Investment related gains (losses), net 3,170 22,416 Indexed annuity products Interest credited (5,389 ) 31,870 Variable annuity products Investment related gains (losses), net 117 30,109 Total non-hedging derivatives $ 136 $ 50,770 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 June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 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 $ 2,015 $ 147,000 2.1 $ 1,953 $ 152,000 2.2 Subtotal 2,015 147,000 2.1 1,953 152,000 2.2 BBB+/BBB/BBB- Single name credit default swaps 3,762 321,700 2.0 2,930 353,700 2.2 Credit default swaps referencing indices 288 852,600 4.8 (76 ) 817,600 6.4 Subtotal 4,050 1,174,300 4.1 2,854 1,171,300 5.1 BB+/BB/BB- Single name credit default swaps (9 ) 10,000 0.3 30 15,000 0.7 Subtotal (9 ) 10,000 0.3 30 15,000 0.7 Total $ 6,056 $ 1,331,300 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 June 30, 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 June 30, 2019: Derivative assets $ 201,070 $ (26,831 ) $ 174,239 $ — $ (189,265 ) $ (15,026 ) Derivative liabilities 72,747 (26,831 ) 45,916 (72,803 ) (56,310 ) (83,197 ) 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2019 and December 31, 2018 are summarized below (dollars in thousands): June 30, 2019: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 27,635,431 $ — $ 25,991,067 $ 1,644,364 Canadian government 4,573,963 — 3,902,936 671,027 RMBS 2,276,515 — 2,260,483 16,032 ABS 2,494,664 — 2,384,342 110,322 CMBS 1,747,285 — 1,747,266 19 U.S. government 1,778,180 1,651,425 109,349 17,406 State and political subdivisions 1,303,574 — 1,293,719 9,855 Other foreign government 4,379,693 — 4,364,007 15,686 Total fixed maturity securities – available-for-sale 46,189,305 1,651,425 42,053,169 2,484,711 Equity securities 146,755 101,948 — 44,807 Funds withheld at interest – embedded derivatives 112,767 — — 112,767 Cash equivalents 755,129 737,286 17,843 — Short-term investments 126,468 17,963 80,118 28,387 Other invested assets: Derivatives: Interest rate swaps 61,298 — 61,298 — Foreign currency forwards 27,532 — 27,532 — Credit default swaps (6,696 ) — (6,696 ) — Equity options 14,375 — 14,375 — Foreign currency swaps 25,975 — 25,975 — FVO contractholder-directed unit-linked investments 255,174 205,805 49,369 — Total other invested assets 377,658 205,805 171,853 — Other assets - longevity swaps 51,755 — — 51,755 Total $ 47,759,837 $ 2,714,427 $ 42,322,983 $ 2,722,427 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 908,491 $ — $ — $ 908,491 Other liabilities: Derivatives: Interest rate swaps 19,945 — 19,945 — Foreign currency swaps - non-hedged 12,194 — 12,194 — Foreign currency forwards 653 — 653 — CPI swaps 25,292 — 25,292 — Credit default swaps (12,752 ) — (12,752 ) — Equity options (269 ) — (269 ) — Mortality swaps 853 — — 853 Total $ 954,407 $ — $ 45,063 $ 909,344 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 six months ended June 30, 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 June 30, 2019 and December 31, 2018 (dollars in thousands): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Assets: Corporate $ 808,416 $ 642,647 Market comparable securities Liquidity premium 0-5% (1%) 0-5% (1%) EBITDA Multiple 5.9x 5.9x-7.5x (6.5x) ABS 97,055 77,842 Market comparable securities Liquidity premium 0-4% (1%) 0-1% (1%) U.S. government 17,406 18,025 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Other foreign government 15,686 5,006 Market comparable securities Liquidity premium 1 % 1 % Equity securities 31,617 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 112,767 109,597 Total return swap Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (12%) 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 51,755 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 740,683 776,940 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (12%) 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 167,808 167,925 Discounted cash flow Mortality 0-100% (1%) 0-100% (1%) Lapse 0-25% (5%) 0-25% (5%) Withdrawal 0-7% (5%) 0-7% (5%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (13%) 0-27% (13%) Mortality swaps 853 369 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 June 30, 2019: Fixed maturity securities - available-for-sale Corporate Canadian government RMBS ABS Fair value, beginning of period $ 1,530,755 $ 607,791 $ 6,522 $ 113,787 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 27 3,569 (21 ) 5 Investment related gains (losses), net 15 — — 110 Included in other comprehensive income 16,728 59,667 70 1,048 Purchases (1) 176,431 — 3,018 8,425 Sales (1) (13,925 ) — — — Settlements (1) (80,213 ) — (1,239 ) (13,053 ) Transfers into Level 3 16,041 — 7,682 — Transfers out of Level 3 (1,495 ) — — — Fair value, end of period $ 1,644,364 $ 671,027 $ 16,032 $ 110,322 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 $ 70 $ 3,569 $ (21 ) $ 4 For the three months ended June 30, 2019 (continued): Fixed maturity securities available-for-sale CMBS U.S. government State Other foreign government Equity securities Fair value, beginning of period $ 21 $ 17,209 $ 10,162 $ 5,066 $ 40,422 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — (86 ) 5 — — Investment related gains (losses), net — — — — 1,785 Included in other comprehensive income — 322 39 620 — Purchases (1) — 102 — 10,000 2,600 Settlements (1) (2 ) (141 ) (351 ) — — Fair value, end of period $ 19 $ 17,406 $ 9,855 $ 15,686 $ 44,807 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 $ — $ (86 ) $ 5 $ — $ — Investment related gains (losses), net — — — — 1,785 For the three months ended June 30, 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 $ 107,506 $ 19 $ 29,202 $ 48,869 $ (903,935 ) $ 489 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — — 56 — — — Investment related gains (losses), net 5,261 — 17 — (18,044 ) — Claims & other policy benefits — — — — — — Interest credited — — — — (8,459 ) — Policy acquisition costs and other insurance expenses — — — — — — Included in other comprehensive income — — (67 ) 702 — — Other revenues — — — 2,184 2,585 (1,342 ) Purchases (1) — — 1,265 — — — Sales (1) — — (1,517 ) — — — Settlements (1) — — (547 ) — 19,362 — Transfers out of Level 3 — (19 ) (22 ) — — — Fair value, end of period $ 112,767 $ — $ 28,387 $ 51,755 $ (908,491 ) $ (853 ) 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 $ — $ — $ 56 $ — $ — $ — Investment related gains (losses), net 5,261 — — — (19,842 ) — Other revenues — — — 2,184 — (1,342 ) Interest credited — — — — (27,820 ) — For the six months ended June 30, 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 160 7,062 (19 ) 22 Investment related gains (losses), net 15 — — 110 Included in other comprehensive income 36,132 135,841 71 2,023 Purchases (1) 390,872 — 3,018 39,747 Sales (1) (24,637 ) — — — Settlements (1) (103,649 ) — (1,575 ) (27,152 ) Transfers into Level 3 16,041 — 7,682 — Transfers out of Level 3 (1,495 ) — — — Fair value, end of period $ 1,644,364 $ 671,027 $ 16,032 $ 110,322 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 $ 236 $ 7,062 $ (19 ) $ 21 For the six months ended June 30, 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 — (175 ) 10 — — Investment related gains (losses), net — — — — 5,547 Included in other comprehensive income — 589 32 680 — Purchases (1) — 186 — 10,000 5,800 Settlements (1) (3 ) (1,219 ) (389 ) — — Fair value, end of period $ 19 $ 17,406 $ 9,855 $ 15,686 $ 44,807 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 $ — $ (175 ) $ 10 $ — $ — Investment related gains (losses), net — — — — 5,547 For the six months ended June 30, 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 — — 88 — — — Investment related gains (losses), net 3,170 — 17 — 117 — Interest credited — — — — (5,389 ) — Included in other comprehensive income — — 132 (361 ) — — Other revenues — — — 4,327 — (484 ) Purchases (1) — 19 28,008 — 3,983 — Sales (1) — — (1,517 ) — — — Settlements (1) — — (547 ) — 37,663 — Transfers out of Level 3 — (19 ) (22 ) — — — Fair value, end of period $ 112,767 $ — $ 28,387 $ 51,755 $ (908,491 ) $ (853 ) 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 $ — $ — $ 88 $ — $ — $ — Investment related gains (losses), net 3,170 — — — (3,076 ) — Other revenues — — — 4,327 — (484 ) Interest credited — — — — (43,052 ) — For the three months ended June 30, 2018: Fixed maturity securities - available-for-sale Corporate Canadian government RMBS ABS Fair value, beginning of period $ 1,299,264 $ 572,747 $ 120,614 $ 130,706 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses (305 ) 3,468 (43 ) 76 Investment related gains (losses), net (3,141 ) — 312 1,282 Included in other comprehensive income 2,178 (3,517 ) (671 ) (1,544 ) Purchases (1) 155,498 — 24,412 — Sales (1) (11,089 ) — (4,961 ) — Settlements (1) (68,328 ) — (1,572 ) (19,544 ) Transfers into Level 3 — — 3,031 4,968 Transfers out of Level 3 (6,923 ) — (86,283 ) (45,258 ) Fair value, end of period $ 1,367,154 $ 572,698 $ 54,839 $ 70,686 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 $ (304 ) $ 3,468 $ (13 ) $ 68 Investment related gains (losses), net (3,141 ) — — — For the three months ended June 30, 2018 (continued): Fixed maturity securities available-for-sale CMBS U.S. government State Other foreign government Fair value, beginning of period $ 1,884 $ 21,053 $ 41,876 $ 5,004 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — (107 ) (10 ) — Included in other comprehensive income (16 ) (173 ) (110 ) 40 Purchases (1) — 118 — — Settlements (1) (2 ) (156 ) (86 ) — Transfers out of Level 3 1 — (25,165 ) — Fair value, end of period $ 1,867 $ 20,735 $ 16,505 $ 5,044 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 $ — $ (108 ) $ (11 ) $ — For the three months ended June 30, 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 $ 36,152 $ 135,805 $ 3,217 $ 44,011 $ (964,794 ) $ (1,683 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment related gains (losses), net (4,922 ) 8,805 — — 15,324 — Interest credited — — — — 6,519 — Included in other comprehensive income — — (21 ) (2,329 ) — — Other revenues — — — 2,289 — (799 ) Purchases (1) 12,248 — 335 — (4,205 ) — Sales (1) (541 ) — — — — — Settlements (1) — — (314 ) — 18,359 1,700 Fair value, end of period $ 42,937 $ 144,610 $ 3,217 $ 43,971 $ (928,797 ) $ (782 ) 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 $ (5,000 ) $ 8,805 $ — $ — $ 13,474 $ — Other revenues — — — 2,289 — (799 ) Interest credited — — — — (11,839 ) — For the six months ended June 30, 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 (666 ) 6,912 (135 ) 182 Investment related gains (losses), net (3,141 ) — 312 1,284 Included in other comprehensive income (30,674 ) (28,156 ) (1,781 ) (691 ) Purchases (1) 255,668 — 45,328 11,000 Sales (1) (17,269 ) — (4,961 ) — Settlements (1) (143,474 ) — (4,535 ) (22,283 ) Transfers into Level 3 7,166 — 3,031 4,968 Transfers out of Level 3 (37,728 ) — (90,302 ) (47,248 ) Fair value, end of period $ 1,367,154 $ 572,698 $ 54,839 $ 70,686 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 $ (665 ) $ 6,912 $ (105 ) $ 174 Investment related gains (losses), net (3,141 ) — — — For the six months ended June 30, 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 — (217 ) (2 ) — Included in other comprehensive income (63 ) (513 ) 590 (48 ) Purchases (1) — 214 — — Settlements (1) (3 ) (1,260 ) (121 ) — Transfers out of Level 3 (1,301 ) — (25,165 ) — Fair value, end of period $ 1,867 $ 20,735 $ 16,505 $ 5,044 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 $ — $ (218 ) $ (3 ) $ — For the six months ended June 30, 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 $ (1,014,228 ) $ (1,683 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment related gains (losses), net (7,599 ) 22,416 — — 30,109 — Interest credited — — — — 31,870 — Included in other comprehensive income — — (46 ) (1,245 ) — — Other revenues — — — 4,557 — (799 ) Purchases (1) 12,248 — 481 — (12,713 ) — Sales (1) (569 ) — — — — — Settlements (1) (48 ) — (314 ) — 36,165 1,700 Transfers into Level 3 38,905 — — — — — Fair value, end of period $ 42,937 $ 144,610 $ 3,217 $ 43,971 $ (928,797 ) $ (782 ) 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 $ (7,705 ) $ 22,416 $ — $ — $ 26,375 $ — Other revenues — — — 4,557 — (799 ) Interest credited — — — — (4,295 ) — (1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. Nonrecurring Fair Value Measurements The following table (dollars in thousands) presents information for assets measured at an estimated fair value on a nonrecurring basis during the 2019 periods presented and still held at the reporting date (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). The Company did not have any adjustments to financial instruments measured at fair value on a non-recurring basis that were still held as of June 30, 2018. Carrying Value After Measurement Investment Related Gains (Losses), Net Three months ended June 30, Six months ended June 30, At June 30, 2019 2019 2019 Limited partnership interests (1) $ 5,694 $ (5,049 ) $ (5,049 ) (1) The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency. Fair Value of Financial Instruments The Company is required by general accounting principles for Fair Value Measurements and Disclosures to disclose the fair value of certain financial instruments including those that are not carried at fair value. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of June 30, 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. June 30, 2019: Carrying Value (1) Estimated Fair Value Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 5,405,422 $ 5,598,551 $ — $ — $ 5,598,551 $ — Policy loans 1,319,722 1,319,722 — 1,319,722 — — Funds withheld at interest 5,576,162 5,882,101 — — 5,882,101 — Cash and cash equivalents 1,532,397 1,532,397 1,532,397 — — — Short-term investments 32,320 32,320 32,320 — — — Other invested assets 1,122,777 1,151,725 5,317 83,680 661,289 401,439 Accrued investment income 470,074 470,074 — 470,074 — — Liabilities: Interest-sensitive contract liabilities $ 16,367,006 $ 17,283,769 $ — $ — $ 17,283,769 $ — Long-term debt 3,381,411 3,508,853 — — 3,508,853 — Collateral finance and securitization notes 635,300 584,310 — — 584,310 — December 31, 2018: Carrying Value (1) Estimated Fair Value Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV 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 | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, Revenues: 2019 2018 2019 2018 U.S. and Latin America: Traditional $ 1,584,676 $ 1,564,147 $ 3,125,342 $ 3,053,841 Financial Solutions 301,257 229,948 555,917 443,300 Total 1,885,933 1,794,095 3,681,259 3,497,141 Canada: Traditional 318,142 312,199 630,475 614,518 Financial Solutions 23,929 12,089 47,503 24,866 Total 342,071 324,288 677,978 639,384 Europe, Middle East and Africa: Traditional 369,499 372,538 753,505 766,320 Financial Solutions 113,986 100,675 223,407 188,818 Total 483,485 473,213 976,912 955,138 Asia Pacific: Traditional 633,417 570,520 1,306,589 1,185,059 Financial Solutions 59,558 17,992 114,086 37,838 Total 692,975 588,512 1,420,675 1,222,897 Corporate and Other 62,944 15,800 130,615 55,055 Total $ 3,467,408 $ 3,195,908 $ 6,887,439 $ 6,369,615 Three months ended June 30, Six months ended June 30, Income (loss) before income taxes: 2019 2018 2019 2018 U.S. and Latin America: Traditional $ 55,175 $ 71,978 $ 66,829 $ 74,870 Financial Solutions 92,018 82,388 175,295 149,809 Total 147,193 154,366 242,124 224,679 Canada: Traditional 46,259 21,805 96,538 45,512 Financial Solutions 3,813 3,544 5,161 6,735 Total 50,072 25,349 101,699 52,247 Europe, Middle East and Africa: Traditional 16,121 6,468 31,545 21,889 Financial Solutions 51,801 65,369 90,191 104,533 Total 67,922 71,837 121,736 126,422 Asia Pacific: Traditional 34,775 58,862 71,399 81,749 Financial Solutions 1,918 4,138 8,001 8,159 Total 36,693 63,000 79,400 89,908 Corporate and Other (41,803 ) (67,264 ) (68,318 ) (108,043 ) Total $ 260,077 $ 247,288 $ 476,641 $ 385,213 Assets: June 30, 2019 December 31, 2018 U.S. and Latin America: Traditional $ 19,142,106 $ 19,235,781 Financial Solutions 22,698,262 19,870,388 Total 41,840,368 39,106,169 Canada: Traditional 4,198,875 4,200,792 Financial Solutions 133,642 154,000 Total 4,332,517 4,354,792 Europe, Middle East and Africa: Traditional 3,755,356 3,643,174 Financial Solutions 5,916,625 4,737,529 Total 9,671,981 8,380,703 Asia Pacific: Traditional 6,339,047 5,680,978 Financial Solutions 1,618,609 1,180,745 Total 7,957,656 6,861,723 Corporate and Other 8,241,294 5,831,858 Total $ 72,043,816 $ 64,535,245 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 6 Months Ended |
Jun. 30, 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 June 30, 2019 and December 31, 2018 are presented in the following table (dollars in thousands): June 30, 2019 December 31, 2018 Limited partnership interests and joint ventures $ 625,286 $ 523,903 Commercial mortgage loans 146,553 22,605 Bank loans and private placements 90,052 137,076 Equity release mortgages 53,252 264,858 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 June 30, 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 June 30, 2019 (dollars in millions): Commitment Period: Maximum Potential Obligation 2023 $ 500.0 2034 2,000.0 2035 1,314.2 2036 2,658.0 2037 5,750.0 2038 1,800.0 2039 1,750.0 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 June 30, 2019 and December 31, 2018 are reflected in the following table (dollars in thousands): June 30, 2019 December 31, 2018 Treaty guarantees $ 1,500,220 $ 1,392,352 Treaty guarantees, net of assets in trust 1,402,737 1,291,445 Securities borrowing and repurchase arrangements 274,555 269,980 Financing arrangements 50,666 61,273 Lease obligations 156 392 |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 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 21.0% to pre-tax income as a result of the following for the three and six months ended June 30, 2019 and 2018 , respectively (dollars in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Tax provision at U.S. statutory rate $ 54,616 $ 51,931 $ 100,095 $ 80,895 Increase (decrease) in income taxes resulting from: U.S. Tax Reform provisional adjustments — (4,314 ) — (3,539 ) Foreign tax rate differing from U.S. tax rate 627 (330 ) 1,292 1,103 Differences in tax bases in foreign jurisdictions (5,997 ) (1,132 ) (21,076 ) (6,892 ) Deferred tax valuation allowance 4,662 3,079 23,207 10,501 Amounts related to tax audit contingencies 2,404 (2,036 ) 2,964 (1,201 ) Corporate rate changes 94 145 (1,737 ) 417 Subpart F 301 (348 ) 466 310 Foreign tax credits (415 ) 113 (107 ) (459 ) Global intangible low-taxed income, net of credit — (119 ) — 4,291 Equity compensation excess benefit (3,694 ) (3,135 ) (5,155 ) (4,250 ) Return to provision adjustments 3,376 (503 ) 3,596 (139 ) Other, net 1,405 (437 ) 891 (428 ) Total provision for income taxes $ 57,379 $ 42,914 $ 104,436 $ 80,609 Effective tax rate 22.1 % 17.4 % 21.9 % 20.9 % The effective tax rates for the second quarter and first six months of 2019 were higher than the U.S. Statutory rate of 21.0% primarily as a result of valuation allowances established on losses in foreign jurisdictions, accrual of uncertain tax positions, and return to provision adjustments. These expenses were partially offset by benefits from differences in bases in foreign jurisdictions and excess tax benefits related to equity compensation. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The components of net periodic benefit costs, included in other operating expenses on the condensed consolidated statements of income, for the three and six months ended June 30, 2019 and 2018 were as follows (dollars in thousands): Pension Benefits Other Benefits Three months ended June 30, Three months ended June 30, 2019 2018 2019 2018 Service cost $ 3,169 $ 3,570 $ 757 $ 636 Interest cost 1,931 1,357 579 529 Expected return on plan assets (1,692 ) (2,213 ) — — Amortization of prior service cost (credit) 61 82 (329 ) (329 ) Amortization of prior actuarial losses 1,231 769 644 498 Net periodic benefit cost $ 4,700 $ 3,565 $ 1,651 $ 1,334 Pension Benefits Other Benefits Six months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Service cost $ 6,307 $ 6,224 $ 1,514 $ 1,272 Interest cost 3,317 2,687 1,159 1,059 Expected return on plan assets (3,576 ) (3,767 ) — — Amortization of prior service cost (credit) 121 165 (658 ) (658 ) Amortization of prior actuarial losses 2,142 1,863 1,288 996 Net periodic benefit cost $ 8,311 $ 7,172 $ 3,303 $ 2,669 |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2019 and December 31, 2018 , 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. 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 June 30, 2019 or December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 347,916 40.9 % $ 303,036 40.0 % Reinsurer B A+ 201,983 23.7 193,324 25.5 Reinsurer C A 74,214 8.7 69,885 9.2 Reinsurer D A++ 59,796 7.0 36,600 4.8 Reinsurer E A+ 40,253 4.7 40,004 5.3 Other reinsurers 127,218 15.0 114,723 15.2 Total $ 851,380 100.0 % $ 757,572 100.0 % Included in the total reinsurance ceded receivables balance were $211.6 million and $242.8 million of claims recoverable, of which $5.7 million and $17.4 million were in excess of 90 days past due, as of June 30, 2019 and December 31, 2018 |
Policy Claims and Benefits (Not
Policy Claims and Benefits (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Policy Claims and Benefits 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): Six months ended June 30, 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 5,457,193 5,046,146 Prior years 58,249 66,022 Total incurred 5,515,442 5,112,168 Payments: Current year (1,063,092 ) (1,097,105 ) Prior years (3,978,853 ) (3,518,791 ) Total payments (5,041,945 ) (4,615,896 ) Other changes: Interest accretion 13,185 12,299 Foreign exchange adjustments 2,663 (117,352 ) Total other changes 15,848 (105,053 ) Net balance at end the period 6,641,431 5,832,141 Plus: reinsurance recoverable 524,808 439,568 Balance at end of the period $ 7,166,239 $ 6,271,709 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. |
Financing Activities
Financing Activities | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Financing Activities On May 15, 2019 , RGA issued 3.9% Senior Notes due May 15, 2029 with a face amount of $600.0 million . The net proceeds were approximately $593.8 million and will be used in part to repay upon maturity the Company’s $400.0 million 6.45% Senior Notes that mature in November 2019. The remainder will be used for general corporate purposes. Capitalized issue costs were approximately $4.8 million . |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 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 guidance 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 guidance, 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 Anticipated 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. On July 17, 2019, the FASB tentatively agreed to defer the original effective date by one year. If finalized, the new guidance will be effective for annual and interim reporting periods beginning January 1, 2022. Below are the most significant areas of change: January 1, 2022 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 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. 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 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. 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 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. 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 updated guidance will likely have a material impact. 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. 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 For asset classes within the scope of the CECL model, 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). For available-for-sale debt securities, this guidance will be applied prospectively. The Company is in the process of finalizing its CECL models, and it anticipates an immaterial adjustment to retained earnings upon adoption of this new standard. The magnitude of the adjustment will depend upon the nature and characteristics of the Company’s loan portfolio at the adoption date, as well as macroeconomic conditions and forecasts at that date. 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 this guidance will be applied prospectively in the year of adoption. The remaining changes in this guidance will be applied retrospectively to all periods presented in the year of adoption. The Company does not expect the adoption of this guidance to have a material impact on its financial position. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Earnings: Net income (numerator for basic and diluted calculations) $ 202,698 $ 204,374 $ 372,205 $ 304,604 Shares: Weighted average outstanding shares (denominator for basic calculation) 62,678 64,071 62,719 64,278 Equivalent shares from outstanding stock options 1,020 1,179 1,100 1,277 Denominator for diluted calculation 63,698 65,250 63,819 65,555 Earnings per share: Basic $ 3.23 $ 3.19 $ 5.93 $ 4.74 Diluted $ 3.18 $ 3.13 $ 5.83 $ 4.65 |
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 June 30, Six months ended June 30, 2019 2018 2019 2018 Excluded from common equivalent shares: Stock options 250 225 420 295 Performance contingent shares 242 229 171 217 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The changes in the number of common stock 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) — (288,360 ) 288,360 Balance, June 30, 2019 79,137,758 16,379,267 62,758,491 Issued Held In Treasury Outstanding Balance, December 31, 2017 79,137,758 14,685,663 64,452,095 Common stock acquired — 991,477 (991,477 ) Stock-based compensation (1) — (211,868 ) 211,868 Balance, June 30, 2018 79,137,758 15,465,272 63,672,486 (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 six months ended June 30, 2019 and 2018 are as follows (dollars in thousands): 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 43,534 2,617,211 (3,369 ) 2,657,376 Amounts reclassified to (from) AOCI — (98,502 ) 2,893 (95,609 ) Deferred income tax benefit (expense) 2,455 (558,975 ) 103 (556,417 ) Balance, June 30, 2019 $ (122,709 ) $ 2,815,893 $ (51,071 ) $ 2,642,113 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 (44,227 ) (1,327,195 ) (2,986 ) (1,374,408 ) Amounts reclassified to (from) AOCI — 53,646 2,366 56,012 Deferred income tax benefit (expense) (11,610 ) 271,226 120 259,736 Balance, June 30, 2018 $ (142,187 ) $ 1,198,338 $ (51,180 ) $ 1,004,971 (1) Includes cash flow hedges of $(14,862) and $8,788 as of June 30, 2019 and December 31, 2018 , respectively, and $22,656 and $2,619 as of June 30, 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 and six months ended June 30, 2019 and 2018 (dollars in thousands): Amount Reclassified from AOCI Three months ended June 30, Six months ended June 30, Details about AOCI Components 2019 2018 2019 2018 Affected Line Item in Statements of Income Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ 20,249 $ (24,642 ) $ 19,976 $ (39,098 ) Investment related gains (losses), net Cash flow hedges - Interest rate 383 29 852 (342 ) (1) Cash flow hedges - Currency/Interest rate (6 ) 76 19 221 (1) Deferred policy acquisition costs attributed to unrealized gains and losses 63,182 (7,835 ) 77,655 (14,427 ) (2) Total 83,808 (32,372 ) 98,502 (53,646 ) Provision for income taxes (17,273 ) 6,945 (20,279 ) 11,623 Net unrealized gains (losses), net of tax $ 66,535 $ (25,427 ) $ 78,223 $ (42,023 ) Amortization of defined benefit plan items: Prior service cost (credit) $ 268 $ 247 $ 537 $ 493 (3) Actuarial gains/(losses) (1,875 ) (1,267 ) (3,430 ) (2,859 ) (3) Total (1,607 ) (1,020 ) (2,893 ) (2,366 ) Provision for income taxes 338 214 608 497 Amortization of defined benefit plans, net of tax $ (1,269 ) $ (806 ) $ (2,285 ) $ (1,869 ) Total reclassifications for the period $ 65,266 $ (26,233 ) $ 75,938 $ (43,892 ) (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 details. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Available For Sale Securities | The following tables provide information relating to investments in fixed maturity securities by sector as of June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019: Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value % of Total Other-than- Available-for-sale: Corporate $ 26,055,078 $ 1,651,141 $ 70,788 $ 27,635,431 59.8 % $ — Canadian government 2,960,943 1,613,153 133 4,573,963 9.9 — RMBS 2,214,963 64,629 3,077 2,276,515 4.9 — ABS 2,482,012 25,714 13,062 2,494,664 5.4 275 CMBS 1,687,024 60,775 514 1,747,285 3.8 — U.S. government 1,738,348 40,202 370 1,778,180 3.8 — State and political subdivisions 1,221,461 83,621 1,508 1,303,574 2.9 — Other foreign government 4,097,789 288,833 6,929 4,379,693 9.5 — Total fixed maturity securities $ 42,457,618 $ 3,828,068 $ 96,381 $ 46,189,305 100.0 % $ 275 December 31, 2018: Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value % of Total Other-than- 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 June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities pledged as collateral $ 85,651 $ 89,295 $ 80,891 $ 83,950 Fixed maturity securities received as collateral n/a 687,071 n/a 616,584 Assets in trust held to satisfy collateral requirements 23,697,506 25,212,508 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 June 30, 2019 and December 31, 2018 (dollars in thousands). June 30, 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 $ 1,168,749 $ 2,115,321 $ 1,091,018 $ 1,757,087 Canadian province of Ontario 978,025 1,361,749 913,642 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 at June 30, 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 $ 1,305,265 $ 1,314,533 Due after one year through five years 8,823,728 9,130,980 Due after five years through ten years 9,519,138 10,171,840 Due after ten years 16,425,488 19,053,488 Asset and mortgage-backed securities 6,383,999 6,518,464 Total $ 42,457,618 $ 46,189,305 |
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 June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019: Estimated Amortized Cost Fair Value % of Total Finance $ 9,865,739 $ 10,385,443 37.6 % Industrial 13,063,121 13,878,056 50.2 Utility 3,126,218 3,371,932 12.2 Total $ 26,055,078 $ 27,635,431 100.0 % 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 921 and 3,109 fixed maturity securities as of June 30, 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): June 30, 2019 December 31, 2018 Gross Unrealized Losses % of Total Gross Unrealized Losses % of Total Less than 20% $ 73,351 76.1 % $ 721,015 96.3 % 20% or more for less than six months 21,995 22.8 21,336 2.9 20% or more for six months or greater 1,035 1.1 6,139 0.8 Total $ 96,381 100.0 % $ 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 921 and 3,109 fixed maturity securities that have estimated fair values below amortized cost as of June 30, 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 June 30, 2019: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 780,802 $ 8,757 $ 1,276,130 $ 28,924 $ 2,056,932 $ 37,681 Canadian government 2,535 2 17,555 131 20,090 133 RMBS 57,572 489 240,046 2,577 297,618 3,066 ABS 753,026 5,383 399,818 7,679 1,152,844 13,062 CMBS 79,372 240 37,442 274 116,814 514 U.S. government 257,328 36 76,098 334 333,426 370 State and political subdivisions 42,876 11 13,856 1,497 56,732 1,508 Other foreign government 90,066 2,565 110,341 2,697 200,407 5,262 Total investment grade securities 2,063,577 17,483 2,171,286 44,113 4,234,863 61,596 Below investment grade securities: Corporate 216,611 22,148 139,318 10,959 355,929 33,107 RMBS — — 976 11 976 11 Other foreign government 6,337 77 18,664 1,590 25,001 1,667 Total below investment grade securities 222,948 22,225 158,958 12,560 381,906 34,785 Total fixed maturity securities $ 2,286,525 $ 39,708 $ 2,330,244 $ 56,673 $ 4,616,769 $ 96,381 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 June 30, Six months ended June 30, 2019 2018 2019 2018 Fixed maturity securities available-for-sale $ 427,841 $ 373,624 $ 842,928 $ 742,827 Equity securities 645 709 1,891 2,391 Mortgage loans on real estate 60,509 50,460 120,071 100,659 Policy loans 14,394 14,775 28,503 29,555 Funds withheld at interest 65,972 86,417 127,706 161,862 Short-term investments and cash and cash equivalents 7,465 2,964 14,365 6,209 Other invested assets 31,910 20,785 74,146 44,613 Investment income 608,736 549,734 1,209,610 1,088,116 Investment expense (24,658 ) (21,673 ) (45,655 ) (43,726 ) Investment income, net of related expenses $ 584,078 $ 528,061 $ 1,163,955 $ 1,044,390 |
Gain Loss On Investments | Investment related gains (losses), net, consist of the following (dollars in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Fixed maturity securities available-for-sale: Other-than-temporary impairment losses $ — $ (3,350 ) $ (9,453 ) $ (3,350 ) Gain on investment activity 20,384 21,140 48,429 32,106 Loss on investment activity (6,870 ) (35,934 ) (25,593 ) (56,314 ) Equity securities: Gain on investment activity — 469 74 497 Loss on investment activity — — (1 ) (950 ) Change in unrealized gains (losses) recognized in earnings 2,673 (6,966 ) 6,417 (11,103 ) Other impairment losses and change in mortgage loan provision (5,609 ) (1,357 ) (7,468 ) (1,669 ) Derivatives and other, net 1,894 15,426 7,855 29,741 Total investment related gains (losses), net $ 12,472 $ (10,572 ) $ 20,260 $ (11,042 ) |
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 June 30, 2019 and December 31, 2018 (dollars in thousands). June 30, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Borrowed securities $ 343,093 $ 376,665 $ 335,781 $ 366,663 Securities lending: Securities loaned 97,596 103,009 101,981 102,618 Securities received n/a 107,000 n/a 112,000 Repurchase program/reverse repurchase program: Securities pledged 576,381 596,412 554,806 554,589 Securities received n/a 578,112 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 June 30, 2019 and December 31, 2018 (dollars in thousands). Collateral associated with certain borrowed securities is not included within the table, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows. June 30, 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 $ — $ — $ — $ 103,009 $ 103,009 Total — — — 103,009 103,009 Repurchase transactions: Corporate — — — 289,659 289,659 U.S. government — — — 209,581 209,581 Foreign government — — — 97,172 97,172 Other — — — — — Total — — — 596,412 596,412 Total borrowings $ — $ — $ — $ 699,421 $ 699,421 Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table $ 713,727 Amounts related to agreements not included in offsetting disclosure $ 14,306 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 June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Property type: Carrying Value % of Total Carrying Value % of Total Office building $ 1,718,595 31.7 % $ 1,725,748 34.6 % Retail 1,526,267 28.1 1,432,394 28.7 Industrial 1,112,460 20.5 961,924 19.3 Apartment 730,452 13.5 571,291 11.5 Other commercial 336,371 6.2 291,997 5.9 Recorded investment 5,424,145 100.0 % 4,983,354 100.0 % Unamortized balance of loan origination fees and expenses (7,031 ) (5,770 ) Valuation allowances (11,692 ) (11,286 ) Total mortgage loans on real estate $ 5,405,422 $ 4,966,298 |
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | The maturities of mortgage loans as of June 30, 2019 and December 31, 2018 are as follows (dollars in thousands): June 30, 2019 December 31, 2018 Recorded Investment % of Total Recorded Investment % of Total Due within five years $ 1,624,003 29.9 % $ 1,425,598 28.6 % Due after five years through ten years 2,921,184 53.9 2,686,264 53.9 Due after ten years 878,958 16.2 871,492 17.5 Total $ 5,424,145 100.0 % $ 4,983,354 100.0 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of June 30, 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 June 30, 2019: Loan-to-Value Ratio 0% - 59.99% $ 2,570,786 $ 99,194 $ 64,707 $ — $ 2,734,687 50.4 % 60% - 69.99% 1,786,531 108,392 41,680 39,432 1,976,035 36.4 70% - 79.99% 447,382 39,170 22,766 — 509,318 9.4 Greater than 80% 106,070 49,306 48,729 — 204,105 3.8 Total $ 4,910,769 $ 296,062 $ 177,882 $ 39,432 $ 5,424,145 100.0 % 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 June 30, 2019 and December 31, 2018 is as follows (dollars in thousands): June 30, 2019 December 31, 2018 31-60 days past due $ 11,715 $ — Total past due 11,715 — Current 5,412,430 4,983,354 Total $ 5,424,145 $ 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 June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Mortgage loans: Individually measured for impairment $ 17,014 $ 30,635 Collectively measured for impairment 5,407,131 4,952,719 Recorded investment $ 5,424,145 $ 4,983,354 Valuation allowances: Individually measured for impairment $ — $ — Collectively measured for impairment 11,692 11,286 Total valuation allowances $ 11,692 $ 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 and six months ended June 30, 2019 and 2018 is as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Balance, beginning of period $ 11,218 $ 8,864 $ 11,286 $ 9,384 Provision (release) 470 845 397 329 Translation adjustment 4 (3 ) 9 (7 ) Balance, end of period $ 11,692 $ 9,706 $ 11,692 $ 9,706 |
Impaired Financing Receivables Table | Information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2019 and December 31, 2018 is as follows (dollars in thousands): Unpaid Principal Balance Recorded Investment Related Allowance Carrying Value June 30, 2019: Impaired mortgage loans with no valuation allowance recorded $ 17,017 $ 17,014 $ — $ 17,014 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17,017 $ 17,014 $ — $ 17,014 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 June 30, 2019 2018 Average (1) Interest Income Average Recorded Investment (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 17,047 $ 171 $ 27,038 $ 247 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17,047 $ 171 $ 27,038 $ 247 Six months ended June 30, 2019 2018 Average (1) Interest Income Average (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 21,576 $ 499 $ 19,978 $ 304 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 21,576 $ 499 $ 19,978 $ 304 (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 June 30, 2019 and December 31, 2018 were as follows (dollars in thousands): June 30, 2019 December 31, 2018 Limited partnership interests and real estate joint ventures $ 1,008,571 $ 965,094 Equity release mortgages 641,611 475,905 Derivatives 122,484 180,699 FVO contractholder-directed unit-linked investments 255,174 197,770 Other 93,566 95,829 Total other invested assets $ 2,121,406 $ 1,915,297 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 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 $ 922,478 $ 71,535 $ 3,447 $ 1,040,588 $ 47,652 $ 961 Financial futures Equity 389,353 — — 325,620 — — Foreign currency swaps Foreign currency 149,698 — 12,194 149,698 504 4,659 Foreign currency forwards Foreign currency — — — 25,000 — 234 Consumer price index swaps CPI 438,587 189 25,481 385,580 — 11,384 Credit default swaps Credit 1,331,300 6,190 134 1,338,300 6,003 1,166 Equity options Equity 371,869 14,644 — 439,158 42,836 — Longevity swaps Longevity 909,840 51,755 — 917,360 47,789 — Mortality swaps Mortality 25,000 — 853 25,000 — 369 Synthetic guaranteed investment contracts Interest rate 13,526,503 — — 13,397,729 — — Embedded derivatives in: Modified coinsurance or funds withheld arrangements — 112,767 — — 109,597 — Indexed annuity products — — 740,683 — — 776,940 Variable annuity products — — 167,808 — — 167,925 Total non-hedging derivatives 18,064,628 257,080 950,600 18,044,033 254,381 963,638 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 535,000 825 27,560 435,000 — 27,257 Foreign currency swaps Foreign currency 408,910 28,400 2,425 494,461 51,311 — Foreign currency forwards Foreign currency 987,606 27,532 653 911,197 50,974 — Total hedging derivatives 1,931,516 56,757 30,638 1,840,658 102,285 27,257 Total derivatives $ 19,996,144 $ 313,837 $ 981,238 $ 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 June 30, 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 June 30, 2019: Foreign currency swaps Foreign-denominated fixed maturity securities $ (3,718 ) $ 1,118 For the three months ended June 30, 2018: Foreign currency swaps Foreign-denominated fixed maturity securities $ (1,134 ) $ 4,942 For the six months ended June 30, 2019: Foreign currency swaps Foreign-denominated fixed maturity securities $ (4,426 ) $ 415 For the six months ended June 30, 2018: Foreign currency swaps Foreign-denominated fixed maturity securities $ (3,025 ) $ 6,833 |
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 and six months ended June 30, 2019 and 2018 (dollars in thousands): Three months ended June 30, 2019 2018 Balance beginning of period $ (1,902 ) $ 20,662 Gains (losses) deferred in other comprehensive income (loss) (12,583 ) 2,099 Amounts reclassified to investment income 6 (76 ) Amounts reclassified to interest expense (383 ) (29 ) Balance end of period $ (14,862 ) $ 22,656 Six months ended June 30, 2019 2018 Balance beginning of period $ 8,788 $ 2,619 Gains (losses) deferred in other comprehensive income (loss) (22,779 ) 19,916 Amounts reclassified to investment income (19 ) (221 ) Amounts reclassified to interest expense (852 ) 342 Balance end of period $ (14,862 ) $ 22,656 |
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 and six months ended June 30, 2019 and 2018 (dollars in thousands): Derivative Type Gain (Loss) Deferred in AOCI Gain (Loss) Reclassified into Income from AOCI Investment Income Interest Expense For the three months ended June 30, 2019: Interest rate $ (9,869 ) $ — $ 383 Currency/Interest rate (2,714 ) (6 ) — Total $ (12,583 ) $ (6 ) $ 383 For the three months ended June 30, 2018: Interest rate $ 4,742 $ — $ 29 Currency/Interest rate (2,643 ) 76 — Total $ 2,099 $ 76 $ 29 For the six months ended June 30, 2019: Interest rate $ (21,970 ) $ — $ 852 Currency/Interest rate (809 ) 19 — Total $ (22,779 ) $ 19 $ 852 For the six months ended June 30, 2018: Interest rate $ 19,727 $ — $ (342 ) Currency/Interest rate 189 221 — Total $ 19,916 $ 221 $ (342 ) |
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 and six months ended June 30, 2019 and 2018 (dollars in thousands): Derivative Gains (Losses) Deferred in AOCI For the three months ended June 30, For the six months ended June 30, Type of NIFO Hedge (1) 2019 2018 2019 2018 Foreign currency swaps $ (2,486 ) $ 8,197 $ (9,493 ) $ 17,002 Foreign currency forwards (5,984 ) 11,063 (24,095 ) 23,299 Total $ (8,470 ) $ 19,260 $ (33,588 ) $ 40,301 (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 and six months ended June 30, 2019 and 2018 is as follows (dollars in thousands): Gain (Loss) for the three months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2019 2018 Interest rate swaps Investment related gains (losses), net $ 33,404 $ (8,600 ) Financial futures Investment related gains (losses), net (7,685 ) (897 ) Foreign currency swaps Investment related gains (losses), net (6,380 ) — Foreign currency forwards Investment related gains (losses), net (258 ) (262 ) CPI swaps Investment related gains (losses), net (6,812 ) 1,041 Credit default swaps Investment related gains (losses), net 5,078 1,084 Equity options Investment related gains (losses), net (4,828 ) (8,007 ) Longevity swaps Other revenues 2,184 2,289 Mortality swaps Other revenues (1,342 ) (799 ) Subtotal 13,361 (14,151 ) Embedded derivatives in: Modified coinsurance or funds withheld arrangements Investment related gains (losses), net 5,262 8,805 Indexed annuity products Interest credited (8,459 ) 6,519 Variable annuity products Investment related gains (losses), net (18,044 ) 15,324 Total non-hedging derivatives $ (7,880 ) $ 16,497 Gain (Loss) for the six months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2019 2018 Interest rate swaps Investment related gains (losses), net $ 57,378 $ (35,171 ) Financial futures Investment related gains (losses), net (29,963 ) (768 ) Foreign currency swaps Investment related gains (losses), net (5,657 ) — Foreign currency forwards Investment related gains (losses), net 234 61 CPI swaps Investment related gains (losses), net (15,663 ) 3,227 Credit default swaps Investment related gains (losses), net 19,578 682 Equity options Investment related gains (losses), net (27,512 ) (5,414 ) Longevity swaps Other revenues 4,327 4,557 Mortality swaps Other revenues (484 ) (799 ) Subtotal 2,238 (33,625 ) Embedded derivatives in: Modified coinsurance or funds withheld arrangements Investment related gains (losses), net 3,170 22,416 Indexed annuity products Interest credited (5,389 ) 31,870 Variable annuity products Investment related gains (losses), net 117 30,109 Total non-hedging derivatives $ 136 $ 50,770 |
Disclosure of Credit Derivatives [Table Text Block] | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 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 $ 2,015 $ 147,000 2.1 $ 1,953 $ 152,000 2.2 Subtotal 2,015 147,000 2.1 1,953 152,000 2.2 BBB+/BBB/BBB- Single name credit default swaps 3,762 321,700 2.0 2,930 353,700 2.2 Credit default swaps referencing indices 288 852,600 4.8 (76 ) 817,600 6.4 Subtotal 4,050 1,174,300 4.1 2,854 1,171,300 5.1 BB+/BB/BB- Single name credit default swaps (9 ) 10,000 0.3 30 15,000 0.7 Subtotal (9 ) 10,000 0.3 30 15,000 0.7 Total $ 6,056 $ 1,331,300 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 June 30, 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 June 30, 2019: Derivative assets $ 201,070 $ (26,831 ) $ 174,239 $ — $ (189,265 ) $ (15,026 ) Derivative liabilities 72,747 (26,831 ) 45,916 (72,803 ) (56,310 ) (83,197 ) 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 June 30, 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 June 30, 2019: Derivative assets $ 201,070 $ (26,831 ) $ 174,239 $ — $ (189,265 ) $ (15,026 ) Derivative liabilities 72,747 (26,831 ) 45,916 (72,803 ) (56,310 ) (83,197 ) 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) | 6 Months Ended |
Jun. 30, 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 June 30, 2019 and December 31, 2018 are summarized below (dollars in thousands): June 30, 2019: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 27,635,431 $ — $ 25,991,067 $ 1,644,364 Canadian government 4,573,963 — 3,902,936 671,027 RMBS 2,276,515 — 2,260,483 16,032 ABS 2,494,664 — 2,384,342 110,322 CMBS 1,747,285 — 1,747,266 19 U.S. government 1,778,180 1,651,425 109,349 17,406 State and political subdivisions 1,303,574 — 1,293,719 9,855 Other foreign government 4,379,693 — 4,364,007 15,686 Total fixed maturity securities – available-for-sale 46,189,305 1,651,425 42,053,169 2,484,711 Equity securities 146,755 101,948 — 44,807 Funds withheld at interest – embedded derivatives 112,767 — — 112,767 Cash equivalents 755,129 737,286 17,843 — Short-term investments 126,468 17,963 80,118 28,387 Other invested assets: Derivatives: Interest rate swaps 61,298 — 61,298 — Foreign currency forwards 27,532 — 27,532 — Credit default swaps (6,696 ) — (6,696 ) — Equity options 14,375 — 14,375 — Foreign currency swaps 25,975 — 25,975 — FVO contractholder-directed unit-linked investments 255,174 205,805 49,369 — Total other invested assets 377,658 205,805 171,853 — Other assets - longevity swaps 51,755 — — 51,755 Total $ 47,759,837 $ 2,714,427 $ 42,322,983 $ 2,722,427 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 908,491 $ — $ — $ 908,491 Other liabilities: Derivatives: Interest rate swaps 19,945 — 19,945 — Foreign currency swaps - non-hedged 12,194 — 12,194 — Foreign currency forwards 653 — 653 — CPI swaps 25,292 — 25,292 — Credit default swaps (12,752 ) — (12,752 ) — Equity options (269 ) — (269 ) — Mortality swaps 853 — — 853 Total $ 954,407 $ — $ 45,063 $ 909,344 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 Inputs, Liabilities, Quantitative Information [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of June 30, 2019 and December 31, 2018 (dollars in thousands): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Assets: Corporate $ 808,416 $ 642,647 Market comparable securities Liquidity premium 0-5% (1%) 0-5% (1%) EBITDA Multiple 5.9x 5.9x-7.5x (6.5x) ABS 97,055 77,842 Market comparable securities Liquidity premium 0-4% (1%) 0-1% (1%) U.S. government 17,406 18,025 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Other foreign government 15,686 5,006 Market comparable securities Liquidity premium 1 % 1 % Equity securities 31,617 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 112,767 109,597 Total return swap Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (12%) 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 51,755 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 740,683 776,940 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (12%) 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 167,808 167,925 Discounted cash flow Mortality 0-100% (1%) 0-100% (1%) Lapse 0-25% (5%) 0-25% (5%) Withdrawal 0-7% (5%) 0-7% (5%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (13%) 0-27% (13%) Mortality swaps 853 369 Discounted cash flow Mortality 0-100% (1%) 0-100% (1%) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 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 June 30, 2019: Fixed maturity securities - available-for-sale Corporate Canadian government RMBS ABS Fair value, beginning of period $ 1,530,755 $ 607,791 $ 6,522 $ 113,787 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 27 3,569 (21 ) 5 Investment related gains (losses), net 15 — — 110 Included in other comprehensive income 16,728 59,667 70 1,048 Purchases (1) 176,431 — 3,018 8,425 Sales (1) (13,925 ) — — — Settlements (1) (80,213 ) — (1,239 ) (13,053 ) Transfers into Level 3 16,041 — 7,682 — Transfers out of Level 3 (1,495 ) — — — Fair value, end of period $ 1,644,364 $ 671,027 $ 16,032 $ 110,322 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 $ 70 $ 3,569 $ (21 ) $ 4 For the three months ended June 30, 2019 (continued): Fixed maturity securities available-for-sale CMBS U.S. government State Other foreign government Equity securities Fair value, beginning of period $ 21 $ 17,209 $ 10,162 $ 5,066 $ 40,422 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — (86 ) 5 — — Investment related gains (losses), net — — — — 1,785 Included in other comprehensive income — 322 39 620 — Purchases (1) — 102 — 10,000 2,600 Settlements (1) (2 ) (141 ) (351 ) — — Fair value, end of period $ 19 $ 17,406 $ 9,855 $ 15,686 $ 44,807 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 $ — $ (86 ) $ 5 $ — $ — Investment related gains (losses), net — — — — 1,785 For the three months ended June 30, 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 $ 107,506 $ 19 $ 29,202 $ 48,869 $ (903,935 ) $ 489 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — — 56 — — — Investment related gains (losses), net 5,261 — 17 — (18,044 ) — Claims & other policy benefits — — — — — — Interest credited — — — — (8,459 ) — Policy acquisition costs and other insurance expenses — — — — — — Included in other comprehensive income — — (67 ) 702 — — Other revenues — — — 2,184 2,585 (1,342 ) Purchases (1) — — 1,265 — — — Sales (1) — — (1,517 ) — — — Settlements (1) — — (547 ) — 19,362 — Transfers out of Level 3 — (19 ) (22 ) — — — Fair value, end of period $ 112,767 $ — $ 28,387 $ 51,755 $ (908,491 ) $ (853 ) 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 $ — $ — $ 56 $ — $ — $ — Investment related gains (losses), net 5,261 — — — (19,842 ) — Other revenues — — — 2,184 — (1,342 ) Interest credited — — — — (27,820 ) — For the six months ended June 30, 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 160 7,062 (19 ) 22 Investment related gains (losses), net 15 — — 110 Included in other comprehensive income 36,132 135,841 71 2,023 Purchases (1) 390,872 — 3,018 39,747 Sales (1) (24,637 ) — — — Settlements (1) (103,649 ) — (1,575 ) (27,152 ) Transfers into Level 3 16,041 — 7,682 — Transfers out of Level 3 (1,495 ) — — — Fair value, end of period $ 1,644,364 $ 671,027 $ 16,032 $ 110,322 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 $ 236 $ 7,062 $ (19 ) $ 21 For the six months ended June 30, 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 — (175 ) 10 — — Investment related gains (losses), net — — — — 5,547 Included in other comprehensive income — 589 32 680 — Purchases (1) — 186 — 10,000 5,800 Settlements (1) (3 ) (1,219 ) (389 ) — — Fair value, end of period $ 19 $ 17,406 $ 9,855 $ 15,686 $ 44,807 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 $ — $ (175 ) $ 10 $ — $ — Investment related gains (losses), net — — — — 5,547 For the six months ended June 30, 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 — — 88 — — — Investment related gains (losses), net 3,170 — 17 — 117 — Interest credited — — — — (5,389 ) — Included in other comprehensive income — — 132 (361 ) — — Other revenues — — — 4,327 — (484 ) Purchases (1) — 19 28,008 — 3,983 — Sales (1) — — (1,517 ) — — — Settlements (1) — — (547 ) — 37,663 — Transfers out of Level 3 — (19 ) (22 ) — — — Fair value, end of period $ 112,767 $ — $ 28,387 $ 51,755 $ (908,491 ) $ (853 ) 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 $ — $ — $ 88 $ — $ — $ — Investment related gains (losses), net 3,170 — — — (3,076 ) — Other revenues — — — 4,327 — (484 ) Interest credited — — — — (43,052 ) — For the three months ended June 30, 2018: Fixed maturity securities - available-for-sale Corporate Canadian government RMBS ABS Fair value, beginning of period $ 1,299,264 $ 572,747 $ 120,614 $ 130,706 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses (305 ) 3,468 (43 ) 76 Investment related gains (losses), net (3,141 ) — 312 1,282 Included in other comprehensive income 2,178 (3,517 ) (671 ) (1,544 ) Purchases (1) 155,498 — 24,412 — Sales (1) (11,089 ) — (4,961 ) — Settlements (1) (68,328 ) — (1,572 ) (19,544 ) Transfers into Level 3 — — 3,031 4,968 Transfers out of Level 3 (6,923 ) — (86,283 ) (45,258 ) Fair value, end of period $ 1,367,154 $ 572,698 $ 54,839 $ 70,686 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 $ (304 ) $ 3,468 $ (13 ) $ 68 Investment related gains (losses), net (3,141 ) — — — For the three months ended June 30, 2018 (continued): Fixed maturity securities available-for-sale CMBS U.S. government State Other foreign government Fair value, beginning of period $ 1,884 $ 21,053 $ 41,876 $ 5,004 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — (107 ) (10 ) — Included in other comprehensive income (16 ) (173 ) (110 ) 40 Purchases (1) — 118 — — Settlements (1) (2 ) (156 ) (86 ) — Transfers out of Level 3 1 — (25,165 ) — Fair value, end of period $ 1,867 $ 20,735 $ 16,505 $ 5,044 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 $ — $ (108 ) $ (11 ) $ — For the three months ended June 30, 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 $ 36,152 $ 135,805 $ 3,217 $ 44,011 $ (964,794 ) $ (1,683 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment related gains (losses), net (4,922 ) 8,805 — — 15,324 — Interest credited — — — — 6,519 — Included in other comprehensive income — — (21 ) (2,329 ) — — Other revenues — — — 2,289 — (799 ) Purchases (1) 12,248 — 335 — (4,205 ) — Sales (1) (541 ) — — — — — Settlements (1) — — (314 ) — 18,359 1,700 Fair value, end of period $ 42,937 $ 144,610 $ 3,217 $ 43,971 $ (928,797 ) $ (782 ) 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 $ (5,000 ) $ 8,805 $ — $ — $ 13,474 $ — Other revenues — — — 2,289 — (799 ) Interest credited — — — — (11,839 ) — For the six months ended June 30, 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 (666 ) 6,912 (135 ) 182 Investment related gains (losses), net (3,141 ) — 312 1,284 Included in other comprehensive income (30,674 ) (28,156 ) (1,781 ) (691 ) Purchases (1) 255,668 — 45,328 11,000 Sales (1) (17,269 ) — (4,961 ) — Settlements (1) (143,474 ) — (4,535 ) (22,283 ) Transfers into Level 3 7,166 — 3,031 4,968 Transfers out of Level 3 (37,728 ) — (90,302 ) (47,248 ) Fair value, end of period $ 1,367,154 $ 572,698 $ 54,839 $ 70,686 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 $ (665 ) $ 6,912 $ (105 ) $ 174 Investment related gains (losses), net (3,141 ) — — — For the six months ended June 30, 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 — (217 ) (2 ) — Included in other comprehensive income (63 ) (513 ) 590 (48 ) Purchases (1) — 214 — — Settlements (1) (3 ) (1,260 ) (121 ) — Transfers out of Level 3 (1,301 ) — (25,165 ) — Fair value, end of period $ 1,867 $ 20,735 $ 16,505 $ 5,044 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 $ — $ (218 ) $ (3 ) $ — For the six months ended June 30, 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 $ (1,014,228 ) $ (1,683 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment related gains (losses), net (7,599 ) 22,416 — — 30,109 — Interest credited — — — — 31,870 — Included in other comprehensive income — — (46 ) (1,245 ) — — Other revenues — — — 4,557 — (799 ) Purchases (1) 12,248 — 481 — (12,713 ) — Sales (1) (569 ) — — — — — Settlements (1) (48 ) — (314 ) — 36,165 1,700 Transfers into Level 3 38,905 — — — — — Fair value, end of period $ 42,937 $ 144,610 $ 3,217 $ 43,971 $ (928,797 ) $ (782 ) 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 $ (7,705 ) $ 22,416 $ — $ — $ 26,375 $ — Other revenues — — — 4,557 — (799 ) Interest credited — — — — (4,295 ) — (1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | The following table (dollars in thousands) presents information for assets measured at an estimated fair value on a nonrecurring basis during the 2019 periods presented and still held at the reporting date (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). The Company did not have any adjustments to financial instruments measured at fair value on a non-recurring basis that were still held as of June 30, 2018. Carrying Value After Measurement Investment Related Gains (Losses), Net Three months ended June 30, Six months ended June 30, At June 30, 2019 2019 2019 Limited partnership interests (1) $ 5,694 $ (5,049 ) $ (5,049 ) (1) The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency. |
Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block] | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of June 30, 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. June 30, 2019: Carrying Value (1) Estimated Fair Value Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 5,405,422 $ 5,598,551 $ — $ — $ 5,598,551 $ — Policy loans 1,319,722 1,319,722 — 1,319,722 — — Funds withheld at interest 5,576,162 5,882,101 — — 5,882,101 — Cash and cash equivalents 1,532,397 1,532,397 1,532,397 — — — Short-term investments 32,320 32,320 32,320 — — — Other invested assets 1,122,777 1,151,725 5,317 83,680 661,289 401,439 Accrued investment income 470,074 470,074 — 470,074 — — Liabilities: Interest-sensitive contract liabilities $ 16,367,006 $ 17,283,769 $ — $ — $ 17,283,769 $ — Long-term debt 3,381,411 3,508,853 — — 3,508,853 — Collateral finance and securitization notes 635,300 584,310 — — 584,310 — December 31, 2018: Carrying Value (1) Estimated Fair Value Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV 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) | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, Revenues: 2019 2018 2019 2018 U.S. and Latin America: Traditional $ 1,584,676 $ 1,564,147 $ 3,125,342 $ 3,053,841 Financial Solutions 301,257 229,948 555,917 443,300 Total 1,885,933 1,794,095 3,681,259 3,497,141 Canada: Traditional 318,142 312,199 630,475 614,518 Financial Solutions 23,929 12,089 47,503 24,866 Total 342,071 324,288 677,978 639,384 Europe, Middle East and Africa: Traditional 369,499 372,538 753,505 766,320 Financial Solutions 113,986 100,675 223,407 188,818 Total 483,485 473,213 976,912 955,138 Asia Pacific: Traditional 633,417 570,520 1,306,589 1,185,059 Financial Solutions 59,558 17,992 114,086 37,838 Total 692,975 588,512 1,420,675 1,222,897 Corporate and Other 62,944 15,800 130,615 55,055 Total $ 3,467,408 $ 3,195,908 $ 6,887,439 $ 6,369,615 |
Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block | Three months ended June 30, Six months ended June 30, Income (loss) before income taxes: 2019 2018 2019 2018 U.S. and Latin America: Traditional $ 55,175 $ 71,978 $ 66,829 $ 74,870 Financial Solutions 92,018 82,388 175,295 149,809 Total 147,193 154,366 242,124 224,679 Canada: Traditional 46,259 21,805 96,538 45,512 Financial Solutions 3,813 3,544 5,161 6,735 Total 50,072 25,349 101,699 52,247 Europe, Middle East and Africa: Traditional 16,121 6,468 31,545 21,889 Financial Solutions 51,801 65,369 90,191 104,533 Total 67,922 71,837 121,736 126,422 Asia Pacific: Traditional 34,775 58,862 71,399 81,749 Financial Solutions 1,918 4,138 8,001 8,159 Total 36,693 63,000 79,400 89,908 Corporate and Other (41,803 ) (67,264 ) (68,318 ) (108,043 ) Total $ 260,077 $ 247,288 $ 476,641 $ 385,213 |
Reconciliation Of Assets From Segment To Consolidated Text Block | Assets: June 30, 2019 December 31, 2018 U.S. and Latin America: Traditional $ 19,142,106 $ 19,235,781 Financial Solutions 22,698,262 19,870,388 Total 41,840,368 39,106,169 Canada: Traditional 4,198,875 4,200,792 Financial Solutions 133,642 154,000 Total 4,332,517 4,354,792 Europe, Middle East and Africa: Traditional 3,755,356 3,643,174 Financial Solutions 5,916,625 4,737,529 Total 9,671,981 8,380,703 Asia Pacific: Traditional 6,339,047 5,680,978 Financial Solutions 1,618,609 1,180,745 Total 7,957,656 6,861,723 Corporate and Other 8,241,294 5,831,858 Total $ 72,043,816 $ 64,535,245 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2019 and December 31, 2018 are presented in the following table (dollars in thousands): June 30, 2019 December 31, 2018 Limited partnership interests and joint ventures $ 625,286 $ 523,903 Commercial mortgage loans 146,553 22,605 Bank loans and private placements 90,052 137,076 Equity release mortgages 53,252 264,858 |
Other Commitments [Table Text Block] | The following table presents the maximum potential obligation for these commitments as of June 30, 2019 (dollars in millions): Commitment Period: Maximum Potential Obligation 2023 $ 500.0 2034 2,000.0 2035 1,314.2 2036 2,658.0 2037 5,750.0 2038 1,800.0 2039 1,750.0 |
Schedule of Guarantor Obligations [Table Text Block] | RGA’s guarantees issued as of June 30, 2019 and December 31, 2018 are reflected in the following table (dollars in thousands): June 30, 2019 December 31, 2018 Treaty guarantees $ 1,500,220 $ 1,392,352 Treaty guarantees, net of assets in trust 1,402,737 1,291,445 Securities borrowing and repurchase arrangements 274,555 269,980 Financing arrangements 50,666 61,273 Lease obligations 156 392 |
Income Tax (Tables)
Income Tax (Tables) | 6 Months Ended |
Jun. 30, 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 21.0% to pre-tax income as a result of the following for the three and six months ended June 30, 2019 and 2018 , respectively (dollars in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Tax provision at U.S. statutory rate $ 54,616 $ 51,931 $ 100,095 $ 80,895 Increase (decrease) in income taxes resulting from: U.S. Tax Reform provisional adjustments — (4,314 ) — (3,539 ) Foreign tax rate differing from U.S. tax rate 627 (330 ) 1,292 1,103 Differences in tax bases in foreign jurisdictions (5,997 ) (1,132 ) (21,076 ) (6,892 ) Deferred tax valuation allowance 4,662 3,079 23,207 10,501 Amounts related to tax audit contingencies 2,404 (2,036 ) 2,964 (1,201 ) Corporate rate changes 94 145 (1,737 ) 417 Subpart F 301 (348 ) 466 310 Foreign tax credits (415 ) 113 (107 ) (459 ) Global intangible low-taxed income, net of credit — (119 ) — 4,291 Equity compensation excess benefit (3,694 ) (3,135 ) (5,155 ) (4,250 ) Return to provision adjustments 3,376 (503 ) 3,596 (139 ) Other, net 1,405 (437 ) 891 (428 ) Total provision for income taxes $ 57,379 $ 42,914 $ 104,436 $ 80,609 Effective tax rate 22.1 % 17.4 % 21.9 % 20.9 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule Of Defined Benefit Plans Disclosures Text Block | The components of net periodic benefit costs, included in other operating expenses on the condensed consolidated statements of income, for the three and six months ended June 30, 2019 and 2018 were as follows (dollars in thousands): Pension Benefits Other Benefits Three months ended June 30, Three months ended June 30, 2019 2018 2019 2018 Service cost $ 3,169 $ 3,570 $ 757 $ 636 Interest cost 1,931 1,357 579 529 Expected return on plan assets (1,692 ) (2,213 ) — — Amortization of prior service cost (credit) 61 82 (329 ) (329 ) Amortization of prior actuarial losses 1,231 769 644 498 Net periodic benefit cost $ 4,700 $ 3,565 $ 1,651 $ 1,334 Pension Benefits Other Benefits Six months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Service cost $ 6,307 $ 6,224 $ 1,514 $ 1,272 Interest cost 3,317 2,687 1,159 1,059 Expected return on plan assets (3,576 ) (3,767 ) — — Amortization of prior service cost (credit) 121 165 (658 ) (658 ) Amortization of prior actuarial losses 2,142 1,863 1,288 996 Net periodic benefit cost $ 8,311 $ 7,172 $ 3,303 $ 2,669 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2019 or December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 347,916 40.9 % $ 303,036 40.0 % Reinsurer B A+ 201,983 23.7 193,324 25.5 Reinsurer C A 74,214 8.7 69,885 9.2 Reinsurer D A++ 59,796 7.0 36,600 4.8 Reinsurer E A+ 40,253 4.7 40,004 5.3 Other reinsurers 127,218 15.0 114,723 15.2 Total $ 851,380 100.0 % $ 757,572 100.0 % |
Policy Claims and Benefits (Tab
Policy Claims and Benefits (Tables) | 6 Months Ended |
Jun. 30, 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): Six months ended June 30, 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 5,457,193 5,046,146 Prior years 58,249 66,022 Total incurred 5,515,442 5,112,168 Payments: Current year (1,063,092 ) (1,097,105 ) Prior years (3,978,853 ) (3,518,791 ) Total payments (5,041,945 ) (4,615,896 ) Other changes: Interest accretion 13,185 12,299 Foreign exchange adjustments 2,663 (117,352 ) Total other changes 15,848 (105,053 ) Net balance at end the period 6,641,431 5,832,141 Plus: reinsurance recoverable 524,808 439,568 Balance at end of the period $ 7,166,239 $ 6,271,709 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
Net income (numerator for basic and diluted calculations) | $ 202,698 | $ 204,374 | $ 372,205 | $ 304,604 |
Shares: | ||||
Weighted average outstanding shares (denominator for basic calculation) | 62,678 | 64,071 | 62,719 | 64,278 |
Equivalent shares from outstanding stock options | 1,020 | 1,179 | 1,100 | 1,277 |
Denominator for diluted calculation | 63,698 | 65,250 | 63,819 | 65,555 |
Earnings Per Share: | ||||
Basic earnings per share | $ 3.23 | $ 3.19 | $ 5.93 | $ 4.74 |
Diluted earnings per share | $ 3.18 | $ 3.13 | $ 5.83 | $ 4.65 |
Earnings Per Share (Stock Optio
Earnings Per Share (Stock Options and Performance Shares Excluded From Common Equivalent Shares) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
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 | 250 | 225 | 420 | 295 |
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 | 242 | 229 | 171 | 217 |
Equity (Common Stock Changes In
Equity (Common Stock Changes In Number of Shares Issued, Held In Treasury and Outstanding) (Details) - shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 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 | (1,000,000) | |||||
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 | 79,137,758 | |
Treasury Stock, Shares, Acquired | 0 | 0 | ||||
Stock Based Compensation Shares | [1] | 0 | 0 | |||
Common Stock Held In Treasury [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Issued | 16,379,267 | 15,465,272 | 15,465,272 | 16,323,390 | 14,685,663 | |
Treasury Stock, Shares, Acquired | (344,237) | (991,477) | ||||
Stock Based Compensation Shares | [1] | (288,360) | (211,868) | |||
Common Stock Outstanding [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Issued | 62,758,491 | 63,672,486 | 63,672,486 | 62,814,368 | 64,452,095 | |
Treasury Stock, Shares, Acquired | (344,237) | (991,477) | ||||
Stock Based Compensation Shares | [1] | (288,360) | (211,868) | |||
[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 | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accumulated other comprehensive income | $ 2,642,113 | $ 1,004,971 | $ 636,763 | $ 2,063,631 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 2,657,376 | (1,374,408) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (95,609) | 56,012 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (87) | (2,020) | |||
Other Comprehensive Income (Loss), Tax | (556,417) | 259,736 | |||
Accumulated Translation Adjustment [Member] | |||||
Accumulated other comprehensive income | (122,709) | (142,187) | (168,698) | (86,350) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 43,534 | (44,227) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |||
Other Comprehensive Income (Loss), Tax | (2,455) | 11,610 | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Accumulated other comprehensive income | [1] | 2,815,893 | 1,198,338 | 856,159 | 2,200,661 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | [1] | 2,617,211 | (1,327,195) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (98,502) | 53,646 | ||
Other Comprehensive Income (Loss), Tax | [1] | (558,975) | 271,226 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated other comprehensive income | (51,071) | (51,180) | $ (50,698) | $ (50,680) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (3,369) | (2,986) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2,893 | 2,366 | |||
Other Comprehensive Income (Loss), Tax | $ 103 | $ 120 | |||
[1] | Includes cash flow hedges of $(14,862) and $8,788 as of June 30, 2019 and December 31, 2018 , respectively, and $22,656 and $2,619 as of June 30, 2018 and December 31, 2017 , respectively. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. |
Equity (Balance of and Change_2
Equity (Balance of and Changes in Each Component of AOCI) (Footnote) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 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 | $ (14,862) | $ (1,902) | $ 22,656 | $ 20,662 | $ (14,862) | $ 22,656 | $ 8,788 | $ 2,619 |
Equity (Schedule of Reclassific
Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Investment related gains (losses), net | $ 12,472 | $ (7,222) | $ 29,713 | $ (7,692) | |
Investment income | 584,078 | 528,061 | 1,163,955 | 1,044,390 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 260,077 | 247,288 | 476,641 | 385,213 | |
Income Tax Expense (Benefit) | (57,379) | (42,914) | (104,436) | (80,609) | |
Net income | 202,698 | 204,374 | 372,205 | 304,604 | |
Unrealized Appreciation Depreciation Of Investments [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 83,808 | (32,372) | 98,502 | (53,646) | |
Income Tax Expense (Benefit) | (17,273) | 6,945 | (20,279) | 11,623 | |
Net income | 66,535 | (25,427) | 78,223 | (42,023) | |
Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Investment related gains (losses), net | 20,249 | (24,642) | 19,976 | (39,098) | |
Unrealized Appreciation Depreciation Of Investments [Member] | Interest Rate Swap [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | 383 | 29 | 852 | (342) |
Unrealized Appreciation Depreciation Of Investments [Member] | Currency Swap [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | (6) | 76 | 19 | 221 |
Unrealized Appreciation Depreciation Of Investments [Member] | DAC Attributed To Unrealized Gains Losses [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Deferred policy acquisition costs attributed to unrealized gains and losses | [2] | 63,182 | (7,835) | (77,655) | (14,427) |
Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (1,607) | (1,020) | (2,893) | (2,366) | |
Income Tax Expense (Benefit) | 338 | 214 | 608 | 497 | |
Net income | (1,269) | (806) | (2,285) | (1,869) | |
Amounts Reclassified From AOCI [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Net income | 65,266 | (26,233) | 75,938 | (43,892) | |
Prior Service Cost [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Prior service cost | [3] | 268 | 247 | 537 | 493 |
Actuarial Gains Losses [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Actuarial gains/(losses) | [3] | $ (1,875) | $ (1,267) | $ 3,430 | $ (2,859) |
[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 details. |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury Stock, Shares, Acquired | 1 | |||
Treasury Stock, Value, Acquired, Cost Method | $ (18,692) | $ (162,453) | $ (67,744) | $ (165,069) |
Stock Repurchase Program, Authorized Amount | $ 400,000 | $ 400,000 | ||
RGA Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury Stock, Shares, Acquired | 0.3 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 50,000 | $ 150,000 |
Equity Based Compensation (Narr
Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Equity compensation expense | $ 21.5 | $ 16.6 |
Stock appreciation rights granted | 200,000 | |
Stock appreciation rights granted, weighted average exercise price (per share) | $ 145.25 | |
Performance contingent units | 100,000 | |
Shares Granted To Non Employee Directors | 8,472 | |
Options exercisable (shares) | 1,500,000 | |
Options exercisable, weighted average price (per share) | $ 75.03 | |
Options, remaining term | 4 years 3 months 18 days | |
Compensation cost not yet recognized | $ 28.2 | |
Period for recognition | 1 year |
Investments (Investments in Fix
Investments (Investments in Fixed Maturity Securities Available-for-Sale by Sector) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 26,055,078 | $ 24,006,407 |
Estimated Fair Value | $ 27,635,431 | $ 23,982,119 |
% of Total | 100.00% | 100.00% |
Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 42,457,618 | $ 38,882,168 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,828,068 | 1,858,668 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 96,381 | 748,490 |
Estimated Fair Value | $ 46,189,305 | $ 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 | 26,055,078 | 24,006,407 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,651,141 | 530,804 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 70,788 | 555,092 |
Estimated Fair Value | $ 27,635,431 | $ 23,982,119 |
% of Total | 59.80% | 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 | 2,960,943 | 2,768,466 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,613,153 | 1,126,227 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 133 | 2,308 |
Estimated Fair Value | $ 4,573,963 | $ 3,892,385 |
% of Total | 9.90% | 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 | 2,214,963 | 1,872,236 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 64,629 | 22,267 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 3,077 | 25,282 |
Estimated Fair Value | $ 2,276,515 | $ 1,869,221 |
% of Total | 4.90% | 4.70% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Asset-backed securities | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,482,012 | 2,171,254 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 25,714 | 10,779 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 13,062 | 32,829 |
Estimated Fair Value | $ 2,494,664 | $ 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 | 1,687,024 | 1,428,115 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 60,775 | 9,153 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 514 | 18,234 |
Estimated Fair Value | $ 1,747,285 | $ 1,419,034 |
% of Total | 3.80% | 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 | 1,738,348 | 2,233,537 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 40,202 | 10,204 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 370 | 57,867 |
Estimated Fair Value | $ 1,778,180 | $ 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 | 1,221,461 | 721,290 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 83,621 | 39,914 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1,508 | 9,010 |
Estimated Fair Value | $ 1,303,574 | $ 752,194 |
% of Total | 2.90% | 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 | 4,097,789 | 3,680,863 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 288,833 | 109,320 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 6,929 | 47,868 |
Estimated Fair Value | $ 4,379,693 | $ 3,742,315 |
% of Total | 9.50% | 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 | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Available-for-sale Securities, Amortized Cost Basis | $ 26,055,078 | $ 24,006,407 |
Available-for-sale Securities | 27,635,431 | 23,982,119 |
Collateral Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 85,651 | 80,891 |
Available-for-sale Securities | 89,295 | 83,950 |
Collateral Received Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 687,071 | 616,584 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | 23,697,506 | 20,072,735 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | $ 25,212,508 | $ 20,366,170 |
Investments (Exposure To Concen
Investments (Exposure To Concentrations Of Credit Risk) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Available-for-sale Securities, Amortized Cost Basis | $ 26,055,078 | $ 24,006,407 |
Available-for-sale Securities | 27,635,431 | 23,982,119 |
Canadian Province Of Quebec Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 978,025 | 913,642 |
Available-for-sale Securities | 1,361,749 | 1,187,526 |
Canadian Province Of Ontario Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,168,749 | 1,091,018 |
Available-for-sale Securities | $ 2,115,321 | $ 1,757,087 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available For Sale Securities Debt Maturities Amortized Cost | ||
Due in one year or less | $ 1,305,265 | |
Due after one year through five years | 8,823,728 | |
Due after five year through ten years | 9,519,138 | |
Due after ten years | 16,425,488 | |
Asset and mortgage-backed securities | 6,383,999 | |
Total | 42,457,618 | $ 38,882,168 |
Available For Sale Securities Debt Maturities Fair Value | ||
Due in one year or less | 1,314,533 | |
Due after one year through five years | 9,130,980 | |
Due after five year through ten years | 10,171,840 | |
Due after ten years | 19,053,488 | |
Asset and mortgage-backed securities | 6,518,464 | |
Total | $ 46,189,305 | $ 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 | Jun. 30, 2019 | Dec. 31, 2018 |
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 26,055,078 | $ 24,006,407 |
Estimated Fair Value | $ 27,635,431 | $ 23,982,119 |
% of Total | 100.00% | 100.00% |
Financial Services Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 9,865,739 | $ 8,793,742 |
Estimated Fair Value | $ 10,385,443 | $ 8,730,568 |
% of Total | 37.60% | 36.30% |
Commercial and Industrial Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 13,063,121 | $ 12,336,857 |
Estimated Fair Value | $ 13,878,056 | $ 12,342,111 |
% of Total | 50.20% | 51.60% |
Utility Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 3,126,218 | $ 2,875,808 |
Estimated Fair Value | $ 3,371,932 | $ 2,909,440 |
% of Total | 12.20% | 12.10% |
Investments (Fair Value Below A
Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity Securities) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Gross unrealized losses with number of securities [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Gross Unrealized Losses | $ 96,381 | $ 748,490 |
% of Total | 100.00% | 100.00% |
Less than 20% | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 73,351 | $ 721,015 |
% of Total | 76.10% | 96.30% |
20% or more for less than six months | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 21,995 | $ 21,336 |
% of Total | 22.80% | 2.90% |
20% or more for six months or greater | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 1,035 | $ 6,139 |
% of Total | 1.10% | 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 | Jun. 30, 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 | $ 2,286,525 | $ 12,073,860 |
Gross Unrealized Losses - Less than 12 months | 39,708 | 408,581 |
Estimated Fair Value - 12 months or greater | 2,330,244 | 7,226,996 |
Gross Unrealized Losses - 12 months or greater | 56,673 | 339,909 |
Estimated Fair Value | 4,616,769 | 19,300,856 |
Gross Unrealized Losses | 96,381 | 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 | 222,948 | 884,847 |
Gross Unrealized Losses - Less than 12 months | 22,225 | 48,368 |
Estimated Fair Value - 12 months or greater | 158,958 | 133,897 |
Gross Unrealized Losses - 12 months or greater | 12,560 | 15,297 |
Estimated Fair Value | 381,906 | 1,018,744 |
Gross Unrealized Losses | 34,785 | 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 | 2,063,577 | 11,189,013 |
Gross Unrealized Losses - Less than 12 months | 17,483 | 360,213 |
Estimated Fair Value - 12 months or greater | 2,171,286 | 7,093,099 |
Gross Unrealized Losses - 12 months or greater | 44,113 | 324,612 |
Estimated Fair Value | 4,234,863 | 18,282,112 |
Gross Unrealized Losses | 61,596 | 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 | 216,611 | 755,679 |
Gross Unrealized Losses - Less than 12 months | 22,148 | 42,760 |
Estimated Fair Value - 12 months or greater | 139,318 | 122,559 |
Gross Unrealized Losses - 12 months or greater | 10,959 | 14,646 |
Estimated Fair Value | 355,929 | 878,238 |
Gross Unrealized Losses | 33,107 | 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 | 780,802 | 8,505,371 |
Gross Unrealized Losses - Less than 12 months | 8,757 | 302,604 |
Estimated Fair Value - 12 months or greater | 1,276,130 | 3,611,266 |
Gross Unrealized Losses - 12 months or greater | 28,924 | 195,082 |
Estimated Fair Value | 2,056,932 | 12,116,637 |
Gross Unrealized Losses | 37,681 | 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 | 443 | |
Gross Unrealized Losses - Less than 12 months | 34 | |
Estimated Fair Value - 12 months or greater | 1,770 | |
Gross Unrealized Losses - 12 months or greater | 243 | |
Estimated Fair Value | 2,213 | |
Gross Unrealized Losses | 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 | 2,535 | 25,169 |
Gross Unrealized Losses - Less than 12 months | 2 | 419 |
Estimated Fair Value - 12 months or greater | 17,555 | 131,806 |
Gross Unrealized Losses - 12 months or greater | 131 | 1,612 |
Estimated Fair Value | 20,090 | 156,975 |
Gross Unrealized Losses | 133 | 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 |
Gross Unrealized Losses - Less than 12 months | 0 | 0 |
Estimated Fair Value - 12 months or greater | 976 | 1,026 |
Gross Unrealized Losses - 12 months or greater | 11 | 34 |
Estimated Fair Value | 976 | 1,026 |
Gross Unrealized Losses | 11 | 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 | 57,572 | 269,558 |
Gross Unrealized Losses - Less than 12 months | 489 | 2,488 |
Estimated Fair Value - 12 months or greater | 240,046 | 836,741 |
Gross Unrealized Losses - 12 months or greater | 2,577 | 22,760 |
Estimated Fair Value | 297,618 | 1,106,299 |
Gross Unrealized Losses | 3,066 | 25,248 |
Asset-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 | |
Gross Unrealized Losses - Less than 12 months | 0 | |
Estimated Fair Value - 12 months or greater | 1,063 | |
Gross Unrealized Losses - 12 months or greater | 35 | |
Estimated Fair Value | 1,063 | |
Gross Unrealized Losses | 35 | |
Asset-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 | 753,026 | 1,102,677 |
Gross Unrealized Losses - Less than 12 months | 5,383 | 24,271 |
Estimated Fair Value - 12 months or greater | 399,818 | 381,609 |
Gross Unrealized Losses - 12 months or greater | 7,679 | 8,523 |
Estimated Fair Value | 1,152,844 | 1,484,286 |
Gross Unrealized Losses | 13,062 | 32,794 |
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 | 79,372 | 384,259 |
Gross Unrealized Losses - Less than 12 months | 240 | 4,304 |
Estimated Fair Value - 12 months or greater | 37,442 | 414,719 |
Gross Unrealized Losses - 12 months or greater | 274 | 13,930 |
Estimated Fair Value | 116,814 | 798,978 |
Gross Unrealized Losses | 514 | 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 | 257,328 | 8,616 |
Gross Unrealized Losses - Less than 12 months | 36 | 80 |
Estimated Fair Value - 12 months or greater | 76,098 | 1,086,694 |
Gross Unrealized Losses - 12 months or greater | 334 | 57,787 |
Estimated Fair Value | 333,426 | 1,095,310 |
Gross Unrealized Losses | 370 | 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 | 42,876 | 103,504 |
Gross Unrealized Losses - Less than 12 months | 11 | 1,538 |
Estimated Fair Value - 12 months or greater | 13,856 | 157,330 |
Gross Unrealized Losses - 12 months or greater | 1,497 | 7,472 |
Estimated Fair Value | 56,732 | 260,834 |
Gross Unrealized Losses | 1,508 | 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 | 6,337 | 128,725 |
Gross Unrealized Losses - Less than 12 months | 77 | 5,574 |
Estimated Fair Value - 12 months or greater | 18,664 | 7,479 |
Gross Unrealized Losses - 12 months or greater | 1,590 | 339 |
Estimated Fair Value | 25,001 | 136,204 |
Gross Unrealized Losses | 1,667 | 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 | 90,066 | 789,859 |
Gross Unrealized Losses - Less than 12 months | 2,565 | 24,509 |
Estimated Fair Value - 12 months or greater | 110,341 | 472,934 |
Gross Unrealized Losses - 12 months or greater | 2,697 | 17,446 |
Estimated Fair Value | 200,407 | 1,262,793 |
Gross Unrealized Losses | $ 5,262 | $ 41,955 |
Investments (Investment Income
Investments (Investment Income Net of Related Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | $ 608,736 | $ 549,734 | $ 1,209,610 | $ 1,088,116 |
Investment expense | (24,658) | (21,673) | (45,655) | (43,726) |
Investment income, net of related expenses | 584,078 | 528,061 | 1,163,955 | 1,044,390 |
Available-for-sale Securities [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 427,841 | 373,624 | 842,928 | 742,827 |
Equity securities | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 645 | 709 | 1,891 | 2,391 |
Mortgage Loans on Real Estate [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 60,509 | 50,460 | 120,071 | 100,659 |
Policy loans | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 14,394 | 14,775 | 28,503 | 29,555 |
Funds withheld at interest | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 65,972 | 86,417 | 127,706 | 161,862 |
Short-term Investments [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 7,465 | 2,964 | 14,365 | 6,209 |
Other invested assets | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | $ 31,910 | $ 20,785 | $ 74,146 | $ 44,613 |
Investments (Investment Related
Investments (Investment Related Gains (Losses) Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments [Abstract] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 0 | $ (3,350) | $ (9,453) | $ (3,350) |
Investment Gains And Losses [Abstract] | ||||
Gain on investment activity | (20,384) | (21,140) | (48,429) | (32,106) |
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | (6,870) | (35,934) | (25,593) | (56,314) |
Available-for-sale Equity Securities, Gross Unrealized Gain | 0 | 469 | 74 | 497 |
Available-for-sale Equity Securities, Gross Unrealized Loss | 0 | 0 | (1) | (950) |
Gain (Loss) on Sale of Equity Investments | 2,673 | (6,966) | 6,417 | (11,103) |
Other impairment losses and change in mortgage loan provision | (5,609) | (1,357) | (7,468) | (1,669) |
Derivatives and other, net | 1,894 | 15,426 | 7,855 | 29,741 |
Total investment related gains (losses), net | $ 12,472 | $ (10,572) | $ 20,260 | $ (11,042) |
Investments (Borrowed Securitie
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Securities Loaned, Fair Value of Collateral | $ 103,009 | $ 102,618 |
Securities Received as Collateral | 107,000 | 112,000 |
Securities for Reverse Repurchase Agreements | 576,381 | 554,806 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 578,112 | 530,932 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 343,093 | 335,781 |
Securities Loaned, Fair Value of Collateral | 97,596 | 101,981 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 376,665 | 366,663 |
Securities for Reverse Repurchase Agreements | $ 596,412 | $ 554,589 |
Investments (Securities Pledged
Investments (Securities Pledged as Collateral Related to Repurchase Reverse Repurchase Program) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Securities Loaned, Fair Value of Collateral | $ 103,009 | $ 102,618 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 596,412 | 554,589 |
Obligation to Return Securities Received as Collateral | 699,421 | 657,207 |
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 713,727 | 671,492 |
SecuredBorrowingsGrossDifferenceAmount | 14,306 | 14,285 |
Maturity Overnight [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] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 596,412 | 554,589 |
Obligation to Return Securities Received as Collateral | 699,421 | 657,207 |
Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 103,009 | 102,618 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 289,659 | 254,151 |
Corporate Debt Securities [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 103,009 | 102,618 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 289,659 | 254,151 |
US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 221,572 | |
US Government Agencies Debt Securities [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Government Agencies Debt Securities [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Government Agencies Debt Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Government Agencies Debt Securities [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 221,572 | |
US Treasury and Government [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 209,581 | |
US Treasury and Government [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Treasury and Government [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Treasury and Government [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Treasury and Government [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 209,581 | |
Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 97,172 | 78,866 |
Debt Security, Government, Non-US [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 97,172 | $ 78,866 |
Other Debt Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
Other Debt Obligations [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
Other Debt Obligations [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
Other Debt Obligations [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
Other Debt Obligations [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | $ 0 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Property Type) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 5,424,145 | $ 4,983,354 | ||||
Percentage of total | 100.00% | 100.00% | ||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ (7,031) | $ (5,770) | ||||
Allowance for Loan and Lease Losses, Real Estate | (11,692) | $ (11,218) | (11,286) | $ (9,706) | $ (8,864) | $ (9,384) |
Mortgage loans on real estate (net of allowances of $11,692 and $11,286) | 5,405,422 | 4,966,298 | ||||
Apartment | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 730,452 | $ 571,291 | ||||
Percentage of total | 13.50% | 11.50% | ||||
Retail | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 1,526,267 | $ 1,432,394 | ||||
Percentage of total | 28.10% | 28.70% | ||||
Office building | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 1,718,595 | $ 1,725,748 | ||||
Percentage of total | 31.70% | 34.60% | ||||
Industrial | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 1,112,460 | $ 961,924 | ||||
Percentage of total | 20.50% | 19.30% | ||||
Other commercial | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 336,371 | $ 291,997 | ||||
Percentage of total | 6.20% | 5.90% |
Investments (Mortgage Loans b_2
Investments (Mortgage Loans by Maturity Date) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Financing Receivable, Gross | $ 5,424,145 | $ 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 | $ 1,624,003 | $ 1,425,598 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 29.90% | 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 | $ 2,921,184 | $ 2,686,264 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 53.90% | 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 | $ 878,958 | $ 871,492 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 16.20% | 17.50% |
Investments (Mortgage Loans b_3
Investments (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 5,424,145 | $ 4,983,354 |
Loans Receivable, Gross, Commercial, Construction | $ 39,432 | $ 32,620 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,734,687 | $ 2,523,670 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 13,691 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 50.40% | 50.60% |
LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 1,976,035 | $ 1,749,331 |
Loans Receivable, Gross, Commercial, Construction | $ 39,432 | $ 18,929 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 36.40% | 35.10% |
LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 509,318 | $ 517,147 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 9.40% | 10.40% |
LTV 80 to 100 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 204,105 | $ 193,206 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.80% | 3.90% |
Debt Service Coverage Ratio Range One [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 4,910,769 | $ 4,561,177 |
Debt Service Coverage Ratio Range One [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 2,570,786 | 2,410,556 |
Debt Service Coverage Ratio Range One [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,786,531 | 1,618,374 |
Debt Service Coverage Ratio Range One [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 447,382 | 414,269 |
Debt Service Coverage Ratio Range One [Member] | LTV 80 to 100 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 106,070 | 117,978 |
Debt Service Coverage Ratio Range Two [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 296,062 | 233,260 |
Debt Service Coverage Ratio Range Two [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 99,194 | 61,246 |
Debt Service Coverage Ratio Range Two [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 108,392 | 73,908 |
Debt Service Coverage Ratio Range Two [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 39,170 | 48,438 |
Debt Service Coverage Ratio Range Two [Member] | LTV 80 to 100 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 49,306 | 49,668 |
Debt Service Coverage Ratio Range Three [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 177,882 | 156,297 |
Debt Service Coverage Ratio Range Three [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 64,707 | 38,177 |
Debt Service Coverage Ratio Range Three [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 41,680 | 38,120 |
Debt Service Coverage Ratio Range Three [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 22,766 | 54,440 |
Debt Service Coverage Ratio Range Three [Member] | LTV 80 to 100 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 48,729 | $ 25,560 |
Investments (Age Analysis of Pa
Investments (Age Analysis of Past Due Recorded Investments) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Financing Receivable, Recorded Investment, Past Due | $ 11,715 | $ 0 |
Financing Receivable, Recorded Investment, Current | 5,412,430 | 4,983,354 |
Loans Receivable, Gross, Commercial, Real Estate | 5,424,145 | 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 | $ 11,715 | $ 0 |
Investments (Mortgage Loans b_4
Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Mortgage Loans: | ||
Total mortgage loans | $ 5,424,145 | $ 4,983,354 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | ||
Mortgage loans on real estate (net of valuation allowances) | 5,405,422 | 4,966,298 |
Commercial Real Estate Portfolio Segment [Member] | ||
Mortgage Loans: | ||
Evaluated individually for credit losses | 17,014 | 30,635 |
Evaluated collectively for credit losses | 5,407,131 | 4,952,719 |
Total mortgage loans | 5,424,145 | 4,983,354 |
Valuation Allowances: | ||
Specific for credit losses | 0 | 0 |
Non-specifically identified credit losses | 11,692 | 11,286 |
Total valuation allowances | $ 11,692 | $ 11,286 |
Investments (Loan Valuation All
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance For Loan And Lease Losses Roll Forward | ||||
Balance, Beginning of Period | $ 11,218 | $ 8,864 | $ 11,286 | $ 9,384 |
Provision (release) | 470 | 845 | 397 | 329 |
Allowance for Loan and Lease Losses, Foreign Currency Translation | 4 | (3) | 9 | (7) |
Balance, End of Period | $ 11,692 | $ 9,706 | $ 11,692 | $ 9,706 |
Investments (Impaired Mortgage
Investments (Impaired Mortgage Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Financing Receivable Impaired [Line Items] | ||||||
Unpaid Principal Balance | $ 17,017 | $ 17,017 | $ 30,660 | |||
Recorded Investment | 17,014 | 17,014 | 30,635 | |||
Related Allowance | 0 | 0 | 0 | |||
Carrying Value | 17,014 | 17,014 | 30,635 | |||
Average Investment | [1] | 17,047 | $ 27,038 | 21,576 | $ 19,978 | |
Interest Income | 171 | 247 | 499 | 304 | ||
Impaired mortgage loans with valuation allowance recorded | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Unpaid Principal Balance | 0 | 0 | 0 | |||
Recorded Investment | 0 | 0 | 0 | |||
Related Allowance | 0 | 0 | 0 | |||
Carrying Value | 0 | 0 | 0 | |||
Average Investment | [1] | 0 | 0 | 0 | 0 | |
Interest Income | 0 | 0 | 0 | 0 | ||
Impaired mortgage loans with no valuation allowance recorded | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Unpaid Principal Balance | 17,017 | 17,017 | 30,660 | |||
Recorded Investment | 17,014 | 17,014 | 30,635 | |||
Related Allowance | 0 | 0 | 0 | |||
Carrying Value | 17,014 | 17,014 | $ 30,635 | |||
Average Investment | [1] | 17,047 | 27,038 | 21,576 | 19,978 | |
Interest Income | $ 171 | $ 247 | $ 499 | $ 304 | ||
[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 | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Document Period End Date | Jun. 30, 2019 | |
Other invested assets | $ 2,121,406 | $ 1,915,297 |
Equity Release Mortgages [Member] | ||
Other invested assets | 641,611 | 475,905 |
Limited Partner [Member] | ||
Other invested assets | 1,008,571 | 965,094 |
Derivatives | ||
Other invested assets | 122,484 | 180,699 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Other invested assets | 255,174 | 197,770 |
Other | ||
Other invested assets | $ 93,566 | $ 95,829 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Investment Narrative [Line Items] | |||||
Document Period End Date | Jun. 30, 2019 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 3,700 | $ 3,700 | |||
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | 28,600 | 28,600 | |||
Net Amount Assets Liabilities From Repurchase Reverse Repurchase Agreements | 500 | 500 | $ 400 | ||
Proceeds From Sale Of Available For Sale Securities Sold At Loss | 466,100 | $ 1,174,400 | 1,712,700 | $ 2,438,000 | |
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | $ 6,870 | 35,934 | $ 25,593 | 56,314 | |
Policy Loans Percent Of Total Investments | 2.20% | 2.20% | 2.50% | ||
Mortgage Loan Percent Of Cash And Invested Assets | 8.90% | 8.90% | 9.10% | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 921 | 921 | 3,109 | ||
Securities As Percentage Of Consolidated Stockholder Equity | 10.00% | 10.00% | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% | 100.00% | ||
Funds Withheld At Interest Percent Of Total Investments | 9.30% | 9.30% | 10.60% | ||
Funds withheld at interest | $ 5,696,217 | $ 5,696,217 | $ 5,761,471 | ||
Funds Held Under Reinsurance Agreements Asset Specific Client | $ 3,600,000 | $ 3,600,000 | |||
Other Invested Assets Percent Of Cash And Invested Assets | 3.50% | 3.50% | |||
ProceedsFromSaleOfAvailableForSaleEquitySecuritiesSoldAtLoss | 28,400 | ||||
Available-for-sale Equity Securities, Gross Unrealized Loss | $ 0 | $ 0 | $ 1 | $ 950 | |
CALIFORNIA | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 16.80% | 16.80% | |||
TEXAS | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 13.40% | 13.40% | |||
WASHINGTON | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 7.10% | 7.10% | |||
CANADA | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 2.90% | 2.90% | |||
UNITED KINGDOM | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 0.50% | 0.50% |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Notional Amount | $ 19,996,144 | $ 19,884,691 |
Carrying Value / Fair Value of Assets | 313,837 | 356,666 |
Derivative Liability, Fair Value, Gross Liability | 981,238 | 990,895 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 18,064,628 | 18,044,033 |
Carrying Value / Fair Value of Assets | 257,080 | 254,381 |
Derivative Liability, Fair Value, Gross Liability | 950,600 | 963,638 |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 922,478 | 1,040,588 |
Carrying Value / Fair Value of Assets | 71,535 | 47,652 |
Derivative Liability, Fair Value, Gross Liability | 3,447 | 961 |
Not Designated as Hedging Instrument | Financial Futures | ||
Derivative [Line Items] | ||
Notional Amount | 389,353 | 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 | 0 | 25,000 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 234 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 438,587 | 385,580 |
Carrying Value / Fair Value of Assets | 189 | 0 |
Derivative Liability, Fair Value, Gross Liability | 25,481 | 11,384 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,331,300 | 1,338,300 |
Carrying Value / Fair Value of Assets | 6,190 | 6,003 |
Derivative Liability, Fair Value, Gross Liability | 134 | 1,166 |
Not Designated as Hedging Instrument | Equity Options | ||
Derivative [Line Items] | ||
Notional Amount | 371,869 | 439,158 |
Carrying Value / Fair Value of Assets | 14,644 | 42,836 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Longevity Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 909,840 | 917,360 |
Carrying Value / Fair Value of Assets | 51,755 | 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 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 853 | 369 |
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 | 12,194 | 4,659 |
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 | 112,767 | 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 | 740,683 | 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 | 167,808 | 167,925 |
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 13,526,503 | 13,397,729 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated As Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 1,931,516 | 1,840,658 |
Carrying Value / Fair Value of Assets | 56,757 | 102,285 |
Derivative Liability, Fair Value, Gross Liability | 30,638 | 27,257 |
Designated As Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 535,000 | 435,000 |
Carrying Value / Fair Value of Assets | 825 | 0 |
Derivative Liability, Fair Value, Gross Liability | 27,560 | 27,257 |
Designated As Hedging Instrument | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional Amount | 987,606 | 911,197 |
Carrying Value / Fair Value of Assets | 27,532 | 50,974 |
Derivative Liability, Fair Value, Gross Liability | 653 | 0 |
Designated As Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 408,910 | 494,461 |
Carrying Value / Fair Value of Assets | 28,400 | 51,311 |
Derivative Liability, Fair Value, Gross Liability | $ 2,425 | $ 0 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Fair Value Hedge Attributable to Foreign Currency) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ (3,718) | $ (1,134) | $ (4,426) | $ (3,025) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ 1,118 | $ 4,942 | $ 415 | $ 6,833 |
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 | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 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 | $ 14,862 | $ 1,902 | $ (22,656) | $ (20,662) | $ 14,862 | $ (22,656) | $ (8,788) | $ (2,619) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (12,583) | 2,099 | (22,779) | 19,916 | ||||
Investment Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 6 | (76) | (19) | (221) | ||||
Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (383) | $ (29) | $ (852) | $ 342 |
Derivative Instruments (Cash Fl
Derivative Instruments (Cash Flow Hedges) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 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 | $ (12,583) | $ 2,099 | $ (22,779) | $ 19,916 | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (14,862) | $ (1,902) | 22,656 | $ 20,662 | (14,862) | 22,656 | $ 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 | (6) | 76 | 19 | 221 | ||||
Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 383 | 29 | 852 | (342) | ||||
Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (9,869) | 4,742 | (21,970) | 19,727 | ||||
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 | 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 | 383 | 29 | 852 | (342) | ||||
Currency Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (2,714) | (2,643) | (809) | 189 | ||||
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 | (6) | 76 | 19 | 221 | ||||
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 | $ 0 | $ 0 |
Derivative Instruments (Hedges
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Derivatives, Fair Value [Line Items] | |||||
Net Derivatives Gains (Losses) Deferred in AOCI | [1] | $ (8,470) | $ 19,260 | $ (33,588) | $ 40,301 |
Currency Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Net Derivatives Gains (Losses) Deferred in AOCI | [1] | (2,486) | 8,197 | (9,493) | 17,002 |
Foreign Exchange Forward [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Net Derivatives Gains (Losses) Deferred in AOCI | [1] | $ (5,984) | $ 11,063 | $ (24,095) | $ 23,299 |
[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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | $ 12,472 | $ (10,572) | $ 20,260 | $ (11,042) |
Policy acquisition costs and other insurance expenses | (260,345) | (320,276) | (572,226) | (677,178) |
Interest credited | 157,842 | 109,327 | 291,031 | 189,776 |
Other revenues | 107,072 | 83,959 | 201,625 | 159,256 |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | 13,361 | (14,151) | 2,238 | (33,625) |
Not Designated as Hedging Instrument | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (7,880) | 16,497 | 136 | 50,770 |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 33,404 | (8,600) | 57,378 | (35,171) |
Not Designated as Hedging Instrument | Financial Futures | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (7,685) | (897) | (29,963) | (768) |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (6,380) | 0 | (5,657) | 0 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (258) | (262) | 234 | 61 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (6,812) | 1,041 | (15,663) | 3,227 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 5,078 | 1,084 | 19,578 | 682 |
Not Designated as Hedging Instrument | Equity Options | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (4,828) | (8,007) | (27,512) | (5,414) |
Not Designated as Hedging Instrument | Longevity Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Other revenues | 2,184 | 2,289 | 4,327 | 4,557 |
Not Designated as Hedging Instrument | Mortality Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Other revenues | (1,342) | (799) | (484) | (799) |
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 | 5,262 | 8,805 | 3,170 | 22,416 |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Interest credited | (8,459) | (6,519) | (5,389) | (31,870) |
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 | $ (18,044) | $ 15,324 | $ 117 | $ 30,109 |
Derivative Instruments (Exposur
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | ||||
Credit Derivatives [Line Items] | |||||
Document Period End Date | Jun. 30, 2019 | ||||
Credit Derivative Current Fair Value | [1] | $ 6,056 | $ 4,837 | ||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,331,300 | $ 1,338,300 | ||
Derivative Average Remaining Maturity | [1],[3] | 3 years 9 months 18 days | 4 years 8 months 12 days | ||
Standard Poors AAA To A Minus Ratings [Member] | Single Name Credit Default Swaps [Member] | |||||
Credit Derivatives [Line Items] | |||||
Credit Derivative Current Fair Value | [1] | $ 2,015 | $ 1,953 | ||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 147,000 | $ 152,000 | ||
Derivative Average Remaining Maturity | [1],[3] | 2 years 1 month 6 days | 2 years 2 months 12 days | ||
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member] | |||||
Credit Derivatives [Line Items] | |||||
Credit Derivative Current Fair Value | [1] | $ 2,015 | $ 1,953 | ||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 147,000 | $ 152,000 | ||
Derivative Average Remaining Maturity | [1],[3] | 2 years 1 month 6 days | 2 years 2 months 12 days | ||
Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member] | |||||
Credit Derivatives [Line Items] | |||||
Credit Derivative Current Fair Value | [1] | $ 3,762 | $ 2,930 | ||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 321,700 | $ 353,700 | ||
Derivative Average Remaining Maturity | [1],[3] | 2 years | 2 years 2 months 12 days | ||
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | |||||
Credit Derivatives [Line Items] | |||||
Credit Derivative Current Fair Value | [1] | $ 288 | $ (76) | ||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 852,600 | $ 817,600 | ||
Derivative Average Remaining Maturity | [1],[3] | 4 years 9 months 18 days | 6 years 4 months 24 days | ||
Standard Poors BBB Rating [Member] | Credit Default Subtotal [Member] | |||||
Credit Derivatives [Line Items] | |||||
Credit Derivative Current Fair Value | [1] | $ 4,050 | $ 2,854 | ||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,174,300 | $ 1,171,300 | ||
Derivative Average Remaining Maturity | [1],[3] | 4 years 1 month 6 days | 5 years 1 month 6 days | ||
Standard & Poor's, BB Rating [Member] | |||||
Credit Derivatives [Line Items] | |||||
Derivative Average Remaining Maturity | [1] | 3 months 18 days | [3] | 8 months 12 days | [2] |
Standard & Poor's, BB Rating [Member] | Single Name Credit Default Swaps [Member] | |||||
Credit Derivatives [Line Items] | |||||
Credit Derivative Current Fair Value | [1] | $ (9) | $ 30 | ||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | 10,000 | 15,000 | ||
Standard & Poor's, BB Rating [Member] | Credit Default Subtotal [Member] | |||||
Credit Derivatives [Line Items] | |||||
Credit Derivative Current Fair Value | [1] | (9) | 30 | ||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 10,000 | $ 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 | Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative Assets [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Asset | $ 201,070 | $ 247,069 | |
Gross Amounts Offset in the Balance Sheet | (26,831) | (18,581) | |
Net Amounts Presented in the Balance Sheet | 174,239 | 228,488 | |
Derivative Asset, Fair Value of Collateral | [1] | 0 | 0 |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | (189,265) | (235,611) | |
Net Amount | (15,026) | (7,123) | |
Derivative Liabilities [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Liability | 72,747 | 46,030 | |
Gross Amounts Offset in the Balance Sheet | (26,831) | (18,581) | |
Net Amounts Presented in the Balance Sheet | 45,916 | 27,449 | |
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments | [1] | (72,803) | (71,376) |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | (56,310) | (24,080) | |
Net Amount | $ (83,197) | $ (68,007) | |
[1] | Includes initial margin posted to a central clearing partner. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 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 | $ 167.4 | $ 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 | $ (0.3) |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $ 46,189,305 | $ 39,992,346 |
Equity Method Investments, Fair Value Disclosure | 146,755 | 82,197 |
Funds withheld at interest embedded derivatives | 112,767 | 109,597 |
Cash and cash equivalents | 755,129 | 485,167 |
Short-term investments | 126,468 | 105,991 |
Investments, Fair Value Disclosure | 377,658 | 378,469 |
Other Assets, Fair Value Disclosure | 51,755 | 47,789 |
Assets, Fair Value Disclosure | 47,759,837 | 41,201,556 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 908,491 | 944,865 |
Liabilities Fair Value Disclosure | ||
Financial Liabilities Fair Value Disclosure | 954,407 | 972,314 |
Interest Rate Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 61,298 | 37,976 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (19,945) | (18,542) |
Foreign Currency Forwards | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 27,532 | 50,740 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (653) | |
Consumer Price Index Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | (25,292) | (11,384) |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 255,174 | 197,770 |
Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | (6,696) | 4,466 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 12,752 | 371 |
Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 14,375 | 36,206 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 269 | 6,630 |
Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 25,975 | 51,311 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (12,194) | (4,155) |
Mortality Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | (853) | (369) |
Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 27,635,431 | 23,982,119 |
Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 4,573,963 | 3,892,385 |
Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,276,515 | 1,869,221 |
Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,494,664 | 2,149,204 |
Assets, Fair Value Disclosure | 97,055 | 77,842 |
Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,747,285 | 1,419,034 |
US Government Agencies Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,778,180 | 2,185,874 |
Assets, Fair Value Disclosure | 17,406 | 18,025 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,303,574 | 752,194 |
Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 4,379,693 | 3,742,315 |
Fair Value Inputs Level 1 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,651,425 | 2,067,529 |
Equity Method Investments, Fair Value Disclosure | 101,948 | 48,737 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 737,286 | 473,509 |
Short-term investments | 17,963 | 4,989 |
Investments, Fair Value Disclosure | 205,805 | 196,781 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 2,714,427 | 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 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 | Foreign Currency Forwards | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 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 | 205,805 | 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 | ||
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 Government Agencies Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,651,425 | 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 | 42,053,169 | 35,930,086 |
Equity Method Investments, Fair Value Disclosure | 0 | 0 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 17,843 | 11,658 |
Short-term investments | 80,118 | 98,774 |
Investments, Fair Value Disclosure | 171,853 | 181,688 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 42,322,983 | 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 | 45,063 | 27,080 |
Fair Value Inputs Level 2 Member | Interest Rate Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 61,298 | 37,976 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (19,945) | (18,542) |
Fair Value Inputs Level 2 Member | Foreign Currency Forwards | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 27,532 | 50,740 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (653) | |
Fair Value Inputs Level 2 Member | Consumer Price Index Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | (25,292) | (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 | 49,369 | 989 |
Fair Value Inputs Level 2 Member | Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | (6,696) | 4,466 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 12,752 | 371 |
Fair Value Inputs Level 2 Member | Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 14,375 | 36,206 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 269 | 6,630 |
Fair Value Inputs Level 2 Member | Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 25,975 | 51,311 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (12,194) | (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 | 25,991,067 | 22,651,194 |
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 3,902,936 | 3,364,261 |
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,260,483 | 1,862,366 |
Fair Value Inputs Level 2 Member | Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,384,342 | 2,053,632 |
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,747,266 | 1,419,012 |
Fair Value Inputs Level 2 Member | US Government Agencies Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 109,349 | 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 | 1,293,719 | 741,992 |
Fair Value Inputs Level 2 Member | Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 4,364,007 | 3,737,309 |
Fair Value Inputs Level 3 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,484,711 | 1,994,731 |
Equity Method Investments, Fair Value Disclosure | 44,807 | 33,460 |
Funds withheld at interest embedded derivatives | 112,767 | 109,597 |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 28,387 | 2,228 |
Investments, Fair Value Disclosure | 0 | 0 |
Other Assets, Fair Value Disclosure | 51,755 | 47,789 |
Assets, Fair Value Disclosure | 2,722,427 | 2,187,805 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 908,491 | 944,865 |
Liabilities Fair Value Disclosure | ||
Financial Liabilities Fair Value Disclosure | 909,344 | 945,234 |
Fair Value Inputs Level 3 Member | Interest Rate 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 | Foreign Currency Forwards | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 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 | (853) | (369) |
Fair Value Inputs Level 3 Member | Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,644,364 | 1,330,925 |
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 671,027 | 528,124 |
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 16,032 | 6,855 |
Fair Value Inputs Level 3 Member | Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 110,322 | 95,572 |
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 19 | 22 |
Fair Value Inputs Level 3 Member | US Government Agencies Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 17,406 | 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 | 9,855 | 10,202 |
Fair Value Inputs Level 3 Member | Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $ 15,686 | $ 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 | 6 Months Ended | |
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Assets, Fair Value Disclosure | $ 47,759,837 | $ 41,201,556 |
Corporate Debt Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 808,416 | $ 642,647 |
Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.05 | 0.05 |
Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Asset-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 97,055 | $ 77,842 |
Asset-backed securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Asset-backed securities | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.04 | 0.01 |
Asset-backed securities | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Longevity Swap [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 51,755 | $ 47,789 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 17,406 | $ 18,025 |
US Government Agencies Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Debt Security, Corporate, Non-US [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Debt Security, Corporate, Non-US [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Debt Security, Corporate, Non-US [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Foreign Government Debt [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 15,686 | $ 5,006 |
Equity securities | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 31,617 | $ 25,007 |
Equity securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.04 |
Equity securities | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.04 |
Equity securities | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.04 |
Funds Withheld At Interest Embedded Derivatives [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 112,767 | $ 109,597 |
Embedded Derivatives In Indexed Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 740,683 | $ 776,940 |
Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Embedded Derivatives In Variable Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 167,808 | $ 167,925 |
Mortality Swap [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 853 | $ 369 |
Measurement Input, Mortality Rate [Member] | Longevity Swap [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Longevity Swap [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Mortality Swap [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, 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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.12 | 0.10 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.12 | 0.10 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 5.9 | 5.9 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 8.2 | 7.9 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 12.3 | 12.3 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 6.9 | 6.9 |
Measurement Input Mortality Improvement [Member] | Longevity Swap [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | (0.10) | (0.10) |
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Corporate Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | $ 1,530,755 | $ 1,299,264 | $ 1,330,925 | $ 1,337,272 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 16,728 | 2,178 | 36,132 | (30,674) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 176,431 | 155,498 | 390,872 | 255,668 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (13,925) | (11,089) | (24,637) | (17,269) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (80,213) | (68,328) | (103,649) | (143,474) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 16,041 | 0 | 16,041 | 7,166 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (1,495) | (6,923) | 1,495 | 37,728 | |
Fair Value, end of period | 1,644,364 | 1,367,154 | 1,644,364 | 1,367,154 | |
Corporate Debt Securities [Member] | Investment 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 | 27 | (305) | 160 | (666) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 70 | (304) | 236 | (665) | |
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 | 15 | (3,141) | 15 | (3,141) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (3,141) | (3,141) | |||
Canadian Provincial Governments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 607,791 | 572,747 | 528,124 | 593,942 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 59,667 | (3,517) | 135,841 | (28,156) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 671,027 | 572,698 | 671,027 | 572,698 | |
Canadian Provincial Governments [Member] | Investment 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 | 3,569 | 3,468 | 7,062 | 6,912 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 3,569 | 3,468 | 7,062 | 6,912 | |
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 | 0 | 0 | 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Residential mortgage-backed securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 6,522 | 120,614 | 6,855 | 107,882 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 70 | (671) | 71 | (1,781) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 3,018 | 24,412 | 3,018 | 45,328 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | (4,961) | 0 | (4,961) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (1,239) | (1,572) | (1,575) | (4,535) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 7,682 | 3,031 | 7,682 | 3,031 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (86,283) | 0 | 90,302 | |
Fair Value, end of period | 16,032 | 54,839 | 16,032 | 54,839 | |
Residential mortgage-backed securities | Investment 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 | (21) | (43) | (19) | (135) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (21) | (13) | (19) | (105) | |
Residential mortgage-backed securities | 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 | 312 | 0 | 312 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Asset-backed securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 113,787 | 130,706 | 95,572 | 123,474 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,048 | (1,544) | 2,023 | (691) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 8,425 | 0 | 39,747 | 11,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (13,053) | (19,544) | (27,152) | (22,283) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 4,968 | 0 | 4,968 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (45,258) | 0 | 47,248 | |
Fair Value, end of period | 110,322 | 70,686 | 110,322 | 70,686 | |
Asset-backed securities | Investment 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 | 5 | 76 | 22 | 182 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 4 | 68 | 21 | 174 | |
Asset-backed securities | 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 | 110 | 1,282 | 110 | 1,284 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 10,162 | 41,876 | 10,202 | 41,203 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 39 | (110) | 32 | 590 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (351) | (86) | (389) | (121) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 25,165 | 25,165 | |||
Fair Value, end of period | 9,855 | 16,505 | 9,855 | 16,505 | |
US States and Political Subdivisions Debt Securities [Member] | Investment 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 | 5 | (10) | 10 | (2) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 5 | (11) | 10 | (3) | |
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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Debt Security, Government, Non-US [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 5,066 | 5,006 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 620 | 680 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 10,000 | 10,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | ||
Fair Value, end of period | 15,686 | 15,686 | |||
Debt Security, Government, Non-US [Member] | Investment 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Foreign Government Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 5,004 | 5,092 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 40 | (48) | |||
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, Transfers out of Level 3 | 0 | 0 | |||
Fair Value, end of period | 5,044 | 5,044 | |||
Foreign Government Debt [Member] | Investment 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
US Government Agencies Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 17,209 | 21,053 | 18,025 | 22,511 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 322 | (173) | 589 | (513) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 102 | 118 | 186 | 214 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (141) | (156) | (1,219) | (1,260) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||
Fair Value, end of period | 17,406 | 20,735 | 17,406 | 20,735 | |
US Government Agencies Debt Securities [Member] | Investment 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 | (86) | (107) | (175) | (217) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (86) | (108) | (175) | (218) | |
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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Commercial Mortgage Backed Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 21 | 1,884 | 22 | 3,234 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | (16) | 0 | (63) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (2) | (2) | (3) | (3) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (1) | 1,301 | |||
Fair Value, end of period | 19 | 1,867 | 19 | 1,867 | |
Commercial Mortgage Backed Securities [Member] | Investment 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 | 0 | 0 | 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Funds Withheld At Interest Embedded Derivatives [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 107,506 | 135,805 | 109,597 | 122,194 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | 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, Transfers out of Level 3 | 0 | 0 | |||
Fair Value, end of period | 112,767 | 144,610 | 112,767 | 144,610 | |
Funds Withheld At Interest Embedded Derivatives [Member] | Investment 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Funds Withheld At Interest Embedded Derivatives [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 | 5,261 | 8,805 | 3,170 | 22,416 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 5,261 | 8,805 | 3,170 | 22,416 | |
Funds Withheld At Interest Embedded Derivatives [Member] | Insurance Claims [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 | ||||
Funds Withheld At Interest Embedded Derivatives [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 | 0 | 0 | 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Funds Withheld At Interest Embedded Derivatives [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, 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] | 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 | 0 | 0 | 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Cash Equivalents [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 19 | ||||
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] | 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 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 19 | ||||
Fair Value, end of period | 0 | 0 | |||
Cash Equivalents [Member] | Investment 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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ||||
Cash Equivalents [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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ||||
Cash Equivalents [Member] | Insurance Claims [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 | ||||
Cash Equivalents [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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ||||
Cash Equivalents [Member] | Policy Acquisition Costs And Other Insurance Expenses [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 | ||||
Cash Equivalents [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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ||||
Longevity Swap [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 48,869 | 44,011 | 47,789 | 40,659 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 702 | (2,329) | (361) | (1,245) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | 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, Transfers out of Level 3 | 0 | 0 | |||
Fair Value, end of period | 51,755 | 43,971 | 51,755 | 43,971 | |
Longevity Swap [Member] | Investment 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Longevity Swap [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 | 0 | 0 | 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Longevity Swap [Member] | Insurance Claims [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 | ||||
Longevity Swap [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 | 0 | 0 | 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Longevity Swap [Member] | Policy Acquisition Costs And Other Insurance Expenses [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 | ||||
Longevity Swap [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 | 2,184 | 2,289 | 4,327 | 4,557 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 2,184 | 2,289 | 4,327 | 4,557 | |
Interest Sensitive Contract Liabilities 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, Liability, Sales | [1] | 0 | 0 | 0 | 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, beginning of period | 903,935 | (964,794) | (944,865) | (1,014,228) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | [1] | 0 | (4,205) | 3,983 | (12,713) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 19,362 | 18,359 | 37,663 | 36,165 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | |||
Fair Value, end of period | (908,491) | (928,797) | (908,491) | (928,797) | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Income [Member] | |||||
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 | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Gain (Loss) on Investments [Member] | |||||
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 | 18,044 | (15,324) | (117) | (30,109) | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 19,842 | (13,474) | 3,076 | (26,375) | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Insurance Claims [Member] | |||||
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] | Interest Income [Member] | |||||
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 | 8,459 | 6,519 | (5,389) | 31,870 | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 27,820 | 11,839 | 43,052 | 4,295 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | |||||
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] | Other Income [Member] | |||||
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 | (2,585) | 0 | 0 | 0 | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Mortality Swap [Member] | |||||
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 | 0 | 0 | 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, beginning of period | (489) | 1,683 | 369 | 1,683 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 0 | 1,700 | 0 | 1,700 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | |||
Fair Value, end of period | (853) | (782) | (853) | (782) | |
Mortality Swap [Member] | Investment Income [Member] | |||||
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 | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Mortality Swap [Member] | Gain (Loss) on Investments [Member] | |||||
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 | 0 | 0 | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Mortality Swap [Member] | Insurance Claims [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | ||||
Mortality Swap [Member] | Interest Income [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Mortality Swap [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | ||||
Mortality Swap [Member] | Other Income [Member] | |||||
Fair Value, 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 | 1,342 | 799 | 484 | 799 | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 1,342 | 799 | (484) | 799 | |
Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 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 | |||
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 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 19 | ||||
Fair Value, end of period | 0 | 0 | |||
Cash and Cash Equivalents [Member] | Investment 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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ||||
Cash and Cash Equivalents [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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ||||
Cash and Cash Equivalents [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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ||||
Cash and Cash Equivalents [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 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ||||
Equity securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 40,422 | 36,152 | 33,460 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 2,600 | 12,248 | 5,800 | 12,248 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (541) | (569) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | 0 | (48) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 38,905 | ||||
Fair Value, end of period | 44,807 | 42,937 | 44,807 | 42,937 | |
Equity securities | Investment 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Equity securities | 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 | 1,785 | (4,922) | 5,547 | (7,599) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 1,785 | (5,000) | 5,547 | (7,705) | |
Equity securities | 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Equity securities | 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 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Short-term Investments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 29,202 | 3,217 | 2,228 | 3,096 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (67) | (21) | 132 | (46) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 1,265 | 335 | 28,008 | 481 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (1,517) | 0 | (1,517) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (547) | (314) | (547) | (314) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 22 | 22 | |||
Fair Value, end of period | 28,387 | 3,217 | 28,387 | 3,217 | |
Short-term Investments [Member] | Investment 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 | 56 | 88 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 56 | 88 | |||
Short-term Investments [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 | 17 | 0 | 17 | 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | Insurance Claims [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 | ||||
Short-term Investments [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 | 0 | 0 | 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | Policy Acquisition Costs And Other Insurance Expenses [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 | ||||
Short-term Investments [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 | 0 | 0 | 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Fair Value Assets Measured on Non-Recurring Basis) (Details) - Partnership Interest [Member] $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | [1] | Jun. 30, 2019USD ($) | [1] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Assets Carrying Value Prior To Impairment | $ 5,694 | $ 5,694 | ||
Fair Value Assets Gains Losses | $ (5,049) | $ (5,049) | ||
[1] | The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency. |
Fair Value of Assets and Liab_7
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 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | $ 5,405,422 | $ 4,966,298 | |||
Policy loans | 1,319,722 | 1,344,980 | |||
Funds withheld at interest | 5,696,217 | 5,761,471 | |||
Cash and cash equivalents | 2,287,526 | 1,889,733 | $ 1,397,679 | $ 1,303,524 | |
Short-term investments | 158,788 | 142,598 | |||
Other invested assets | 2,121,406 | 1,915,297 | |||
Accrued investment income | 470,074 | 427,893 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 19,748,683 | 18,004,526 | |||
Long-term debt | 3,381,411 | 2,787,873 | |||
Collateral finance and securitization notes | 635,300 | 681,961 | |||
Reported Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | [1] | 5,405,422 | 4,966,298 | ||
Policy loans | [1] | 1,319,722 | 1,344,980 | ||
Funds withheld at interest | [1] | 5,576,162 | 5,655,055 | ||
Cash and cash equivalents | [1] | 1,532,397 | 1,404,566 | ||
Short-term investments | [1] | 32,320 | 36,607 | ||
Other invested assets | [1] | 1,122,777 | 945,731 | ||
Accrued investment income | [1] | 470,074 | 427,893 | ||
Liabilities | |||||
Interest-sensitive contract liabilities | [1] | 16,367,006 | 14,547,436 | ||
Long-term debt | [1] | 3,381,411 | |||
Debt, Long-term and Short-term, Combined Amount | [1] | 2,787,873 | |||
Collateral finance and securitization notes | [1] | 635,300 | 681,961 | ||
Estimate of Fair Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 5,598,551 | 4,917,416 | |||
Policy loans | 1,319,722 | 1,344,980 | |||
Funds withheld at interest | 5,882,101 | 5,802,518 | |||
Cash and cash equivalents | 1,532,397 | 1,404,566 | |||
Short-term investments | 32,320 | 36,607 | |||
Other invested assets | 1,151,725 | 941,449 | |||
Accrued investment income | 470,074 | 427,893 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 17,283,769 | 14,611,011 | |||
Long-term Debt, Fair Value | 3,508,853 | ||||
Debt, Long-term and Short-term, Combined Amount | 2,752,047 | ||||
Collateral finance and securitization notes | 584,310 | 626,731 | |||
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 | 1,532,397 | 1,404,566 | |||
Short-term investments | 32,320 | 36,607 | |||
Other invested assets | 5,317 | 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 | 1,319,722 | 1,344,980 | |||
Funds withheld at interest | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 83,680 | 83,203 | |||
Accrued investment income | 470,074 | 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) | 5,598,551 | 4,917,416 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | 5,882,101 | 5,802,518 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 661,289 | 477,214 | |||
Accrued investment income | 0 | 0 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 17,283,769 | 14,611,011 | |||
Long-term Debt, Fair Value | 3,508,853 | ||||
Debt, Long-term and Short-term, Combined Amount | 2,752,047 | ||||
Collateral finance and securitization notes | 584,310 | 626,731 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Measured at Net Asset Value Per Share [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 | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 401,439 | 376,392 | |||
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 | |||
[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_8
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Equity securities | ||
Fair Value Measurement Inputs and Valuation Techniques [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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 3,467,408 | $ 3,195,908 | $ 6,887,439 | $ 6,369,615 |
Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,885,933 | 1,794,095 | 3,681,259 | 3,497,141 |
CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 342,071 | 324,288 | 677,978 | 639,384 |
EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 483,485 | 473,213 | 976,912 | 955,138 |
Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 692,975 | 588,512 | 1,420,675 | 1,222,897 |
Corporate and Other [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 62,944 | 15,800 | 130,615 | 55,055 |
Life Insurance Product Line [Member] | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,584,676 | 1,564,147 | 3,125,342 | 3,053,841 |
Life Insurance Product Line [Member] | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 318,142 | 312,199 | 630,475 | 614,518 |
Life Insurance Product Line [Member] | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 369,499 | 372,538 | 753,505 | 766,320 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 633,417 | 570,520 | 1,306,589 | 1,185,059 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 301,257 | 229,948 | 555,917 | 443,300 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 23,929 | 12,089 | 47,503 | 24,866 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 113,986 | 100,675 | 223,407 | 188,818 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 59,558 | $ 17,992 | $ 114,086 | $ 37,838 |
Segment Information (Income Los
Segment Information (Income Loss Before Provision for Income Tax of Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 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, Extraordinary Items, Noncontrolling Interest | $ 260,077 | $ 247,288 | $ 476,641 | $ 385,213 |
Americas [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 147,193 | 154,366 | 242,124 | 224,679 |
CANADA | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 50,072 | 25,349 | 101,699 | 52,247 |
EMEA [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 67,922 | 71,837 | 121,736 | 126,422 |
Asia Pacific [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 36,693 | 63,000 | 79,400 | 89,908 |
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, Extraordinary Items, Noncontrolling Interest | (41,803) | (67,264) | (68,318) | (108,043) |
Life Insurance Product Line [Member] | Americas [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 55,175 | 71,978 | 66,829 | 74,870 |
Life Insurance Product Line [Member] | CANADA | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 46,259 | 21,805 | 96,538 | 45,512 |
Life Insurance Product Line [Member] | EMEA [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 16,121 | 6,468 | 31,545 | 21,889 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 34,775 | 58,862 | 71,399 | 81,749 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 92,018 | 82,388 | 175,295 | 149,809 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 3,813 | 3,544 | 5,161 | 6,735 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 51,801 | 65,369 | 90,191 | 104,533 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 1,918 | $ 4,138 | $ 8,001 | $ 8,159 |
Segment Information (Total Asse
Segment Information (Total Assets of Reportable Segments) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 72,043,816 | $ 64,535,245 |
Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 41,840,368 | 39,106,169 |
CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,332,517 | 4,354,792 |
EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 9,671,981 | 8,380,703 |
Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 7,957,656 | 6,861,723 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 8,241,294 | 5,831,858 |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 19,142,106 | 19,235,781 |
Life Insurance Product Line [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,198,875 | 4,200,792 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,755,356 | 3,643,174 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,339,047 | 5,680,978 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 22,698,262 | 19,870,388 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 133,642 | 154,000 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,916,625 | 4,737,529 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 1,618,609 | $ 1,180,745 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Commitments to Fund Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 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 | $ 625,286 | $ 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 | 146,553 | 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 | 90,052 | 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 | $ 53,252 | $ 264,858 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees (Maximum Potential Obligation) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Commitment Period Two Thousand Twenty Three [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 500 |
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 |
Commitment Period Two Thousand Thirty Nine [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,750 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees (Guarantees Issued) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Insurance Treaty Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 1,500,220 | $ 1,392,352 |
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 1,402,737 | 1,291,445 |
Guarantee Of Borrowed Securities [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 274,555 | 269,980 |
Product Financing Arrangement [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 50,666 | 61,273 |
Guarantee Of Lease Obligations [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 156 | $ 392 |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 54,616 | $ 51,931 | $ 100,095 | $ 80,895 |
Tax Adjustments, Settlements, and Unusual Provisions | 0 | (4,314) | 0 | (3,539) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 627 | (330) | 1,292 | 1,103 |
Income Tax Reconciliation Foreign Income Tax Basis Differential | (5,997) | (1,132) | (21,076) | (6,892) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 4,662 | 3,079 | 23,207 | 10,501 |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | 2,404 | (2,036) | 2,964 | (1,201) |
Income Tax Reconciliation Change In Foreign Enacted Tax Rate | 94 | 145 | (1,737) | 417 |
Income Tax Reconciliation SubpartF | 301 | (348) | 466 | 310 |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | (415) | 113 | (107) | (459) |
Effective Income Tax Rate Reconciliation Global Intangible Low Taxed Income | 0 | (119) | 0 | 4,291 |
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount | 3,694 | 3,135 | 5,155 | 4,250 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 3,376 | (503) | 3,596 | (139) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 1,405 | (437) | 891 | (428) |
Income Tax Expense (Benefit) | $ 57,379 | $ 42,914 | $ 104,436 | $ 80,609 |
Effective Income Tax Rate Reconciliation, Percent | 22.10% | 17.40% | 21.90% | 20.90% |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3,169 | $ 3,570 | $ 6,307 | $ 6,224 |
Interest cost | 1,931 | 1,357 | 3,317 | 2,687 |
Expected return on plan assets | (1,692) | (2,213) | (3,576) | (3,767) |
Amortization of prior service cost | 61 | 82 | 121 | 165 |
Amortization of prior actuarial loss | 1,231 | 769 | 2,142 | 1,863 |
Total | 4,700 | 3,565 | 8,311 | 7,172 |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 757 | 636 | 1,514 | 1,272 |
Interest cost | 579 | 529 | 1,159 | 1,059 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | (329) | (329) | (658) | (658) |
Amortization of prior actuarial loss | 644 | 498 | 1,288 | 996 |
Total | $ 1,651 | $ 1,334 | $ 3,303 | $ 2,669 |
Reinsurance (Ceded Reinsurance
Reinsurance (Ceded Reinsurance Receivable Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 851,380 | $ 757,572 |
Reinsurance Recoverables, Percentage of Total | 100.00% | 100.00% |
Other Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 127,218 | $ 114,723 |
Reinsurance Recoverables, Percentage of Total | 15.00% | 15.20% |
AM Best, A+ Rating [Member] | Reinsurer A [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 347,916 | $ 303,036 |
Reinsurance Recoverables, Percentage of Total | 40.90% | 40.00% |
AM Best, A+ Rating [Member] | Reinsurer B [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 201,983 | $ 193,324 |
Reinsurance Recoverables, Percentage of Total | 23.70% | 25.50% |
AM Best, A+ Rating [Member] | Reinsurer E [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 40,253 | $ 40,004 |
Reinsurance Recoverables, Percentage of Total | 4.70% | 5.30% |
AM Best, A Rating [Member] | Reinsurer C [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 74,214 | $ 69,885 |
Reinsurance Recoverables, Percentage of Total | 8.70% | 9.20% |
AM Best, A++ Rating [Member] | Reinsurer D [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 59,796 | $ 36,600 |
Reinsurance Recoverables, Percentage of Total | 7.00% | 4.80% |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Ceded Credit Risk [Line Items] | ||
Reinsurance Claims Recoverables | $ 211.6 | $ 242.8 |
Claims Recoverable From Retrocessionaires Past Due | $ 5.7 | $ 17.4 |
AM Best, A- Rating [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Credit Risk, Disclosure | “A- (excellent)” | “A- (excellent)” |
Policy Claims and Benefits (Det
Policy Claims and Benefits (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Liability for Claims and Claims Adjustment Expense | $ 6,584,668 | $ 5,896,469 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (432,582) | (455,547) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable | 6,152,086 | 5,440,922 |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | ||
Current Year Claims and Claims Adjustment Expense | 5,457,193 | 5,046,146 |
Prior Year Claims and Claims Adjustment Expense | 58,249 | 66,022 |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 5,515,442 | 5,112,168 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | (1,063,092) | (1,097,105) |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | (3,978,853) | (3,518,791) |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | (5,041,945) | (4,615,896) |
Liability for Unpaid Claims and Claims Adjustment Expense, Interest Accretion | 13,185 | 12,299 |
Liability for Unpaid Claims and Claims Adjustment Expense, Foreign Currency Translation Gain (Loss) | 2,663 | (117,352) |
Liability for Unpaid Claims and Claims Adjustment Expense, Adjustments | 15,848 | (105,053) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable | 6,641,431 | 5,832,141 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 524,808 | 439,568 |
Liability for Claims and Claims Adjustment Expense | $ 7,166,239 | $ 6,271,709 |
Financing Activities (Details)
Financing Activities (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Debt Instrument [Line Items] | |
Debt Instrument, Maturity Date | May 15, 2029 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Issuance Date | May 15, 2019 |
Debt Instrument, Interest Rate, Stated Percentage | 3.90% |
Debt Instrument, Face Amount | $ 600 |
Long-term Debt, Gross | 593.8 |
Debt Issuance Costs, Net | $ 4.8 |
Senior Notes Due 2019 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.45% |
Debt Instrument, Face Amount | $ 400 |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards (Narrative) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 55.2 |