Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Oct. 31, 2016 | |
Document And Entitiy Information [Abstract] | ||
Document Type | 10-Q | |
Document period end date | Jun. 30, 2017 | |
Amendment flag | false | |
Entity registrant name | REINSURANCE GROUP OF AMERICA INC | |
Entity central index key | 898,174 | |
Entity current reporting status | Yes | |
Entity voluntary filers | No | |
Current fiscal year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Entity well-known seasoned issuer | Yes | |
Common Shares Outstanding | 64,493,846 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fixed maturity securities: | ||
Available-for-sale at fair value (amortized cost of $33,738,334 and $30,211,787) | $ 36,345,426 | $ 32,093,625 |
Mortgage loans on real estate (net of allowances of $8,156 and $7,685) | 4,104,487 | 3,775,522 |
Policy loans | 1,406,774 | 1,427,602 |
Funds withheld at interest | 5,968,856 | 5,875,919 |
Short-term investments | 123,308 | 76,710 |
Other invested assets | 1,498,370 | 1,591,940 |
Total investments | 49,447,221 | 44,841,318 |
Cash and cash equivalents | 1,123,350 | 1,200,718 |
Accrued investment income | 388,008 | 347,173 |
Premiums receivable and other reinsurance balances | 2,205,631 | 1,930,755 |
Reinsurance ceded receivables | 798,365 | 683,972 |
Deferred policy acquisition costs | 3,334,094 | 3,338,605 |
Other assets | 841,403 | 755,338 |
Total assets | 58,138,072 | 53,097,879 |
Liabilities and Stockholders’ Equity | ||
Future policy benefits | 20,665,256 | 19,581,573 |
Interest-sensitive contract liabilities | 16,440,873 | 14,029,354 |
Other policy claims and benefits | 4,809,780 | 4,263,026 |
Other reinsurance balances | 399,517 | 388,989 |
Deferred income taxes | 3,162,666 | 2,770,640 |
Other liabilities | 1,077,223 | 1,041,880 |
Long-term debt | 2,788,494 | 3,088,635 |
Collateral finance and securitization notes | 823,108 | 840,700 |
Total liabilities | 50,166,917 | 46,004,797 |
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, 2017 and December 31, 2016 | 791 | 791 |
Additional paid-in capital | 1,860,001 | 1,848,611 |
Retained earnings | 5,523,622 | 5,199,130 |
Treasury stock, at cost - 14,645,901 and 14,835,256 shares | (1,085,157) | (1,094,779) |
Accumulated other comprehensive income | 1,671,898 | 1,139,329 |
Total stockholders’ equity | 7,971,155 | 7,093,082 |
Total liabilities and stockholders’ equity | $ 58,138,072 | $ 53,097,879 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available for Sale at Fair value - Amortized cost | $ 33,738,334 | $ 30,211,787 |
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 | 64,491,857 | 64,302,502 |
Treasury stock, shares | 14,645,901 | 14,835,256 |
Allowances for Loan and Lease Losses, Real Estate | $ 8,156 | $ 7,685 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Net premiums | $ 2,480,451 | $ 2,346,945 | $ 4,846,147 | $ 4,503,950 |
Investment income, net of related expenses | 518,538 | 507,666 | 1,032,902 | 924,932 |
Investment related gains (losses), net: | ||||
Other-than-temporary impairments on fixed maturity securities | (3,401) | (846) | (20,590) | (34,663) |
Other investment related gains (losses), net | 59,696 | 119,110 | 137,408 | 32,041 |
Total investment related gains (losses), net | 56,295 | 118,264 | 116,818 | (2,622) |
Other revenues | 73,992 | 66,193 | 142,149 | 125,376 |
Total revenues | 3,129,276 | 3,039,068 | 6,138,016 | 5,551,636 |
Benefits and Expenses: | ||||
Claims and other policy benefits | 2,164,363 | 1,997,502 | 4,270,508 | 3,884,266 |
Interest credited | 115,285 | 95,849 | 222,969 | 183,754 |
Policy acquisition costs and other insurance expenses | 319,832 | 405,681 | 699,221 | 639,444 |
Other operating expenses | 154,356 | 159,895 | 312,862 | 317,319 |
Interest expense | 29,352 | 20,331 | 71,754 | 53,138 |
Collateral finance and securitization expense | 6,773 | 6,587 | 13,543 | 12,912 |
Total benefits and expenses | 2,789,961 | 2,685,845 | 5,590,857 | 5,090,833 |
Income before income taxes | 339,315 | 353,223 | 547,159 | 460,803 |
Provision for income taxes | 107,125 | 117,120 | 169,457 | 148,228 |
Net income | $ 232,190 | $ 236,103 | $ 377,702 | $ 312,575 |
Earnings per share: | ||||
Basic earnings per share | $ 3.60 | $ 3.68 | $ 5.86 | $ 4.86 |
Diluted earnings per share | 3.54 | 3.64 | 5.76 | 4.81 |
Dividends declared per share | $ 0.41 | $ 0.37 | $ 0.82 | $ 0.74 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Comprehensive income | ||||
Net income | $ 232,190 | $ 236,103 | $ 377,702 | $ 312,575 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustments | 43,565 | 9,942 | 21,352 | 87,675 |
Net unrealized investment gains | 306,329 | 643,893 | 509,444 | 1,191,118 |
Defined benefit pension and postretirement plan adjustments | 849 | 1,156 | 1,773 | (1,703) |
Total other comprehensive income, net of tax | 350,743 | 654,991 | 532,569 | 1,277,090 |
Total comprehensive income | $ 582,933 | $ 891,094 | $ 910,271 | $ 1,589,665 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net income | $ 377,702 | $ 312,575 |
Change in operating assets and liabilities: | ||
Accrued investment income | (34,676) | (34,705) |
Premiums receivable and other reinsurance balances | (230,650) | (98,610) |
Deferred policy acquisition costs | 35,870 | (5,435) |
Reinsurance ceded receivable balances | (127,995) | (60,465) |
Future policy benefits, other policy claims and benefits, and other reinsurance balances | 745,799 | 380,297 |
Deferred income taxes | 142,044 | 101,163 |
Other assets and other liabilities, net | (63,811) | (43,708) |
Amortization of net investment premiums, discounts and other | (47,563) | (42,843) |
Depreciation, Depletion and Amortization | 13,869 | 12,888 |
Investment related (gains) losses, net | (116,818) | 2,622 |
Other, net | (37,797) | 70,667 |
Net cash provided by operating activities | 655,974 | 594,446 |
Cash Flows from Investing Activities: | ||
Sales of fixed maturity securities available-for-sale | 4,288,713 | 2,271,414 |
Maturities of fixed maturity securities available-for-sale | 313,530 | 273,552 |
Proceeds from Sale of Available-for-sale Securities, Equity | 166,916 | 132,932 |
Payments to Acquire Available-for-sale Securities, Debt | 5,311,818 | 4,416,290 |
Payments to Acquire Available-for-sale Securities, Equity | (32,299) | (408,684) |
Payments to Acquire Mortgage Notes Receivable | (463,063) | (543,454) |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 135,450 | 294,843 |
Proceeds from Collection of Policy Loans | 26,658 | 25,065 |
Payments for (Proceeds from) Policy Loans | 5,830 | 1,679 |
Increase (Decrease) in Funds Held under Reinsurance Agreements | 6,910 | 27,868 |
Payments to Acquire Property, Plant, and Equipment | 31,686 | 0 |
Change in short-term investments | 22,671 | 350,062 |
Change in other invested assets | (55,379) | (8,100) |
Net cash used in investing activities | (889,675) | (2,058,207) |
Cash Flows from Financing Activities: | ||
Dividends to stockholders | (52,815) | (47,746) |
Proceeds from (Repayments of) Secured Debt | (23,761) | (35,369) |
Proceeds from Issuance of Long-term Debt | 0 | 799,984 |
Payments of Debt Issuance Costs | 0 | (9,026) |
Repayments of Long-term Debt | (301,278) | (1,227) |
Purchases of treasury stock | (10,578) | (120,806) |
Exercise of stock options, net | 2,527 | 5,219 |
Change in cash collateral for derivative positions and other arrangements | (7,046) | 57,055 |
Deposits on universal life and other investment type policies and contracts | 917,675 | 513,679 |
Withdrawals on universal life and other investment type policies and contracts | (402,528) | (208,743) |
Net cash provided by financing activities | 122,196 | 953,020 |
Effect of exchange rate changes on cash | 34,137 | 19,795 |
Change in cash and cash equivalents | (77,368) | (490,946) |
Cash and cash equivalents, beginning of period | 1,200,718 | 1,525,275 |
Cash and cash equivalents, end of period | 1,123,350 | 1,034,329 |
Supplemental disclosures of cash flow information: | ||
Interest Paid, Net | 90,425 | 68,445 |
Income Taxes Paid, Net | 26,447 | 43,838 |
Transfer to Investments | $ 2,243,360 | $ 1,730 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Business and Basis of Presentation Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. The accompanying unaudited condensed consolidated financial statements of RGA and its subsidiaries (collectively, the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation have been included. Results for the six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries, and all intercompany accounts and transactions have been eliminated. These condensed consolidated statements should be read in conjunction with the Company’s 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 28, 2017 (the “2016 Annual Report”). |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 2016 2017 2016 Earnings: Net income (numerator for basic and diluted calculations) $ 232,190 $ 236,103 $ 377,702 $ 312,575 Shares: Weighted average outstanding shares (denominator for basic calculation) 64,449 64,126 64,401 64,348 Equivalent shares from outstanding stock options 1,159 670 1,204 660 Denominator for diluted calculation 65,608 64,796 65,605 65,008 Earnings per share: Basic $ 3.60 $ 3.68 $ 5.86 $ 4.86 Diluted $ 3.54 $ 3.64 $ 5.76 $ 4.81 The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. For the three months ended June 30, 2017 , 0.2 million stock options and approximately 0.3 million performance contingent shares were excluded from the calculation. For the three months ended June 30, 2016 , no stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. Year-to-date amounts for equivalent shares from outstanding stock options and performance contingent shares are the weighted average of the individual quarterly amounts. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Common Stock The changes in number of common stock shares, issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2016 79,137,758 14,835,256 64,302,502 Stock-based compensation (1) — (189,355 ) 189,355 Balance, June 30, 2017 79,137,758 14,645,901 64,491,857 Issued Held In Treasury Outstanding Balance, December 31, 2015 79,137,758 13,933,232 65,204,526 Common stock acquired — 1,352,211 (1,352,211 ) Stock-based compensation (1) — (217,434 ) 217,434 Balance, June 30, 2016 79,137,758 15,068,009 64,069,749 (1) Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. Common Stock Held in Treasury Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings. On January 26, 2017, RGA’s board of directors authorized a share repurchase program for up to $400.0 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this new authorization, the board of directors terminated the stock repurchase authority granted in 2016. During the first six months of 2017, no common stock was repurchased by RGA under this program. 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, 2017 and 2016 are as follows (dollars in thousands): Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2016 $ (172,541 ) $ 1,355,033 $ (43,163 ) $ 1,139,329 Other comprehensive income (loss) before reclassifications (13,936 ) 774,688 (196 ) 760,556 Amounts reclassified to (from) AOCI — (39,360 ) 2,935 (36,425 ) Deferred income tax benefit (expense) 35,288 (225,884 ) (966 ) (191,562 ) Balance, June 30, 2017 $ (151,189 ) $ 1,864,477 $ (41,390 ) $ 1,671,898 Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2015 $ (181,151 ) $ 935,697 $ (46,262 ) $ 708,284 Other comprehensive income (loss) before reclassifications 99,374 1,759,753 (6,083 ) 1,853,044 Amounts reclassified to (from) AOCI — (24,366 ) 3,467 (20,899 ) Deferred income tax benefit (expense) (11,699 ) (544,269 ) 913 (555,055 ) Balance, June 30, 2016 $ (93,476 ) $ 2,126,815 $ (47,965 ) $ 1,985,374 (1) Includes cash flow hedges of $1,131 and $(2,496) as of June 30, 2017 and December 31, 2016 , respectively, and $(41,192) and $(29,397) as of June 30, 2016 and December 31, 2015 , 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, 2017 and 2016 (dollars in thousands): Amount Reclassified from AOCI Three months ended June 30, Six months ended June 30, Details about AOCI Components 2017 2016 2017 2016 Affected Line Item in Statements of Income Net unrealized investment gains (losses): Net unrealized gains and losses on available-for-sale securities $ 40,374 $ 30,190 $ 28,517 $ 11,899 Investment related gains (losses), net Cash flow hedges - Currency/Interest rate 132 93 329 253 (1) Cash flow hedges - Forward bond purchase commitments 51 (1,045 ) 101 (257 ) (1) Deferred policy acquisition costs attributed to unrealized gains and losses 4,565 5,365 10,413 12,471 (2) Total 45,122 34,603 39,360 24,366 Provision for income taxes (15,218 ) (9,646 ) (12,024 ) (4,996 ) Net unrealized gains (losses), net of tax $ 29,904 $ 24,957 $ 27,336 $ 19,370 Amortization of defined benefit plan items: Prior service cost (credit) $ 60 $ (75 ) $ 142 $ (153 ) (3) Actuarial gains/(losses) (1,539 ) (1,841 ) (3,077 ) (3,314 ) (3) Total (1,479 ) (1,916 ) (2,935 ) (3,467 ) Provision for income taxes 517 670 1,027 1,213 Amortization of defined benefit plans, net of tax $ (962 ) $ (1,246 ) $ (1,908 ) $ (2,254 ) Total reclassifications for the period $ 28,942 $ 23,711 $ 25,428 $ 17,116 (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 2016 Annual Report for additional details. (3) This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional deta |
Equity Based Compensation
Equity Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Based Compensation | Equity Based Compensation Equity compensation expense was $11.4 million and $18.9 million in the first six months of 2017 and 2016 , respectively. In the first quarter of 2017, the Company granted 0.2 million stock appreciation rights at $129.72 weighted average exercise price per share and 0.2 million performance contingent units to employees. Additionally, non-employee directors were granted a total of 8,177 shares of common stock. As of June 30, 2017 , 1.7 million share options at a weighted average strike price per share of $60.31 were vested and exercisable, with a remaining weighted average exercise period of 4.8 years. As of June 30, 2017 , the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $38.6 million . It is estimated that these costs will vest over a weighted average period of 1.4 years. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2017 | |
Investments [Abstract] | |
Investments | Investments Fixed Maturity and Equity Securities Available-for-Sale The following tables provide information relating to investments in fixed maturity and equity securities by sector as of June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017: Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value % of Total Other-than- Available-for-sale: Corporate securities $ 21,252,180 $ 1,189,750 $ 100,269 $ 22,341,661 61.5 % $ — Canadian and Canadian provincial governments 2,713,972 1,296,242 2,460 4,007,754 11.0 — Residential mortgage-backed securities 1,505,474 42,619 8,794 1,539,299 4.2 — Asset-backed securities 1,630,499 17,266 5,924 1,641,841 4.5 275 Commercial mortgage-backed securities 1,558,035 28,928 4,935 1,582,028 4.4 — U.S. government and agencies 1,738,419 15,193 32,048 1,721,564 4.7 — State and political subdivisions 599,622 47,564 8,216 638,970 1.8 — Other foreign government, supranational and foreign government-sponsored enterprises 2,740,133 141,973 9,797 2,872,309 7.9 — Total fixed maturity securities $ 33,738,334 $ 2,779,535 $ 172,443 $ 36,345,426 100.0 % $ 275 Non-redeemable preferred stock $ 34,545 $ 435 $ 3,021 $ 31,959 30.6 % Other equity securities 75,413 522 3,617 72,318 69.4 Total equity securities $ 109,958 $ 957 $ 6,638 $ 104,277 100.0 % December 31, 2016: Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value % of Total Other-than- Available-for-sale: Corporate securities $ 18,924,711 $ 911,618 $ 217,245 $ 19,619,084 61.1 % $ — Canadian and Canadian provincial governments 2,561,605 1,085,982 3,541 3,644,046 11.4 — Residential mortgage-backed securities 1,258,039 33,917 13,380 1,278,576 4.0 (375 ) Asset-backed securities 1,443,822 9,350 23,828 1,429,344 4.5 275 Commercial mortgage-backed securities 1,342,440 28,973 7,759 1,363,654 4.2 — U.S. government and agencies 1,518,702 12,644 63,044 1,468,302 4.6 — State and political subdivisions 566,761 37,499 12,464 591,796 1.8 — Other foreign government, supranational and foreign government-sponsored enterprises 2,595,707 123,054 19,938 2,698,823 8.4 — Total fixed maturity securities $ 30,211,787 $ 2,243,037 $ 361,199 $ 32,093,625 100.0 % $ (100 ) Non-redeemable preferred stock $ 55,812 $ 1,648 $ 6,337 $ 51,123 18.6 % Other equity securities 229,767 1,792 7,321 224,238 81.4 Total equity securities $ 285,579 $ 3,440 $ 13,658 $ 275,361 100.0 % 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, 2017 and December 31, 2016 , none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities pledged as collateral $ 69,849 $ 74,441 $ 207,066 $ 210,676 Fixed maturity securities received as collateral n/a 457,801 n/a 300,925 Assets in trust held to satisfy collateral requirements 14,706,225 15,723,178 12,135,258 12,874,370 The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk 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, 2017 and December 31, 2016 (dollars in thousands). June 30, 2017 December 31, 2016 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities guaranteed or issued by: Canadian province of Quebec $ 1,060,922 $ 1,785,573 $ 1,004,261 $ 1,612,957 Canadian province of Ontario 886,518 1,228,391 832,764 1,126,433 The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale at June 30, 2017 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 $ 861,051 $ 868,405 Due after one year through five years 7,421,897 7,696,337 Due after five years through ten years 9,514,341 10,016,984 Due after ten years 11,247,037 13,000,532 Asset and mortgage-backed securities 4,694,008 4,763,168 Total $ 33,738,334 $ 36,345,426 Corporate Fixed Maturity Securities The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017: Estimated Amortized Cost Fair Value % of Total Finance $ 7,741,482 $ 8,077,195 36.1 % Industrial 11,215,292 11,792,664 52.9 Utility 2,295,406 2,471,802 11.0 Total $ 21,252,180 $ 22,341,661 100.0 % December 31, 2016: Estimated Amortized Cost Fair Value % of Total Finance $ 6,725,199 $ 6,888,968 35.2 % Industrial 10,228,813 10,639,613 54.2 Utility 1,970,699 2,090,503 10.6 Total $ 18,924,711 $ 19,619,084 100.0 % Other-Than-Temporary Impairments - Fixed Maturity and Equity Securities As discussed in Note 2 – “Summary of Significant Accounting Policies” of the 2016 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 following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts (dollars in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Balance, beginning of period $ 3,677 $ 7,284 $ 6,013 $ 7,284 Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period — (310 ) (2,336 ) (310 ) Balance, end of period $ 3,677 $ 6,974 $ 3,677 $ 6,974 Unrealized Losses for Fixed Maturity and Equity Securities Available-for-Sale The following table presents the total gross unrealized losses for the 1,134 and 1,535 fixed maturity and equity securities as of June 30, 2017 and December 31, 2016 , respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands): June 30, 2017 December 31, 2016 Gross Unrealized Losses % of Total Gross Unrealized Losses % of Total Less than 20% $ 150,762 84.2 % $ 337,831 90.1 % 20% or more for less than six months 7,593 4.2 19,438 5.2 20% or more for six months or greater 20,726 11.6 17,588 4.7 Total $ 179,081 100.0 % $ 374,857 100.0 % The Company’s determination of whether a decline in value is other-than-temporary includes analysis of the underlying credit and the extent and duration of a decline in value. The Company’s credit analysis of an investment includes determining whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. In the Company’s impairment review process, the duration and severity of an unrealized loss position for equity securities are given greater weight and consideration given the lack of contractual cash flows or deferability features. The following tables present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 1,134 and 1,535 fixed maturity and equity securities that have estimated fair values below amortized cost as of June 30, 2017 and December 31, 2016 , 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, 2017: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate securities $ 2,895,605 $ 46,389 $ 399,546 $ 23,252 $ 3,295,151 $ 69,641 Canadian and Canadian provincial governments 116,719 2,457 — — 116,719 2,457 Residential mortgage-backed securities 471,933 6,872 100,785 1,918 572,718 8,790 Asset-backed securities 285,211 1,451 204,154 3,916 489,365 5,367 Commercial mortgage-backed securities 352,867 4,897 2,195 38 355,062 4,935 U.S. government and agencies 1,378,976 31,962 13,763 86 1,392,739 32,048 State and political subdivisions 125,465 5,098 13,558 3,118 139,023 8,216 Other foreign government, supranational and foreign government-sponsored enterprises 440,670 7,189 29,234 1,616 469,904 8,805 Total investment grade securities 6,067,446 106,315 763,235 33,944 6,830,681 140,259 Below investment grade securities: Corporate securities 255,991 4,547 93,562 26,081 349,553 30,628 Canadian and Canadian provincial governments 1,247 3 — — 1,247 3 Residential mortgage-backed securities — — 107 4 107 4 Asset-backed securities — — 7,295 557 7,295 557 Other foreign government, supranational and foreign government-sponsored enterprises 38,069 287 17,606 705 55,675 992 Total below investment grade securities 295,307 4,837 118,570 27,347 413,877 32,184 Total fixed maturity securities $ 6,362,753 $ 111,152 $ 881,805 $ 61,291 $ 7,244,558 $ 172,443 Non-redeemable preferred stock $ — $ — $ 24,807 $ 3,021 $ 24,807 $ 3,021 Other equity securities 64,990 3,617 — — 64,990 3,617 Total equity securities $ 64,990 $ 3,617 $ 24,807 $ 3,021 $ 89,797 $ 6,638 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2016: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate securities $ 4,661,706 $ 124,444 $ 549,273 $ 43,282 $ 5,210,979 $ 167,726 Canadian and Canadian provincial governments 101,578 3,541 — — 101,578 3,541 Residential mortgage-backed securities 490,473 9,733 112,216 3,635 602,689 13,368 Asset-backed securities 563,259 12,010 257,166 9,653 820,425 21,663 Commercial mortgage-backed securities 368,465 6,858 10,853 166 379,318 7,024 U.S. government and agencies 1,056,101 63,044 — — 1,056,101 63,044 State and political subdivisions 187,194 9,396 13,635 3,068 200,829 12,464 Other foreign government, supranational and foreign government-sponsored enterprises 524,236 13,372 51,097 2,981 575,333 16,353 Total investment grade securities 7,953,012 242,398 994,240 62,785 8,947,252 305,183 Below investment grade securities: Corporate securities 330,757 7,914 163,152 41,605 493,909 49,519 Residential mortgage-backed securities — — 412 12 412 12 Asset-backed securities 5,904 700 12,581 1,465 18,485 2,165 Commercial mortgage-backed securities 5,815 735 — — 5,815 735 Other foreign government, supranational and foreign government-sponsored enterprises 32,355 1,258 39,763 2,327 72,118 3,585 Total below investment grade securities 374,831 10,607 215,908 45,409 590,739 56,016 Total fixed maturity securities $ 8,327,843 $ 253,005 $ 1,210,148 $ 108,194 $ 9,537,991 $ 361,199 Non-redeemable preferred stock $ 10,831 $ 831 $ 21,879 $ 5,506 $ 32,710 $ 6,337 Other equity securities 202,068 7,020 6,751 301 208,819 7,321 Total equity securities $ 212,899 $ 7,851 $ 28,630 $ 5,807 $ 241,529 $ 13,658 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 and equity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Unrealized losses on below investment grade securities as of June 30, 2017 are primarily related to high-yield corporate securities. Changes in unrealized losses are primarily being driven by changes in credit spreads and 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, 2017 2016 2017 2016 Fixed maturity securities available-for-sale $ 355,735 $ 323,592 $ 680,235 $ 636,007 Mortgage loans on real estate 44,442 41,900 88,789 81,692 Policy loans 15,194 16,372 30,466 32,506 Funds withheld at interest 97,367 112,893 224,945 168,873 Short-term investments and cash and cash equivalents 1,779 2,322 3,289 4,513 Other invested assets 23,066 28,150 42,893 36,758 Investment income 537,583 525,229 1,070,617 960,349 Investment expense (19,045 ) (17,563 ) (37,715 ) (35,417 ) Investment income, net of related expenses $ 518,538 $ 507,666 $ 1,032,902 $ 924,932 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, 2017 2016 2017 2016 Fixed maturity and equity securities available for sale: Other-than-temporary impairment losses on fixed maturity securities recognized in earnings $ (3,401 ) $ (846 ) $ (20,590 ) $ (34,663 ) Gain on investment activity 54,220 53,615 72,113 80,807 Loss on investment activity (10,471 ) (22,556 ) (23,034 ) (34,343 ) Other impairment losses and change in mortgage loan provision (6,675 ) 211 (6,774 ) (1,849 ) Derivatives and other, net 22,622 87,840 95,103 (12,574 ) Total investment related gains (losses), net $ 56,295 $ 118,264 $ 116,818 $ (2,622 ) The fixed maturity impairments for the three and six months ended June 30, 2017 and 2016 were largely related to high-yield energy and emerging market corporate securities. The other impairment losses and change in mortgage loan provision for the three and six months ended June 30, 2017 and 2016 were primarily due to impairments on limited partnerships. The fluctuations in investment related gains (losses) for derivatives and other for the three and six months ended June 30, 2017 , compared to the same periods in 2016 , are primarily due to changes in the fair value of embedded derivatives and interest rate swaps. During the three months ended June 30, 2017 and 2016 , the Company sold fixed maturity and equity securities with fair values of $710.5 million and $343.3 million at losses of $10.5 million and $22.6 million , respectively. During the six months ended June 30, 2017 and 2016 , the Company sold fixed maturity and equity securities with fair values of $1,286.7 million and $585.8 million at losses of $23.0 million and $34.3 million , respectively. The Company generally does not buy and sell securities on a short-term basis. Securities Borrowing, Lending and Other The Company participates in securities borrowing programs whereby securities, which are not reflected on the Company’s condensed consolidated balance sheets, are borrowed from third parties. The borrowed securities are used to provide collateral under affiliated reinsurance transactions. The Company is required to maintain a minimum of 100% of the fair value, or par value, under certain programs, of the borrowed securities as collateral. The collateral consists of rights to reinsurance treaty cash flows. If cash flows from the reinsurance treaties are insufficient to maintain the minimum collateral requirement, the Company may substitute cash or securities to meet the requirement. No cash or securities have been pledged by the Company for this purpose. The Company also participates in a securities lending program whereby securities, reflected as investments on the Company’s condensed consolidated balance sheets, are loaned to a third party. The Company receives securities as collateral, in an amount equal to a minimum of 105% of the fair value of the securities lent. The securities received are not reflected on the Company’s condensed consolidated balance sheets. The Company also participates in repurchase/reverse repurchase programs in which securities, reflected as investments on the Company’s condensed consolidated balance sheets, are pledged to third parties. In return, the Company receives securities from the third parties with an estimated fair value equal to a minimum of 100% of the securities pledged. The securities received are not reflected on the Company’s condensed consolidated balance sheets. The Company also participates in a repurchase program in which securities, reflected as investments on the Company’s condensed consolidated balance sheets, are pledged to a third party. In return, the Company receives cash from the third party, which is reflected as a payable to the third party and included in other liabilities on the condensed consolidated balance sheets. The Company is required to maintain a minimum collateral balance with a fair value of 102% of the cash received. 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, 2017 and December 31, 2016 (dollars in thousands). June 30, 2017 December 31, 2016 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Borrowed securities $ 269,280 $ 284,083 $ 263,820 $ 279,186 Securities lending: Securities loaned 117,217 121,064 74,389 73,625 Securities received n/a 109,000 n/a 80,000 Repurchase program/reverse repurchase program: Securities pledged 486,700 509,579 476,531 499,891 Securities received n/a 517,871 n/a 515,200 The Company also held cash collateral for securities lending and the repurchase program/reverse repurchase programs of $47.9 million and $28.8 million at June 30, 2017 and December 31, 2016 , respectively. The following table presents information on the Company’s securities lending and repurchase transactions as of June 30, 2017 and December 31, 2016 (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, 2017 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 securities $ — $ — $ — $ 121,064 $ 121,064 Total — — — 121,064 121,064 Repurchase transactions: Corporate securities — — 1,311 177,555 178,866 Residential mortgage-backed securities — — — 89,333 89,333 U.S. government and agencies — — — 219,522 219,522 Foreign government — — — 20,953 20,953 Other 905 — — — 905 Total 905 — 1,311 507,363 509,579 Total transactions $ 905 $ — $ 1,311 $ 628,427 $ 630,643 Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table $ 674,817 Amounts related to agreements not included in offsetting disclosure $ 44,174 December 31, 2016 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 securities $ — $ — $ 4,017 $ 69,608 $ 73,625 Total $ — $ — $ 4,017 $ 69,608 $ 73,625 Repurchase transactions: Corporate securities $ — $ — $ 3,220 $ 166,979 $ 170,199 Residential mortgage-backed securities — — — 92,546 92,546 U.S. government and agencies — — — 216,000 216,000 Foreign government — — — 19,900 19,900 Other 1,246 — — — 1,246 Total 1,246 — 3,220 495,425 499,891 Total borrowings $ 1,246 $ — $ 7,237 $ 565,033 $ 573,516 Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table $ 624,032 Amounts related to agreements not included in offsetting disclosure $ 50,516 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 consolidated balance sheets was a liability of $5.1 million and $5.5 million of June 30, 2017 and December 31, 2016 , respectively. As of June 30, 2017 and December 31, 2016 , 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 8.3% and 8.4% of the Company’s total investments as of June 30, 2017 and December 31, 2016 . The Company makes mortgage loans on income producing properties that are geographically diversified throughout the U.S. with the largest concentration being in the state of California, which represented 22.0% and 22.1% of mortgage loans on real estate as of June 30, 2017 and December 31, 2016 , respectively. 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, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Property type: Carrying Value % of Total Carrying Value % of Total Office building $ 1,402,369 34.1 % $ 1,270,113 33.6 % Retail 1,248,238 30.3 1,179,936 31.2 Industrial 809,309 19.7 713,461 18.8 Apartment 483,811 11.8 447,088 11.8 Other commercial 170,305 4.1 172,609 4.6 Recorded investment 4,114,032 100.0 % $ 3,783,207 100.0 % Unamortized balance of loan origination fees and expenses (1,389 ) — Valuation allowances (8,156 ) (7,685 ) Total mortgage loans on real estate $ 4,104,487 $ 3,775,522 The maturities of the mortgage loans as of June 30, 2017 and December 31, 2016 are as follows (dollars in thousands): June 30, 2017 December 31, 2016 Recorded Investment % of Total Recorded Investment % of Total Due within five years $ 1,037,000 25.2 % $ 822,073 21.7 % Due after five years through ten years 2,236,805 54.4 2,099,559 55.5 Due after ten years 840,227 20.4 861,575 22.8 Total $ 4,114,032 100.0 % $ 3,783,207 100.0 % The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of June 30, 2017 and December 31, 2016 (dollars in thousands): Recorded Investment Debt Service Ratios >1.20x 1.00x - 1.20x <1.00x Total % of Total June 30, 2017: Loan-to-Value Ratio 0% - 59.99% $ 2,009,905 $ 60,110 $ 4,060 $ 2,074,075 50.4 % 60% - 69.99% 1,453,061 57,332 7,684 1,518,077 36.9 70% - 79.99% 377,744 20,575 37,091 435,410 10.6 Greater than 80% 61,704 — 24,766 86,470 2.1 Total $ 3,902,414 $ 138,017 $ 73,601 $ 4,114,032 100.0 % Recorded Investment Debt Service Ratios >1.20x 1.00x - 1.20x <1.00x Total % of Total December 31, 2016: Loan-to-Value Ratio 0% - 59.99% $ 1,859,640 $ 64,749 $ 1,366 $ 1,925,755 50.8 % 60% - 69.99% 1,257,788 34,678 — 1,292,466 34.2 70% - 79.99% 370,092 20,869 24,369 415,330 11.0 Greater than 80% 114,297 — 35,359 149,656 4.0 Total $ 3,601,817 $ 120,296 $ 61,094 $ 3,783,207 100.0 % The age analysis of the Company’s past due recorded investments in mortgage loans as of June 30, 2017 and December 31, 2016 . June 30, 2017 December 31, 2016 31-60 days past due $ — $ — 61-90 days past due 3,729 — Greater than 90 days — — Total past due $ 3,729 $ — Current 4,110,303 3,783,207 Total $ 4,114,032 $ 3,783,207 The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Mortgage loans: Individually measured for impairment $ 2,077 $ 2,216 Collectively measured for impairment 4,111,955 3,780,991 Recorded investment $ 4,114,032 $ 3,783,207 Valuation allowances: Individually measured for impairment $ — $ — Collectively measured for impairment 8,156 7,685 Total valuation allowances $ 8,156 $ 7,685 Information regarding the Company’s loan valuation allowances for mortgage loans for the three and six months ended June 30, 2017 and 2016 is as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Balance, beginning of period $ 7,786 $ 6,824 $ 7,685 $ 6,813 Provision (release) 366 (325 ) 467 (314 ) Translation adjustment 4 — 4 — Balance, end of period $ 8,156 $ 6,499 $ 8,156 $ 6,499 Information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2017 and December 31, 2016 is as follows (dollars in thousands): Unpaid Principal Balance Recorded Investment Related Allowance Carrying Value June 30, 2017: Impaired mortgage loans with no valuation allowance recorded $ 2,620 $ 2,077 $ — $ 2,077 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 2,620 $ 2,077 $ — $ 2,077 December 31, 2016: Impaired mortgage loans with no valuation allowance recorded $ 2,758 $ 2,216 $ — $ 2,216 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 2,758 $ 2,216 $ — $ 2,216 The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands): Three months ended June 30, 2017 2016 Average (1) Interest Income Average Recorded Investment (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 2,088 $ 33 $ 3,901 $ 107 Impaired mortgage loans with valuation allowance recorded — — 4,724 — Total impaired mortgage loans $ 2,088 $ 33 $ 8,625 $ 107 Six months ended June 30, 2017 2016 Average (1) Interest Income Average (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 2,131 $ 67 $ 3,945 $ 216 Impaired mortgage loans with valuation allowance recorded — — 7,279 — Total impaired mortgage loans $ 2,131 $ 67 $ 11,224 $ 216 (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, 2017 and 2016 . The Company had no mortgage loans that were on a nonaccrual status at June 30, 2017 and December 31, 2016 . Policy Loans Policy loans comprised approximately 2.8% and 3.2% of the Company’s total investments as of June 30, 2017 and December 31, 2016 , 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 12.1% and 13.1% of the Company’s total investments as of June 30, 2017 and December 31, 2016 , respectively. Of the $6.0 billion funds withheld at interest balance, net of embedded derivatives, as of June 30, 2017 , $4.0 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 include equity securities, limited partnership interests, joint ventures (other than operating joint ventures), derivative contracts and fair value option (“FVO”) contractholder-directed unit-linked investments. Other invested assets also include Federal Home Loan Bank of Des Moines (“FHLB”) common stock, equity release mortgages and structured loans, all of which are included in other in the table below. The fair value option was elected for contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation and reporting as separate accounts. Other invested assets represented approximately 3.0% and 3.6% of the Company’s total investments as of June 30, 2017 and December 31, 2016 , respectively. Carrying values of these assets as of June 30, 2017 and December 31, 2016 are as follows (dollars in thousands): June 30, 2017 December 31, 2016 Equity securities $ 104,277 $ 275,361 Limited partnership interests and real estate joint ventures 746,573 687,522 Derivatives 158,048 229,108 FVO contractholder-directed unit-linked investments 204,630 190,120 Other 284,842 209,829 Total other invested assets $ 1,498,370 $ 1,591,940 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Derivatives, except for embedded derivatives and longevity and mortality swaps, are carried on the Company’s condensed consolidated balance sheets in other invested assets or other liabilities, at fair value. Longevity and mortality swaps are included on the condensed consolidated balance sheets in other assets or other liabilities, at fair value. Embedded derivative assets and liabilities on modified coinsurance or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 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 $ 973,825 $ 63,370 $ 4,375 $ 949,556 $ 78,405 $ 5,949 Financial futures 477,407 — — 475,968 — — Foreign currency forwards 15,000 21 63 25,000 — 5,070 Consumer price index swaps 21,991 — 187 20,615 — 262 Credit default swaps 945,000 7,620 1,043 926,000 12,012 2,871 Equity options 541,532 28,301 — 525,894 33,459 — Longevity swaps 914,080 33,349 — 841,360 26,958 — Mortality swaps 50,000 — 1,552 50,000 — 2,462 Synthetic guaranteed investment contracts 9,141,018 — — 8,834,700 — — Embedded derivatives in: Modified coinsurance or funds withheld arrangements — 61,281 — — — 22,529 Indexed annuity products — — 812,718 — — 805,672 Variable annuity products — — 161,913 — — 184,636 Total non-hedging derivatives 13,079,853 193,942 981,851 12,649,093 150,834 1,029,451 Derivatives designated as hedging instruments: Interest rate swaps 435,000 1,267 22,120 435,000 27,901 31,223 Foreign currency swaps 896,873 86,318 7,176 928,505 104,359 734 Foreign currency forwards 150,211 — 4,158 — — — Total hedging derivatives 1,482,084 87,585 33,454 1,363,505 132,260 31,957 Total derivatives $ 14,561,937 $ 281,527 $ 1,015,305 $ 14,012,598 $ 283,094 $ 1,061,408 Netting Arrangements Certain of the Company’s derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements. The Company has elected to include all derivatives, except embedded derivatives, in the tables below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 4 – “Investments” for information regarding the Company’s securities borrowing, lending, repurchase and repurchase/reverse repurchase programs. See “Embedded Derivatives” below for information regarding the Company’s bifurcated embedded derivatives. The following table provides information relating to the Company’s derivative instruments as of June 30, 2017 and December 31, 2016 (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, 2017: Derivative assets $ 220,246 $ (28,849 ) $ 191,397 $ (17,847 ) $ (183,179 ) $ (9,629 ) Derivative liabilities 40,674 (28,849 ) 11,825 (59,540 ) (7,461 ) (55,176 ) December 31, 2016: Derivative assets $ 283,094 $ (27,028 ) $ 256,066 $ (16,913 ) $ (254,498 ) $ (15,345 ) Derivative liabilities 48,571 (27,028 ) 21,543 (95,863 ) (1,441 ) (75,761 ) (1) Includes initial margin posted to a central clearing partner. Accounting for Derivative Instruments and Hedging Activities The Company does not enter into derivative instruments for speculative purposes. As discussed below under “Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging,” the Company uses various derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment. As of June 30, 2017 and December 31, 2016 , the Company held interest rate swaps that were designated and qualified as cash flow hedges of interest rate risk, for variable rate liabilities and foreign currency assets, foreign currency swaps and foreign currency forwards that were designated and qualified as hedges of a portion of its net investment in its foreign operations, foreign currency swaps that were designated and qualified as fair value hedges of foreign currency risk, and derivative instruments that were not designated as hedging instruments. See Note 2 – “Summary of Significant Accounting Policies” of the Company’s 2016 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. Derivative instruments are carried at fair value and generally require an insignificant amount of cash at inception of the contracts. 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, 2017 and 2016, were (dollars in thousands): Type of Fair Value Hedge Hedged Item Gains (Losses) Recognized for Derivatives Gains (Losses) Recognized for Hedged Items Ineffectiveness Recognized in Investment Related Gains (Losses), net For the three months ended June 30, 2017: Foreign currency swaps Foreign-denominated fixed maturity securities $ 905 $ (905 ) $ — For the three months ended June 30, 2016: Foreign currency swaps Foreign-denominated fixed maturity securities $ (3,755 ) $ 3,755 $ — For the six months ended June 30, 2017: Foreign currency swaps Foreign-denominated fixed maturity securities $ 7,441 $ (7,441 ) $ — For the six months ended June 30, 2016: Foreign currency swaps Foreign-denominated fixed maturity securities $ 2,112 $ (2,112 ) $ — A regression analysis was used, both at inception of the hedge and on an ongoing basis, to determine whether each derivative used in a hedged transaction is highly effective in offsetting changes in the hedged item. For the foreign currency swaps, the change in fair value related to changes in the benchmark interest rate and credit spreads are excluded from the hedge effectiveness. For the three and six months ended June 30, 2017 , $0.5 million loss and $0.5 million gain, respectively, of the change in the estimated fair value of derivatives, was excluded from hedge effectiveness. For the three and six months ended June 30, 2016 , $2.4 million and $7.0 million , respectively, of the change in the estimated fair value of derivatives, was excluded from hedge effectiveness. Cash Flow Hedges Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The Company designates and accounts for the following as cash flows: (i) certain interest rate swaps, in which the cash flows of liabilities are variable based on a benchmark rate; (ii) certain interest rate swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps; and (iii) forward bond purchase commitments. 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, 2017 and 2016 (dollars in thousands): Three months ended June 30, 2017 2016 Balance beginning of period $ 7,690 $ (21,794 ) Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges (6,417 ) (20,350 ) Amounts reclassified to investment related (gains) losses, net 41 1,010 Amounts reclassified to investment income (183 ) (58 ) Balance end of period $ 1,131 $ (41,192 ) Six months ended June 30, 2017 2016 Balance beginning of period $ (2,496 ) $ (29,397 ) Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges 4,016 (11,799 ) Amounts reclassified to investment related (gains) losses, net 41 169 Amounts reclassified to investment income (430 ) (165 ) Balance end of period $ 1,131 $ (41,192 ) As of June 30, 2017 , 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 . This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to investment income over the term of the investment cash flows. The following table presents the effective portion 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, 2017 and 2016 (dollars in thousands): Effective Portion Derivative Type Gain (Loss) Deferred in OCI Gain (Loss) Reclassified into Income from OCI Investment Related Gains (Losses) Investment Income For the three months ended June 30, 2017: Interest rate $ (7,643 ) $ — $ — Currency/Interest rate 1,226 — 132 Forward bond purchase commitments — (41 ) 51 Total $ (6,417 ) $ (41 ) $ 183 For the three months ended June 30, 2016: Interest rate $ (17,464 ) $ — $ — Currency/Interest rate (2,886 ) — 93 Forward bond purchase commitments — (1,010 ) (35 ) Total $ (20,350 ) $ (1,010 ) $ 58 For the six months ended June 30, 2017: Interest rate $ (5,427 ) $ — $ — Currency/Interest rate 9,443 — 329 Forward bond purchase commitments — (41 ) 101 Total $ 4,016 $ (41 ) $ 430 For the six months ended June 30, 2016: Interest rate $ (12,335 ) $ — $ — Currency/Interest rate 536 — 253 Forward bond purchase commitments — (169 ) (88 ) Total $ (11,799 ) $ (169 ) $ 165 All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. For the three and six months ended June 30, 2017 and 2016 , the ineffective portion of derivatives reported as cash flow hedges was not material to the Company’s results of operations. Also, there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. Hedges of Net Investments in Foreign Operations The Company uses foreign currency swaps and foreign currency forwards to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three and six months ended June 30, 2017 and 2016 (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) (2) 2017 2016 2017 2016 Foreign currency swaps $ (17,919 ) $ 302 $ (25,525 ) $ (31,493 ) Foreign currency forwards 4,158 — 4,158 — Total $ (13,761 ) $ 302 $ (21,367 ) $ (31,493 ) (1) There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented. (2) There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $140.3 million and $161.6 million at June 30, 2017 and December 31, 2016 , respectively. If a foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a foreign operation. Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment. 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, 2017 and 2016 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) 2017 2016 Interest rate swaps Investment related gains (losses), net $ 14,289 $ 41,500 Financial futures Investment related gains (losses), net (6,442 ) (7,557 ) Foreign currency forwards Investment related gains (losses), net (351 ) 3,577 CPI swaps Investment related gains (losses), net (4 ) (520 ) Credit default swaps Investment related gains (losses), net 3,879 3,518 Equity options Investment related gains (losses), net (9,273 ) (3,225 ) Longevity swaps Other revenues 1,981 2,394 Mortality swaps Other revenues (395 ) 1,046 Subtotal 3,684 40,733 Embedded derivatives in: Modified coinsurance or funds withheld arrangements Investment related gains (losses), net 15,108 76,966 Indexed annuity products Interest credited (5,955 ) (2,019 ) Variable annuity products Investment related gains (losses), net 360 (28,137 ) Total non-hedging derivatives $ 13,197 $ 87,543 Gain (Loss) for the six months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2017 2016 Interest rate swaps Investment related gains (losses), net $ 11,677 $ 104,027 Financial futures Investment related gains (losses), net (19,217 ) (18,608 ) Foreign currency forwards Investment related gains (losses), net 553 6,077 CPI swaps Investment related gains (losses), net (9 ) (700 ) Credit default swaps Investment related gains (losses), net 11,237 6,864 Equity options Investment related gains (losses), net (26,462 ) (5,928 ) Longevity swaps Other revenues 3,847 2,481 Mortality swaps Other revenues (790 ) 622 Subtotal (19,164 ) 94,835 Embedded derivatives in: Modified coinsurance or funds withheld arrangements Investment related gains (losses), net 83,810 (15,283 ) Indexed annuity products Interest credited (22,357 ) (626 ) Variable annuity products Investment related gains (losses), net 22,723 (91,077 ) Total non-hedging derivatives $ 65,012 $ (12,151 ) Types of Derivatives Used by the Company Interest Rate Swaps Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates, to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches) and to manage the risk of cash flows of liabilities that are variable based on a benchmark rate. With an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between two rates, which can be either fixed-rate or floating-rate interest amounts, tied to an agreed-upon notional principal amount. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments at each due date. The Company utilizes interest rate swaps in cash flow and non-qualifying hedging relationships. Financial Futures Exchange-traded futures are used primarily to economically hedge liabilities embedded in certain variable annuity products. With exchange-traded futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the relevant indices, and to post variation margin on a daily basis in an amount equal to the difference between the daily estimated fair values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Equity Options Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products. To hedge against adverse changes in equity indices volatility, the Company buys put options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price. Equity warrants are also used by the Company to economically hedge the variability in anticipated cash flows for the acquisition of investment securities. Consumer Price Index Swaps Consumer price index (“CPI”) swaps are used by the Company primarily to economically hedge liabilities embedded in certain insurance products where value is directly affected by changes in a designated benchmark consumer price index. With a CPI swap transaction, the Company agrees with another party to exchange the actual amount of inflation realized over a specified period of time for a fixed amount of inflation determined at inception. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments to be made by the counterparty at each due date. Most of these swaps will require a single payment to be made by one counterparty at the maturity date of the swap. Foreign Currency Swaps Foreign currency swaps are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon principal amount. The principal amount of each currency is exchanged at the termination of the currency swap by each party. The Company uses foreign currency swaps in hedges of net investments in foreign operations and non-qualifying hedge relationships. Foreign Currency Forwards Foreign currency forwards are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a different currency at the specified future date. The Company uses foreign currency forwards in hedges of net investments in foreign operations and non-qualifying hedge relationships. Forward Bond Purchase Commitments Forward bond purchase commitments have been used by the Company to hedge against the variability in the anticipated cash flows required to purchase securities. With forward bond purchase commitments, the forward price is agreed upon at the time of the contract and payment for such contract is made at the future specified settlement date of the securities. Credit Default Swaps The Company sells protection under single name credit default swaps and credit default swap index tranches to diversify its credit risk exposure in certain portfolios and, in combination with purchasing securities, to replicate characteristics of similar investments based on the credit quality and term of the credit default swap. Credit default triggers for indexed reference entities and single name reference entities are defined in the contracts. The Company’s maximum exposure to credit loss equals the notional value for credit default swaps. In the event of default of a referencing entity, the Company is typically required to pay the protection holder the full notional value less a recovery amount determined at auction. The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 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 $ 2,857 $ 155,500 3.5 $ 1,726 $ 150,500 3.8 Subtotal 2,857 155,500 3.5 1,726 150,500 3.8 BBB+/BBB/BBB- Single name credit default swaps 3,351 365,200 3.3 1,426 347,200 3.7 Credit default swaps referencing indices 82 416,000 4.5 6,295 416,000 5.0 Subtotal 3,433 781,200 3.9 7,721 763,200 4.4 BB+/BB/BB- Single name credit default swaps 1 5,000 2.0 (477 ) 9,000 3.5 Subtotal 1 5,000 2.0 (477 ) 9,000 3.5 Total $ 6,291 $ 941,700 3.8 $ 8,970 $ 922,700 4.3 (1) The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). (2) Assumes the value of the referenced credit obligations is zero. (3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. The Company also purchases credit default swaps to reduce its risk against a drop in bond prices due to credit concerns of certain bond issuers. If a credit event, as defined by the contract, occurs, the Company is able to put the bond back to the counterparty at par. Longevity Swaps The Company enters into longevity swaps in the form of out-of-the-money options, which provide protection against changes in mortality improvement to retirement plans and insurers of such plans. With a longevity swap transaction, the Company agrees with another party to exchange a proportion of a notional value. The proportion is determined by the difference between a predefined benefit, and the realized benefit plus the future expected benefit, calculated by reference to a population index for a fixed premium. Mortality Swaps Mortality swaps are used by the Company to hedge risk from changes in mortality experience associated with its reinsurance of life insurance risk. The Company agrees with another party to exchange, at specified intervals, a proportion of a notional value determined by the difference between a predefined expected and realized claim amount on a designated index of reinsured lives, for a fixed percentage (premium) each term. Synthetic Guaranteed Investment Contracts The Company sells fee-based synthetic guaranteed investment contracts to retirement plans which include investment-only, stable value contracts. The assets are owned by the trustees of such plans, who invest the assets under the terms of investment guidelines to which the Company agrees. The contracts contain a guarantee of a minimum rate of return on participant balances supported by the underlying assets, and a guarantee of liquidity to meet certain participant-initiated plan cash flow requirements. These contracts are reported as derivatives, recorded at fair value and classified as interest rate derivatives. Embedded Derivatives The Company has certain embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance treaties structured on a modified coinsurance (“modco”) or funds withheld basis. Additionally, the Company reinsures equity-indexed annuity and variable annuity contracts with benefits that are considered embedded derivatives, including guaranteed minimum withdrawal benefits, guaranteed minimum accumulation benefits, and guaranteed minimum income benefits. The changes in fair values of embedded derivatives on equity-indexed annuities described below relate to changes in the fair value associated with capital market and other related assumptions. The Company’s utilization of a credit valuation adjustment (“CVA”) did not have a material effect on the change in fair value of its embedded derivatives for the three and six months ended June 30, 2017 and 2016 . The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three and six months ended June 30, 2017 and 2016 are reflected in the following table (dollars in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Embedded derivatives in modco or funds withheld arrangements included in investment related gains $ 15,108 $ 76,966 $ 83,810 $ (15,283 ) After the associated amortization of DAC and taxes, the related amounts included in net income 2,941 18,807 28,785 (7,970 ) Embedded derivatives in variable annuity contracts included in investment related gains 360 (28,137 ) 22,723 (91,077 ) After the associated amortization of DAC and taxes, the related amounts included in net income 3,023 (40,167 ) 31,859 (66,010 ) Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses (5,955 ) (2,019 ) (22,357 ) (626 ) After the associated amortization of DAC and taxes, the related amounts included in net income (6,925 ) (7,816 ) (28,322 ) 3,418 Credit Risk The Company manages its credit risk related to over-the-counter (“OTC”) derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. The credit exposure of the Company’s OTC derivative transactions is represented by the contracts with a positive fair value (market value) at the reporting date. To reduce credit exposures, the Company seeks to (i) enter into OTC derivative transactions pursuant to master netting agreements that provide for a netting of payments and receipts with a single counterparty, and (ii) enter into agreements that allow the use of credit support annexes, which are bilateral rating-sensitive agreements that require collateral postings at established threshold levels. Certain of the Company’s OTC derivatives are cleared derivatives, which are bilateral transactions between the Company and a counterparty where the transactions are cleared through a clearinghouse, such that each derivative counterparty is only exposed to the default of the clearinghouse. These cleared transactions require initial and daily variation margin collateral postings and include certain interest rate swaps and credit default swaps entered into on or after June 10, 2013, related to guidelines implemented under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Also, the Company enters into exchange-traded futures through regulated exchanges and these transactions are settled on a daily basis, thereby reducing credit risk exposure in the event of non-performance by counterparties to such financial instruments. The Company enters into various collateral arrangements, which require both the posting and accepting of collateral in connection with its derivative instruments. Collateral agreements contain attachment thresholds that may vary depending on the posting party’s ratings. Additionally, a decline in the Company’s or the counterparty’s credit ratings to specified levels could result in potential settlement of the derivative positions under the Company’s agreements with its counterparties. The Company also has exchange-traded futures, which require the maintenance of a margin account. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties. The Company’s credit exposure related to derivative contracts is generally limited to the fair value at the reporting date plus or minus any collateral posted or held by the Company. The Company’s credit exposure to mortality swaps is minimal, as they are fully collateralized by a counterparty. Information regarding the Company’s credit exposure related to its over-the-counter derivative contracts, centrally cleared derivative contracts and margin account for exchange-traded futures, excluding mortality swaps, at June 30, 2017 and December 31, 2016 are reflected in the following table (dollars in thousands): June 30, 2017 December 31, 2016 Estimated fair value of derivatives in net asset position $ 181,124 $ 236,985 Cash provided as collateral (1) 7,461 1,441 Securities pledged to counterparties as collateral (2) 59,540 95,863 Cash pledged from counterparties as collateral (3) (183,179 ) (254,498 ) Securities pledged from counterparties as collateral (4) (17,847 ) (16,913 ) Initial margin for cleared derivatives (2) (58,526 ) (73,571 ) Net amount after application of master netting agreements and collateral $ (11,427 ) $ (10,693 ) Margin account related to exchange-traded futures (5) $ 8,530 $ 9,687 (1) Consists of receivable from counterparty, included in other assets. (2) Included in available-for-sale securities, primarily consists of U.S. Treasury and government agency securities. (3) Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. (4) Consists of U.S. Treasury and government securities. (5) Included in other assets. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value of Assets and Liabilities Fair Value Measurement General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. 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 those 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. When inputs used to measure the fair value of an asset or liability fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety, except for fair value measurements using net asset value. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains and losses for such assets and liabilities categorized within Level 3 may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). Assets and Liabilities by Hierarchy Level Assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 are summarized below (dollars in thousands): June 30, 2017: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate securities $ 22,341,661 $ 603,002 $ 20,447,605 $ 1,291,054 Canadian and Canadian provincial governments 4,007,754 — 3,474,484 533,270 Residential mortgage-backed securities 1,539,299 — 1,390,614 148,685 Asset-backed securities 1,641,841 — 1,440,252 201,589 Commercial mortgage-backed securities 1,582,028 — 1,580,085 1,943 U.S. government and agencies 1,721,564 1,597,777 100,220 23,567 State and political subdivisions 638,970 — 604,536 34,434 Other foreign government supranational and foreign government-sponsored enterprises 2,872,309 326,033 2,534,282 11,994 Total fixed maturity securities – available-for-sale 36,345,426 2,526,812 31,572,078 2,246,536 Funds withheld at interest – embedded derivatives 61,281 — — 61,281 Cash equivalents 300,516 300,516 — — Short-term investments 91,024 21,586 65,890 3,548 Other invested assets: Non-redeemable preferred stock 31,959 31,959 — — Other equity securities 72,318 72,318 — — Derivatives: Interest rate swaps 55,154 — 55,154 — CPI swaps (187 ) — (187 ) — Credit default swaps 6,258 — 6,258 — Equity options 15,804 — 15,804 — Foreign currency swaps 81,019 — 81,019 — FVO contractholder-directed unit-linked investments 204,630 203,150 1,480 — Other 7,047 7,047 — — Total other invested assets 474,002 314,474 159,528 — Other assets - longevity swaps 33,349 — — 33,349 Total $ 37,305,598 $ 3,163,388 $ 31,797,496 $ 2,344,714 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 974,631 $ — $ — $ 974,631 Other liabilities: Derivatives: Interest rate swaps 17,012 — 17,012 — Foreign currency forwards 4,200 — 4,200 — Credit default swaps (319 ) — (319 ) — Equity options (12,497 ) — (12,497 ) — Foreign currency swaps 1,877 — 1,877 — Mortality swaps 1,552 — — 1,552 Total $ 986,456 $ — $ 10,273 $ 976,183 December 31, 2016: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate securities $ 19,619,084 $ 310,995 $ 18,035,836 $ 1,272,253 Canadian and Canadian provincial governments 3,644,046 — 3,168,081 475,965 Residential mortgage-backed securities 1,278,576 — 1,118,285 160,291 Asset-backed securities 1,429,344 — 1,210,064 219,280 Commercial mortgage-backed securities 1,363,654 — 1,342,509 21,145 U.S. government and agencies 1,468,302 1,345,755 98,059 24,488 State and political subdivisions 591,796 — 550,130 41,666 Other foreign government, supranational and foreign government-sponsored enterprises 2,698,823 276,729 2,409,225 12,869 Total fixed maturity securities – available-for-sale 32,093,625 1,933,479 27,932,189 2,227,957 Funds withheld at interest – embedded derivatives (22,529 ) — — (22,529 ) Cash equivalents 338,601 338,601 — — Short-term investments 44,241 8,276 32,619 3,346 Other invested assets: Non-redeemable preferred stock 51,123 38,317 12,806 — Other equity securities 224,238 224,238 — — Derivatives: Interest rate swaps 93,508 — 93,508 — Credit default swaps 9,136 — 9,136 — Equity options 26,070 — 26,070 — Foreign currency swaps 100,394 — 100,394 — FVO contractholder-directed unit-linked investments 190,120 188,891 1,229 — Other 11,036 11,036 — — Total other invested assets 705,625 462,482 243,143 — Other assets - longevity swaps 26,958 — — 26,958 Total $ 33,186,521 $ 2,742,838 $ 28,207,951 $ 2,235,732 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 990,308 $ — $ — $ 990,308 Other liabilities: Derivatives: Interest rate swaps 24,374 — 24,374 — Foreign currency forwards 5,070 — 5,070 — CPI swaps 262 — 262 — Credit default swaps (5 ) — (5 ) — Equity options (7,389 ) — (7,389 ) — Foreign currency swaps (3,231 ) — (3,231 ) — Mortality swaps 2,462 — — 2,462 Total $ 1,011,851 $ — $ 19,081 $ 992,770 The Company may utilize information from third parties, such as pricing services and brokers, to assist in determining the fair value for certain assets and liabilities; however, management is ultimately responsible for all fair values presented in the Company’s condensed consolidated financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of assets and liabilities, and approving changes to valuation methodologies and pricing sources. The selection of the valuation technique(s) to apply considers the definition of an exit price and the nature of the asset or liability being valued and significant expertise and judgment is required. The Company performs initial and ongoing analysis and review of the various techniques utilized in determining fair value to ensure that they are appropriate and consistently applied, and that the various assumptions are reasonable. The Company analyzes and reviews the information and prices received from third parties to ensure that the prices represent a reasonable estimate of the fair value and to monitor controls around pricing, which includes quantitative and qualitative analysis and is overseen by the Company’s investment and accounting personnel. Examples of procedures performed include, but are not limited to, review of pricing trends, comparison of a sample of executed prices of securities sold to the fair value estimates, comparison of fair value estimates to management’s knowledge of the current market, and ongoing confirmation that third party pricing services use, wherever possible, market-based parameters for valuation. In addition, the Company utilizes both internal and external cash flow models to analyze the reasonableness of fair values utilizing credit spread and other market assumptions, where appropriate. As a result of the analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly. The Company also determines if the inputs used in estimated fair values received from pricing services are observable by assessing whether these inputs can be corroborated by observable market data. For assets and liabilities reported at fair value, the Company utilizes, when available, fair values based on quoted prices in active markets that are regularly and readily obtainable. Generally, these are very liquid investments and the valuation does not require management judgment. When quoted prices in active markets are not available, fair value is based on market valuation techniques, market comparable pricing and the income approach. The use of different techniques, assumptions and inputs may have a material effect on the estimated fair values of the Company’s securities holdings. For the periods presented, the application of market standard valuation techniques applied to similar assets and liabilities has been consistent. The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below. Fixed Maturity Securities – The fair values of the Company’s publicly-traded fixed maturity securities are generally based on prices obtained from independent pricing services. Prices from pricing services are sourced from multiple vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company generally receives prices from multiple pricing services for each security, but ultimately uses the price from the vendor that is highest in the hierarchy for the respective asset type. To validate reasonableness, prices are periodically reviewed as explained above. Consistent with the fair value hierarchy described above, securities with quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. If the pricing information received from third party pricing services is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service. If the Company ultimately concludes that pricing information received from the independent pricing service is not reflective of fair value, non-binding broker quotes are used, if available. If the Company concludes that the values from both pricing services and brokers are not reflective of fair value, an internally developed valuation may be prepared; however, this occurs infrequently. Internally developed valuations or non-binding broker quotes are also used to determine fair value in circumstances where vendor pricing is not available. These valuations may use significant unobservable inputs, which reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset. Observable market data may not be available in certain circumstances, such as market illiquidity and credit events related to the security. Pricing service overrides, internally developed valuations and non-binding broker quotes are generally based on significant unobservable inputs and are reflected as Level 3 in the valuation hierarchy. The inputs used in the valuation of corporate and government securities include, but are not limited to standard market observable inputs which are derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer. For structured securities, valuation is based primarily on matrix pricing or other similar techniques using standard market inputs including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information including, but not limited to: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans. When observable inputs are not available, the market standard valuation techniques for determining the estimated fair value of certain types of securities that trade infrequently, and therefore have little or no price transparency, rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from or corroborated by observable market data. These unobservable inputs can be based in large part on management judgment or estimation, and cannot be supported by reference to market activity. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and are believed to be consistent with what other market participants would use when pricing such securities. The fair values of private placement securities are primarily determined using a discounted cash flow model. In certain cases these models primarily use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 3. For certain private fixed maturities, the discounted cash flow model may also incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the security. To the extent management determines that such unobservable inputs are not significant to the price of a security, a Level 2 classification is made. Otherwise, a Level 3 classification is used. Embedded Derivatives – The fair value of embedded derivative liabilities, including those calculated by third parties, are monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatilities, from period to period. Actuarial assumptions are based on experience studies performed internally in combination with available industry information and are reviewed on a periodic basis, at least annually. For embedded derivative liabilities associated with the underlying products in reinsurance treaties, primarily equity-indexed and variable annuity treaties, the Company utilizes a discounted cash flow model, which includes an estimate of future equity option purchases and an adjustment for a CVA. The variable annuity embedded derivative calculations are performed by third parties based on methodology and input assumptions provided by the Company. To validate the reasonableness of the resulting fair value, the Company’s internal actuaries perform reviews and analytical procedures on the results. The capital market inputs to the model, such as equity indexes, short-term equity volatility and interest rates, are generally observable. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy, see “Level 3 Measurements and Transfers” below for a description. The fair value of embedded derivatives associated with funds withheld reinsurance treaties is determined based upon a total return swap technique with reference to the fair value of the investments held by the ceding company that support the Company’s funds withheld at interest asset with an adjustment for a CVA. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy, see “Level 3 Measurements and Transfers” below for a description. Credit Valuation Adjustment – The Company uses a structural default risk model to estimate a CVA. The input assumptions are a combination of externally derived and published values (default threshold and uncertainty), market inputs (interest rate, equity price per share, debt per share, equity price volatility) and insurance industry data (Loss Given Default), adjusted for market recoverability. Cash Equivalents and Short-Term Investments – Cash equivalents and short-term investments include money market instruments, commercial paper and other highly liquid debt instruments. Money market instruments are generally valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The fair value of certain other cash equivalents and short-term investments, such as floating rate notes and bonds with original maturities less than twelve months, are based upon other market observable data and are typically classified as Level 2. However, certain short-term investments may incorporate significant unobservable inputs resulting in a Level 3 classification. Various time deposits carried as cash equivalents or short-term investments are not measured at estimated fair value and therefore are excluded from the tables presented. Equity Securities – Equity securities consist principally of exchange-traded funds and preferred stock of publicly and privately traded companies. The fair values of publicly traded equity securities are primarily based on quoted market prices in active markets and are classified within Level 1 in the fair value hierarchy. The fair values of preferred equity securities, for which quoted market prices are not readily available, are based on prices obtained from independent pricing services and these securities are generally classified within Level 2 in the fair value hierarchy. Non-binding broker quotes for equity securities are generally based on significant unobservable inputs and are reflected as Level 3 in the fair value hierarchy. FVO Contractholder-Directed Unit-Linked Investments – FVO contractholder-directed investments supporting unit-linked variable annuity type liabilities primarily consist of exchange-traded funds and, to a lesser extent, fixed maturity securities and cash and cash equivalents. The fair values of the exchange-traded securities are primarily based on quoted market prices in active markets and are classified within Level 1 of the hierarchy. The fair value of the fixed maturity contractholder-directed securities is determined on a basis consistent with the methodologies described above for fixed maturity securities and are classified within Level 2 of the hierarchy. Derivative Assets and Derivative Liabilities – All of the derivative instruments utilized by the Company, except for longevity and mortality swaps, are classified within Level 2 on the fair value hierarchy. These derivatives are principally valued using an income approach. Valuations of interest rate contracts are based on present value techniques, which utilize significant inputs that may include the swap yield curve, London Interbank Offered Rate (“LIBOR”) basis curves, and repurchase rates. Valuations of foreign currency contracts, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, currency spot rates, and cross currency basis curves. Valuations of credit contracts are based on present value techniques, which utilize significant inputs that may include the swap yield curve, credit curves, and recovery rates. Valuations of equity market contracts, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, spot equity index levels, and dividend yield curves. Valuations of equity market contracts, option-based, are based on option pricing models, which utilize significant inputs that may include the swap yield curve, spot equity index levels, dividend yield curves, and equity volatility. The Company does not currently have derivatives, except for longevity and mortality swaps, included in Level 3 measurement. Longevity and Mortality Swaps – The Company utilizes a discounted cash flow model to estimate the fair value of longevity and mortality swaps. The fair value of these swaps includes an accrual for premiums payable and receivable. Some inputs to the valuation model are generally observable, such as interest rates and actual population mortality experience. The valuation also requires significant inputs that are generally not observable and, accordingly, the valuation is considered Level 3 in the fair value hierarchy. Level 3 Measurements and Transfers As of June 30, 2017 and December 31, 2016 , the Company classified approximately 6.2% and 6.9% , respectively, of its fixed maturity securities in the Level 3 category. These securities primarily consist of private placement corporate securities and bank loans as well as Canadian provincial strips with inactive trading markets. Additionally, the Company has included asset-backed securities with subprime exposure and mortgage-backed securities with below investment grade ratings in the Level 3 category due to market uncertainty associated with these securities and the Company’s utilization of unobservable information from third parties for the valuation of these securities. The significant unobservable inputs used in the fair value measurement of the Company’s corporate, sovereign, government-backed, and other political subdivision investments are probability of default, liquidity premium and subordination premium. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumptions used for the liquidity premium and subordination premium. For securities with a fair value derived using the market comparable pricing valuation technique, liquidity premium is the only significant unobservable input. The significant unobservable inputs used in the fair value measurement of the Company’s asset and mortgage-backed securities are prepayment rates, probability of default, liquidity premium and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the liquidity premium and loss severity and a directionally opposite change in the assumption used for prepayment rates. The actuarial assumptions used in the fair value of embedded derivatives which include assumptions related to lapses, withdrawals, and mortality, are based on experience studies performed by the Company in combination with available industry information and are reviewed on a periodic basis, at least annually. The significant unobservable inputs used in the fair value measurement of embedded derivatives are assumptions associated with policyholder experience and selected capital market assumptions for equity-indexed and variable annuities. The selected capital market assumptions, which include long-term implied volatilities, are projections based on short-term historical information. Changes in interest rates, equity indices, equity volatility, CVA, and actuarial assumptions regarding policyholder experience may result in significant fluctuations in the value of embedded derivatives. Fair value measurements associated with funds withheld reinsurance treaties are generally not materially sensitive to changes in unobservable inputs associated with policyholder experience. The primary drivers of change in these fair values are related to movements of credit spreads, which are generally observable. Increases (decreases) in market credit spreads tend to decrease (increase) the fair value of embedded derivatives. Increases (decreases) in the CVA assumption tend to decrease (increase) the magnitude of the fair value of embedded derivatives. Fair value measurements associated with variable annuity treaties are sensitive to both capital markets inputs and policyholder experience inputs. Increases (decreases) in lapse rates tend to decrease (increase) the value of the embedded derivatives associated with variable annuity treaties. Increases (decreases) in the long-term volatility assumption tend to increase (decrease) the fair value of embedded derivatives. Increases (decreases) in the CVA assumption tend to decrease (increase) the magnitude of the fair value of embedded derivatives. The actuarial assumptions used in the fair value of longevity and mortality swaps include assumptions related to the level and volatility of mortality. The assumptions are based on studies performed by the Company in combination with available industry information and are reviewed on a periodic basis, at least annually. The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of June 30, 2017 and December 31, 2016 (dollars in thousands): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Assets: Corporate securities $ 158,309 $ 167,815 Market comparable securities Liquidity premium 0-2% (1%) 0-2% (1%) U.S. government and agencies 23,567 24,488 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) State and political subdivisions 4,607 4,670 Market comparable securities Liquidity premium 1 % 1 % Funds withheld at interest- embedded derivatives 61,281 (22,529 ) Total return swap Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (9%) 0-35% (8%) Withdrawal 0-5% (3%) 0-5% (3%) CVA 0-5% (1%) 0-5% (1%) Crediting rate 2-4% (2%) 2-4% (2%) Longevity swaps 33,349 26,958 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 812,718 805,672 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (9%) 0-35% (8%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget projection 2-4% (2%) 2-4% (2%) Interest sensitive contract liabilities- embedded derivatives- variable annuities 161,913 184,636 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-25% (6%) 0-25% (6%) Withdrawal 0-7% (3%) 0-7% (3%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (9%) 0-27% (14%) Mortality swaps 1,552 2,462 Discounted cash flow Mortality 0-100% (1%) 0-100% (1%) The Company recognizes transfers of assets and liabilities into and out of levels within the fair value hierarchy at the beginning of the quarter in which the actual event or change in circumstances that caused the transfer occurs. Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Assets and liabilities are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data. This may be due to a significant increase in market activity for the asset or liability, a specific event, one or more significant input(s) becoming observable. Transfers out of Level 3 were primarily the result of the Company obtaining observable pricing information or a third party pricing quotation that appropriately reflects the fair value of those assets and liabilities. In addition, certain transfers out of Level 3 were also due to ratings upgrades on mortgage-backed securities that had previously had below investment-grade ratings. Transfers from Level 1 to Level 2 are due to the lack of observable market data when pricing these securities, while transfers from Level 2 to Level 1 are due to an increase in the availability of market observable data in an active market. There were no transfers between Level 1 and Level 2 during the three and six months ended June 30, 2016. The following tables present the transfers between Level 1 and Level 2 during the three and six months ended June 30, 2017 (dollars in thousands): 2017 Transfers from Level 1 to Level 2 Transfers from Level 2 to Level 1 Three months ended June 30: Fixed maturity securities - available-for-sale: Corporate securities $ — $ 49,999 Six months ended June 30: Fixed maturity securities - available-for-sale: Corporate securities $ — $ 88,674 The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and six months ended June 30, 2017 , as well as the portion of gains or losses included in income for the three and six months ended June 30, 2017 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2017 (dollars in thousands): For the three months ended June 30, 2017: Fixed maturity securities - available-for-sale Corporate securities Canadian and Canadian provincial governments Residential mortgage- backed securities Asset-backed securities Fair value, beginning of period $ 1,263,925 $ 483,560 $ 143,430 $ 208,436 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses (396 ) 3,201 (29 ) 511 Investment related gains (losses), net 8,427 — 115 — Included in other comprehensive income (4,548 ) 46,509 1,962 1,136 Purchases (1) 104,087 — 29,318 34,366 Sales (1) (23,174 ) — (4,467 ) — Settlements (1) (74,531 ) — (4,655 ) (27,569 ) Transfers into Level 3 17,264 — 5,423 3,500 Transfers out of Level 3 — — (22,412 ) (18,791 ) Fair value, end of period $ 1,291,054 $ 533,270 $ 148,685 $ 201,589 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 $ (396 ) $ 3,201 $ (37 ) $ 239 Investment related gains (losses), net (1,495 ) — — — For the three months ended June 30, 2017 (continued): Fixed maturity securities available-for-sale Commercial U.S. government State Other foreign government, supranational and foreign government-sponsored enterprises Fair value, beginning of period $ 1,923 $ 23,474 $ 33,858 $ 12,344 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — (115 ) (6 ) — Included in other comprehensive income 21 211 823 (12 ) Purchases (1) — 132 — — Settlements (1) (1 ) (135 ) (241 ) (338 ) Fair value, end of period $ 1,943 $ 23,567 $ 34,434 $ 11,994 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 $ — $ (115 ) $ (6 ) $ — For the three months ended June 30, 2017 (continued): Short-term Investments Funds withheld at interest- embedded derivatives Other assets - longevity swaps Interest sensitive contract liabilities embedded derivatives Other liabilities - mortality swaps Fair value, beginning of period $ 3,276 $ 46,173 $ 29,170 $ (972,930 ) $ (2,857 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment related gains (losses), net — 15,108 — 360 — Interest credited — — — (5,955 ) — Included in other comprehensive income (29 ) — 2,198 — — Other revenues — — 1,981 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in Note 2 of the consolidated financial statements accompanying the 2016 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: 2017 2016 2017 2016 U.S. and Latin America: Traditional $ 1,522,698 $ 1,494,003 $ 3,011,201 $ 2,894,820 Financial Solutions 271,976 305,077 570,822 343,982 Total 1,794,674 1,799,080 3,582,023 3,238,802 Canada: Traditional 269,273 288,912 533,548 546,912 Financial Solutions 12,003 11,854 23,810 22,538 Total 281,276 300,766 557,358 569,450 Europe, Middle East and Africa: Traditional 345,920 301,642 664,006 591,276 Financial Solutions 73,405 80,977 153,394 148,733 Total 419,325 382,619 817,400 740,009 Asia Pacific: Traditional 561,529 477,571 1,066,759 871,770 Financial Solutions 17,984 17,045 38,436 37,116 Total 579,513 494,616 1,105,195 908,886 Corporate and Other 54,488 61,987 76,040 94,489 Total $ 3,129,276 $ 3,039,068 $ 6,138,016 $ 5,551,636 Three months ended June 30, Six months ended June 30, Income (loss) before income taxes: 2017 2016 2017 2016 U.S. and Latin America: Traditional $ 90,594 $ 111,430 $ 120,554 $ 162,528 Financial Solutions 106,985 108,854 210,571 93,958 Total 197,579 220,284 331,125 256,486 Canada: Traditional 32,836 43,309 52,164 63,404 Financial Solutions 4,425 2,128 8,017 2,720 Total 37,261 45,437 60,181 66,124 Europe, Middle East and Africa: Traditional 11,354 6,834 25,330 5,718 Financial Solutions 28,905 27,469 60,823 52,893 Total 40,259 34,303 86,153 58,611 Asia Pacific: Traditional 53,322 34,482 95,010 75,642 Financial Solutions 5,377 (73 ) 11,249 8,480 Total 58,699 34,409 106,259 84,122 Corporate and Other 5,517 18,790 (36,559 ) (4,540 ) Total $ 339,315 $ 353,223 $ 547,159 $ 460,803 Assets: June 30, 2017 December 31, 2016 U.S. and Latin America: Traditional $ 18,588,924 $ 18,140,825 Financial Solutions 16,370,238 13,712,106 Total 34,959,162 31,852,931 Canada: Traditional 3,965,235 3,846,682 Financial Solutions 104,804 85,405 Total 4,070,039 3,932,087 Europe, Middle East and Africa: Traditional 2,852,309 2,559,124 Financial Solutions 4,016,788 3,876,131 Total 6,869,097 6,435,255 Asia Pacific: Traditional 4,449,350 3,968,081 Financial Solutions 1,179,010 676,281 Total 5,628,360 4,644,362 Corporate and Other 6,611,414 6,233,244 Total $ 58,138,072 $ 53,097,879 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 and December 31, 2016 are presented in the following table (dollars in thousands): June 30, 2017 December 31, 2016 Limited partnership interests and real estate joint ventures $ 328,739 $ 332,169 Commercial mortgage loans 84,685 126,248 Bank loans and private placements 51,627 58,318 Equity release mortgages 173,203 130,324 The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Investments in limited partnership interests and real estate joint ventures are carried at cost or reported using the equity method and included in other invested assets in the condensed consolidated balance sheets. Bank loans and private placements are carried at fair value and included in fixed maturity securities available-for-sale. Equity release mortgages are carried at unpaid principal balances, net of any amortized premium or discount and valuation allowance and included in other invested assets. 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, 2017 , 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, 2017 (dollars in millions): Commitment Period: Maximum Potential Obligation 2023 $ 500.0 2033 450.0 2034 2,000.0 2035 1,314.2 2036 2,932.0 2037 5,657.4 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 for any legally offsetting amounts due from the guaranteed party are reflected on the Company’s condensed consolidated balance sheets in future policy benefits. Potential guaranteed amounts of future payments will vary depending on production levels and underwriting results. Guarantees related to 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, 2017 and December 31, 2016 are reflected in the following table (dollars in thousands): June 30, 2017 December 31, 2016 Treaty guarantees $ 964,978 $ 902,216 Treaty guarantees, net of assets in trust 833,654 780,786 Securities borrowing and repurchase arrangements 207,140 263,820 Financing arrangements 106,681 119,073 Lease obligations 2,162 2,428 |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Tax Provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 35.0% to pre-tax income as a result of the following for the three and six months ended June 30, 2017 and 2016 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Tax provision at U.S. statutory rate $ 118,760 $ 123,628 $ 191,506 $ 161,281 Increase (decrease) in income taxes resulting from: Foreign tax rate differing from U.S. tax rate (4,261 ) (8,398 ) (10,413 ) (12,282 ) Differences in tax bases in foreign jurisdictions (13,375 ) (5,553 ) (16,759 ) (14,489 ) Deferred tax valuation allowance 13,031 4,288 14,213 9,287 Amounts related to tax audit contingencies (1,783 ) 3,288 (1,172 ) 3,889 Corporate rate changes 44 — (1,193 ) — Subpart F 1,140 738 1,326 1,433 Foreign tax credits (1,938 ) (427 ) (2,064 ) (721 ) Equity compensation excess benefit (2,609 ) — (4,464 ) — Return to provision adjustments (633 ) (442 ) (403 ) (316 ) Other, net (1,251 ) (2 ) (1,120 ) 146 Total provision for income taxes $ 107,125 $ 117,120 $ 169,457 $ 148,228 Effective tax rate 31.6 % 33.2 % 31.0 % 32.2 % The effective tax rates for the second quarter and the first six months of 2017 were lower than the U.S. Statutory rate of 35.0% primarily as a result of income generated in non-U.S. jurisdictions, predominately related to income earned in RGA Life Reinsurance Company of Canada and the United Kingdom Branch of RGA International Reinsurance Company dac, with statutory rates of approximately 26.6% and 19.3% , respectively. Further, tax benefits derived from differences in tax bases in foreign jurisdictions and benefits related to the filing of an amended tax return also lowered the effective tax rate. These items were partially offset with a valuation allowance established related to the amended return filing. The effective tax rates for the second quarter and first six months of 2016 were lower than the U.S. Statutory rate of 35.0% primarily as a result of tax benefits from income in non-U.S. jurisdictions, mostly related to RGA Life Reinsurance Company of Canada, with lower tax rates than the U.S. and differences in tax bases in foreign jurisdictions. These benefits were partially offset by an accrual related to an uncertain tax position. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 and 2016 were as follows (dollars in thousands): Pension Benefits Other Benefits Three months ended June 30, Three months ended June 30, 2017 2016 2017 2016 Service cost $ 2,819 $ 2,652 $ 721 $ 1,015 Interest cost 1,431 1,076 565 643 Expected return on plan assets (1,823 ) (1,345 ) — — Amortization of prior service cost 95 75 (155 ) — Amortization of prior actuarial loss 1,082 1,224 457 617 Settlements 256 — — — Net periodic benefit cost $ 3,860 $ 3,682 $ 1,588 $ 2,275 Pension Benefits Other Benefits Six months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Service cost $ 5,399 $ 4,958 $ 1,442 $ 2,031 Interest cost 2,629 2,335 1,130 1,286 Expected return on plan assets (3,108 ) (2,569 ) — — Amortization of prior service cost 169 153 (311 ) — Amortization of prior actuarial loss 2,163 2,081 914 1,233 Settlements 513 — — — Net periodic benefit cost $ 7,765 $ 6,958 $ 3,175 $ 4,550 The Company has made $5.0 million in pension contributions during the first six months of 2017 and expects to make total pension contributions between $5.0 million and $10.0 million in 2017. |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 and December 31, 2016 , 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, 2017 and December 31, 2016 , all rated retrocession pool participants followed by the A.M. Best Company were rated “A- (excellent)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets has been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. In addition to its third party retrocessionaires, various RGA reinsurance subsidiaries retrocede amounts in excess of their retention to affiliated subsidiaries. The following table presents information for the Company’s reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 291,029 36.4 % $ 240,894 35.2 % Reinsurer B A+ 195,222 24.4 183,881 26.9 Reinsurer C A+ 67,691 8.5 68,832 10.1 Reinsurer D A++ 47,520 6.0 36,202 5.3 Reinsurer E A 42,808 5.4 35,484 5.2 Other reinsurers 154,095 19.3 118,679 17.3 Total $ 798,365 100.0 % $ 683,972 100.0 % Included in the total reinsurance ceded receivables balance were $257.6 million and $242.0 million of claims recoverable, of which $3.8 million and $4.0 million were in excess of 90 days past due, as of June 30, 2017 and December 31, 2016 , respectively. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting Standards Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements. Adoption of New Accounting Standards Stock Compensation In March 2016, the FASB updated the general accounting principal for Stock Compensation which changed how companies account for certain aspects of share-based payment awards to employees. The updated guidance requires excess tax benefits and deficiencies from share-based payment awards be recorded in income tax expense in the income statement. Previously, excess tax benefits and deficiencies were recognized in shareholders’ equity or deferred taxes on the balance sheet depending on the tax situation of the Company. In addition, the updated guidance also changes the accounting for forfeitures and statutory tax withholding requirements, as well as the classification in the statement of cash flows. The new standard generally requires a modified retrospective transition through a cumulative-effect adjustment as of the beginning of the period of adoption, with certain provisions requiring either a prospective or retrospective transition. The Company adopted the new guidance on January 1, 2017. Upon adoption, the Company recognized excess tax benefits of approximately $17.7 million in deferred tax assets that were previously not recognized in a cumulative-effect adjustment increasing retained earnings by $17.7 million . The Company also recorded excess tax benefits of approximately $2.6 million and $4.5 million in the provision for income taxes for the three and six months ended June 30, 2017, respectively. The number of weighted average diluted shares outstanding were also adjusted to exclude excess tax benefits from the assumed proceeds in the diluted shares calculation resulting in an immaterial increase in the number of dilutive shares outstanding. The Company also elected to continue estimating forfeitures for purposes of recognizing share-based compensation. Other aspects of the adoption of the updated guidance did not have a material impact to the Company’s financial statements. Future Adoption of New Accounting Standards Financial Instruments In January 2016, the FASB amended the general accounting principle for Financial Instruments, effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. The amendment revises the accounting related to (1) the classification and measurement of investments in equity securities, (2) the presentation of certain fair value changes for financial liabilities measured at fair value, (3) certain disclosure requirements associated with the fair value of financial instruments. The new guidance should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The Company is currently evaluating the impact of this amendment on its condensed consolidated financial statements. In June 2016, the FASB amended the existing impairment guidance of Financial Instruments. The amendment 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. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019, with early adoption permitted. The guidance will be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is currently evaluating the impact of this amendment on its consolidated financial statements. Leases In February 2016, the FASB issued guidance which will replace most existing lease accounting guidance. The 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. Lessees and lessors will use a modified retrospective transition approach, which includes a number of practical expedients. This guidance is effective for fiscal years and interim periods within those fiscal year beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of this amendment on its consolidated financial statements. Income Taxes In October 2016, the FASB amended the general accounting principal for Income Taxes, effective for annual and interim periods beginning after December 15, 2017. The amendment requires entities to recognize the tax consequences of intercompany asset transfers, except for inventory, at the transaction date. Current U.S. GAAP prohibits entities from recognizing the income tax consequences from intercompany asset transfers. The seller defers any net tax effect, and the buyer is prohibited from recognizing a deferred tax asset on the difference between the newly created tax basis of the asset in its tax jurisdiction and its financial statement carrying amount as reported in the consolidated financial statements. The amendment requires entities to recognize these tax consequences in the period in which the transfer occurred. There will be an immediate effect on earnings if the tax rates in the seller’s and buyer’s tax jurisdictions are different. This amendment will be applied using a modified retrospective transition method with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact of this amendment on its consolidated financial statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block] | The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Earnings: Net income (numerator for basic and diluted calculations) $ 232,190 $ 236,103 $ 377,702 $ 312,575 Shares: Weighted average outstanding shares (denominator for basic calculation) 64,449 64,126 64,401 64,348 Equivalent shares from outstanding stock options 1,159 670 1,204 660 Denominator for diluted calculation 65,608 64,796 65,605 65,008 Earnings per share: Basic $ 3.60 $ 3.68 $ 5.86 $ 4.86 Diluted $ 3.54 $ 3.64 $ 5.76 $ 4.81 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The changes in number of common stock shares, issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2016 79,137,758 14,835,256 64,302,502 Stock-based compensation (1) — (189,355 ) 189,355 Balance, June 30, 2017 79,137,758 14,645,901 64,491,857 Issued Held In Treasury Outstanding Balance, December 31, 2015 79,137,758 13,933,232 65,204,526 Common stock acquired — 1,352,211 (1,352,211 ) Stock-based compensation (1) — (217,434 ) 217,434 Balance, June 30, 2016 79,137,758 15,068,009 64,069,749 (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, 2017 and 2016 are as follows (dollars in thousands): Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2016 $ (172,541 ) $ 1,355,033 $ (43,163 ) $ 1,139,329 Other comprehensive income (loss) before reclassifications (13,936 ) 774,688 (196 ) 760,556 Amounts reclassified to (from) AOCI — (39,360 ) 2,935 (36,425 ) Deferred income tax benefit (expense) 35,288 (225,884 ) (966 ) (191,562 ) Balance, June 30, 2017 $ (151,189 ) $ 1,864,477 $ (41,390 ) $ 1,671,898 Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2015 $ (181,151 ) $ 935,697 $ (46,262 ) $ 708,284 Other comprehensive income (loss) before reclassifications 99,374 1,759,753 (6,083 ) 1,853,044 Amounts reclassified to (from) AOCI — (24,366 ) 3,467 (20,899 ) Deferred income tax benefit (expense) (11,699 ) (544,269 ) 913 (555,055 ) Balance, June 30, 2016 $ (93,476 ) $ 2,126,815 $ (47,965 ) $ 1,985,374 (1) Includes cash flow hedges of $1,131 and $(2,496) as of June 30, 2017 and December 31, 2016 , respectively, and $(41,192) and $(29,397) as of June 30, 2016 and December 31, 2015 , 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, 2017 and 2016 (dollars in thousands): Amount Reclassified from AOCI Three months ended June 30, Six months ended June 30, Details about AOCI Components 2017 2016 2017 2016 Affected Line Item in Statements of Income Net unrealized investment gains (losses): Net unrealized gains and losses on available-for-sale securities $ 40,374 $ 30,190 $ 28,517 $ 11,899 Investment related gains (losses), net Cash flow hedges - Currency/Interest rate 132 93 329 253 (1) Cash flow hedges - Forward bond purchase commitments 51 (1,045 ) 101 (257 ) (1) Deferred policy acquisition costs attributed to unrealized gains and losses 4,565 5,365 10,413 12,471 (2) Total 45,122 34,603 39,360 24,366 Provision for income taxes (15,218 ) (9,646 ) (12,024 ) (4,996 ) Net unrealized gains (losses), net of tax $ 29,904 $ 24,957 $ 27,336 $ 19,370 Amortization of defined benefit plan items: Prior service cost (credit) $ 60 $ (75 ) $ 142 $ (153 ) (3) Actuarial gains/(losses) (1,539 ) (1,841 ) (3,077 ) (3,314 ) (3) Total (1,479 ) (1,916 ) (2,935 ) (3,467 ) Provision for income taxes 517 670 1,027 1,213 Amortization of defined benefit plans, net of tax $ (962 ) $ (1,246 ) $ (1,908 ) $ (2,254 ) Total reclassifications for the period $ 28,942 $ 23,711 $ 25,428 $ 17,116 (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 2016 Annual Report for additional details. (3) This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional detai |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments [Abstract] | |
Available For Sale Securities | The following tables provide information relating to investments in fixed maturity and equity securities by sector as of June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017: Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value % of Total Other-than- Available-for-sale: Corporate securities $ 21,252,180 $ 1,189,750 $ 100,269 $ 22,341,661 61.5 % $ — Canadian and Canadian provincial governments 2,713,972 1,296,242 2,460 4,007,754 11.0 — Residential mortgage-backed securities 1,505,474 42,619 8,794 1,539,299 4.2 — Asset-backed securities 1,630,499 17,266 5,924 1,641,841 4.5 275 Commercial mortgage-backed securities 1,558,035 28,928 4,935 1,582,028 4.4 — U.S. government and agencies 1,738,419 15,193 32,048 1,721,564 4.7 — State and political subdivisions 599,622 47,564 8,216 638,970 1.8 — Other foreign government, supranational and foreign government-sponsored enterprises 2,740,133 141,973 9,797 2,872,309 7.9 — Total fixed maturity securities $ 33,738,334 $ 2,779,535 $ 172,443 $ 36,345,426 100.0 % $ 275 Non-redeemable preferred stock $ 34,545 $ 435 $ 3,021 $ 31,959 30.6 % Other equity securities 75,413 522 3,617 72,318 69.4 Total equity securities $ 109,958 $ 957 $ 6,638 $ 104,277 100.0 % December 31, 2016: Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value % of Total Other-than- Available-for-sale: Corporate securities $ 18,924,711 $ 911,618 $ 217,245 $ 19,619,084 61.1 % $ — Canadian and Canadian provincial governments 2,561,605 1,085,982 3,541 3,644,046 11.4 — Residential mortgage-backed securities 1,258,039 33,917 13,380 1,278,576 4.0 (375 ) Asset-backed securities 1,443,822 9,350 23,828 1,429,344 4.5 275 Commercial mortgage-backed securities 1,342,440 28,973 7,759 1,363,654 4.2 — U.S. government and agencies 1,518,702 12,644 63,044 1,468,302 4.6 — State and political subdivisions 566,761 37,499 12,464 591,796 1.8 — Other foreign government, supranational and foreign government-sponsored enterprises 2,595,707 123,054 19,938 2,698,823 8.4 — Total fixed maturity securities $ 30,211,787 $ 2,243,037 $ 361,199 $ 32,093,625 100.0 % $ (100 ) Non-redeemable preferred stock $ 55,812 $ 1,648 $ 6,337 $ 51,123 18.6 % Other equity securities 229,767 1,792 7,321 224,238 81.4 Total equity securities $ 285,579 $ 3,440 $ 13,658 $ 275,361 100.0 % |
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, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities pledged as collateral $ 69,849 $ 74,441 $ 207,066 $ 210,676 Fixed maturity securities received as collateral n/a 457,801 n/a 300,925 Assets in trust held to satisfy collateral requirements 14,706,225 15,723,178 12,135,258 12,874,370 |
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, 2017 and December 31, 2016 (dollars in thousands). June 30, 2017 December 31, 2016 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities guaranteed or issued by: Canadian province of Quebec $ 1,060,922 $ 1,785,573 $ 1,004,261 $ 1,612,957 Canadian province of Ontario 886,518 1,228,391 832,764 1,126,433 |
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, 2017 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 $ 861,051 $ 868,405 Due after one year through five years 7,421,897 7,696,337 Due after five years through ten years 9,514,341 10,016,984 Due after ten years 11,247,037 13,000,532 Asset and mortgage-backed securities 4,694,008 4,763,168 Total $ 33,738,334 $ 36,345,426 |
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, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017: Estimated Amortized Cost Fair Value % of Total Finance $ 7,741,482 $ 8,077,195 36.1 % Industrial 11,215,292 11,792,664 52.9 Utility 2,295,406 2,471,802 11.0 Total $ 21,252,180 $ 22,341,661 100.0 % December 31, 2016: Estimated Amortized Cost Fair Value % of Total Finance $ 6,725,199 $ 6,888,968 35.2 % Industrial 10,228,813 10,639,613 54.2 Utility 1,970,699 2,090,503 10.6 Total $ 18,924,711 $ 19,619,084 100.0 % |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Balance, beginning of period $ 3,677 $ 7,284 $ 6,013 $ 7,284 Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period — (310 ) (2,336 ) (310 ) Balance, end of period $ 3,677 $ 6,974 $ 3,677 $ 6,974 |
Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures | The following table presents the total gross unrealized losses for the 1,134 and 1,535 fixed maturity and equity securities as of June 30, 2017 and December 31, 2016 , respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands): June 30, 2017 December 31, 2016 Gross Unrealized Losses % of Total Gross Unrealized Losses % of Total Less than 20% $ 150,762 84.2 % $ 337,831 90.1 % 20% or more for less than six months 7,593 4.2 19,438 5.2 20% or more for six months or greater 20,726 11.6 17,588 4.7 Total $ 179,081 100.0 % $ 374,857 100.0 % |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following tables present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 1,134 and 1,535 fixed maturity and equity securities that have estimated fair values below amortized cost as of June 30, 2017 and December 31, 2016 , 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, 2017: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate securities $ 2,895,605 $ 46,389 $ 399,546 $ 23,252 $ 3,295,151 $ 69,641 Canadian and Canadian provincial governments 116,719 2,457 — — 116,719 2,457 Residential mortgage-backed securities 471,933 6,872 100,785 1,918 572,718 8,790 Asset-backed securities 285,211 1,451 204,154 3,916 489,365 5,367 Commercial mortgage-backed securities 352,867 4,897 2,195 38 355,062 4,935 U.S. government and agencies 1,378,976 31,962 13,763 86 1,392,739 32,048 State and political subdivisions 125,465 5,098 13,558 3,118 139,023 8,216 Other foreign government, supranational and foreign government-sponsored enterprises 440,670 7,189 29,234 1,616 469,904 8,805 Total investment grade securities 6,067,446 106,315 763,235 33,944 6,830,681 140,259 Below investment grade securities: Corporate securities 255,991 4,547 93,562 26,081 349,553 30,628 Canadian and Canadian provincial governments 1,247 3 — — 1,247 3 Residential mortgage-backed securities — — 107 4 107 4 Asset-backed securities — — 7,295 557 7,295 557 Other foreign government, supranational and foreign government-sponsored enterprises 38,069 287 17,606 705 55,675 992 Total below investment grade securities 295,307 4,837 118,570 27,347 413,877 32,184 Total fixed maturity securities $ 6,362,753 $ 111,152 $ 881,805 $ 61,291 $ 7,244,558 $ 172,443 Non-redeemable preferred stock $ — $ — $ 24,807 $ 3,021 $ 24,807 $ 3,021 Other equity securities 64,990 3,617 — — 64,990 3,617 Total equity securities $ 64,990 $ 3,617 $ 24,807 $ 3,021 $ 89,797 $ 6,638 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2016: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate securities $ 4,661,706 $ 124,444 $ 549,273 $ 43,282 $ 5,210,979 $ 167,726 Canadian and Canadian provincial governments 101,578 3,541 — — 101,578 3,541 Residential mortgage-backed securities 490,473 9,733 112,216 3,635 602,689 13,368 Asset-backed securities 563,259 12,010 257,166 9,653 820,425 21,663 Commercial mortgage-backed securities 368,465 6,858 10,853 166 379,318 7,024 U.S. government and agencies 1,056,101 63,044 — — 1,056,101 63,044 State and political subdivisions 187,194 9,396 13,635 3,068 200,829 12,464 Other foreign government, supranational and foreign government-sponsored enterprises 524,236 13,372 51,097 2,981 575,333 16,353 Total investment grade securities 7,953,012 242,398 994,240 62,785 8,947,252 305,183 Below investment grade securities: Corporate securities 330,757 7,914 163,152 41,605 493,909 49,519 Residential mortgage-backed securities — — 412 12 412 12 Asset-backed securities 5,904 700 12,581 1,465 18,485 2,165 Commercial mortgage-backed securities 5,815 735 — — 5,815 735 Other foreign government, supranational and foreign government-sponsored enterprises 32,355 1,258 39,763 2,327 72,118 3,585 Total below investment grade securities 374,831 10,607 215,908 45,409 590,739 56,016 Total fixed maturity securities $ 8,327,843 $ 253,005 $ 1,210,148 $ 108,194 $ 9,537,991 $ 361,199 Non-redeemable preferred stock $ 10,831 $ 831 $ 21,879 $ 5,506 $ 32,710 $ 6,337 Other equity securities 202,068 7,020 6,751 301 208,819 7,321 Total equity securities $ 212,899 $ 7,851 $ 28,630 $ 5,807 $ 241,529 $ 13,658 |
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, 2017 2016 2017 2016 Fixed maturity securities available-for-sale $ 355,735 $ 323,592 $ 680,235 $ 636,007 Mortgage loans on real estate 44,442 41,900 88,789 81,692 Policy loans 15,194 16,372 30,466 32,506 Funds withheld at interest 97,367 112,893 224,945 168,873 Short-term investments and cash and cash equivalents 1,779 2,322 3,289 4,513 Other invested assets 23,066 28,150 42,893 36,758 Investment income 537,583 525,229 1,070,617 960,349 Investment expense (19,045 ) (17,563 ) (37,715 ) (35,417 ) Investment income, net of related expenses $ 518,538 $ 507,666 $ 1,032,902 $ 924,932 |
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, 2017 2016 2017 2016 Fixed maturity and equity securities available for sale: Other-than-temporary impairment losses on fixed maturity securities recognized in earnings $ (3,401 ) $ (846 ) $ (20,590 ) $ (34,663 ) Gain on investment activity 54,220 53,615 72,113 80,807 Loss on investment activity (10,471 ) (22,556 ) (23,034 ) (34,343 ) Other impairment losses and change in mortgage loan provision (6,675 ) 211 (6,774 ) (1,849 ) Derivatives and other, net 22,622 87,840 95,103 (12,574 ) Total investment related gains (losses), net $ 56,295 $ 118,264 $ 116,818 $ (2,622 ) |
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, 2017 and December 31, 2016 (dollars in thousands). June 30, 2017 December 31, 2016 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Borrowed securities $ 269,280 $ 284,083 $ 263,820 $ 279,186 Securities lending: Securities loaned 117,217 121,064 74,389 73,625 Securities received n/a 109,000 n/a 80,000 Repurchase program/reverse repurchase program: Securities pledged 486,700 509,579 476,531 499,891 Securities received n/a 517,871 n/a 515,200 |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | The following table presents information on the Company’s securities lending and repurchase transactions as of June 30, 2017 and December 31, 2016 (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, 2017 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 securities $ — $ — $ — $ 121,064 $ 121,064 Total — — — 121,064 121,064 Repurchase transactions: Corporate securities — — 1,311 177,555 178,866 Residential mortgage-backed securities — — — 89,333 89,333 U.S. government and agencies — — — 219,522 219,522 Foreign government — — — 20,953 20,953 Other 905 — — — 905 Total 905 — 1,311 507,363 509,579 Total transactions $ 905 $ — $ 1,311 $ 628,427 $ 630,643 Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table $ 674,817 Amounts related to agreements not included in offsetting disclosure $ 44,174 December 31, 2016 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 securities $ — $ — $ 4,017 $ 69,608 $ 73,625 Total $ — $ — $ 4,017 $ 69,608 $ 73,625 Repurchase transactions: Corporate securities $ — $ — $ 3,220 $ 166,979 $ 170,199 Residential mortgage-backed securities — — — 92,546 92,546 U.S. government and agencies — — — 216,000 216,000 Foreign government — — — 19,900 19,900 Other 1,246 — — — 1,246 Total 1,246 — 3,220 495,425 499,891 Total borrowings $ 1,246 $ — $ 7,237 $ 565,033 $ 573,516 Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table $ 624,032 Amounts related to agreements not included in offsetting disclosure $ 50,516 |
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, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Property type: Carrying Value % of Total Carrying Value % of Total Office building $ 1,402,369 34.1 % $ 1,270,113 33.6 % Retail 1,248,238 30.3 1,179,936 31.2 Industrial 809,309 19.7 713,461 18.8 Apartment 483,811 11.8 447,088 11.8 Other commercial 170,305 4.1 172,609 4.6 Recorded investment 4,114,032 100.0 % $ 3,783,207 100.0 % Unamortized balance of loan origination fees and expenses (1,389 ) — Valuation allowances (8,156 ) (7,685 ) Total mortgage loans on real estate $ 4,104,487 $ 3,775,522 |
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | The maturities of the mortgage loans as of June 30, 2017 and December 31, 2016 are as follows (dollars in thousands): June 30, 2017 December 31, 2016 Recorded Investment % of Total Recorded Investment % of Total Due within five years $ 1,037,000 25.2 % $ 822,073 21.7 % Due after five years through ten years 2,236,805 54.4 2,099,559 55.5 Due after ten years 840,227 20.4 861,575 22.8 Total $ 4,114,032 100.0 % $ 3,783,207 100.0 % |
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, 2017 and December 31, 2016 (dollars in thousands): Recorded Investment Debt Service Ratios >1.20x 1.00x - 1.20x <1.00x Total % of Total June 30, 2017: Loan-to-Value Ratio 0% - 59.99% $ 2,009,905 $ 60,110 $ 4,060 $ 2,074,075 50.4 % 60% - 69.99% 1,453,061 57,332 7,684 1,518,077 36.9 70% - 79.99% 377,744 20,575 37,091 435,410 10.6 Greater than 80% 61,704 — 24,766 86,470 2.1 Total $ 3,902,414 $ 138,017 $ 73,601 $ 4,114,032 100.0 % Recorded Investment Debt Service Ratios >1.20x 1.00x - 1.20x <1.00x Total % of Total December 31, 2016: Loan-to-Value Ratio 0% - 59.99% $ 1,859,640 $ 64,749 $ 1,366 $ 1,925,755 50.8 % 60% - 69.99% 1,257,788 34,678 — 1,292,466 34.2 70% - 79.99% 370,092 20,869 24,369 415,330 11.0 Greater than 80% 114,297 — 35,359 149,656 4.0 Total $ 3,601,817 $ 120,296 $ 61,094 $ 3,783,207 100.0 % |
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, 2017 and December 31, 2016 . June 30, 2017 December 31, 2016 31-60 days past due $ — $ — 61-90 days past due 3,729 — Greater than 90 days — — Total past due $ 3,729 $ — Current 4,110,303 3,783,207 Total $ 4,114,032 $ 3,783,207 |
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, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Mortgage loans: Individually measured for impairment $ 2,077 $ 2,216 Collectively measured for impairment 4,111,955 3,780,991 Recorded investment $ 4,114,032 $ 3,783,207 Valuation allowances: Individually measured for impairment $ — $ — Collectively measured for impairment 8,156 7,685 Total valuation allowances $ 8,156 $ 7,685 |
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, 2017 and 2016 is as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Balance, beginning of period $ 7,786 $ 6,824 $ 7,685 $ 6,813 Provision (release) 366 (325 ) 467 (314 ) Translation adjustment 4 — 4 — Balance, end of period $ 8,156 $ 6,499 $ 8,156 $ 6,499 |
Impaired Financing Receivables Table | Information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2017 and December 31, 2016 is as follows (dollars in thousands): Unpaid Principal Balance Recorded Investment Related Allowance Carrying Value June 30, 2017: Impaired mortgage loans with no valuation allowance recorded $ 2,620 $ 2,077 $ — $ 2,077 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 2,620 $ 2,077 $ — $ 2,077 December 31, 2016: Impaired mortgage loans with no valuation allowance recorded $ 2,758 $ 2,216 $ — $ 2,216 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 2,758 $ 2,216 $ — $ 2,216 The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands): Three months ended June 30, 2017 2016 Average (1) Interest Income Average Recorded Investment (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 2,088 $ 33 $ 3,901 $ 107 Impaired mortgage loans with valuation allowance recorded — — 4,724 — Total impaired mortgage loans $ 2,088 $ 33 $ 8,625 $ 107 Six months ended June 30, 2017 2016 Average (1) Interest Income Average (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 2,131 $ 67 $ 3,945 $ 216 Impaired mortgage loans with valuation allowance recorded — — 7,279 — Total impaired mortgage loans $ 2,131 $ 67 $ 11,224 $ 216 (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, 2017 and December 31, 2016 are as follows (dollars in thousands): June 30, 2017 December 31, 2016 Equity securities $ 104,277 $ 275,361 Limited partnership interests and real estate joint ventures 746,573 687,522 Derivatives 158,048 229,108 FVO contractholder-directed unit-linked investments 204,630 190,120 Other 284,842 209,829 Total other invested assets $ 1,498,370 $ 1,591,940 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 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 $ 973,825 $ 63,370 $ 4,375 $ 949,556 $ 78,405 $ 5,949 Financial futures 477,407 — — 475,968 — — Foreign currency forwards 15,000 21 63 25,000 — 5,070 Consumer price index swaps 21,991 — 187 20,615 — 262 Credit default swaps 945,000 7,620 1,043 926,000 12,012 2,871 Equity options 541,532 28,301 — 525,894 33,459 — Longevity swaps 914,080 33,349 — 841,360 26,958 — Mortality swaps 50,000 — 1,552 50,000 — 2,462 Synthetic guaranteed investment contracts 9,141,018 — — 8,834,700 — — Embedded derivatives in: Modified coinsurance or funds withheld arrangements — 61,281 — — — 22,529 Indexed annuity products — — 812,718 — — 805,672 Variable annuity products — — 161,913 — — 184,636 Total non-hedging derivatives 13,079,853 193,942 981,851 12,649,093 150,834 1,029,451 Derivatives designated as hedging instruments: Interest rate swaps 435,000 1,267 22,120 435,000 27,901 31,223 Foreign currency swaps 896,873 86,318 7,176 928,505 104,359 734 Foreign currency forwards 150,211 — 4,158 — — — Total hedging derivatives 1,482,084 87,585 33,454 1,363,505 132,260 31,957 Total derivatives $ 14,561,937 $ 281,527 $ 1,015,305 $ 14,012,598 $ 283,094 $ 1,061,408 |
Offsetting Assets [Table Text Block] | The following table provides information relating to the Company’s derivative instruments as of June 30, 2017 and December 31, 2016 (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, 2017: Derivative assets $ 220,246 $ (28,849 ) $ 191,397 $ (17,847 ) $ (183,179 ) $ (9,629 ) Derivative liabilities 40,674 (28,849 ) 11,825 (59,540 ) (7,461 ) (55,176 ) December 31, 2016: Derivative assets $ 283,094 $ (27,028 ) $ 256,066 $ (16,913 ) $ (254,498 ) $ (15,345 ) Derivative liabilities 48,571 (27,028 ) 21,543 (95,863 ) (1,441 ) (75,761 ) |
Offsetting Liabilities [Table Text Block] | The following table provides information relating to the Company’s derivative instruments as of June 30, 2017 and December 31, 2016 (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, 2017: Derivative assets $ 220,246 $ (28,849 ) $ 191,397 $ (17,847 ) $ (183,179 ) $ (9,629 ) Derivative liabilities 40,674 (28,849 ) 11,825 (59,540 ) (7,461 ) (55,176 ) December 31, 2016: Derivative assets $ 283,094 $ (27,028 ) $ 256,066 $ (16,913 ) $ (254,498 ) $ (15,345 ) Derivative liabilities 48,571 (27,028 ) 21,543 (95,863 ) (1,441 ) (75,761 ) (1) Includes initial margin posted to a central clearing partner. |
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, 2017 and 2016, were (dollars in thousands): Type of Fair Value Hedge Hedged Item Gains (Losses) Recognized for Derivatives Gains (Losses) Recognized for Hedged Items Ineffectiveness Recognized in Investment Related Gains (Losses), net For the three months ended June 30, 2017: Foreign currency swaps Foreign-denominated fixed maturity securities $ 905 $ (905 ) $ — For the three months ended June 30, 2016: Foreign currency swaps Foreign-denominated fixed maturity securities $ (3,755 ) $ 3,755 $ — For the six months ended June 30, 2017: Foreign currency swaps Foreign-denominated fixed maturity securities $ 7,441 $ (7,441 ) $ — For the six months ended June 30, 2016: Foreign currency swaps Foreign-denominated fixed maturity securities $ 2,112 $ (2,112 ) $ — |
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, 2017 and 2016 (dollars in thousands): Three months ended June 30, 2017 2016 Balance beginning of period $ 7,690 $ (21,794 ) Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges (6,417 ) (20,350 ) Amounts reclassified to investment related (gains) losses, net 41 1,010 Amounts reclassified to investment income (183 ) (58 ) Balance end of period $ 1,131 $ (41,192 ) Six months ended June 30, 2017 2016 Balance beginning of period $ (2,496 ) $ (29,397 ) Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges 4,016 (11,799 ) Amounts reclassified to investment related (gains) losses, net 41 169 Amounts reclassified to investment income (430 ) (165 ) Balance end of period $ 1,131 $ (41,192 ) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effective portion 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, 2017 and 2016 (dollars in thousands): Effective Portion Derivative Type Gain (Loss) Deferred in OCI Gain (Loss) Reclassified into Income from OCI Investment Related Gains (Losses) Investment Income For the three months ended June 30, 2017: Interest rate $ (7,643 ) $ — $ — Currency/Interest rate 1,226 — 132 Forward bond purchase commitments — (41 ) 51 Total $ (6,417 ) $ (41 ) $ 183 For the three months ended June 30, 2016: Interest rate $ (17,464 ) $ — $ — Currency/Interest rate (2,886 ) — 93 Forward bond purchase commitments — (1,010 ) (35 ) Total $ (20,350 ) $ (1,010 ) $ 58 For the six months ended June 30, 2017: Interest rate $ (5,427 ) $ — $ — Currency/Interest rate 9,443 — 329 Forward bond purchase commitments — (41 ) 101 Total $ 4,016 $ (41 ) $ 430 For the six months ended June 30, 2016: Interest rate $ (12,335 ) $ — $ — Currency/Interest rate 536 — 253 Forward bond purchase commitments — (169 ) (88 ) Total $ (11,799 ) $ (169 ) $ 165 |
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, 2017 and 2016 (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) (2) 2017 2016 2017 2016 Foreign currency swaps $ (17,919 ) $ 302 $ (25,525 ) $ (31,493 ) Foreign currency forwards 4,158 — 4,158 — Total $ (13,761 ) $ 302 $ (21,367 ) $ (31,493 ) (1) There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented. (2) There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [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, 2017 and 2016 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) 2017 2016 Interest rate swaps Investment related gains (losses), net $ 14,289 $ 41,500 Financial futures Investment related gains (losses), net (6,442 ) (7,557 ) Foreign currency forwards Investment related gains (losses), net (351 ) 3,577 CPI swaps Investment related gains (losses), net (4 ) (520 ) Credit default swaps Investment related gains (losses), net 3,879 3,518 Equity options Investment related gains (losses), net (9,273 ) (3,225 ) Longevity swaps Other revenues 1,981 2,394 Mortality swaps Other revenues (395 ) 1,046 Subtotal 3,684 40,733 Embedded derivatives in: Modified coinsurance or funds withheld arrangements Investment related gains (losses), net 15,108 76,966 Indexed annuity products Interest credited (5,955 ) (2,019 ) Variable annuity products Investment related gains (losses), net 360 (28,137 ) Total non-hedging derivatives $ 13,197 $ 87,543 Gain (Loss) for the six months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2017 2016 Interest rate swaps Investment related gains (losses), net $ 11,677 $ 104,027 Financial futures Investment related gains (losses), net (19,217 ) (18,608 ) Foreign currency forwards Investment related gains (losses), net 553 6,077 CPI swaps Investment related gains (losses), net (9 ) (700 ) Credit default swaps Investment related gains (losses), net 11,237 6,864 Equity options Investment related gains (losses), net (26,462 ) (5,928 ) Longevity swaps Other revenues 3,847 2,481 Mortality swaps Other revenues (790 ) 622 Subtotal (19,164 ) 94,835 Embedded derivatives in: Modified coinsurance or funds withheld arrangements Investment related gains (losses), net 83,810 (15,283 ) Indexed annuity products Interest credited (22,357 ) (626 ) Variable annuity products Investment related gains (losses), net 22,723 (91,077 ) Total non-hedging derivatives $ 65,012 $ (12,151 ) |
Disclosure Of Credit Derivatives | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 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 $ 2,857 $ 155,500 3.5 $ 1,726 $ 150,500 3.8 Subtotal 2,857 155,500 3.5 1,726 150,500 3.8 BBB+/BBB/BBB- Single name credit default swaps 3,351 365,200 3.3 1,426 347,200 3.7 Credit default swaps referencing indices 82 416,000 4.5 6,295 416,000 5.0 Subtotal 3,433 781,200 3.9 7,721 763,200 4.4 BB+/BB/BB- Single name credit default swaps 1 5,000 2.0 (477 ) 9,000 3.5 Subtotal 1 5,000 2.0 (477 ) 9,000 3.5 Total $ 6,291 $ 941,700 3.8 $ 8,970 $ 922,700 4.3 (1) The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). (2) Assumes the value of the referenced credit obligations is zero. (3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. |
Changes In Estimated Fair Value Related To Embedded Derivatives | The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three and six months ended June 30, 2017 and 2016 are reflected in the following table (dollars in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Embedded derivatives in modco or funds withheld arrangements included in investment related gains $ 15,108 $ 76,966 $ 83,810 $ (15,283 ) After the associated amortization of DAC and taxes, the related amounts included in net income 2,941 18,807 28,785 (7,970 ) Embedded derivatives in variable annuity contracts included in investment related gains 360 (28,137 ) 22,723 (91,077 ) After the associated amortization of DAC and taxes, the related amounts included in net income 3,023 (40,167 ) 31,859 (66,010 ) Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses (5,955 ) (2,019 ) (22,357 ) (626 ) After the associated amortization of DAC and taxes, the related amounts included in net income (6,925 ) (7,816 ) (28,322 ) 3,418 |
Credit Risk | Information regarding the Company’s credit exposure related to its over-the-counter derivative contracts, centrally cleared derivative contracts and margin account for exchange-traded futures, excluding mortality swaps, at June 30, 2017 and December 31, 2016 are reflected in the following table (dollars in thousands): June 30, 2017 December 31, 2016 Estimated fair value of derivatives in net asset position $ 181,124 $ 236,985 Cash provided as collateral (1) 7,461 1,441 Securities pledged to counterparties as collateral (2) 59,540 95,863 Cash pledged from counterparties as collateral (3) (183,179 ) (254,498 ) Securities pledged from counterparties as collateral (4) (17,847 ) (16,913 ) Initial margin for cleared derivatives (2) (58,526 ) (73,571 ) Net amount after application of master netting agreements and collateral $ (11,427 ) $ (10,693 ) Margin account related to exchange-traded futures (5) $ 8,530 $ 9,687 (1) Consists of receivable from counterparty, included in other assets. (2) Included in available-for-sale securities, primarily consists of U.S. Treasury and government agency securities. (3) Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. (4) Consists of U.S. Treasury and government securities. (5) Included in other assets. |
Fair Value of Assets and Liab24
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 and December 31, 2016 are summarized below (dollars in thousands): June 30, 2017: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate securities $ 22,341,661 $ 603,002 $ 20,447,605 $ 1,291,054 Canadian and Canadian provincial governments 4,007,754 — 3,474,484 533,270 Residential mortgage-backed securities 1,539,299 — 1,390,614 148,685 Asset-backed securities 1,641,841 — 1,440,252 201,589 Commercial mortgage-backed securities 1,582,028 — 1,580,085 1,943 U.S. government and agencies 1,721,564 1,597,777 100,220 23,567 State and political subdivisions 638,970 — 604,536 34,434 Other foreign government supranational and foreign government-sponsored enterprises 2,872,309 326,033 2,534,282 11,994 Total fixed maturity securities – available-for-sale 36,345,426 2,526,812 31,572,078 2,246,536 Funds withheld at interest – embedded derivatives 61,281 — — 61,281 Cash equivalents 300,516 300,516 — — Short-term investments 91,024 21,586 65,890 3,548 Other invested assets: Non-redeemable preferred stock 31,959 31,959 — — Other equity securities 72,318 72,318 — — Derivatives: Interest rate swaps 55,154 — 55,154 — CPI swaps (187 ) — (187 ) — Credit default swaps 6,258 — 6,258 — Equity options 15,804 — 15,804 — Foreign currency swaps 81,019 — 81,019 — FVO contractholder-directed unit-linked investments 204,630 203,150 1,480 — Other 7,047 7,047 — — Total other invested assets 474,002 314,474 159,528 — Other assets - longevity swaps 33,349 — — 33,349 Total $ 37,305,598 $ 3,163,388 $ 31,797,496 $ 2,344,714 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 974,631 $ — $ — $ 974,631 Other liabilities: Derivatives: Interest rate swaps 17,012 — 17,012 — Foreign currency forwards 4,200 — 4,200 — Credit default swaps (319 ) — (319 ) — Equity options (12,497 ) — (12,497 ) — Foreign currency swaps 1,877 — 1,877 — Mortality swaps 1,552 — — 1,552 Total $ 986,456 $ — $ 10,273 $ 976,183 December 31, 2016: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate securities $ 19,619,084 $ 310,995 $ 18,035,836 $ 1,272,253 Canadian and Canadian provincial governments 3,644,046 — 3,168,081 475,965 Residential mortgage-backed securities 1,278,576 — 1,118,285 160,291 Asset-backed securities 1,429,344 — 1,210,064 219,280 Commercial mortgage-backed securities 1,363,654 — 1,342,509 21,145 U.S. government and agencies 1,468,302 1,345,755 98,059 24,488 State and political subdivisions 591,796 — 550,130 41,666 Other foreign government, supranational and foreign government-sponsored enterprises 2,698,823 276,729 2,409,225 12,869 Total fixed maturity securities – available-for-sale 32,093,625 1,933,479 27,932,189 2,227,957 Funds withheld at interest – embedded derivatives (22,529 ) — — (22,529 ) Cash equivalents 338,601 338,601 — — Short-term investments 44,241 8,276 32,619 3,346 Other invested assets: Non-redeemable preferred stock 51,123 38,317 12,806 — Other equity securities 224,238 224,238 — — Derivatives: Interest rate swaps 93,508 — 93,508 — Credit default swaps 9,136 — 9,136 — Equity options 26,070 — 26,070 — Foreign currency swaps 100,394 — 100,394 — FVO contractholder-directed unit-linked investments 190,120 188,891 1,229 — Other 11,036 11,036 — — Total other invested assets 705,625 462,482 243,143 — Other assets - longevity swaps 26,958 — — 26,958 Total $ 33,186,521 $ 2,742,838 $ 28,207,951 $ 2,235,732 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 990,308 $ — $ — $ 990,308 Other liabilities: Derivatives: Interest rate swaps 24,374 — 24,374 — Foreign currency forwards 5,070 — 5,070 — CPI swaps 262 — 262 — Credit default swaps (5 ) — (5 ) — Equity options (7,389 ) — (7,389 ) — Foreign currency swaps (3,231 ) — (3,231 ) — Mortality swaps 2,462 — — 2,462 Total $ 1,011,851 $ — $ 19,081 $ 992,770 |
Fair Value Unobservable Input Measurements [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of June 30, 2017 and December 31, 2016 (dollars in thousands): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Assets: Corporate securities $ 158,309 $ 167,815 Market comparable securities Liquidity premium 0-2% (1%) 0-2% (1%) U.S. government and agencies 23,567 24,488 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) State and political subdivisions 4,607 4,670 Market comparable securities Liquidity premium 1 % 1 % Funds withheld at interest- embedded derivatives 61,281 (22,529 ) Total return swap Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (9%) 0-35% (8%) Withdrawal 0-5% (3%) 0-5% (3%) CVA 0-5% (1%) 0-5% (1%) Crediting rate 2-4% (2%) 2-4% (2%) Longevity swaps 33,349 26,958 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 812,718 805,672 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (9%) 0-35% (8%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget projection 2-4% (2%) 2-4% (2%) Interest sensitive contract liabilities- embedded derivatives- variable annuities 161,913 184,636 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-25% (6%) 0-25% (6%) Withdrawal 0-7% (3%) 0-7% (3%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (9%) 0-27% (14%) Mortality swaps 1,552 2,462 Discounted cash flow Mortality 0-100% (1%) 0-100% (1%) |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of June 30, 2017 and December 31, 2016 (dollars in thousands): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Assets: Corporate securities $ 158,309 $ 167,815 Market comparable securities Liquidity premium 0-2% (1%) 0-2% (1%) U.S. government and agencies 23,567 24,488 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) State and political subdivisions 4,607 4,670 Market comparable securities Liquidity premium 1 % 1 % Funds withheld at interest- embedded derivatives 61,281 (22,529 ) Total return swap Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (9%) 0-35% (8%) Withdrawal 0-5% (3%) 0-5% (3%) CVA 0-5% (1%) 0-5% (1%) Crediting rate 2-4% (2%) 2-4% (2%) Longevity swaps 33,349 26,958 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 812,718 805,672 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (9%) 0-35% (8%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget projection 2-4% (2%) 2-4% (2%) Interest sensitive contract liabilities- embedded derivatives- variable annuities 161,913 184,636 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-25% (6%) 0-25% (6%) Withdrawal 0-7% (3%) 0-7% (3%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (9%) 0-27% (14%) Mortality swaps 1,552 2,462 Discounted cash flow Mortality 0-100% (1%) 0-100% (1%) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Level Transfers [Table Text Block] | The following tables present the transfers between Level 1 and Level 2 during the three and six months ended June 30, 2017 (dollars in thousands): 2017 Transfers from Level 1 to Level 2 Transfers from Level 2 to Level 1 Three months ended June 30: Fixed maturity securities - available-for-sale: Corporate securities $ — $ 49,999 Six months ended June 30: Fixed maturity securities - available-for-sale: Corporate securities $ — $ 88,674 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and six months ended June 30, 2017 , as well as the portion of gains or losses included in income for the three and six months ended June 30, 2017 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2017 (dollars in thousands): For the three months ended June 30, 2017: Fixed maturity securities - available-for-sale Corporate securities Canadian and Canadian provincial governments Residential mortgage- backed securities Asset-backed securities Fair value, beginning of period $ 1,263,925 $ 483,560 $ 143,430 $ 208,436 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses (396 ) 3,201 (29 ) 511 Investment related gains (losses), net 8,427 — 115 — Included in other comprehensive income (4,548 ) 46,509 1,962 1,136 Purchases (1) 104,087 — 29,318 34,366 Sales (1) (23,174 ) — (4,467 ) — Settlements (1) (74,531 ) — (4,655 ) (27,569 ) Transfers into Level 3 17,264 — 5,423 3,500 Transfers out of Level 3 — — (22,412 ) (18,791 ) Fair value, end of period $ 1,291,054 $ 533,270 $ 148,685 $ 201,589 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 $ (396 ) $ 3,201 $ (37 ) $ 239 Investment related gains (losses), net (1,495 ) — — — For the three months ended June 30, 2017 (continued): Fixed maturity securities available-for-sale Commercial U.S. government State Other foreign government, supranational and foreign government-sponsored enterprises Fair value, beginning of period $ 1,923 $ 23,474 $ 33,858 $ 12,344 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — (115 ) (6 ) — Included in other comprehensive income 21 211 823 (12 ) Purchases (1) — 132 — — Settlements (1) (1 ) (135 ) (241 ) (338 ) Fair value, end of period $ 1,943 $ 23,567 $ 34,434 $ 11,994 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 $ — $ (115 ) $ (6 ) $ — For the three months ended June 30, 2017 (continued): Short-term Investments Funds withheld at interest- embedded derivatives Other assets - longevity swaps Interest sensitive contract liabilities embedded derivatives Other liabilities - mortality swaps Fair value, beginning of period $ 3,276 $ 46,173 $ 29,170 $ (972,930 ) $ (2,857 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment related gains (losses), net — 15,108 — 360 — Interest credited — — — (5,955 ) — Included in other comprehensive income (29 ) — 2,198 — — Other revenues — — 1,981 — (395 ) Purchases (1) 324 — — (19,533 ) — Settlements (1) (23 ) — — 23,427 1,700 Fair value, end of period $ 3,548 $ 61,281 $ 33,349 $ (974,631 ) $ (1,552 ) 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 — 15,108 — (1,794 ) — Other revenues — — 1,981 — (395 ) Interest credited — — — (29,382 ) — For the six months ended June 30, 2017: Fixed maturity securities - available-for-sale Corporate securities Canadian and Canadian provincial governments Residential mortgage- backed securities Asset-backed securities Fair value, beginning of period $ 1,272,253 $ 475,965 $ 160,291 $ 219,280 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses (819 ) 6,271 (274 ) 1,529 Investment related gains (losses), net 7,196 — 480 — Interest credited Included in other comprehensive income 400 51,034 2,612 6,903 Purchases (1) 150,001 — 45,817 45,215 Sales (1) (23,174 ) — (15,071 ) — Settlements (1) (146,001 ) — (11,439 ) (45,723 ) Transfers into Level 3 31,198 — 5,500 38,758 Transfers out of Level 3 — — (39,231 ) (64,373 ) Fair value, end of period $ 1,291,054 $ 533,270 $ 148,685 $ 201,589 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 $ (819 ) $ 6,271 $ (128 ) $ 400 Investment related gains (losses), net (2,788 ) — (346 ) — For the six months ended June 30, 2017 (continued): Fixed maturity securities available-for-sale Commercial U.S. government State Other foreign government, supranational and foreign government-sponsored enterprises Fair value, beginning of period $ 21,145 $ 24,488 $ 41,666 $ 12,869 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 709 (232 ) (94 ) — Investment related gains (losses), net (595 ) — — — Included in other comprehensive income (62 ) 263 (20 ) (203 ) Other revenues — — — — Purchases (1) — 236 — — Sales (1) (3,720 ) — — — Settlements (1) (5,402 ) (1,188 ) (274 ) (672 ) Transfers out of Level 3 (10,132 ) — (6,844 ) — Fair value, end of period $ 1,943 $ 23,567 $ 34,434 $ 11,994 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 $ — $ (232 ) $ (94 ) $ — For the six months ended June 30, 2017 (continued): Short-term Investments Funds withheld at interest- embedded derivatives Other assets - longevity swaps Interest sensitive contract liabilities embedded derivatives Other liabilities - mortality swaps Fair value, beginning of period $ 3,346 $ (22,529 ) $ 26,958 $ (990,308 ) $ (2,462 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment related gains (losses), net — 83,810 — 22,723 — Interest credited — — — (22,357 ) — Included in other comprehensive income 4 — 2,545 — — Other revenues — — 3,846 — (790 ) Purchases (1) 356 — — (25,927 ) — Settlements (1) (158 ) — — 41,238 1,700 Fair value, end of period $ 3,548 $ 61,281 $ 33,349 $ (974,631 ) $ (1,552 ) 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 — 83,810 — 18,505 — Other revenues — — 3,846 — (790 ) Interest credited — — — (63,596 ) — (1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and six months ended June 30, 2016 , as well as the portion of gains or losses included in income for the three and six months ended June 30, 2016 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2016 (dollars in thousands): For the three months ended June 30, 2016: Fixed maturity securities - available-for-sale Corporate securities Canadian and Canadian provincial governments Residential mortgage- backed securities Asset-backed securities Commercial mortgage- backed securities U.S. government and agencies Fair value, beginning of period $ 1,243,660 $ 487,383 $ 333,253 $ 285,220 $ 63,574 $ 25,880 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses (592 ) 3,049 116 252 490 (122 ) Investment related gains (losses), net 12 — (1,891 ) 823 (2,669 ) — Included in other comprehensive income 30,391 63,760 3,839 2,793 453 461 Other revenues — — — — — — Purchases (1) 72,982 — 42,913 59,779 — 144 Sales (1) (901 ) — (167,236 ) (30,181 ) (22,338 ) — Settlements (1) (47,461 ) — (13,464 ) (4,196 ) (68 ) (108 ) Transfers into Level 3 5,023 — — 18,398 — — Transfers out of Level 3 (5,732 ) — (31,551 ) (34,072 ) (1,507 ) — Fair value, end of period $ 1,297,382 $ 554,192 $ 165,979 $ 298,816 $ 37,935 $ 26,255 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 $ (608 ) $ 3,049 $ 530 $ 187 $ 485 $ (122 ) For the three months ended June 30, 2016 (continued): Fixed maturity securities available-for-sale State Other foreign government, supranational and foreign government-sponsored enterprises Funds withheld at interest- embedded derivatives Other assets - longevity swaps Interest sensitive contract liabilities embedded derivatives Other liabilities - mortality swaps Fair value, beginning of period $ 34,624 $ 13,936 $ (168,948 ) $ 15,806 $ (1,118,069 ) $ (3,043 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 12 — — — — — Investment related gains (losses), net — — 76,967 — (28,137 ) — Interest credited — — — — (2,019 ) — Included in other comprehensive income 837 95 — (419 ) — — Other revenues — — — 2,394 — 1,046 Purchases (1) — — — — 4,703 — Settlements (1) (227 ) (325 ) — — 18,142 — Fair value, end of period $ 35,246 $ 13,706 $ (91,981 ) $ 17,781 $ (1,125,380 ) $ (1,997 ) Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period Included in earnings, net: Investment income, net of related expenses $ 12 $ — $ — $ — $ — $ — Investment related gains (losses), net — — 76,967 — (31,333 ) — Other revenues — — — 2,394 — 1,046 Interest credited — — — — (20,162 ) — For the six months ended June 30, 2016: Fixed maturity securities - available-for-sale Corporate securities Canadian and Canadian provincial governments Residential mortgage- backed securities Asset-backed securities Commercial mortgage- backed securities U.S. government and agencies Fair value, beginning of period $ 1,226,970 $ 416,076 $ 330,649 $ 303,836 $ 68,563 $ 26,265 Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses (1,419 ) 6,051 (371 ) 426 1,133 (245 ) Investment related gains (losses), net (21,856 ) — (1,922 ) 1,101 (3,289 ) — Interest credited — — — — — — Included in other comprehensive income 56,073 132,065 (493 ) (7,734 ) (2,359 ) 1,057 Purchases (1) 140,578 — 72,228 97,050 1,545 257 Sales (1) (10,483 ) — (167,684 ) (38,681 ) (25,976 ) — Settlements (1) (96,955 ) — (24,904 ) (7,921 ) (137 ) (1,079 ) Transfers into Level 3 10,206 — — 24,796 — — Transfers out of Level 3 (5,732 ) — (41,524 ) (74,057 ) (1,545 ) — Fair value, end of period $ 1,297,382 $ 554,192 $ 165,979 $ 298,816 $ 37,935 $ 26,255 Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period Included in earnings, net: Investment income, net of related expenses $ (1,428 ) $ 6,051 $ 42 $ 350 $ 1,031 $ (245 ) Investment related gains (losses), net (21,726 ) — — — — — For the six months ended June 30, 2016 (continued): Fixed maturity securities available-for-sale State Other foreign government, supranational and foreign government-sponsored enterprises Funds withheld at interest- embedded derivatives Other assets - longevity swaps Interest sensitive contract liabilities embedded derivatives Other liabilities - mortality swaps Fair value, beginning of period $ 38,342 $ 14,065 $ (76,698 ) $ 14,996 $ (1,070,584 ) $ (2,619 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 195 — — — — — Investment related gains (losses), net — — (15,283 ) — (91,077 ) — Interest credited — — — — (626 ) — Included in other comprehensive income 1,171 288 — 304 — — Other revenues — — — 2,481 — 622 Purchases (1) — — — — 2,035 — Settlements (1) (258 ) (647 ) — — 34,872 — Transfers out of Level 3 (4,204 ) — — — — — Fair value, end of period $ 35,246 $ 13,706 $ (91,981 ) $ 17,781 $ (1,125,380 ) $ (1,997 ) 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 $ 195 $ — $ — $ — $ — $ — Investment related gains (losses), net — — (15,283 ) — (96,811 ) — Other revenues — — — 2,481 — 622 Interest credited — — — — (35,497 ) — (1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods presented 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). Carrying Value After Measurement Net Investment Gains (Losses) At June 30, Three months ended June 30, Six months ended June 30, (dollars in thousands) 2017 2016 2017 2016 2017 2016 Mortgage loans (1) $ — $ 6,993 $ — $ (400 ) $ — $ (702 ) Limited partnership interests (2) 3,690 4,460 (6,308 ) (112 ) (6,308 ) (2,039 ) (1) Estimated fair values for impaired mortgage loans are based on internal valuation models using unobservable inputs or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, are based on external appraisals of the underlying collateral. (2) The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency. |
Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block] | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, at June 30, 2017 and December 31, 2016 (dollars in thousands). This table excludes any payables or receivables for collateral under repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid. June 30, 2017: Carrying Value Estimated Fair Value Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 4,104,487 $ 4,215,094 $ — $ — $ 4,215,094 $ — Policy loans 1,406,774 1,406,774 — 1,406,774 — — Funds withheld at interest (1) 5,904,679 6,258,874 — — 6,258,874 — Cash and cash equivalents (2) 822,834 822,834 822,834 — — — Short-term investments (2) 32,284 32,284 32,284 — — — Other invested assets (2) 567,448 603,783 27,815 66,501 198,931 310,536 Accrued investment income 388,008 388,008 — 388,008 — — Liabilities: Interest-sensitive contract liabilities (1) $ 12,718,836 $ 12,711,801 $ — $ — $ 12,711,801 $ — Long-term debt 2,788,494 3,029,601 — — 3,029,601 — Collateral finance and securitization notes 823,108 730,809 — — 730,809 — December 31, 2016: Carrying Value Estimated Fair Value Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 3,775,522 $ 3,786,987 $ — $ — $ 3,786,987 $ — Policy loans 1,427,602 1,427,602 — 1,427,602 — — Funds withheld at interest (1) 5,893,381 6,193,166 — — 6,193,166 — Cash and cash equivalents (2) 862,117 862,117 862,117 — — — Short-term investments (2) 32,469 32,469 32,469 — — — Other invested assets (2) 477,132 510,640 26,294 55,669 131,904 296,773 Accrued investment income 347,173 347,173 — 347,173 — — Liabilities: Interest-sensitive contract liabilities (1) $ 10,225,099 $ 10,234,544 $ — $ — $ 10,234,544 $ — Long-term debt 3,088,635 3,186,173 — — 3,186,173 — Collateral finance and securitization notes 840,700 745,805 — — 745,805 — (1) Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis. (2) Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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: 2017 2016 2017 2016 U.S. and Latin America: Traditional $ 1,522,698 $ 1,494,003 $ 3,011,201 $ 2,894,820 Financial Solutions 271,976 305,077 570,822 343,982 Total 1,794,674 1,799,080 3,582,023 3,238,802 Canada: Traditional 269,273 288,912 533,548 546,912 Financial Solutions 12,003 11,854 23,810 22,538 Total 281,276 300,766 557,358 569,450 Europe, Middle East and Africa: Traditional 345,920 301,642 664,006 591,276 Financial Solutions 73,405 80,977 153,394 148,733 Total 419,325 382,619 817,400 740,009 Asia Pacific: Traditional 561,529 477,571 1,066,759 871,770 Financial Solutions 17,984 17,045 38,436 37,116 Total 579,513 494,616 1,105,195 908,886 Corporate and Other 54,488 61,987 76,040 94,489 Total $ 3,129,276 $ 3,039,068 $ 6,138,016 $ 5,551,636 |
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: 2017 2016 2017 2016 U.S. and Latin America: Traditional $ 90,594 $ 111,430 $ 120,554 $ 162,528 Financial Solutions 106,985 108,854 210,571 93,958 Total 197,579 220,284 331,125 256,486 Canada: Traditional 32,836 43,309 52,164 63,404 Financial Solutions 4,425 2,128 8,017 2,720 Total 37,261 45,437 60,181 66,124 Europe, Middle East and Africa: Traditional 11,354 6,834 25,330 5,718 Financial Solutions 28,905 27,469 60,823 52,893 Total 40,259 34,303 86,153 58,611 Asia Pacific: Traditional 53,322 34,482 95,010 75,642 Financial Solutions 5,377 (73 ) 11,249 8,480 Total 58,699 34,409 106,259 84,122 Corporate and Other 5,517 18,790 (36,559 ) (4,540 ) Total $ 339,315 $ 353,223 $ 547,159 $ 460,803 |
Reconciliation Of Assets From Segment To Consolidated Text Block | Assets: June 30, 2017 December 31, 2016 U.S. and Latin America: Traditional $ 18,588,924 $ 18,140,825 Financial Solutions 16,370,238 13,712,106 Total 34,959,162 31,852,931 Canada: Traditional 3,965,235 3,846,682 Financial Solutions 104,804 85,405 Total 4,070,039 3,932,087 Europe, Middle East and Africa: Traditional 2,852,309 2,559,124 Financial Solutions 4,016,788 3,876,131 Total 6,869,097 6,435,255 Asia Pacific: Traditional 4,449,350 3,968,081 Financial Solutions 1,179,010 676,281 Total 5,628,360 4,644,362 Corporate and Other 6,611,414 6,233,244 Total $ 58,138,072 $ 53,097,879 |
Commitments, Contingencies an26
Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 and December 31, 2016 are presented in the following table (dollars in thousands): June 30, 2017 December 31, 2016 Limited partnership interests and real estate joint ventures $ 328,739 $ 332,169 Commercial mortgage loans 84,685 126,248 Bank loans and private placements 51,627 58,318 Equity release mortgages 173,203 130,324 |
Other Commitments [Table Text Block] | The following table presents the maximum potential obligation for these commitments as of June 30, 2017 (dollars in millions): Commitment Period: Maximum Potential Obligation 2023 $ 500.0 2033 450.0 2034 2,000.0 2035 1,314.2 2036 2,932.0 2037 5,657.4 |
Schedule of Guarantor Obligations [Table Text Block] | RGA’s guarantees issued as of June 30, 2017 and December 31, 2016 are reflected in the following table (dollars in thousands): June 30, 2017 December 31, 2016 Treaty guarantees $ 964,978 $ 902,216 Treaty guarantees, net of assets in trust 833,654 780,786 Securities borrowing and repurchase arrangements 207,140 263,820 Financing arrangements 106,681 119,073 Lease obligations 2,162 2,428 |
Income Tax (Tables)
Income Tax (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 35.0% to pre-tax income as a result of the following for the three and six months ended June 30, 2017 and 2016 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Tax provision at U.S. statutory rate $ 118,760 $ 123,628 $ 191,506 $ 161,281 Increase (decrease) in income taxes resulting from: Foreign tax rate differing from U.S. tax rate (4,261 ) (8,398 ) (10,413 ) (12,282 ) Differences in tax bases in foreign jurisdictions (13,375 ) (5,553 ) (16,759 ) (14,489 ) Deferred tax valuation allowance 13,031 4,288 14,213 9,287 Amounts related to tax audit contingencies (1,783 ) 3,288 (1,172 ) 3,889 Corporate rate changes 44 — (1,193 ) — Subpart F 1,140 738 1,326 1,433 Foreign tax credits (1,938 ) (427 ) (2,064 ) (721 ) Equity compensation excess benefit (2,609 ) — (4,464 ) — Return to provision adjustments (633 ) (442 ) (403 ) (316 ) Other, net (1,251 ) (2 ) (1,120 ) 146 Total provision for income taxes $ 107,125 $ 117,120 $ 169,457 $ 148,228 Effective tax rate 31.6 % 33.2 % 31.0 % 32.2 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 and 2016 were as follows (dollars in thousands): Pension Benefits Other Benefits Three months ended June 30, Three months ended June 30, 2017 2016 2017 2016 Service cost $ 2,819 $ 2,652 $ 721 $ 1,015 Interest cost 1,431 1,076 565 643 Expected return on plan assets (1,823 ) (1,345 ) — — Amortization of prior service cost 95 75 (155 ) — Amortization of prior actuarial loss 1,082 1,224 457 617 Settlements 256 — — — Net periodic benefit cost $ 3,860 $ 3,682 $ 1,588 $ 2,275 Pension Benefits Other Benefits Six months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Service cost $ 5,399 $ 4,958 $ 1,442 $ 2,031 Interest cost 2,629 2,335 1,130 1,286 Expected return on plan assets (3,108 ) (2,569 ) — — Amortization of prior service cost 169 153 (311 ) — Amortization of prior actuarial loss 2,163 2,081 914 1,233 Settlements 513 — — — Net periodic benefit cost $ 7,765 $ 6,958 $ 3,175 $ 4,550 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 291,029 36.4 % $ 240,894 35.2 % Reinsurer B A+ 195,222 24.4 183,881 26.9 Reinsurer C A+ 67,691 8.5 68,832 10.1 Reinsurer D A++ 47,520 6.0 36,202 5.3 Reinsurer E A 42,808 5.4 35,484 5.2 Other reinsurers 154,095 19.3 118,679 17.3 Total $ 798,365 100.0 % $ 683,972 100.0 % |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
Net income (numerator for basic and diluted calculations) | $ 232,190 | $ 236,103 | $ 377,702 | $ 312,575 |
Shares: | ||||
Weighted average outstanding shares (denominator for basic calculation) | 64,449 | 64,126 | 64,401 | 64,348 |
Equivalent shares from outstanding stock options | 1,159 | 670 | 1,204 | 660 |
Denominator for diluted calculation | 65,608 | 64,796 | 65,605 | 65,008 |
Earnings Per Share: | ||||
Basic earnings per share | $ 3.60 | $ 3.68 | $ 5.86 | $ 4.86 |
Diluted earnings per share | $ 3.54 | $ 3.64 | $ 5.76 | $ 4.81 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
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 | 300 | 700 |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 200 | 0 |
Equity (Common Stock Changes In
Equity (Common Stock Changes In Number of Shares Issued, Held In Treasury and Outstanding) (Details) - shares | 3 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 79,137,758 | 79,137,758 | |||
Treasury Stock, Shares, Acquired | 0 | ||||
Common Stock Issuable [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 79,137,758 | 79,137,758 | 79,137,758 | 79,137,758 | |
Treasury Stock, Shares, Acquired | 0 | ||||
Stock Based Compensation Shares | [1] | 0 | 0 | ||
Common Stock Held In Treasury [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 14,645,901 | 15,068,009 | 14,835,256 | 13,933,232 | |
Treasury Stock, Shares, Acquired | 1,352,211 | ||||
Stock Based Compensation Shares | [1] | (189,355) | (217,434) | ||
Common Stock Outstanding [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 64,491,857 | 64,069,749 | 64,302,502 | 65,204,526 | |
Treasury Stock, Shares, Acquired | (1,352,211) | ||||
Stock Based Compensation Shares | [1] | (189,355) | (217,434) | ||
[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, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accumulated other comprehensive income | $ 1,671,898 | $ 1,985,374 | $ 1,139,329 | $ 708,284 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 760,556 | 1,853,044 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (36,425) | (20,899) | |||
Other Comprehensive Income (Loss), Tax | 191,562 | 555,055 | |||
Accumulated Translation Adjustment [Member] | |||||
Accumulated other comprehensive income | (151,189) | (93,476) | (172,541) | (181,151) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (13,936) | 99,374 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |||
Other Comprehensive Income (Loss), Tax | 35,288 | (11,699) | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Accumulated other comprehensive income | [1] | 1,864,477 | 2,126,815 | 1,355,033 | 935,697 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | [1] | 774,688 | 1,759,753 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (39,360) | (24,366) | ||
Other Comprehensive Income (Loss), Tax | [1] | 225,884 | 544,269 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated other comprehensive income | (41,390) | (47,965) | $ (43,163) | $ (46,262) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (196) | (6,083) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2,935 | 3,467 | |||
Other Comprehensive Income (Loss), Tax | $ 966 | $ (913) | |||
[1] | Includes cash flow hedges of $1,131 and $(2,496) as of June 30, 2017 and December 31, 2016, respectively, and $(41,192) and $(29,397) as of June 30, 2016 and December 31, 2015, respectively. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. |
Equity (Balance of and Change34
Equity (Balance of and Changes in Each Component of AOCI) (Footnote) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flow Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 1,131 | $ (41,192) | $ 7,690 | $ (21,794) | $ 1,131 | $ (41,192) | $ (2,496) | $ (29,397) |
Equity (Schedule of Reclassific
Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Investment related gains (losses), net | $ 59,696 | $ 119,110 | $ 137,408 | $ 32,041 | |||||
Investment income | 518,538 | 507,666 | 1,032,902 | 924,932 | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 339,315 | 353,223 | 547,159 | 460,803 | |||||
Income Tax Expense (Benefit) | (107,125) | (117,120) | (169,457) | (148,228) | |||||
Net income | 232,190 | 236,103 | 377,702 | 312,575 | |||||
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 | 45,122 | 34,603 | 39,360 | 24,366 | |||||
Income Tax Expense (Benefit) | (15,218) | (9,646) | (12,024) | (4,996) | |||||
Net income | 29,904 | 24,957 | 27,336 | 19,370 | |||||
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 | 40,374 | 30,190 | 28,517 | 11,899 | |||||
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] | 132 | 93 | 329 | 253 | ||||
Unrealized Appreciation Depreciation Of Investments [Member] | Forward Contracts [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] | 51 | (1,045) | 101 | (257) | ||||
Unrealized Appreciation Depreciation Of Investments [Member] | DAC Attributed To Unrealized Gains Losses [Member] | |||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Deferred policy acquisition costs attributed to unrealized gains and losses | 4,565 | [1] | 5,365 | [1] | (10,413) | [2] | 12,471 | [2] | |
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 | (1,479) | (1,916) | (2,935) | (3,467) | |||||
Income Tax Expense (Benefit) | 517 | 670 | 1,027 | 1,213 | |||||
Net income | (962) | (1,246) | (1,908) | (2,254) | |||||
Amounts Reclassified From AOCI [Member] | |||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Net income | 28,942 | 23,711 | 25,428 | 17,116 | |||||
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 | 60 | [2] | (75) | [2] | 142 | [3] | (153) | [3] | |
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) | $ (1,539) | [2] | $ (1,841) | [2] | $ 3,077 | [3] | $ (3,314) | [3] | |
[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 2016 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) $ in Millions | 3 Months Ended |
Jun. 30, 2017USD ($)shares | |
Equity [Abstract] | |
Stock Repurchase Program, Authorized Amount | $ | $ 400 |
Treasury Stock, Shares, Acquired | shares | 0 |
Equity Based Compensation (Narr
Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Equity compensation expense | $ 11.4 | $ 18.9 |
Stock appreciation rights granted | 200,000 | |
Stock appreciation rights granted, weighted average exercise price (per share) | $ 129.72 | |
Performance contingent units | 200,000 | |
Shares Granted To Non Employee Directors | 8,177 | |
Options exercisable (shares) | 1,700,000 | |
Options exercisable, weighted average price (per share) | $ 60.31 | |
Options, remaining term | 4 years 9 months | |
Compensation cost not yet recognized | $ 38.6 | |
Period for recognition | 1 year 5 months |
Investments (Investments in Fix
Investments (Investments in Fixed Maturity and Equity Securities Available-for-Sale by Sector) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 21,252,180 | $ 18,924,711 |
Estimated Fair Value | $ 22,341,661 | $ 19,619,084 |
% of Total | 100.00% | 100.00% |
Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 33,738,334 | $ 30,211,787 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,779,535 | 2,243,037 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 172,443 | 361,199 |
Estimated Fair Value | $ 36,345,426 | $ 32,093,625 |
% of Total | 100.00% | 100.00% |
Other-than-temporary impairments in AOCI | $ 275 | $ 100 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 109,958 | 285,579 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 957 | 3,440 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 6,638 | 13,658 |
Estimated Fair Value | $ 104,277 | $ 275,361 |
% of Total | 100.00% | 100.00% |
Corporate Debt Securities [Member] | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 21,252,180 | $ 18,924,711 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,189,750 | 911,618 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 100,269 | 217,245 |
Estimated Fair Value | $ 22,341,661 | $ 19,619,084 |
% of Total | 61.50% | 61.10% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Canadian and Canadian provincial governments | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,713,972 | 2,561,605 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,296,242 | 1,085,982 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2,460 | 3,541 |
Estimated Fair Value | $ 4,007,754 | $ 3,644,046 |
% of Total | 11.00% | 11.40% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Residential mortgage-backed securities | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,505,474 | 1,258,039 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 42,619 | 33,917 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 8,794 | 13,380 |
Estimated Fair Value | $ 1,539,299 | $ 1,278,576 |
% of Total | 4.20% | 4.00% |
Other-than-temporary impairments in AOCI | $ 0 | $ 375 |
Asset-backed securities | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,630,499 | 1,443,822 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 17,266 | 9,350 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 5,924 | 23,828 |
Estimated Fair Value | $ 1,641,841 | $ 1,429,344 |
% of Total | 4.50% | 4.50% |
Other-than-temporary impairments in AOCI | $ 275 | $ 275 |
Commercial Mortgage Backed Securities [Member] | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,558,035 | 1,342,440 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 28,928 | 28,973 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 4,935 | 7,759 |
Estimated Fair Value | $ 1,582,028 | $ 1,363,654 |
% of Total | 4.40% | 4.20% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
US Treasury and Government [Member] | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,738,419 | 1,518,702 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 15,193 | 12,644 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 32,048 | 63,044 |
Estimated Fair Value | $ 1,721,564 | $ 1,468,302 |
% of Total | 4.70% | 4.60% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
US States and Political Subdivisions Debt Securities [Member] | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 599,622 | 566,761 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 47,564 | 37,499 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 8,216 | 12,464 |
Estimated Fair Value | $ 638,970 | $ 591,796 |
% of Total | 1.80% | 1.80% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Foreign Government Debt Securities [Member] | Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,740,133 | 2,595,707 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 141,973 | 123,054 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 9,797 | 19,938 |
Estimated Fair Value | $ 2,872,309 | $ 2,698,823 |
% of Total | 7.90% | 8.40% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Nonredeemable Preferred Stock [Member] | Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 34,545 | 55,812 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 435 | 1,648 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 3,021 | 6,337 |
Estimated Fair Value | $ 31,959 | $ 51,123 |
% of Total | 30.60% | 18.60% |
Other equity securities | Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 75,413 | $ 229,767 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 522 | 1,792 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 3,617 | 7,321 |
Estimated Fair Value | $ 72,318 | $ 224,238 |
% of Total | 69.40% | 81.40% |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 21,252,180 | $ 18,924,711 |
Available-for-sale Securities | 22,341,661 | 19,619,084 |
Collateral Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 69,849 | 207,066 |
Available-for-sale Securities | 74,441 | 210,676 |
Collateral Received Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 457,801 | 300,925 |
Reported Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets Held-in-trust | 14,706,225 | 12,135,258 |
Estimate of Fair Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets Held-in-trust | $ 15,723,178 | $ 12,874,370 |
Investments (Exposure To Concen
Investments (Exposure To Concentrations Of Credit Risk) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 21,252,180 | $ 18,924,711 |
Available-for-sale Securities | 22,341,661 | 19,619,084 |
Canadian Province Of Quebec Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 886,518 | 832,764 |
Available-for-sale Securities | 1,228,391 | 1,126,433 |
Canadian Province Of Ontario Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,060,922 | 1,004,261 |
Available-for-sale Securities | $ 1,785,573 | $ 1,612,957 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available For Sale Securities Debt Maturities Amortized Cost | ||
Due in one year or less | $ 861,051 | |
Due after one year through five years | 7,421,897 | |
Due after five year through ten years | 9,514,341 | |
Due after ten years | 11,247,037 | |
Asset and mortgage-backed securities | 4,694,008 | |
Total | 33,738,334 | $ 30,211,787 |
Available For Sale Securities Debt Maturities Fair Value | ||
Due in one year or less | 868,405 | |
Due after one year through five years | 7,696,337 | |
Due after five year through ten years | 10,016,984 | |
Due after ten years | 13,000,532 | |
Asset and mortgage-backed securities | 4,763,168 | |
Total | $ 36,345,426 | $ 32,093,625 |
Investments (Amortized Cost a42
Investments (Amortized Cost and Fair Value of Fixed Maturity Holdings by Industry Type) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 21,252,180 | $ 18,924,711 |
Estimated Fair Value | $ 22,341,661 | $ 19,619,084 |
% of Total | 100.00% | 100.00% |
Financial Services Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 7,741,482 | $ 6,725,199 |
Estimated Fair Value | $ 8,077,195 | $ 6,888,968 |
% of Total | 36.10% | 35.20% |
Commercial and Industrial Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 11,215,292 | $ 10,228,813 |
Estimated Fair Value | $ 11,792,664 | $ 10,639,613 |
% of Total | 52.90% | 54.20% |
Utility Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 2,295,406 | $ 1,970,699 |
Estimated Fair Value | $ 2,471,802 | $ 2,090,503 |
% of Total | 11.00% | 10.60% |
Investments (Credit Losses Reco
Investments (Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance, beginning of period | $ 3,677 | $ 7,284 | $ 6,013 | $ 7,284 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 0 | (310) | (2,336) | (310) |
Balance, end of period | $ 3,677 | $ 6,974 | $ 3,677 | $ 6,974 |
Investments (Fair Value Below A
Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity and Equity Securities) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 179,081 | $ 374,857 |
% of Total | 100.00% | 100.00% |
Less than 20% | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 150,762 | $ 337,831 |
% of Total | 84.20% | 90.10% |
20% or more for less than six months | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 7,593 | $ 19,438 |
% of Total | 4.20% | 5.20% |
20% or more for six months or greater | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 20,726 | $ 17,588 |
% of Total | 11.60% | 4.70% |
Investments (Fair Value and Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | $ 6,362,753 | $ 8,327,843 |
Gross Unrealized Losses - Less than 12 months | 111,152 | 253,005 |
Estimated Fair Value - 12 months or greater | 881,805 | 1,210,148 |
Gross Unrealized Losses - 12 months or greater | 61,291 | 108,194 |
Estimated Fair Value | 7,244,558 | 9,537,991 |
Gross Unrealized Losses | 172,443 | 361,199 |
Equity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 64,990 | 212,899 |
Gross Unrealized Losses - Less than 12 months | 3,617 | 7,851 |
Estimated Fair Value - 12 months or greater | 24,807 | 28,630 |
Gross Unrealized Losses - 12 months or greater | 3,021 | 5,807 |
Estimated Fair Value | 89,797 | 241,529 |
Gross Unrealized Losses | 6,638 | 13,658 |
Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 295,307 | 374,831 |
Gross Unrealized Losses - Less than 12 months | 4,837 | 10,607 |
Estimated Fair Value - 12 months or greater | 118,570 | 215,908 |
Gross Unrealized Losses - 12 months or greater | 27,347 | 45,409 |
Estimated Fair Value | 413,877 | 590,739 |
Gross Unrealized Losses | 32,184 | 56,016 |
Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 6,067,446 | 7,953,012 |
Gross Unrealized Losses - Less than 12 months | 106,315 | 242,398 |
Estimated Fair Value - 12 months or greater | 763,235 | 994,240 |
Gross Unrealized Losses - 12 months or greater | 33,944 | 62,785 |
Estimated Fair Value | 6,830,681 | 8,947,252 |
Gross Unrealized Losses | 140,259 | 305,183 |
Corporate Debt Securities [Member] | Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 255,991 | 330,757 |
Gross Unrealized Losses - Less than 12 months | 4,547 | 7,914 |
Estimated Fair Value - 12 months or greater | 93,562 | 163,152 |
Gross Unrealized Losses - 12 months or greater | 26,081 | 41,605 |
Estimated Fair Value | 349,553 | 493,909 |
Gross Unrealized Losses | 30,628 | 49,519 |
Corporate Debt Securities [Member] | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 2,895,605 | 4,661,706 |
Gross Unrealized Losses - Less than 12 months | 46,389 | 124,444 |
Estimated Fair Value - 12 months or greater | 399,546 | 549,273 |
Gross Unrealized Losses - 12 months or greater | 23,252 | 43,282 |
Estimated Fair Value | 3,295,151 | 5,210,979 |
Gross Unrealized Losses | 69,641 | 167,726 |
Canadian and Canadian provincial governments | Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 1,247 | |
Gross Unrealized Losses - Less than 12 months | 3 | |
Estimated Fair Value - 12 months or greater | 0 | |
Gross Unrealized Losses - 12 months or greater | 0 | |
Estimated Fair Value | 1,247 | |
Gross Unrealized Losses | 3 | |
Canadian and Canadian provincial governments | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 116,719 | 101,578 |
Gross Unrealized Losses - Less than 12 months | 2,457 | 3,541 |
Estimated Fair Value - 12 months or greater | 0 | 0 |
Gross Unrealized Losses - 12 months or greater | 0 | 0 |
Estimated Fair Value | 116,719 | 101,578 |
Gross Unrealized Losses | 2,457 | 3,541 |
Residential mortgage-backed securities | Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 0 | 0 |
Gross Unrealized Losses - Less than 12 months | 0 | 0 |
Estimated Fair Value - 12 months or greater | 107 | 412 |
Gross Unrealized Losses - 12 months or greater | 4 | 12 |
Estimated Fair Value | 107 | 412 |
Gross Unrealized Losses | 4 | 12 |
Residential mortgage-backed securities | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 471,933 | 490,473 |
Gross Unrealized Losses - Less than 12 months | 6,872 | 9,733 |
Estimated Fair Value - 12 months or greater | 100,785 | 112,216 |
Gross Unrealized Losses - 12 months or greater | 1,918 | 3,635 |
Estimated Fair Value | 572,718 | 602,689 |
Gross Unrealized Losses | 8,790 | 13,368 |
Asset-backed securities | Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 0 | 5,904 |
Gross Unrealized Losses - Less than 12 months | 0 | 700 |
Estimated Fair Value - 12 months or greater | 7,295 | 12,581 |
Gross Unrealized Losses - 12 months or greater | 557 | 1,465 |
Estimated Fair Value | 7,295 | 18,485 |
Gross Unrealized Losses | 557 | 2,165 |
Asset-backed securities | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 285,211 | 563,259 |
Gross Unrealized Losses - Less than 12 months | 1,451 | 12,010 |
Estimated Fair Value - 12 months or greater | 204,154 | 257,166 |
Gross Unrealized Losses - 12 months or greater | 3,916 | 9,653 |
Estimated Fair Value | 489,365 | 820,425 |
Gross Unrealized Losses | 5,367 | 21,663 |
Commercial mortgage-backed securities | Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 5,815 | |
Gross Unrealized Losses - Less than 12 months | 735 | |
Estimated Fair Value - 12 months or greater | 0 | |
Gross Unrealized Losses - 12 months or greater | 0 | |
Estimated Fair Value | 5,815 | |
Gross Unrealized Losses | 735 | |
Commercial mortgage-backed securities | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 352,867 | 368,465 |
Gross Unrealized Losses - Less than 12 months | 4,897 | 6,858 |
Estimated Fair Value - 12 months or greater | 2,195 | 10,853 |
Gross Unrealized Losses - 12 months or greater | 38 | 166 |
Estimated Fair Value | 355,062 | 379,318 |
Gross Unrealized Losses | 4,935 | 7,024 |
US Government Agencies Debt Securities [Member] | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 1,378,976 | 1,056,101 |
Gross Unrealized Losses - Less than 12 months | 31,962 | 63,044 |
Estimated Fair Value - 12 months or greater | 13,763 | 0 |
Gross Unrealized Losses - 12 months or greater | 86 | 0 |
Estimated Fair Value | 1,392,739 | 1,056,101 |
Gross Unrealized Losses | 32,048 | 63,044 |
US States and Political Subdivisions Debt Securities [Member] | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 125,465 | 187,194 |
Gross Unrealized Losses - Less than 12 months | 5,098 | 9,396 |
Estimated Fair Value - 12 months or greater | 13,558 | 13,635 |
Gross Unrealized Losses - 12 months or greater | 3,118 | 3,068 |
Estimated Fair Value | 139,023 | 200,829 |
Gross Unrealized Losses | 8,216 | 12,464 |
Foreign Government Debt Securities [Member] | Non-investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 38,069 | 32,355 |
Gross Unrealized Losses - Less than 12 months | 287 | 1,258 |
Estimated Fair Value - 12 months or greater | 17,606 | 39,763 |
Gross Unrealized Losses - 12 months or greater | 705 | 2,327 |
Estimated Fair Value | 55,675 | 72,118 |
Gross Unrealized Losses | 992 | 3,585 |
Foreign Government Debt Securities [Member] | Investment grade securities | Fixed maturity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 440,670 | 524,236 |
Gross Unrealized Losses - Less than 12 months | 7,189 | 13,372 |
Estimated Fair Value - 12 months or greater | 29,234 | 51,097 |
Gross Unrealized Losses - 12 months or greater | 1,616 | 2,981 |
Estimated Fair Value | 469,904 | 575,333 |
Gross Unrealized Losses | 8,805 | 16,353 |
Nonredeemable Preferred Stock [Member] | Equity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 0 | 10,831 |
Gross Unrealized Losses - Less than 12 months | 0 | 831 |
Estimated Fair Value - 12 months or greater | 24,807 | 21,879 |
Gross Unrealized Losses - 12 months or greater | 3,021 | 5,506 |
Estimated Fair Value | 24,807 | 32,710 |
Gross Unrealized Losses | 3,021 | 6,337 |
Other equity securities | Equity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 64,990 | 202,068 |
Gross Unrealized Losses - Less than 12 months | 3,617 | 7,020 |
Estimated Fair Value - 12 months or greater | 0 | 6,751 |
Gross Unrealized Losses - 12 months or greater | 0 | 301 |
Estimated Fair Value | 64,990 | 208,819 |
Gross Unrealized Losses | $ 3,617 | $ 7,321 |
Investments (Investment Income
Investments (Investment Income Net of Related Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | $ 537,583 | $ 525,229 | $ 1,070,617 | $ 960,349 |
Investment expense | (19,045) | (17,563) | (37,715) | (35,417) |
Investment income, net of related expenses | 518,538 | 507,666 | 1,032,902 | 924,932 |
Available-for-sale Securities [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 355,735 | 323,592 | 680,235 | 636,007 |
Mortgage Loans on Real Estate [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 44,442 | 41,900 | 88,789 | 81,692 |
Policy loans | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 15,194 | 16,372 | 30,466 | 32,506 |
Funds withheld at interest | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 97,367 | 112,893 | 224,945 | 168,873 |
Short-term Investments [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 1,779 | 2,322 | 3,289 | 4,513 |
Other invested assets | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | $ 23,066 | $ 28,150 | $ 42,893 | $ 36,758 |
Investments (Investment Related
Investments (Investment Related Gains (Losses) Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Investment Gains And Losses [Abstract] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 3,401 | $ 846 | $ 20,590 | $ 34,663 |
Gain on investment activity | (54,220) | (53,615) | (72,113) | (80,807) |
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | (10,471) | (22,556) | (23,034) | (34,343) |
Other impairment losses and change in mortgage loan provision | (6,675) | 211 | (6,774) | (1,849) |
Derivatives and other, net | 22,622 | 87,840 | 95,103 | (12,574) |
Total investment related gains (losses), net | $ 56,295 | $ 118,264 | $ 116,818 | $ (2,622) |
Investments (Borrowed Securitie
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Loaned, Fair Value of Collateral | $ 121,064 | $ 73,625 |
Securities Received as Collateral | 109,000 | 80,000 |
Securities for Reverse Repurchase Agreements | 486,700 | 476,531 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 517,871 | 515,200 |
Reported Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Borrowed | 269,280 | 263,820 |
Securities Loaned, Fair Value of Collateral | 117,217 | 74,389 |
Estimate of Fair Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Borrowed | 284,083 | 279,186 |
Securities for Reverse Repurchase Agreements | $ 509,579 | $ 499,891 |
Investments (Securities Pledged
Investments (Securities Pledged as Collateral Related to Repurchase Reverse Repurchase Program) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | $ 121,064 | $ 73,625 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 509,579 | 499,891 |
Obligation to Return Securities Received as Collateral | 630,643 | 573,516 |
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 674,817 | 624,032 |
SecuredBorrowingsGrossDifferenceAmount | 44,174 | 50,516 |
Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 905 | 1,246 |
Obligation to Return Securities Received as Collateral | 905 | 1,246 |
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 | 1,311 | 3,220 |
Obligation to Return Securities Received as Collateral | 1,311 | 7,237 |
Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 507,363 | 495,425 |
Obligation to Return Securities Received as Collateral | 628,427 | 565,033 |
Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 121,064 | 73,625 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 178,866 | 170,199 |
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 | 4,017 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 1,311 | 3,220 |
Corporate Debt Securities [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 121,064 | 69,608 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 177,555 | 166,979 |
Residential Mortgage Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 89,333 | 92,546 |
Residential Mortgage Backed Securities [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 89,333 | 92,546 |
US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 216,000 | |
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 | 216,000 | |
US Treasury and Government [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 219,522 | |
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 | 219,522 | |
Foreign Government Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 20,953 | 19,900 |
Foreign Government Debt Securities [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Foreign Government Debt Securities [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Foreign Government Debt Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Foreign Government Debt Securities [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 20,953 | 19,900 |
Other Debt Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 905 | 1,246 |
Other Debt Obligations [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 905 | 1,246 |
Other Debt Obligations [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Other Debt Obligations [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Other Debt Obligations [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | $ 0 | $ 0 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Property Type) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 4,114,032 | $ 3,783,207 | ||||
Percentage of total | 100.00% | 100.00% | ||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ (1,389) | $ 0 | ||||
Allowance for Loan and Lease Losses, Real Estate | (8,156) | $ (7,786) | (7,685) | $ (6,499) | $ (6,824) | $ (6,813) |
Mortgage loans on real estate (net of allowances of $8,156 and $7,685) | 4,104,487 | 3,775,522 | ||||
Apartment | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 483,811 | $ 447,088 | ||||
Percentage of total | 11.80% | 11.80% | ||||
Retail | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 1,248,238 | $ 1,179,936 | ||||
Percentage of total | 30.30% | 31.20% | ||||
Office building | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 1,402,369 | $ 1,270,113 | ||||
Percentage of total | 34.10% | 33.60% | ||||
Industrial | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 809,309 | $ 713,461 | ||||
Percentage of total | 19.70% | 18.80% | ||||
Other commercial | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 170,305 | $ 172,609 | ||||
Percentage of total | 4.10% | 4.60% |
Investments (Mortgage Loans b51
Investments (Mortgage Loans by Maturity Date) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 4,114,032 | $ 3,783,207 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Due within five years | ||
Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 1,037,000 | $ 822,073 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 25.20% | 21.70% |
Due after five years through ten years | ||
Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,236,805 | $ 2,099,559 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 54.40% | 55.50% |
Due after ten years | ||
Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 840,227 | $ 861,575 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 20.40% | 22.80% |
Investments (Mortgage Loans b52
Investments (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 4,114,032 | $ 3,783,207 |
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 | $ 2,074,075 | $ 1,925,755 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 50.40% | 50.80% |
LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 1,518,077 | $ 1,292,466 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 36.90% | 34.20% |
LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 435,410 | $ 415,330 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 10.60% | 11.00% |
LTV 80 to 100 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 86,470 | $ 149,656 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 2.10% | 4.00% |
Debt Service Coverage Ratio Range One [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 3,902,414 | $ 3,601,817 |
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 | 2,009,905 | 1,859,640 |
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 | 1,453,061 | 1,257,788 |
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 | 377,744 | 370,092 |
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 | 61,704 | 114,297 |
Debt Service Coverage Ratio Range Two [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 138,017 | 120,296 |
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 | 60,110 | 64,749 |
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 | 57,332 | 34,678 |
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 | 20,575 | 20,869 |
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 | 0 | 0 |
Debt Service Coverage Ratio Range Three [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 73,601 | 61,094 |
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 | 4,060 | 1,366 |
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 | 7,684 | 0 |
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 | 37,091 | 24,369 |
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 | $ 24,766 | $ 35,359 |
Investments (Age Analysis of Pa
Investments (Age Analysis of Past Due Recorded Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 3,729 | $ 0 |
Financing Receivable, Recorded Investment, Current | 4,110,303 | 3,783,207 |
Loans Receivable, Gross, Commercial, Real Estate | 4,114,032 | 3,783,207 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,729 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
Investments (Mortgage Loans b54
Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Mortgage Loans: | ||
Total mortgage loans | $ 4,114,032 | $ 3,783,207 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | ||
Mortgage loans on real estate (net of valuation allowances) | 4,104,487 | 3,775,522 |
Commercial Real Estate Portfolio Segment [Member] | ||
Mortgage Loans: | ||
Evaluated individually for credit losses | 2,077 | 2,216 |
Evaluated collectively for credit losses | 4,111,955 | 3,780,991 |
Total mortgage loans | 4,114,032 | 3,783,207 |
Valuation Allowances: | ||
Specific for credit losses | 0 | 0 |
Non-specifically identified credit losses | 8,156 | 7,685 |
Total valuation allowances | $ 8,156 | $ 7,685 |
Investments (Loan Valuation All
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Allowance For Loan And Lease Losses Roll Forward | ||||
Balance, Beginning of Period | $ 7,786 | $ 6,824 | $ 7,685 | $ 6,813 |
Provision (release) | 366 | (325) | 467 | (314) |
Allowance for Loan and Lease Losses, Foreign Currency Translation | 4 | 0 | 4 | 0 |
Balance, End of Period | $ 8,156 | $ 6,499 | $ 8,156 | $ 6,499 |
Investments (Impaired Mortgage
Investments (Impaired Mortgage Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
Financing Receivable Impaired [Line Items] | ||||||
Unpaid Principal Balance | $ 2,620 | $ 2,620 | $ 2,758 | |||
Recorded Investment | 2,077 | 2,077 | 2,216 | |||
Related Allowance | 0 | 0 | 0 | |||
Carrying Value | 2,077 | 2,077 | 2,216 | |||
Average Investment | [1] | 2,088 | $ 8,625 | 2,131 | $ 11,224 | |
Interest Income | 33 | 107 | 67 | 216 | ||
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 | 4,724 | 0 | 7,279 | |
Interest Income | 0 | 0 | 0 | 0 | ||
Impaired mortgage loans with no valuation allowance recorded | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Unpaid Principal Balance | 2,620 | 2,620 | 2,758 | |||
Recorded Investment | 2,077 | 2,077 | 2,216 | |||
Related Allowance | 0 | 0 | 0 | |||
Carrying Value | 2,077 | 2,077 | $ 2,216 | |||
Average Investment | [1] | 2,088 | 3,901 | 2,131 | 3,945 | |
Interest Income | $ 33 | $ 107 | $ 67 | $ 216 | ||
[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 | Jun. 30, 2017 | Dec. 31, 2016 |
Other invested assets | $ 1,498,370 | $ 1,591,940 |
Equity securities | ||
Other invested assets | 104,277 | 275,361 |
Limited Partner [Member] | ||
Other invested assets | 746,573 | 687,522 |
Derivatives | ||
Other invested assets | 158,048 | 229,108 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Other invested assets | 204,630 | 190,120 |
Other | ||
Other invested assets | $ 284,842 | $ 209,829 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)securities | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)securities | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)securities | |
Investment Narrative [Line Items] | |||||
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | $ 47,900 | $ 47,900 | $ 28,800 | ||
Net Amount Assets Liabilities From Repurchase Reverse Repurchase Agreements | 5,100 | 5,100 | $ 5,500 | ||
Proceeds From Sale Of Available For Sale Securities Sold At Loss | 710,500 | $ 343,300 | 1,286,700 | $ 585,800 | |
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | $ 10,471 | $ 22,556 | $ 23,034 | $ 34,343 | |
Policy Loans Percent Of Total Investments | 2.80% | 2.80% | 3.20% | ||
Mortgage Loan Percent Of Cash And Invested Assets | 8.30% | 8.30% | 8.40% | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 1,134 | 1,134 | 1,535 | ||
Securities As Percentage Of Consolidated Stockholder Equity | 10.00% | 10.00% | |||
Securities Borrowed Or Pledged, Minimum Fair Value Percentage | 100.00% | ||||
Collateral Obtained Percent Of Fair Value Reverse Repurchase Agreements | 100.00% | ||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% | 100.00% | ||
Funds Withheld At Interest Percent Of Total Investments | 12.10% | 12.10% | 13.10% | ||
Funds withheld at interest | $ 5,968,856 | $ 5,968,856 | $ 5,875,919 | ||
Funds Held Under Reinsurance Agreements Asset Specific Client | $ 4,000,000 | $ 4,000,000 | |||
Other Invested Assets Percent Of Cash And Invested Assets | 3.00% | 3.00% | 3.60% | ||
CALIFORNIA | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 22.00% | 22.00% | 22.10% |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Notional Amount | $ 14,561,937 | $ 14,012,598 |
Carrying Value / Fair Value of Assets | 281,527 | 283,094 |
Derivative Liability, Fair Value, Gross Liability | 1,015,305 | 1,061,408 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 13,079,853 | 12,649,093 |
Carrying Value / Fair Value of Assets | 193,942 | 150,834 |
Derivative Liability, Fair Value, Gross Liability | 981,851 | 1,029,451 |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 973,825 | 949,556 |
Carrying Value / Fair Value of Assets | 63,370 | 78,405 |
Derivative Liability, Fair Value, Gross Liability | 4,375 | 5,949 |
Not Designated as Hedging Instrument | Financial Futures | ||
Derivative [Line Items] | ||
Notional Amount | 477,407 | 475,968 |
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 | 15,000 | 25,000 |
Carrying Value / Fair Value of Assets | 21 | 0 |
Derivative Liability, Fair Value, Gross Liability | 63 | 5,070 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 21,991 | 20,615 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 187 | 262 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 945,000 | 926,000 |
Carrying Value / Fair Value of Assets | 7,620 | 12,012 |
Derivative Liability, Fair Value, Gross Liability | 1,043 | 2,871 |
Not Designated as Hedging Instrument | Equity Options | ||
Derivative [Line Items] | ||
Notional Amount | 541,532 | 525,894 |
Carrying Value / Fair Value of Assets | 28,301 | 33,459 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Longevity Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 914,080 | 841,360 |
Carrying Value / Fair Value of Assets | 33,349 | 26,958 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Mortality Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 50,000 | 50,000 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 1,552 | 2,462 |
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 | 61,281 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 22,529 |
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 | 812,718 | 805,672 |
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 | 161,913 | 184,636 |
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 9,141,018 | 8,834,700 |
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 | 1,482,084 | 1,363,505 |
Carrying Value / Fair Value of Assets | 87,585 | 132,260 |
Derivative Liability, Fair Value, Gross Liability | 33,454 | 31,957 |
Designated As Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 435,000 | 435,000 |
Carrying Value / Fair Value of Assets | 1,267 | 27,901 |
Derivative Liability, Fair Value, Gross Liability | 22,120 | 31,223 |
Designated As Hedging Instrument | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional Amount | 150,211 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 4,158 | 0 |
Designated As Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 896,873 | 928,505 |
Carrying Value / Fair Value of Assets | 86,318 | 104,359 |
Derivative Liability, Fair Value, Gross Liability | $ 7,176 | $ 734 |
Derivative Instruments (Derivat
Derivative Instruments (Derivative Instruments Offsetting Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Derivative Assets [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Asset | $ 220,246 | $ 283,094 | |
Gross Amounts Offset in the Balance Sheet | (28,849) | (27,028) | |
Net Amounts Presented in the Balance Sheet | 191,397 | 256,066 | |
Derivative Asset, Fair Value of Collateral | [1] | (17,847) | (16,913) |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | [2] | (183,179) | (254,498) |
Net Amount | (9,629) | (15,345) | |
Derivative Liabilities [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Liability | 40,674 | 48,571 | |
Gross Amounts Offset in the Balance Sheet | (28,849) | (27,028) | |
Net Amounts Presented in the Balance Sheet | 11,825 | 21,543 | |
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments | [3] | (59,540) | (95,863) |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | [4] | (7,461) | (1,441) |
Net Amount | $ (55,176) | $ (75,761) | |
[1] | Consists of U.S. Treasury and government securities. | ||
[2] | Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. | ||
[3] | Included in available-for-sale securities, primarily consists of U.S. Treasury and government agency securities. | ||
[4] | Consists of receivable from counterparty, included in other assets. |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ 905 | $ (3,755) | $ 7,441 | $ 2,112 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (905) | 3,755 | (7,441) | (2,112) |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 0 | $ 0 | $ 0 | $ 0 |
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, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (1,131) | $ 41,192 | $ (7,690) | $ 21,794 | $ (1,131) | $ 41,192 | $ 2,496 | $ 29,397 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (6,417) | (20,350) | 4,016 | (11,799) | ||||
Investment Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (183) | (58) | (430) | (165) | ||||
Gain (Loss) on Investments [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 41 | $ 1,010 | $ 41 | $ 169 |
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, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (6,417) | $ (20,350) | $ 4,016 | $ (11,799) | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,131 | (41,192) | $ 7,690 | $ (21,794) | 1,131 | (41,192) | $ (2,496) | $ (29,397) |
Gain (Loss) on Investments [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (41) | (1,010) | (41) | (169) | ||||
Investment Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 183 | 58 | 430 | 165 | ||||
Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (7,643) | (17,464) | (5,427) | (12,335) | ||||
Interest Rate Swap [Member] | Gain (Loss) on Investments [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] | 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 | ||||
Currency Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 1,226 | (2,886) | 9,443 | 536 | ||||
Currency Swap [Member] | Gain (Loss) on Investments [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | ||||
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 | 132 | 93 | 329 | 253 | ||||
Forward Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 0 | 0 | 0 | ||||
Forward Contracts [Member] | Gain (Loss) on Investments [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (41) | (1,010) | (41) | (169) | ||||
Forward Contracts [Member] | Investment Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 51 | $ (35) | $ 101 | $ (88) |
Derivative Instruments (Hedges
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Derivatives, Fair Value [Line Items] | |||||
Net Derivatives Gains (Losses) Deferred in AOCI | [1],[2] | $ (13,761) | $ 302 | $ (21,367) | $ (31,493) |
Currency Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Net Derivatives Gains (Losses) Deferred in AOCI | [1],[2] | (17,919) | 302 | (25,525) | (31,493) |
Foreign Exchange Forward [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Net Derivatives Gains (Losses) Deferred in AOCI | [1],[2] | $ 4,158 | $ 0 | $ 4,158 | $ 0 |
[1] | There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. | ||||
[2] | 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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | $ 56,295 | $ 118,264 | $ 116,818 | $ (2,622) |
Policy acquisition costs and other insurance expenses | (319,832) | (405,681) | (699,221) | (639,444) |
Interest credited | (115,285) | (95,849) | (222,969) | (183,754) |
Other revenues | 73,992 | 66,193 | 142,149 | 125,376 |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | 3,684 | 40,733 | (19,164) | 94,835 |
Not Designated as Hedging Instrument | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 13,197 | 87,543 | 65,012 | (12,151) |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 14,289 | 41,500 | 11,677 | 104,027 |
Not Designated as Hedging Instrument | Financial Futures | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (6,442) | (7,557) | (19,217) | (18,608) |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (351) | 3,577 | 553 | 6,077 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (4) | (520) | (9) | (700) |
Not Designated as Hedging Instrument | Credit Default Swaps | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 3,879 | 3,518 | 11,237 | 6,864 |
Not Designated as Hedging Instrument | Equity Options | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (9,273) | (3,225) | (26,462) | (5,928) |
Not Designated as Hedging Instrument | Longevity Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Other revenues | 1,981 | 2,394 | 3,847 | 2,481 |
Not Designated as Hedging Instrument | Mortality Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Other revenues | (395) | 1,046 | (790) | 622 |
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 | 15,108 | 76,966 | 83,810 | (15,283) |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Interest credited | (5,955) | (2,019) | (22,357) | (626) |
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 | $ 360 | $ (28,137) | $ 22,723 | $ (91,077) |
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, 2017 | Dec. 31, 2016 | ||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 6,291 | $ 8,970 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 941,700 | $ 922,700 |
Derivative Average Remaining Maturity | [1],[3] | 3 years 9 months | 4 years 3 months |
Standard Poors AAA To A Minus Ratings [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 2,857 | $ 1,726 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 155,500 | $ 150,500 |
Derivative Average Remaining Maturity | [1],[3] | 3 years 6 months | 3 years 10 months |
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 2,857 | $ 1,726 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 155,500 | $ 150,500 |
Derivative Average Remaining Maturity | [1],[3] | 3 years 6 months | 3 years 10 months |
Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 3,351 | $ 1,426 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 365,200 | $ 347,200 |
Derivative Average Remaining Maturity | [1],[3] | 3 years 3 months | 3 years 8 months |
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 82 | $ 6,295 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 416,000 | $ 416,000 |
Derivative Average Remaining Maturity | [1],[3] | 4 years 6 months | 5 years |
Standard Poors BBB Rating [Member] | Credit Default Subtotal [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 3,433 | $ 7,721 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 781,200 | $ 763,200 |
Derivative Average Remaining Maturity | [1],[3] | 3 years 11 months | 4 years 5 months |
Standard & Poor's, BB Rating [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative Average Remaining Maturity | [1],[2] | 2 years | 3 years 6 months |
Standard & Poor's, BB Rating [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 1 | $ (477) |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | 5,000 | 9,000 |
Standard & Poor's, BB Rating [Member] | Credit Default Subtotal [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | 1 | (477) |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 5,000 | $ 9,000 |
[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 (Changes
Derivative Instruments (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||||
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | $ 3,684 | $ 40,733 | $ (19,164) | $ 94,835 |
Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 15,108 | 76,966 | 83,810 | (15,283) |
Derivative, Gain (Loss) on Derivative, Net | 2,941 | 18,807 | 28,785 | (7,970) |
Embedded Derivatives In Equity Indexed Annuities [Member] | ||||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | (5,955) | (2,019) | (22,357) | (626) |
Derivative, Gain (Loss) on Derivative, Net | (6,925) | (7,816) | (28,322) | 3,418 |
Embedded Derivatives In Variable Annuity Contracts [Member] | ||||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 360 | (28,137) | 22,723 | (91,077) |
Derivative, Gain (Loss) on Derivative, Net | $ 3,023 | $ (40,167) | $ 31,859 | $ (66,010) |
Derivative Instruments (Credit
Derivative Instruments (Credit Exposure of Derivative Contracts) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Credit Exposure of Derivative Contracts | |||
Estimated fair value of derivatives in net asset (liability) position | $ 181,124 | $ 236,985 | |
Derivative, Collateral, Right to Reclaim Cash | [1] | 7,461 | 1,441 |
Derivative Liability, Fair Value of Collateral | [2] | 59,540 | 95,863 |
Derivative, Collateral, Obligation to Return Cash | [3] | (183,179) | (254,498) |
Derivative Asset, Fair Value of Collateral | [4] | (17,847) | (16,913) |
Deposits with Clearing Organizations and Others, Securities | [2] | (58,526) | (73,571) |
Net credit exposure | (11,427) | (10,693) | |
Margin account related to exchange-traded futures | [5] | $ 8,530 | $ 9,687 |
[1] | Consists of receivable from counterparty, included in other assets. | ||
[2] | Included in available-for-sale securities, primarily consists of U.S. Treasury and government agency securities. | ||
[3] | Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. | ||
[4] | Consists of U.S. Treasury and government securities. | ||
[5] | Included in other assets. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0.5 | $ 0.5 | |||
Derivative Instruments, Gain Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 2.4 | $ 7 | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (0.1) | (0.1) | |||
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges | $ 140.3 | $ 140.3 | $ 161.6 |
Fair Value of Assets and Liab70
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, 2017 | Dec. 31, 2016 |
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $ 36,345,426 | $ 32,093,625 |
Funds withheld at interest embedded derivatives | 61,281 | (22,529) |
Cash and cash equivalents | 300,516 | 338,601 |
Short-term investments | 91,024 | 44,241 |
Investments, Fair Value Disclosure | 474,002 | 705,625 |
Other Assets, Fair Value Disclosure | 33,349 | 26,958 |
Assets, Fair Value Disclosure, Recurring | 37,305,598 | 33,186,521 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 974,631 | 990,308 |
Liabilities Fair Value Disclosure | ||
Liabilities, Fair Value Disclosure, Recurring | 986,456 | 1,011,851 |
Nonredeemable Preferred Stock [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 31,959 | 51,123 |
Other equity securities | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 72,318 | 224,238 |
Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 7,047 | 11,036 |
Interest Rate Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 55,154 | 93,508 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (17,012) | (24,374) |
Foreign Currency Forwards | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | (4,200) | (5,070) |
Consumer Price Index Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | (187) | |
Liabilities Fair Value Disclosure | ||
Other liabilities | (262) | |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 204,630 | 190,120 |
Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 6,258 | 9,136 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (319) | (5) |
Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 15,804 | 26,070 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (12,497) | (7,389) |
Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 81,019 | 100,394 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (1,877) | (3,231) |
Mortality Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | (1,552) | (2,462) |
Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 22,341,661 | 19,619,084 |
Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 4,007,754 | 3,644,046 |
Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,539,299 | 1,278,576 |
Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,641,841 | 1,429,344 |
Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,582,028 | 1,363,654 |
US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,721,564 | 1,468,302 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 638,970 | 591,796 |
Foreign Government Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,872,309 | 2,698,823 |
Fair Value Inputs Level 1 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,526,812 | 1,933,479 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 300,516 | 338,601 |
Short-term investments | 21,586 | 8,276 |
Investments, Fair Value Disclosure | 314,474 | 462,482 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 3,163,388 | 2,742,838 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value Inputs Level 1 Member | Nonredeemable Preferred Stock [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 31,959 | 38,317 |
Fair Value Inputs Level 1 Member | Other equity securities | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 72,318 | 224,238 |
Fair Value Inputs Level 1 Member | Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 7,047 | 11,036 |
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 | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 1 Member | Consumer Price Index Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | |
Fair Value Inputs Level 1 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 203,150 | 188,891 |
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 | 603,002 | 310,995 |
Fair Value Inputs Level 1 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,597,777 | 1,345,755 |
Fair Value Inputs Level 1 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Foreign Government Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 326,033 | 276,729 |
Fair Value Inputs Level 2 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 31,572,078 | 27,932,189 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 65,890 | 32,619 |
Investments, Fair Value Disclosure | 159,528 | 243,143 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 31,797,496 | 28,207,951 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Liabilities, Fair Value Disclosure, Recurring | 10,273 | 19,081 |
Fair Value Inputs Level 2 Member | Nonredeemable Preferred Stock [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 12,806 |
Fair Value Inputs Level 2 Member | Other equity securities | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 2 Member | Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 2 Member | Interest Rate Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 55,154 | 93,508 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (17,012) | (24,374) |
Fair Value Inputs Level 2 Member | Foreign Currency Forwards | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | (4,200) | (5,070) |
Fair Value Inputs Level 2 Member | Consumer Price Index Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | (187) | |
Liabilities Fair Value Disclosure | ||
Other liabilities | (262) | |
Fair Value Inputs Level 2 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 1,480 | 1,229 |
Fair Value Inputs Level 2 Member | Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 6,258 | 9,136 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (319) | (5) |
Fair Value Inputs Level 2 Member | Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 15,804 | 26,070 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (12,497) | (7,389) |
Fair Value Inputs Level 2 Member | Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 81,019 | 100,394 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (1,877) | (3,231) |
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 | 20,447,605 | 18,035,836 |
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 3,474,484 | 3,168,081 |
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,390,614 | 1,118,285 |
Fair Value Inputs Level 2 Member | Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,440,252 | 1,210,064 |
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,580,085 | 1,342,509 |
Fair Value Inputs Level 2 Member | US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 100,220 | 98,059 |
Fair Value Inputs Level 2 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 604,536 | 550,130 |
Fair Value Inputs Level 2 Member | Foreign Government Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,534,282 | 2,409,225 |
Fair Value Inputs Level 3 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,246,536 | 2,227,957 |
Funds withheld at interest embedded derivatives | 61,281 | (22,529) |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 3,548 | 3,346 |
Investments, Fair Value Disclosure | 0 | 0 |
Other Assets, Fair Value Disclosure | 33,349 | 26,958 |
Assets, Fair Value Disclosure, Recurring | 2,344,714 | 2,235,732 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 974,631 | 990,308 |
Liabilities Fair Value Disclosure | ||
Liabilities, Fair Value Disclosure, Recurring | 976,183 | 992,770 |
Fair Value Inputs Level 3 Member | Nonredeemable Preferred Stock [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | Other equity securities | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | Interest Rate 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 | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Fair Value Inputs Level 3 Member | Consumer Price Index Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | |
Fair Value Inputs Level 3 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | 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 | (1,552) | (2,462) |
Fair Value Inputs Level 3 Member | Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,291,054 | 1,272,253 |
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 533,270 | 475,965 |
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 148,685 | 160,291 |
Fair Value Inputs Level 3 Member | Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 201,589 | 219,280 |
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,943 | 21,145 |
Fair Value Inputs Level 3 Member | US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 23,567 | 24,488 |
Fair Value Inputs Level 3 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 34,434 | 41,666 |
Fair Value Inputs Level 3 Member | Foreign Government Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $ 11,994 | $ 12,869 |
Fair Value of Assets and Liab71
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Percentage Of Fixed Maturity Securities Classified As Level 3 | 6.20% | 6.90% |
Corporate Debt Securities [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 158,309 | $ 167,815 |
Corporate Debt Securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
Corporate Debt Securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 2.00% | 2.00% |
Corporate Debt Securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | 0.00% |
Longevity Swap [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 33,349 | $ 26,958 |
Longevity Swap [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 2.00% | 2.00% |
Fair Value Inputs Mortality Improvement | 3.00% | 3.00% |
Longevity Swap [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 100.00% | 100.00% |
Fair Value Inputs Mortality Improvement | 10.00% | 10.00% |
Longevity Swap [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 0.00% | 0.00% |
Fair Value Inputs Mortality Improvement | (10.00%) | (10.00%) |
US Government Agencies Debt Securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
US Government Agencies Debt Securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
US Government Agencies Debt Securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | 0.00% |
US States and Political Subdivisions Debt Securities [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 4,607 | $ 4,670 |
US States and Political Subdivisions Debt Securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 1.00% | 1.00% |
Embedded Derivatives In Indexed Annuity [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 812,718 | $ 805,672 |
Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 9.00% | 8.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 2.00% | 2.00% |
Fair Value Inputs Withdrawal | 3.00% | 3.00% |
Fair Value Inputs Option Budget Projection | 2.00% | 2.00% |
Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 35.00% | 35.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 100.00% | 100.00% |
Fair Value Inputs Withdrawal | 5.00% | 5.00% |
Fair Value Inputs Option Budget Projection | 4.00% | 4.00% |
Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 0.00% | 0.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 0.00% | 0.00% |
Fair Value Inputs Withdrawal | 0.00% | 0.00% |
Fair Value Inputs Option Budget Projection | 2.00% | 2.00% |
Embedded Derivatives In Variable Annuity [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 161,913 | $ 184,636 |
Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 6.00% | 6.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 2.00% | 2.00% |
Fair Value Inputs Withdrawal | 3.00% | 3.00% |
Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 25.00% | 25.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 100.00% | 100.00% |
Fair Value Inputs Withdrawal | 7.00% | 7.00% |
Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 0.00% | 0.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 0.00% | 0.00% |
Fair Value Inputs Withdrawal | 0.00% | 0.00% |
Embedded Derivatives In Variable Annuity Contracts [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Entity Credit Risk | 1.00% | 1.00% |
Fair Value Assumptions, Expected Volatility Rate | 9.00% | 14.00% |
Embedded Derivatives In Variable Annuity Contracts [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Entity Credit Risk | 5.00% | 5.00% |
Fair Value Assumptions, Expected Volatility Rate | 27.00% | 27.00% |
Embedded Derivatives In Variable Annuity Contracts [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Entity Credit Risk | 0.00% | 0.00% |
Fair Value Assumptions, Expected Volatility Rate | 0.00% | 0.00% |
Mortality Swap [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 1,552 | $ 2,462 |
Mortality Swap [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 1.00% | 1.00% |
Mortality Swap [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 100.00% | 100.00% |
Mortality Swap [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 0.00% | 0.00% |
Total Return Swap [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 61,281 | $ (22,529) |
Total Return Swap [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 9.00% | 8.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 2.00% | 2.00% |
Fair Value Inputs Withdrawal | 3.00% | 3.00% |
Fair Value Inputs, Entity Credit Risk | 1.00% | 1.00% |
Fair Value Inputs Credit Rate | 2.00% | 2.00% |
Total Return Swap [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 35.00% | 35.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 100.00% | 100.00% |
Fair Value Inputs Withdrawal | 5.00% | 5.00% |
Fair Value Inputs, Entity Credit Risk | 5.00% | 5.00% |
Fair Value Inputs Credit Rate | 4.00% | 4.00% |
Total Return Swap [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End | 0.00% | 0.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End | 0.00% | 0.00% |
Fair Value Inputs Withdrawal | 0.00% | 0.00% |
Fair Value Inputs, Entity Credit Risk | 0.00% | 0.00% |
Fair Value Inputs Credit Rate | 2.00% | 2.00% |
Total Return Swap [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 23,567 | $ 24,488 |
Fair Value of Assets and Liab72
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Fair Value Assets Transfers between Level 1 and Level 2) (Details) - Corporate Debt Securities [Member] - Available-for-sale Securities [Member] | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Equity, Level 1 to Level 2 Transfers, Description | 0 | 0 |
Fair Value, Equity, Level 2 to Level 1 Transfers, Description | 49,999 | 88,674 |
Fair Value of Assets and Liab73
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
US Government Agencies Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, end of period | $ 23,567 | $ 23,567 | |||
Foreign Government Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, end of period | 11,994 | 11,994 | |||
Foreign Government Debt Securities [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
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 | 46,173 | $ (168,948) | (22,529) | $ (76,698) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 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] | 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 out of Level 3 | 0 | ||||
Fair Value, end of period | 61,281 | (91,981) | 61,281 | (91,981) | |
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 | 15,108 | 76,967 | 83,810 | (15,283) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 15,108 | 76,967 | 83,810 | (15,283) | |
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] | 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 | 0 | 0 | |
Longevity Swap [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 29,170 | 15,806 | 26,958 | 14,996 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2,394 | 2,481 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2,198 | (419) | 2,545 | 304 | |
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] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||||
Fair Value, end of period | 33,349 | 17,781 | 33,349 | 17,781 | |
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] | 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] | 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 | 1,981 | 3,846 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 1,981 | 2,394 | 3,846 | 2,481 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | (972,930) | (1,118,069) | (990,308) | (1,070,584) | |
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] | (19,533) | (4,703) | (25,927) | (2,035) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 23,427 | 18,142 | 41,238 | 34,872 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | ||||
Fair Value, end of period | (974,631) | (1,125,380) | (974,631) | (1,125,380) | |
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 | (360) | (28,137) | (22,723) | (91,077) | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 1,794 | (31,333) | (18,505) | (96,811) | |
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 | (5,955) | (2,019) | (22,357) | (626) | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 29,382 | (20,162) | 63,596 | (35,497) | |
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 | 0 | 0 | 0 | 0 | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Mortality Swap [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | (2,857) | (3,043) | (2,462) | (2,619) | |
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] | 1,700 | 0 | 1,700 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | ||||
Fair Value, end of period | (1,552) | (1,997) | (1,552) | (1,997) | |
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] | 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] | 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 | (395) | (1,046) | (790) | (622) | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (395) | (1,046) | (790) | (622) | |
Short-term Investments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 3,276 | 3,346 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (29) | 4 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (324) | (356) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (23) | (158) | ||
Fair Value, end of period | 3,548 | 3,548 | |||
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 | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 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 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 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 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 1,263,925 | 1,243,660 | 1,272,253 | 1,226,970 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (4,548) | 30,391 | 400 | 56,073 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (104,087) | (72,982) | (150,001) | (140,578) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (23,174) | (901) | (23,174) | (10,483) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (74,531) | (47,461) | (146,001) | (96,955) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 17,264 | 5,023 | 31,198 | 10,206 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (5,732) | 0 | (5,732) | |
Fair Value, end of period | 1,291,054 | 1,297,382 | 1,291,054 | 1,297,382 | |
Available-for-sale Securities [Member] | 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 | (396) | (592) | (819) | (1,419) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (396) | (608) | (819) | (1,428) | |
Available-for-sale Securities [Member] | 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 | 8,427 | 12 | 7,196 | (21,856) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1,495) | (2,788) | (21,726) | ||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Available-for-sale Securities [Member] | Canadian Provincial Governments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 483,560 | 487,383 | 475,965 | 416,076 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 46,509 | 63,760 | 51,034 | 132,065 | |
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 | 533,270 | 554,192 | 533,270 | 554,192 | |
Available-for-sale Securities [Member] | 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 | 3,201 | 3,049 | 6,271 | 6,051 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 3,201 | 3,049 | 6,271 | 6,051 | |
Available-for-sale Securities [Member] | 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 | 0 | ||
Available-for-sale Securities [Member] | Canadian Provincial Governments [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 | ||||
Available-for-sale Securities [Member] | Residential mortgage-backed securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 143,430 | 333,253 | 160,291 | 330,649 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,962 | 3,839 | 2,612 | (493) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (29,318) | (42,913) | (45,817) | (72,228) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (4,467) | (167,236) | (15,071) | (167,684) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (4,655) | (13,464) | (11,439) | (24,904) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5,423 | 0 | 5,500 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (22,412) | (31,551) | 39,231 | (41,524) | |
Fair Value, end of period | 148,685 | 165,979 | 148,685 | 165,979 | |
Available-for-sale Securities [Member] | 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 | (29) | 116 | (274) | (371) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (37) | 530 | (128) | 42 | |
Available-for-sale Securities [Member] | 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 | 115 | (1,891) | 480 | (1,922) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | (346) | 0 | ||
Available-for-sale Securities [Member] | Residential mortgage-backed 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 | ||||
Available-for-sale Securities [Member] | Asset-backed securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 208,436 | 285,220 | 219,280 | 303,836 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,136 | 2,793 | 6,903 | (7,734) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (34,366) | (59,779) | (45,215) | (97,050) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | (30,181) | 0 | (38,681) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (27,569) | (4,196) | (45,723) | (7,921) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 3,500 | 18,398 | 38,758 | 24,796 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (18,791) | (34,072) | 64,373 | (74,057) | |
Fair Value, end of period | 201,589 | 298,816 | 201,589 | 298,816 | |
Available-for-sale Securities [Member] | 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 | 511 | 252 | 1,529 | 426 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 239 | 187 | 400 | 350 | |
Available-for-sale Securities [Member] | 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 | 0 | 823 | 0 | 1,101 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | ||
Available-for-sale Securities [Member] | Asset-backed 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 | ||||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 33,858 | 34,624 | 41,666 | 38,342 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 823 | 837 | (20) | 1,171 | |
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 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (241) | (227) | (274) | (258) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 6,844 | (4,204) | |||
Fair Value, end of period | 34,434 | 35,246 | 34,434 | 35,246 | |
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (6) | 12 | (94) | 195 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (6) | 12 | (94) | 195 | |
Available-for-sale Securities [Member] | 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 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, 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 | |||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Available-for-sale Securities [Member] | US Government Agencies Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 23,474 | 25,880 | 24,488 | 26,265 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 211 | 461 | 263 | 1,057 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (132) | (144) | (236) | (257) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (135) | (108) | (1,188) | (1,079) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | ||
Fair Value, end of period | 23,567 | 26,255 | 23,567 | 26,255 | |
Available-for-sale Securities [Member] | 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 | (115) | (122) | (232) | (245) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (115) | (122) | (232) | (245) | |
Available-for-sale Securities [Member] | 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 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ||||
Available-for-sale Securities [Member] | US Government Agencies Debt Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Available-for-sale Securities [Member] | US Government Agencies Debt Securities [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 12,344 | 13,936 | 12,869 | 14,065 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (12) | 95 | (203) | 288 | |
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 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (338) | (325) | (672) | (647) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||
Fair Value, end of period | 13,706 | 13,706 | |||
Available-for-sale Securities [Member] | Foreign Government 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 | 0 | 0 | 0 | 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Available-for-sale Securities [Member] | Foreign Government 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 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, 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 | |||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 1,923 | 63,574 | 21,145 | 68,563 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 21 | 453 | (62) | (2,359) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | 0 | (1,545) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (22,338) | (3,720) | (25,976) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (1) | (68) | (5,402) | (137) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (1,507) | 10,132 | (1,545) | ||
Fair Value, end of period | 1,943 | 37,935 | 1,943 | 37,935 | |
Available-for-sale Securities [Member] | 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 | 490 | 709 | 1,133 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 0 | 485 | 0 | 1,031 | |
Available-for-sale Securities [Member] | 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 | $ (2,669) | (595) | (3,289) | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | ||||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 0 | ||||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 0 | ||||
[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 Liab74
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Fair Value Assets Measured on Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Mortgage Loans on Real Estate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Assets Carrying Value Prior To Impairment | [1] | $ 0 | $ 6,993 | ||
Fair Value Assets Gains Losses | [1] | $ 0 | $ (400) | 0 | (702) |
Partnership Interest [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Assets Carrying Value Prior To Impairment | [2] | 3,690 | 4,460 | ||
Fair Value Assets Gains Losses | [2] | $ (6,308) | $ (112) | $ (6,308) | $ (2,039) |
[1] | Estimated fair values for impaired mortgage loans are based on internal valuation models using unobservable inputs or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, are based on external appraisals of the underlying collateral | ||||
[2] | 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 Liab75
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, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | $ 4,104,487 | $ 3,775,522 | |||
Policy loans | 1,406,774 | 1,427,602 | |||
Funds withheld at interest | 5,968,856 | 5,875,919 | |||
Cash and cash equivalents | 1,123,350 | 1,200,718 | $ 1,034,329 | $ 1,525,275 | |
Short-term investments | 123,308 | 76,710 | |||
Other invested assets | 1,498,370 | 1,591,940 | |||
Accrued investment income | 388,008 | 347,173 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 16,440,873 | 14,029,354 | |||
Long-term debt | 2,788,494 | 3,088,635 | |||
Collateral finance and securitization notes | 823,108 | 840,700 | |||
Reported Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 4,104,487 | 3,775,522 | |||
Policy loans | 1,406,774 | 1,427,602 | |||
Funds withheld at interest | [1] | 5,904,679 | 5,893,381 | ||
Cash and cash equivalents | [2] | 822,834 | 862,117 | ||
Short-term investments | [2] | 32,284 | 32,469 | ||
Other invested assets | [2] | 567,448 | 477,132 | ||
Accrued investment income | 388,008 | 347,173 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | [1] | 12,718,836 | 10,225,099 | ||
Long-term debt | 2,788,494 | ||||
Debt, Long-term and Short-term, Combined Amount | 3,088,635 | ||||
Collateral finance and securitization notes | 823,108 | 840,700 | |||
Estimate of Fair Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 4,215,094 | 3,786,987 | |||
Policy loans | 1,406,774 | 1,427,602 | |||
Funds withheld at interest | [1] | 6,258,874 | 6,193,166 | ||
Cash and cash equivalents | [2] | 822,834 | 862,117 | ||
Short-term investments | [2] | 32,284 | 32,469 | ||
Other invested assets | [2] | 603,783 | 510,640 | ||
Accrued investment income | 388,008 | 347,173 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | [1] | 12,711,801 | 10,234,544 | ||
Long-term Debt, Fair Value | 3,029,601 | ||||
Debt, Long-term and Short-term, Combined Amount | 3,186,173 | ||||
Collateral finance and securitization notes | 730,809 | 745,805 | |||
Estimate of Fair Value Measurement [Member] | Net Asset Value [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | [1] | 0 | 0 | ||
Cash and cash equivalents | [2] | 0 | 0 | ||
Short-term investments | [2] | 0 | 0 | ||
Other invested assets | [2] | 310,536 | 296,773 | ||
Accrued investment income | 0 | 0 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | [1] | 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 1 Member | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | [1] | 0 | 0 | ||
Cash and cash equivalents | [2] | 822,834 | 862,117 | ||
Short-term investments | [2] | 32,284 | 32,469 | ||
Other invested assets | [2] | 27,815 | 26,294 | ||
Accrued investment income | 0 | 0 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | [1] | 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 | 1,406,774 | 1,427,602 | |||
Funds withheld at interest | [1] | 0 | 0 | ||
Cash and cash equivalents | [2] | 0 | 0 | ||
Short-term investments | [2] | 0 | 0 | ||
Other invested assets | [2] | 66,501 | 55,669 | ||
Accrued investment income | 388,008 | 347,173 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | [1] | 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) | 4,215,094 | 3,786,987 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | [1] | 6,258,874 | 6,193,166 | ||
Cash and cash equivalents | [2] | 0 | 0 | ||
Short-term investments | [2] | 0 | 0 | ||
Other invested assets | [2] | 198,931 | 131,904 | ||
Accrued investment income | 0 | 0 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | [1] | 12,711,801 | 10,234,544 | ||
Long-term Debt, Fair Value | 3,029,601 | ||||
Debt, Long-term and Short-term, Combined Amount | 3,186,173 | ||||
Collateral finance and securitization notes | $ 730,809 | $ 745,805 | |||
[1] | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis. | ||||
[2] | Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis. |
Fair Value of Assets and Liab76
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Narrative) (Details) | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Percentage Of Fixed Maturity Securities Classified As Level 3 | 6.20% | 6.90% |
Segment Information (Total Reve
Segment Information (Total Revenues of Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 3,129,276 | $ 3,039,068 | $ 6,138,016 | $ 5,551,636 |
Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,794,674 | 1,799,080 | 3,582,023 | 3,238,802 |
CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 281,276 | 300,766 | 557,358 | 569,450 |
EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 419,325 | 382,619 | 817,400 | 740,009 |
Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 579,513 | 494,616 | 1,105,195 | 908,886 |
Corporate and Other [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 54,488 | 61,987 | 76,040 | 94,489 |
Life Insurance Product Line [Member] | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,522,698 | 1,494,003 | 3,011,201 | 2,894,820 |
Life Insurance Product Line [Member] | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 269,273 | 288,912 | 533,548 | 546,912 |
Life Insurance Product Line [Member] | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 345,920 | 301,642 | 664,006 | 591,276 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 561,529 | 477,571 | 1,066,759 | 871,770 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 271,976 | 305,077 | 570,822 | 343,982 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 12,003 | 11,854 | 23,810 | 22,538 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 73,405 | 80,977 | 153,394 | 148,733 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 17,984 | $ 17,045 | $ 38,436 | $ 37,116 |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
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 | $ 339,315 | $ 353,223 | $ 547,159 | $ 460,803 |
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 | 197,579 | 220,284 | 331,125 | 256,486 |
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 | 37,261 | 45,437 | 60,181 | 66,124 |
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 | 40,259 | 34,303 | 86,153 | 58,611 |
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 | 58,699 | 34,409 | 106,259 | 84,122 |
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 | 5,517 | 18,790 | (36,559) | (4,540) |
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 | 90,594 | 111,430 | 120,554 | 162,528 |
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 | 32,836 | 43,309 | 52,164 | 63,404 |
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 | 11,354 | 6,834 | 25,330 | 5,718 |
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 | 53,322 | 34,482 | 95,010 | 75,642 |
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 | 106,985 | 108,854 | 210,571 | 93,958 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 4,425 | 2,128 | 8,017 | 2,720 |
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 | 28,905 | 27,469 | 60,823 | 52,893 |
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 | $ 5,377 | $ (73) | $ 11,249 | $ 8,480 |
Segment Information (Total Asse
Segment Information (Total Assets of Reportable Segments) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 58,138,072 | $ 53,097,879 |
Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 34,959,162 | 31,852,931 |
CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,070,039 | 3,932,087 |
EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,869,097 | 6,435,255 |
Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,628,360 | 4,644,362 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,611,414 | 6,233,244 |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 18,588,924 | 18,140,825 |
Life Insurance Product Line [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,965,235 | 3,846,682 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,852,309 | 2,559,124 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,449,350 | 3,968,081 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 16,370,238 | 13,712,106 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 104,804 | 85,405 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,016,788 | 3,876,131 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 1,179,010 | $ 676,281 |
Commitments, Contingencies an80
Commitments, Contingencies and Guarantees (Commitments to Fund Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Limited Partner [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 328,739 | $ 332,169 |
Commercial Loan [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 84,685 | 126,248 |
Bank Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 51,627 | 58,318 |
Equity Release Mortgages [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 173,203 | $ 130,324 |
Commitments, Contingencies an81
Commitments, Contingencies and Guarantees (Maximum Potential Obligation) (Details) $ in Millions | Jun. 30, 2017USD ($) |
Commitment Period Two Thousand Twenty Three [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 500 |
Commitment Period Two Thousand Thirty Three [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 450 |
Commitment Period Two Thousand Thirty Four [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,000 |
Commitment Period Two Thousand Thirty Five [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,314.2 |
Commitment Period Two Thousand Thirty Six [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,932 |
Commitment Period Two Thousand Thirty Seven [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 5,657.4 |
Commitments, Contingencies an82
Commitments, Contingencies and Guarantees (Guarantees Issued) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Insurance Treaty Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 964,978 | $ 902,216 |
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 833,654 | 780,786 |
Guarantee Of Borrowed Securities [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 207,140 | 263,820 |
Product Financing Arrangement [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 106,681 | 119,073 |
Guarantee Of Lease Obligations [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 2,162 | $ 2,428 |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 118,760 | $ 123,628 | $ 191,506 | $ 161,281 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (4,261) | (8,398) | (10,413) | (12,282) |
Income Tax Reconciliation Foreign Income Tax Basis Differential | (13,375) | (5,553) | (16,759) | (14,489) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 13,031 | 4,288 | 14,213 | 9,287 |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | (1,783) | 3,288 | (1,172) | 3,889 |
Income Tax Reconciliation Change In Foreign Enacted Tax Rate | 44 | 0 | (1,193) | 0 |
Income Tax Reconciliation SubpartF | 1,140 | 738 | 1,326 | 1,433 |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | (1,938) | (427) | (2,064) | (721) |
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount | 2,609 | 0 | 4,464 | 0 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | (633) | (442) | (403) | (316) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (1,251) | (2) | (1,120) | 146 |
Income Tax Expense (Benefit) | $ 107,125 | $ 117,120 | $ 169,457 | $ 148,228 |
Effective Income Tax Rate Reconciliation, Percent | 31.60% | 33.20% | 31.00% | 32.20% |
Income Tax Income Tax (Narrativ
Income Tax Income Tax (Narrative) (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 26.60% | 19.30% |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,819 | $ 2,652 | $ 5,399 | $ 4,958 |
Interest cost | 1,431 | 1,076 | 2,629 | 2,335 |
Expected return on plan assets | (1,823) | (1,345) | (3,108) | (2,569) |
Amortization of prior service cost | 95 | 75 | 169 | 153 |
Amortization of prior actuarial loss | 1,082 | 1,224 | 2,163 | 2,081 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 256 | 0 | 513 | 0 |
Total | 3,860 | 3,682 | 7,765 | 6,958 |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 721 | 1,015 | 1,442 | 2,031 |
Interest cost | 565 | 643 | 1,130 | 1,286 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | (155) | 0 | (311) | 0 |
Amortization of prior actuarial loss | 457 | 617 | 914 | 1,233 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 | 0 |
Total | $ 1,588 | $ 2,275 | $ 3,175 | $ 4,550 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 5 |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 10 |
Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 5 |
Reinsurance (Ceded Reinsurance
Reinsurance (Ceded Reinsurance Receivable Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 798,365 | $ 683,972 |
Reinsurance Recoverables, Percentage of Total | 100.00% | 100.00% |
Other Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 154,095 | $ 118,679 |
Reinsurance Recoverables, Percentage of Total | 19.30% | 17.30% |
AM Best, A+ Rating [Member] | Reinsurer A [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 291,029 | $ 240,894 |
Reinsurance Recoverables, Percentage of Total | 36.40% | 35.20% |
AM Best, A+ Rating [Member] | Reinsurer B [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 195,222 | $ 183,881 |
Reinsurance Recoverables, Percentage of Total | 24.40% | 26.90% |
AM Best, A+ Rating [Member] | Reinsurer C [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 67,691 | $ 68,832 |
Reinsurance Recoverables, Percentage of Total | 8.50% | 10.10% |
AM Best, A++ Rating [Member] | Reinsurer D [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 47,520 | $ 36,202 |
Reinsurance Recoverables, Percentage of Total | 6.00% | 5.30% |
AM Best, A Rating [Member] | Reinsurer E [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 42,808 | $ 35,484 |
Reinsurance Recoverables, Percentage of Total | 5.40% | 5.20% |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Ceded Credit Risk [Line Items] | ||
Reinsurance Claims Recoverables | $ 257.6 | $ 242 |
Claims Recoverable From Retrocessionaires Past Due | $ 3.8 | $ 4 |
AM Best, A- Rating [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Credit Risk, Disclosure | “A- (excellent)” | “A- (excellent)” |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | ||||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | $ 17,700 | |||
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount | $ 2,609 | $ 0 | $ 4,464 | $ 0 |