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Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
Unaudited quarterly results of operations are summarized below.
 
Quarter Ended
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
(Dollars in thousands, except per share data)
2016
 
 
 
 
 
 
 
Premiums and product charges
$
43,850

 
$
52,582

 
$
60,406

 
$
60,508

Net investment income
450,826

 
459,830

 
463,583

 
475,633

Change in fair value of derivatives
(74,065
)
 
39,099

 
103,794

 
95,391

Net realized gains (losses) on investments, excluding OTTI losses
2,687

 
2,737

 
5,256

 
844

Net OTTI losses recognized in operations
(5,694
)
 
(4,446
)
 
(2,979
)
 
(9,560
)
Total revenues
417,604

 
549,802

 
630,060

 
622,816

Net income (loss)
(44,841
)
 
14,708

 
(7,420
)
 
120,796

Earnings (loss) per common share
(0.55
)
 
0.18

 
(0.09
)
 
1.37

Earnings (loss) per common share—assuming dilution
(0.55
)
 
0.18

 
(0.09
)
 
1.35

 
 
 
 
 
 
 
 
2015
 
 
 
 
 
 
 
Premiums and product charges
$
35,679

 
$
42,446

 
$
46,310

 
$
47,781

Net investment income
399,669

 
418,176

 
436,085

 
438,262

Change in fair value of derivatives
(31,100
)
 
(23,024
)
 
(351,360
)
 
69,338

Net realized gains (losses) on investments, excluding OTTI losses
4,879

 
4,324

 
1,159

 
(151
)
Net OTTI losses recognized in operations
(132
)
 
(828
)
 
(5,229
)
 
(13,347
)
Total revenues
408,995

 
441,094

 
126,965

 
541,883

Net income
5,903

 
82,845

 
97,306

 
33,776

Earnings per common share
0.08

 
1.07

 
1.22

 
0.41

Earnings per common share—assuming dilution
0.07

 
1.05

 
1.19

 
0.40
Comparability of Net Income (Loss), Impact of Fair Value Accounting to Fixed Index Annuity Business
The differences between the change in fair value of derivatives for each quarter primarily correspond to the performance of the indices upon which our call options are based. The comparability of net income (loss) is impacted by the application of fair value accounting to our fixed index annuity business is as follows:
 
Quarter Ended
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
(Dollars in thousands)
2016
$
62,822

 
$
34,215

 
$
6,054

 
$
(66,618
)
2015
42,849

 
(28,596
)
 
(53,716
)
 
11,091