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Investments (Tables)
 9 Months Ended
Sep. 30, 2022
Investments [Abstract]  
Schedule of Fixed Maturity Securities
At September 30, 2022 and December 31, 2021, the amortized cost and fair value of fixed maturity securities were as follows:
Amortized
Cost (1)		Gross
Unrealized
Gains		Gross
Unrealized
Losses (2)		Allowance for Credit LossesFair Value
(Dollars in thousands)
September 30, 2022
Fixed maturity securities, available for sale:
U.S. Government and agencies$172,754 $322 $(3,538)$— $169,538 
States, municipalities and territories4,558,007 42,882 (557,999)— 4,042,890 
Foreign corporate securities and foreign governments941,787 15,982 (98,706)— 859,063 
Corporate securities30,804,074 185,050 (4,091,802)(3,214)26,894,108 
Residential mortgage backed securities1,465,458 16,369 (107,380)(1,706)1,372,741 
Commercial mortgage backed securities4,076,549 1,046 (370,635)— 3,706,960 
Other asset backed securities4,487,092 226 (444,707)— 4,042,611 
$46,505,721 $261,877 $(5,674,767)$(4,920)$41,087,911 
December 31, 2021
Fixed maturity securities, available for sale:
U.S. Government and agencies$1,046,029 $32,841 $(124)$— $1,078,746 
States, municipalities and territories3,495,563 437,456 (3,042)(2,776)3,927,201 
Foreign corporate securities and foreign governments380,646 22,742 (843)— 402,545 
Corporate securities31,084,629 3,614,047 (38,442)— 34,660,234 
Residential mortgage backed securities1,056,778 70,434 (2,093)(70)1,125,049 
Commercial mortgage backed securities4,708,878 149,152 (17,719)— 4,840,311 
Other asset backed securities5,226,660 95,304 (50,107)— 5,271,857 
$46,999,183 $4,421,976 $(112,370)$(2,846)$51,305,943 
(1)Amortized cost excludes accrued interest receivable of $460.6 million and $400.7 million as of September 30, 2022 and December 31, 2021, respectively.
(2)Gross unrealized losses are net of allowance for credit losses.
Schedule of Fixed Maturity Securities by Contractual Maturity Date
The amortized cost and fair value of fixed maturity securities at September 30, 2022, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and other asset backed securities provide for periodic payments throughout their lives and are shown below as separate lines.
Available for sale
Amortized
Cost		Fair Value
(Dollars in thousands)
Due in one year or less$1,581,856 $1,578,652 
Due after one year through five years7,181,216 6,887,037 
Due after five years through ten years6,387,291 5,789,381 
Due after ten years through twenty years10,872,828 9,794,223 
Due after twenty years10,453,431 7,916,306 
36,476,622 31,965,599 
Residential mortgage backed securities1,465,458 1,372,741 
Commercial mortgage backed securities4,076,549 3,706,960 
Other asset backed securities4,487,092 4,042,611 
$46,505,721 $41,087,911 
Schedule of Net Unrealized Gains (Losses) on Available for Sale Fixed Maturity Securities Reported as Separate Component of Stockholders' Equity
Net unrealized gains (losses) on investments reported as a separate component of stockholders' equity were comprised of the following:
September 30, 2022December 31, 2021
(Dollars in thousands)
Net unrealized gains (losses) on investments$(5,425,373)$4,309,606 
Adjustments for assumed changes in amortization of deferred policy acquisition costs, deferred sales inducements and policy benefit reserves2,594,217 (1,993,869)
Deferred income tax valuation allowance reversal22,534 22,534 
Deferred income tax expense594,234 (489,482)
Net unrealized gains (losses) reported as accumulated other comprehensive income (loss)$(2,214,388)$1,848,789 
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation
The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated:
September 30, 2022December 31, 2021
NAIC
Designation		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(Dollars in thousands)
1$27,008,700 $24,082,858 $26,157,531 $28,785,839 
218,703,067 16,342,207 19,758,594 21,396,020 
3625,554 533,923 909,311 941,210 
495,833 82,402 133,070 147,160 
556,835 37,389 16,496 15,357 
615,732 9,132 24,181 20,357 
$46,505,721 $41,087,911 $46,999,183 $51,305,943 
Schedule of Gross Unrealized Losses on Investments, By Category and Length of Time
The following table shows our investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities (consisting of 4,404 and 1,427 securities, respectively) have been in a continuous unrealized loss position, at September 30, 2022 and December 31, 2021:
Less than 12 months12 months or moreTotal
Fair ValueUnrealized
Losses (1)		Fair ValueUnrealized
Losses (1)		Fair ValueUnrealized
Losses (1)
(Dollars in thousands)
September 30, 2022
Fixed maturity securities, available for sale:
U.S. Government and agencies$132,334 $(3,538)$— $— $132,334 $(3,538)
States, municipalities and territories2,890,984 (556,773)2,572 (1,226)2,893,556 (557,999)
Foreign corporate securities and foreign governments634,949 (96,583)3,163 (2,123)638,112 (98,706)
Corporate securities22,263,446 (4,055,115)94,985 (39,901)22,358,431 (4,095,016)
Residential mortgage backed securities1,080,905 (102,854)37,416 (6,232)1,118,321 (109,086)
Commercial mortgage backed securities3,562,772 (361,686)42,624 (8,949)3,605,396 (370,635)
Other asset backed securities2,577,355 (219,730)1,413,364 (224,977)3,990,719 (444,707)
$33,142,745 $(5,396,279)$1,594,124 $(283,408)$34,736,869 $(5,679,687)
December 31, 2021
Fixed maturity securities, available for sale:
U.S. Government and agencies$760,977 $(124)$— $— $760,977 $(124)
States, municipalities and territories168,942 (2,468)15,711 (3,350)184,653 (5,818)
Foreign corporate securities and foreign governments42,861 (843)— — 42,861 (843)
Corporate securities2,375,603 (30,070)116,819 (8,372)2,492,422 (38,442)
Residential mortgage backed securities250,964 (1,408)26,917 (755)277,881 (2,163)
Commercial mortgage backed securities784,464 (5,500)142,224 (12,219)926,688 (17,719)
Other asset backed securities1,351,324 (11,345)1,771,182 (38,762)3,122,506 (50,107)
$5,735,135 $(51,758)$2,072,853 $(63,458)$7,807,988 $(115,216)
(1)Unrealized losses have not been reduced to reflect the allowance for credit losses of $4.9 million and $2.8 million as of September 30, 2022 and December 31, 2021, respectively.
Schedule of Changes in Net Unrealized Gains/Losses on Investments
Changes in net unrealized gains/losses on investments for the three and nine months ended September 30, 2022 and 2021 are as follows:
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2022202120222021
(Dollars in thousands)
Fixed maturity securities available for sale carried at fair value$(2,277,217)$(327,223)$(9,734,979)$(802,409)
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs, deferred sales inducements and policy benefit reserves1,231,107 242,493 4,588,086 490,278 
Deferred income tax asset/liability219,690 17,793 1,083,716 65,548 
1,450,797 260,286 5,671,802 555,826 
Change in net unrealized gains/losses on investments carried at fair value$(826,420)$(66,937)$(4,063,177)$(246,583)
Net Realized Gains (Losses) on Investments
Net realized gains (losses) on investments for the three and nine months ended September 30, 2022 and 2021, are as follows:
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2022202120222021
(Dollars in thousands)
Available for sale fixed maturity securities:
Gross realized gains$23,978 $1,001 $27,950 $7,430 
Gross realized losses(33,881)— (59,940)(16,147)
Net credit loss (provision) release(1,487)84 (14,341)(93)
(11,390)1,085 (46,331)(8,810)
Mortgage loans on real estate:
Decrease (increase) in allowance for credit losses(4,716)5,023 (13,309)9,471 
Recovery of specific allowance1,086 — 1,315 — 
Loss on sale of mortgage loans(840)(1,175)(3,934)(3,425)
(4,470)3,848 (15,928)6,046 
$(15,860)$4,933 $(62,259)$(2,764)
Rollforward of Allowance for Credit Loss
The following table provides a rollforward of the allowance for credit loss:
Three Months Ended September 30, 2022
States, Municipalities and
Territories		Corporate SecuritiesResidential Mortgage Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance $1,834 $3,743 $610 $6,187 
Additions for credit losses not previously recorded— — 439 439 
Change in allowance on securities with previous allowance(1,834)(529)657 (1,706)
Reduction for securities sold during the period— — — — 
Write-offs charged against the allowance— — — — 
Recoveries of amounts previously written off— — — — 
Ending balance$— $3,214 $1,706 $4,920 
Three Months Ended September 30, 2021
States, Municipalities and
Territories		Corporate SecuritiesResidential Mortgage Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance$3,347 $10,723 $120 $14,190 
Additions for credit losses not previously recorded— — 296 296 
Change in allowance on securities with previous allowance(575)315 — (260)
Reduction for securities sold during the period— — — — 
Write-offs charged against the allowance— (10,032)— (10,032)
Recoveries of amounts previously written off— — (120)(120)
Ending balance$2,772 $1,006 $296 $4,074 
Nine Months Ended September 30, 2022
States, Municipalities and
Territories		Corporate SecuritiesResidential Mortgage Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance$2,776 $— $70 $2,846 
Additions for credit losses not previously recorded— 3,825 1,070 4,895 
Change in allowance on securities with previous allowance(2,776)(611)994 (2,393)
Reduction for securities sold during the period— — (428)(428)
Write-offs charged against the allowance— — — — 
Recoveries of amounts previously written off— — — — 
Ending balance$— $3,214 $1,706 $4,920 
Nine Months Ended September 30, 2021
States, Municipalities and
Territories		Corporate SecuritiesResidential Mortgage Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance$2,844 $60,193 $1,734 $64,771 
Additions for credit losses not previously recorded— 705 407 1,112 
Change in allowance on securities with previous allowance(72)1,240 (631)537 
Reduction for securities sold during the period— (50,758)— (50,758)
Write-offs charged against the allowance— (10,032)— (10,032)
Recoveries of amounts previously written off— (342)(1,214)(1,556)
Ending balance$2,772 $1,006 $296 $4,074