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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional amounts and fair values of derivatives were as follows as of the dates indicated:
 
June 30, 2014
 
December 31, 2013
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
761.0

 
$
105.8

 
$
—

 
$
786.0

 
$
81.0

 
$
0.5

Foreign exchange contracts
174.7

 
4.9

 
1.5

 
174.7

 
6.3

 
1.6

Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
873.5

 
2.2

 
62.0

 
873.5

 
4.8

 
64.7

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
62,724.4

 
710.9

 
721.7

 
63,122.0

 
826.2

 
1,174.3

Foreign exchange contracts
1,243.5

 
13.2

 
32.6

 
1,281.7

 
17.8

 
43.3

Equity contracts
17,340.0

 
211.6

 
73.6

 
11,725.9

 
172.7

 
52.9

Credit contracts
3,221.0

 
46.0

 
26.8

 
3,221.0

 
40.5

 
14.5

Embedded derivatives:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
119.3

 
—

 
N/A

 
126.5

 
—

Within annuity products
N/A

 
—

 
3,187.0

 
N/A

 
—

 
2,645.6

Within reinsurance agreements
N/A

 
—

 
149.5

 
N/A

 
—

 
79.0

Total
 
 
$
1,213.9

 
$
4,254.7

 
 
 
$
1,275.8

 
$
4,076.4

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.
N/A - Not Applicable
Offsetting Assets and Liabilities
Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) are presented in the tables below as of the dates indicated:
 
June 30, 2014
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
3,221.0

 
$
46.0

 
$
26.8

Equity contracts
9,781.5

 
211.3

 
62.9

Foreign exchange contracts
1,418.2

 
18.1

 
34.1

Interest rate contracts
64,358.9

 
818.9

 
783.7

 
 
 
1,094.3

 
907.5

Counterparty netting(1)
 
 
(612.2
)
 
(612.2
)
Cash collateral netting(1)
 
 
(352.3
)
 
(41.7
)
Securities collateral netting(1)
 
 
(30.0
)
 
(169.4
)
Net receivables/payables
 
 
$
99.8

 
$
84.2

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

 
December 31, 2013
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
3,221.0

 
$
40.5

 
$
14.5

Equity contracts
4,513.5

 
170.7

 
32.0

Foreign exchange contracts
1,456.4

 
24.1

 
44.9

Interest rate contracts
64,734.1

 
912.0

 
1,239.5

 
 
 
1,147.3

 
1,330.9

Counterparty netting(1)
 
 
(701.0
)
 
(701.0
)
Cash collateral netting(1)
 
 
(241.7
)
 
(15.7
)
Securities collateral netting(1)
 
 
(35.9
)
 
(479.1
)
Net receivables/payables
 
 
$
168.7

 
$
135.1

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
Net realized gains (losses) on derivatives were as follows for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
Interest rate contracts
$
0.1

 
$
—

 
$
0.3

 
$
0.1

Foreign exchange contracts
0.6

 
—

 
1.0

 
—

Fair value hedges:
 
 
 
 
 
 
 
Interest rate contracts
(7.4
)
 
25.3

 
(12.6
)
 
26.6

Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
 
 
 
 
Interest rate contracts
156.7

 
(553.4
)
 
360.9

 
(809.4
)
Foreign exchange contracts
(1.3
)
 
30.5

 
(3.0
)
 
117.6

Equity contracts
(382.1
)
 
(212.8
)
 
(527.0
)
 
(1,151.9
)
Credit contracts
0.1

 
4.2

 
0.9

 
11.1

Managed custody guarantees
0.1

 
0.1

 
0.1

 
0.1

Embedded derivatives:
 
 
 
 
 
 
 
Within fixed maturity investments(2)
(3.9
)
 
(50.2
)
 
(7.2
)
 
(73.5
)
Within annuity products(2)
(170.7
)
 
413.4

 
(425.8
)
 
759.7

Within reinsurance agreements(3)
(64.7
)
 
58.5

 
(81.4
)
 
73.2

Total
$
(472.5
)
 
$
(284.4
)
 
$
(693.8
)
 
$
(1,046.4
)
(1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2014 and 2013, ineffective amounts were immaterial.
(2) Changes in value are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Changes in value are included in Policyholder benefits in the Condensed Consolidated Statements of Operations.