Derivatives (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of derivative instruments

The tables below present the fair value of derivative instruments as of September 30, 2021 and December 31, 2020, respectively.

	September 30, 2021
	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
		(In thousands)			(In thousands)
Derivatives not designated as hedging instruments
Equity index options	Derivatives, Index Options	$	82,390
Fixed-index products				Universal Life and Annuity Contracts	$	122,016
Embedded derivative on reinsurance contract				Funds Withheld Liability	(76,486)
Total		$	82,390		$	45,530

	December 31, 2020
	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
		(In thousands)			(In thousands)
Derivatives not designated as hedging instruments
Equity index options	Derivatives, Index Options	$	132,821
Fixed-index products				Universal Life and Annuity Contracts	$	161,351
Total		$	132,821		$	161,351

Schedule of derivative instruments in the condensed consolidated statements of earnings

The table below presents the effect of derivative instruments in the Condensed Consolidated Statements of Earnings for the three months ended September 30, 2021 and 2020.

		September 30, 2021		September 30, 2020
Derivatives Not Designated  As Hedging Instruments	Location of Gain  or (Loss) Recognized In Income on Derivatives	Amount of Gain or  (Loss) Recognized in  Income on Derivatives
		(In thousands)
Equity index options	Net investment income	$	2,284	31,520
Fixed-index products	Universal life and annuity contract interest	(1,484)		(34,119)
Embedded derivative on reinsurance contract	Net investment income	4,147		—
		$	4,947	(2,599)

The table below presents the effect of derivative instruments in the Condensed Consolidated Statements of Earnings for the nine months ended September 30, 2021 and 2020.

		September 30, 2021		September 30, 2020
Derivatives Not Designated  As Hedging Instruments	Location of Gain  or (Loss) Recognized In Income on Derivatives	Amount of Gain or  (Loss) Recognized in  Income on Derivatives
		(In thousands)
Equity index options	Net investment income	$	70,474	(34,865)
Fixed-index products	Universal life and annuity contract interest	(81,570)		9,744
Embedded derivative on reinsurance contract	Net investment income	76,486		—
		$	65,390	(25,121)