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INVESTMENT OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Summary of Net Realized Investment Gains (Losses) for All Other Investments
Net realized gains (losses) for all other investments are summarized as follows:
 
For The
Three Months Ended
June 30,
 
For The
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
 
(Dollars In Thousands)
Fixed maturities
$
(50
)
 
$
16,733

 
$
9,440

 
$
22,435

Equity securities
(1,037
)
 
202

 
(1,046
)
 
36

Impairments
(2,785
)
 
(967
)
 
(7,986
)
 
(3,584
)
Modco trading portfolio
55,230

 
76,201

 
73,782

 
154,355

Other investments
(608
)
 
(4,353
)
 
(5,800
)
 
(6,334
)
Total realized gains (losses) - investments
$
50,750

 
$
87,816

 
$
68,390

 
$
166,908

Gross realized gains and gross realized losses on investments available-for-sale (fixed maturities, equity securities, and short-term investments) are as follows:
 
For The
Three Months Ended
June 30,
 
For The
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
 
(Dollars In Thousands)
 
 
 
 
Gross realized gains
$
2,297

 
$
18,752

 
$
13,035

 
$
27,781

Gross realized losses:
 
 
 
 
 
 
 
Impairment losses
$
(2,785
)
 
$
(967
)
 
$
(7,986
)
 
$
(3,584
)
Other realized losses
$
(3,384
)
 
$
(1,817
)
 
$
(4,641
)
 
$
(5,310
)
Schedule of Investments' Gross Unrealized Losses and Fair Value of the Company's Investments that are Not Deemed to be Other-than-Temporarily Impaired
The following table includes the gross unrealized losses and fair value of the Company’s investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2016:
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
(Dollars In Thousands)
Residential mortgage-backed securities
$
1,051,694

 
$
(21,178
)
 
$
170,826

 
$
(4,117
)
 
$
1,222,520

 
$
(25,295
)
Commercial mortgage-backed securities
1,426,252

 
(36,589
)
 
100,475

 
(4,013
)
 
1,526,727

 
(40,602
)
Other asset-backed securities
323,706

 
(9,291
)
 
176,792

 
(11,407
)
 
500,498

 
(20,698
)
U.S. government-related securities
1,237,942

 
(40,454
)
 
3

 
(1
)
 
1,237,945

 
(40,455
)
Other government-related securities
98,412

 
(2,907
)
 
79,393

 
(11,890
)
 
177,805

 
(14,797
)
States, municipalities, and political subdivisions
1,062,368

 
(63,809
)
 
548,254

 
(41,749
)
 
1,610,622

 
(105,558
)
Corporate securities
12,490,517

 
(467,463
)
 
9,791,313

 
(1,114,635
)
 
22,281,830

 
(1,582,098
)
Preferred stock
66,781

 
(6,642
)
 
19,062

 
(1,877
)
 
85,843

 
(8,519
)
Equities
411,845

 
(15,273
)
 
69,497

 
(6,412
)
 
481,342

 
(21,685
)
 
$
18,169,517

 
$
(663,606
)
 
$
10,955,615

 
$
(1,196,101
)
 
$
29,125,132

 
$
(1,859,707
)
The following table includes the gross unrealized losses and fair value of the Company’s investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2017:
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
(Dollars In Thousands)
Residential mortgage-backed securities
$
1,016,569

 
$
(17,069
)
 
$
78,327

 
$
(2,178
)
 
$
1,094,896

 
$
(19,247
)
Commercial mortgage-backed securities
1,287,270

 
(22,056
)
 
92,718

 
(3,658
)
 
1,379,988

 
(25,714
)
Other asset-backed securities
215,084

 
(5,730
)
 
169,548

 
(11,263
)
 
384,632

 
(16,993
)
U.S. government-related securities
1,182,817

 
(26,530
)
 
2

 
—

 
1,182,819

 
(26,530
)
Other government-related securities
43,859

 
(467
)
 
83,449

 
(7,694
)
 
127,308

 
(8,161
)
States, municipalities, and political subdivisions
893,426

 
(35,282
)
 
564,522

 
(36,331
)
 
1,457,948

 
(71,613
)
Corporate securities
8,368,818

 
(195,818
)
 
8,906,691

 
(636,887
)
 
17,275,509

 
(832,705
)
Preferred stock
33,561

 
(1,081
)
 
18,934

 
(2,004
)
 
52,495

 
(3,085
)
Equities
118,129

 
(1,783
)
 
55,382

 
(4,670
)
 
173,511

 
(6,453
)
 
$
13,159,533

 
$
(305,816
)
 
$
9,969,573

 
$
(704,685
)
 
$
23,129,106

 
$
(1,010,501
)
The chart below summarizes the fair value (proceeds) and the gains (losses) realized on securities the Company sold that were in an unrealized gain position and an unrealized loss position.
 
For The
Three Months Ended
June 30,
 
For The
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
 
(Dollars In Thousands)
Securities in an unrealized gain position:
 
 
 
 
 
 
 
Fair value (proceeds)
$
275,470

 
$
513,544

 
$
444,604

 
$
819,775

Gains realized
$
2,297

 
$
18,752

 
$
13,035

 
$
27,781

 
 
 
 
 
 
 
 
Securities in an unrealized loss position(1):
 
 
 
 
 
 
 
Fair value (proceeds)
$
71,813

 
$
6,895

 
$
84,265

 
$
60,582

Losses realized
$
(3,384
)
 
$
(1,820
)
 
$
(4,641
)
 
$
(5,313
)
 
 
 
 
 
 
 
 
(1) The Company made the decision to exit these holdings in conjunction with its overall asset liability management process.
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Available-for-Sale
The amortized cost and fair value of the Company’s investments classified as available-for-sale are as follows:
As of June 30, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI(1)
 
 
(Dollars In Thousands)
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Residential mortgage-backed securities
 
$
1,997,251

 
$
14,311

 
$
(19,247
)
 
$
1,992,315

 
$
8

Commercial mortgage-backed securities
 
1,822,565

 
5,927

 
(25,714
)
 
1,802,778

 
—

Other asset-backed securities
 
1,179,284

 
19,712

 
(16,993
)
 
1,182,003

 
—

U.S. government-related securities
 
1,321,287

 
1,351

 
(26,530
)
 
1,296,108

 
—

Other government-related securities
 
251,130

 
6,489

 
(8,161
)
 
249,458

 
—

States, municipals, and political subdivisions
 
1,755,780

 
5,154

 
(71,613
)
 
1,689,321

 
—

Corporate securities
 
28,634,563

 
375,017

 
(832,705
)
 
28,176,875

 
(1,376
)
Preferred stock
 
94,362

 
1,791

 
(3,085
)
 
93,068

 
—

 
 
37,056,222

 
429,752

 
(1,004,048
)
 
36,481,926

 
(1,368
)
Equity securities
 
725,980

 
25,427

 
(6,453
)
 
744,954

 


Short-term investments
 
316,284

 
—

 
—

 
316,284

 


 
 
$
38,098,486

 
$
455,179

 
$
(1,010,501
)
 
$
37,543,164

 
$
(1,368
)
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Residential mortgage-backed securities
 
$
1,904,165

 
$
10,737

 
$
(25,295
)
 
$
1,889,607

 
$
(9
)
Commercial mortgage-backed securities
 
1,820,644

 
2,455

 
(40,602
)
 
1,782,497

 
—

Other asset-backed securities
 
1,210,490

 
21,741

 
(20,698
)
 
1,211,533

 
—

U.S. government-related securities
 
1,308,192

 
422

 
(40,455
)
 
1,268,159

 
—

Other government-related securities
 
251,197

 
1,526

 
(14,797
)
 
237,926

 
—

States, municipals, and political subdivisions
 
1,760,837

 
1,224

 
(105,558
)
 
1,656,503

 
—

Corporate securities
 
28,655,364

 
151,383

 
(1,582,098
)
 
27,224,649

 
(11,030
)
Preferred stock
 
94,362

 
—

 
(8,519
)
 
85,843

 
—

 
 
37,005,251

 
189,488

 
(1,838,022
)
 
35,356,717

 
(11,039
)
Equity securities
 
722,868

 
7,751

 
(21,685
)
 
708,934

 
—

Short-term investments
 
263,185

 
—

 
—

 
263,185

 
—

 
 
$
37,991,304

 
$
197,239

 
$
(1,859,707
)
 
$
36,328,836

 
$
(11,039
)
 
 
 
 
 
 
 
 
 
 
 
(1) These amounts are included in the gross unrealized gains and gross unrealized losses columns above.
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Fixed Maturities, by Expected Maturity
The amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities as of June 30, 2017, by expected maturity, are shown below. Expected maturities of securities without a single maturity date are allocated based on estimated rates of prepayment that may differ from actual rates of prepayment.
 
Available-for-sale
 
Held-to-maturity
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
(Dollars In Thousands)
Due in one year or less
$
793,423

 
$
793,702

 
$
—

 
$
—

Due after one year through five years
6,068,649

 
6,084,212

 
—

 
—

Due after five years through ten years
7,503,015

 
7,504,505

 
—

 
—

Due after ten years
22,691,135

 
22,099,507

 
2,747,077

 
2,805,107

 
$
37,056,222

 
$
36,481,926

 
$
2,747,077

 
$
2,805,107
Gain (Loss) on Investments
The chart below summarizes the Company's other-than-temporary impairments of investments. All of the impairments were related to fixed or equity maturities.
 
For The
Three Months Ended
June 30,
 
For The
Six Months Ended
June 30,
 
2017
 
2017
 
Fixed
Maturities
 
Equity
Securities
 
Total
Securities
 
Fixed Maturities
 
Equity Securities
 
Total Securities
 
(Dollars In Thousands)
Other-than-temporary impairments
$
(33
)
 
$
—

 
$
(33
)
 
$
(128
)
 
$
—

 
$
(128
)
Non-credit impairment losses recorded in other comprehensive income
(2,752
)
 
—

 
(2,752
)
 
(7,858
)
 
—

 
(7,858
)
Net impairment losses recognized in earnings
$
(2,785
)
 
$
—

 
$
(2,785
)
 
$
(7,986
)
 
$
—

 
$
(7,986
)

 
For The
Three Months Ended
June 30,
 
For The
Six Months Ended
June 30,
 
2016
 
2016
 
Fixed
Maturities
 
Equity
Securities
 
Total
Securities
 
Fixed Maturities
 
Equity Securities
 
Total Securities
 
(Dollars In Thousands)
Other-than-temporary impairments
$
(5,527
)
 
$
—

 
$
(5,527
)
 
$
(8,296
)
 
$
—

 
$
(8,296
)
Non-credit impairment losses recorded in other comprehensive income
4,560

 
—

 
4,560

 
4,712

 
—

 
4,712

Net impairment losses recognized in earnings
$
(967
)
 
$
—

 
$
(967
)
 
$
(3,584
)
 
$
—

 
$
(3,584
)
Schedule of Available-for-Sale Credit Losses on Fixed Maturities Held by the Company for Which a Portion of Other-than-Temporary Impairments were Recognized in Other Comprehensive Income (Loss)
The following chart is a rollforward of available-for-sale credit losses on fixed maturities held by the Company for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss):
 
For The
Three Months Ended
June 30,
 
For The
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
 
(Dollars In Thousands)
Beginning balance
$
—

 
$
2,619

 
$
12,685

 
$
22,761

Additions for newly impaired securities
—

 
964

 
—

 
3,056

Additions for previously impaired securities
2,785

 
—

 
2,785

 
525

Reductions for previously impaired securities due to a change in expected cash flows
(2
)
 
—

 
(12,687
)
 
(22,759
)
Reductions for previously impaired securities that were sold in the current period
—

 
(2,619
)
 
—

 
(2,619
)
Ending balance
$
2,783

 
$
964

 
$
2,783

 
$
964
Summary of Change in Unrealized Gains (Losses), Net of Income Tax, on Fixed Maturity and Equity Securities, Classified as Available-for-Sale
The change in unrealized gains (losses), net of income tax, on fixed maturity and equity securities, classified as available-for-sale is summarized as follows:
 
For The
Three Months Ended
June 30,
 
For The
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
 
(Dollars In Thousands)
Fixed maturities
$
474,906

 
$
845,933

 
$
698,255

 
$
1,476,650

Equity securities
6,822

 
9,509

 
21,390

 
9,439
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Held-to-Maturity
The amortized cost and fair value of the Company’s investments classified as held-to-maturity as of June 30, 2017 and December 31, 2016, are as follows:
As of June 30, 2017
 
Amortized
Cost
 
Gross
Unrecognized
Holding
Gains
 
Gross
Unrecognized
Holding
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI
 
 
(Dollars In Thousands)
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Securities issued by affiliates:
 
 
 
 
 
 
 
 
 
 
Red Mountain LLC
 
$
682,077

 
$
—

 
$
(22,575
)
 
$
659,502

 
$
—

Steel City LLC
 
2,065,000

 
80,605

 
—

 
2,145,605

 
—

 
 
$
2,747,077

 
$
80,605

 
$
(22,575
)
 
$
2,805,107

 
$
—

 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
Amortized
Cost
 
Gross
Unrecognized
Holding
Gains
 
Gross
Unrecognized
Holding
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI
 
 
(Dollars In Thousands)
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Securities issued by affiliates:
 
 
 
 
 
 
 
 
 
 
Red Mountain LLC
 
$
654,177

 
$
—

 
$
(67,222
)
 
$
586,955

 
$
—

Steel City LLC
 
2,116,000

 
30,385

 
—

 
2,146,385

 
—

 
 
$
2,770,177

 
$
30,385

 
$
(67,222
)
 
$
2,733,340

 
$
—