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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2018
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) (“AOCI”) as of March 31, 2018 and December 31, 2017.
Changes in Accumulated Other Comprehensive Income (Loss) by Component 
 
 
Unrealized
Gains and Losses
on Investments(2)
 
Accumulated
Gain and Loss
Derivatives
 
Total
Accumulated
Other
Comprehensive
Income (Loss)
 
 
(Dollars In Thousands, Net of Tax)
Beginning Balance, December 31, 2017
 
$
23,069

 
$
747

 
$
23,816

Other comprehensive income (loss) before reclassifications
 
(573,016
)
 
487

 
(572,529
)
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings
 
681

 
—

 
681

Amounts reclassified from accumulated other comprehensive income (loss)(1)
 
11

 
89

 
100

Net current-period other comprehensive income (loss)
 
(572,324
)
 
576

 
(571,748
)
Cumulative effect adjustments
 
(10,552
)
 
—

 
(10,552
)
Ending Balance, March 31, 2018
 
$
(559,807
)
 
$
1,323

 
$
(558,484
)
 
 
 
 
 
 
 
(1)  See Reclassification table below for details.
(2)  As of March 31, 2018, net unrealized losses reported in AOCI were offset by $340.2 million due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income.
Changes in Accumulated Other Comprehensive Income (Loss) by Component
 
 
Unrealized
Gains and Losses
on Investments(2)
 
Accumulated
Gain and Loss
Derivatives
 
Total
Accumulated
Other
Comprehensive
Income (Loss)
 
 
(Dollars In Thousands, Net of Tax)
Beginning Balance, December 31, 2016
 
$
(655,767
)
 
$
727

 
$
(655,040
)
Other comprehensive income (loss) before reclassifications
 
699,097

 
(563
)
 
698,534

Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings
 
7,153

 
—

 
7,153

Amounts reclassified from accumulated other comprehensive income (loss)(1)
 
(944
)
 
451

 
(493
)
Net current-period other comprehensive income (loss)
 
705,306

 
(112
)
 
705,194

Cumulative effect adjustment
 
(26,470
)
 
132

 
(26,338
)
Ending Balance, December 31, 2017
 
$
23,069

 
$
747

 
$
23,816

 
 
 
 
 
 
 
(1) See Reclassification table below for details.
(2)  As of December 31, 2016 and December 31, 2017, net unrealized losses reported in AOCI were offset by $424.1 million and $(6.3) million, respectively, due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income.
The following tables summarize the reclassifications amounts out of AOCI for the three months ended March 31, 2018 and 2017.
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
For The Three Months Ended March 31, 2018
 
Amount
Reclassified
from Accumulated
Other Comprehensive
Income (Loss)
 
Affected Line Item in the
Consolidated Condensed Statements of Income
 
 
(Dollars In Thousands)
 
 
Gains and losses on derivative instruments
 
 
 
 
Net settlement (expense)/benefit(1)
 
$
(113
)
 
Benefits and settlement expenses, net of reinsurance ceded
 
 
(113
)
 
Total before tax
 
 
24

 
Tax (expense) or benefit
 
 
$
(89
)
 
Net of tax
Unrealized gains and losses on available-for-sale securities
 
 

 
 
Net investment gains (losses)
 
$
2,783

 
Realized investment gains (losses): All other investments
Impairments recognized in earnings
 
(3,645
)
 
Net impairment losses recognized in earnings
 
 
(862
)
 
Total before tax
 
 
181

 
Tax (expense) or benefit
 
 
$
(681
)
 
Net of tax
 
 
 
 
 
(1) See Note 6, Derivative Financial Instruments for additional information
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
For The Three Months Ended March 31, 2017
 
Amount
Reclassified
from Accumulated
Other Comprehensive
Income (Loss)
 
Affected Line Item in the
Consolidated Condensed Statements of Income
 
 
(Dollars In Thousands)
 
 
Gains and losses on derivative instruments
 
 

 
 
Net settlement (expense)/benefit(1)
 
$
(205
)
 
Benefits and settlement expenses, net of reinsurance ceded
 
 
(205
)
 
Total before tax
 
 
72

 
Tax (expense) or benefit
 
 
$
(133
)
 
Net of tax
Unrealized gains and losses on available-for-sale securities
 
 

 
 
Net investment gains (losses)
 
$
9,481

 
Realized investment gains (losses): All other investments
Impairments recognized in earnings
 
(5,201
)
 
Net impairment losses recognized in earnings
 
 
4,280

 
Total before tax
 
 
(1,498
)
 
Tax (expense) or benefit
 
 
$
2,782

 
Net of tax