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INVESTMENT OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Realized Gain (Loss) on Investments
Net realized gains (losses) for all other investments are summarized as follows:
 
For The
Three Months Ended
March 31,
 
2018
 
2017
 
(Dollars In Thousands)
Fixed maturities
$
2,783

 
$
9,490

Equity gains and losses(1)
(8,738
)
 
(9
)
Impairments
(3,645
)
 
(5,201
)
Modco trading portfolio
(84,709
)
 
18,552

Other investments
3,113

 
(5,192
)
Total realized gains (losses) - investments
$
(91,196
)
 
$
17,640

 
 
 
 
(1) Beginning in the three month period ending March 31, 2018, all changes in the fair market value of equity securities are recorded as a realized gains (loss) as a result of the adoption of ASU No. 2016-01.
Gross realized gains and gross realized losses on investments available-for-sale (fixed maturities and short-term investments) are as follows:
 
For The
Three Months Ended
March 31,
 
2018
 
2017
 
(Dollars In Thousands)
Gross realized gains
$
8,049

 
$
10,738

Gross realized losses:
 
 
 
Impairment losses
$
(3,645
)
 
$
(5,201
)
Other realized losses
$
(5,267
)
 
$
(1,257
)
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 March 31, 2018:
 
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
$
1,425,844

 
$
(29,450
)
 
$
387,102

 
$
(17,961
)
 
$
1,812,946

 
$
(47,411
)
Commercial mortgage-backed securities
975,588

 
(24,006
)
 
739,811

 
(33,580
)
 
1,715,399

 
(57,586
)
Other asset-backed securities
143,917

 
(1,783
)
 
129,840

 
(7,870
)
 
273,757

 
(9,653
)
U.S. government-related securities
145,876

 
(3,108
)
 
1,054,322

 
(46,893
)
 
1,200,198

 
(50,001
)
Other government-related securities
90,010

 
(4,221
)
 
112,461

 
(7,405
)
 
202,471

 
(11,626
)
States, municipalities, and political subdivisions
505,864

 
(10,768
)
 
1,007,246

 
(62,719
)
 
1,513,110

 
(73,487
)
Corporate securities
12,227,650

 
(336,016
)
 
10,395,469

 
(849,842
)
 
22,623,119

 
(1,185,858
)
Redeemable preferred stock
57,050

 
(1,408
)
 
22,859

 
(2,721
)
 
79,909

 
(4,129
)
 
$
15,571,799

 
$
(410,760
)
 
$
13,849,110

 
$
(1,028,991
)
 
$
29,420,909

 
$
(1,439,751
)
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, 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
$
765,641

 
$
(9,666
)
 
$
408,460

 
$
(13,064
)
 
$
1,174,101

 
$
(22,730
)
Commercial mortgage-backed securities
750,643

 
(8,521
)
 
779,086

 
(21,031
)
 
1,529,729

 
(29,552
)
Other asset-backed securities
86,506

 
(322
)
 
134,316

 
(5,441
)
 
220,822

 
(5,763
)
U.S. government-related securities
94,110

 
(688
)
 
1,072,232

 
(31,489
)
 
1,166,342

 
(32,177
)
Other government-related securities
24,830

 
(169
)
 
115,294

 
(4,779
)
 
140,124

 
(4,948
)
States, municipalities, and political subdivisions
170,268

 
(1,738
)
 
1,027,747

 
(43,875
)
 
1,198,015

 
(45,613
)
Corporate securities
5,026,417

 
(55,649
)
 
10,947,027

 
(471,752
)
 
15,973,444

 
(527,401
)
Redeemable preferred stock
22,048

 
(1,120
)
 
23,197

 
(2,383
)
 
45,245

 
(3,503
)
Equities
86,194

 
(1,400
)
 
91,195

 
(7,371
)
 
177,389

 
(8,771
)
 
$
7,026,657

 
$
(79,273
)
 
$
14,598,554

 
$
(601,185
)
 
$
21,625,211

 
$
(680,458
)
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
March 31,
 
2018
 
2017
 
(Dollars In Thousands)
Securities in an unrealized gain position:
 
 
 
Fair value (proceeds)
$
142,133

 
$
169,134

Gains realized
$
8,049

 
$
10,738

 
 
 
 
Securities in an unrealized loss position(1):
 
 
 
Fair value (proceeds)
$
56,984

 
$
12,452

Losses realized
$
(5,267
)
 
$
(1,257
)
 
 
 
 
(1) The Company made the decision to exit these holdings in conjunction with its overall asset liability management process.
Debt Securities, Trading, and Equity Securities
The chart below summarizes the realized gains (losses) on equity securities sold during the period and equity securities still held at the reporting date.
 
For The
Three Months Ended
March 31,
 
2018
 
(Dollars In Thousands)
Net gains (losses) recognized during the period on equity securities
$
(8,738
)
Less: net gains (losses) recognized on equity securities sold during the period
$
(1,702
)
Gains (losses) recognized during the period on equity securities still held
$
(7,036
)
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 March 31, 2018
 
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
 
$
2,421,346

 
$
11,722

 
$
(47,411
)
 
$
2,385,657

 
$
14

Commercial mortgage-backed securities
 
1,869,751

 
574

 
(57,586
)
 
1,812,739

 
—

Other asset-backed securities
 
1,238,929

 
15,376

 
(9,653
)
 
1,244,652

 
—

U.S. government-related securities
 
1,377,633

 
168

 
(50,001
)
 
1,327,800

 
—

Other government-related securities
 
280,677

 
6,407

 
(11,626
)
 
275,458

 
—

States, municipals, and political subdivisions
 
1,767,604

 
6,162

 
(73,487
)
 
1,700,279

 
—

Corporate securities
 
29,324,542

 
259,633

 
(1,185,858
)
 
28,398,317

 
—

Redeemable preferred stock
 
94,362

 
336

 
(4,129
)
 
90,569

 
—

 
 
38,374,844

 
300,378

 
(1,439,751
)
 
37,235,471

 
14

Short-term investments
 
165,481

 
—

 
—

 
165,481

 
—

 
 
$
38,540,325

 
$
300,378

 
$
(1,439,751
)
 
$
37,400,952

 
$
14

 
 
 
 
 
 
 
 
 
 
 
As of December 31, 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
 
$
2,321,811

 
$
19,412

 
$
(22,730
)
 
$
2,318,493

 
$
10

Commercial mortgage-backed securities
 
1,885,109

 
4,931

 
(29,552
)
 
1,860,488

 
—

Other asset-backed securities
 
1,234,376

 
20,936

 
(5,763
)
 
1,249,549

 
—

U.S. government-related securities
 
1,255,244

 
185

 
(32,177
)
 
1,223,252

 
—

Other government-related securities
 
280,780

 
9,401

 
(4,948
)
 
285,233

 
—

States, municipals, and political subdivisions
 
1,770,299

 
16,959

 
(45,613
)
 
1,741,645

 
(37
)
Corporate securities
 
29,446,365

 
618,582

 
(527,401
)
 
29,537,546

 
(1
)
Redeemable preferred stock
 
94,362

 
232

 
(3,503
)
 
91,091

 
—

 
 
38,288,346

 
690,638

 
(671,687
)
 
38,307,297

 
(28
)
Equity securities
 
696,706

 
22,319

 
(8,771
)
 
710,254

 
—

Short-term investments
 
470,883

 
—

 
—

 
470,883

 
—

 
 
$
39,455,935

 
$
712,957

 
$
(680,458
)
 
$
39,488,434

 
$
(28
)
 
 
 
 
 
 
 
 
 
 
 
(1) These amounts are included in the gross unrealized gains and gross unrealized losses columns above.
Schedule of Fair Value of Trading Securities
The fair value of the Company's investments classified as trading are as follows:
 
 
As of
March 31, 2018
 
As of
December 31, 2017
 
 
(Dollars In Thousands)
Fixed maturities:
 
 

 
 

Residential mortgage-backed securities
 
$
265,547

 
$
259,694

Commercial mortgage-backed securities
 
146,633

 
146,804

Other asset-backed securities
 
129,714

 
138,097

U.S. government-related securities
 
37,575

 
27,234

Other government-related securities
 
40,368

 
63,925

States, municipals, and political subdivisions
 
318,142

 
326,925

Corporate securities
 
1,645,899

 
1,698,183

Redeemable preferred stock
 
3,264

 
3,327

 
 
2,587,142

 
2,664,189

Equity securities
 
5,366

 
5,244

Short-term investments
 
70,491

 
56,261

 
 
$
2,662,999

 
$
2,725,694
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 March 31, 2018, 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
$
909,921

 
$
906,744

 
$
—

 
$
—

Due after one year through five years
7,011,907

 
6,900,780

 
—

 
—

Due after five years through ten years
6,730,814

 
6,573,090

 
—

 
—

Due after ten years
23,722,202

 
22,854,858

 
2,699,826

 
2,674,129

 
$
38,374,844

 
$
37,235,472

 
$
2,699,826

 
$
2,674,129
Gain (Loss) on Investments
The charts below summarizes the Company's other-than-temporary impairments of investments. All of the impairments were related to fixed maturities.
 
For The
Three Months Ended
March 31,
 
2018
 
Fixed
Maturities
 
(Dollars In Thousands)
Other-than-temporary impairments
$
(691
)
Non-credit impairment losses recorded in other comprehensive income
(2,954
)
Net impairment losses recognized in earnings
$
(3,645
)

 
For The
Three Months Ended
March 31,
 
2017
 
Fixed
Maturities
 
(Dollars In Thousands)
Other-than-temporary impairments
$
(95
)
Non-credit impairment losses recorded in other comprehensive income
(5,106
)
Net impairment losses recognized in earnings
$
(5,201
)
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
March 31,
 
2018
 
2017
 
(Dollars In Thousands)
Beginning balance
$
3,268

 
$
12,685

Additions for newly impaired securities
—

 
—

Additions for previously impaired securities
—

 
—

Reductions for previously impaired securities due to a change in expected cash flows
(1,033
)
 
(12,685
)
Reductions for previously impaired securities that were sold in the current period
—

 
—

Ending balance
$
2,235

 
$
—
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 maturities, classified as available-for-sale is summarized as follows:
 
For The
Three Months Ended
March 31,
 
2018
 
2017
 
(Dollars In Thousands)
Fixed maturities
$
(915,075
)
 
$
223,348
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 March 31, 2018 and December 31, 2017, are as follows:
As of March 31, 2018
 
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
 
$
718,826

 
$
—

 
$
(56,007
)
 
$
662,819

 
$
—

Steel City LLC
 
1,981,000

 
30,310

 
—

 
2,011,310

 
—

 
 
$
2,699,826

 
$
30,310

 
$
(56,007
)
 
$
2,674,129

 
$
—

 
 
 
 
 
 
 
 
 
 
 
As of December 31, 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
 
$
704,904

 
$
—

 
$
(19,163
)
 
$
685,741

 
$
—

Steel City LLC
 
2,014,000

 
76,586

 
—

 
2,090,586

 
—

 
 
$
2,718,904

 
$
76,586

 
$
(19,163
)
 
$
2,776,327

 
$
—