DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of realized investment gains (losses) - derivative financial instruments

The following table sets forth realized investments gains and losses for the periods shown:

Realized investment gains (losses) - derivative financial instruments

	For The Year Ended December 31,
	2018			2017			2016
	(Dollars In Thousands)
Derivatives related to VA contracts:
Interest rate futures	$	(25,473	)	$	26,015		$	(3,450	)
Equity futures	(88,208		)	(91,776		)	(106,431		)
Currency futures	10,275			(23,176		)	33,836
Equity options	38,083			(94,791		)	(60,962		)
Interest rate swaptions	(14		)	(2,490		)	(1,161		)
Interest rate swaps	(45,185		)	27,981			20,420
Total return swaps	77,225			(32,240		)	—
Embedded derivative - GLWB	(27,761		)	(8,526		)	13,306
Funds withheld derivative	(25,541		)	138,227			115,540
Total derivatives related to VA contracts	(86,599		)	(60,776		)	11,098
Derivatives related to FIA contracts:
Embedded derivative	35,397			(55,878		)	(16,494		)
Equity futures	330			642			4,248
Volatility futures	—			—			—
Equity options	(38,885		)	44,585			8,149
Total derivatives related to FIA contracts	(3,158		)	(10,651		)	(4,097		)
Derivatives related to IUL contracts:
Embedded derivative	9,062			(14,117		)	9,529
Equity futures	261			(818		)	129
Equity options	(6,338		)	9,580			3,477
Total derivatives related to IUL contracts	2,985			(5,355		)	13,135
Embedded derivative - Modco reinsurance treaties	166,757			(103,009		)	390
Derivatives with PLC(1)	(902		)	42,699			29,289
Other derivatives	14			50			(25		)
Total realized gains (losses) - derivatives	$	79,097		$	(137,042	)	$	49,790

(1) These derivatives include an interest support, YRT premium support, and portfolio maintenance agreements between certain of the Company’s subsidiaries and PLC.

Schedule of gain (loss) on derivatives in cash flow hedging relationship

The following tables present the components of the gain or loss on derivatives that qualify as a cash flow hedging relationship:

Gain (Loss) on Derivatives in Cash Flow Relationship

	Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives			Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)			Amount and Location of (Losses) Recognized in Income (Loss) on Derivatives
				(Effective Portion)			(Ineffective Portion)
	(Effective Portion)			Benefits and settlement  expenses			Realized investment gains (losses)
	(Dollars In Thousands)
For The Year Ended December 31, 2018
Foreign currency swaps	$	(812	)	$	(798	)	$	—
Interest rate swaps	(1,574		)	(633		)	—
Total	$	(2,386	)	$	(1,431	)	$	—
For The Year Ended December 31, 2017
Foreign currency swaps	$	(867	)	$	(694	)	$	—
Total	$	(867	)	$	(694	)	$	—
For The Year Ended December 31, 2016
Foreign currency swaps	$	1,058		$	(60	)	$	—
Total	$	1,058		$	(60	)	$	—

Notional amounts and fair values of derivative financial instruments

The table below presents information about the nature and accounting treatment of the Company’s primary derivative financial instruments and the location in and effect on the consolidated financial statements for the periods presented below:

	As of December 31,
	2018				2017
	Notional Amount		Fair Value		Notional Amount		Fair Value
	(Dollars In Thousands)				(Dollars In Thousands)
Other long-term investments
Cash flow hedges:
Foreign currency swaps	$	—	$	—	$	117,178	$	6,016
Derivatives not designated as hedging instruments:
Interest rate swaps	1,515,500		28,501		1,265,000		55,411
Total return swaps	138,070		3,971		190,938		135
Derivatives with PLC(1)	2,856,351		90,049		2,810,469		91,578
Embedded derivative - Modco reinsurance treaties	585,294		7,072		64,472		1,009
Embedded derivative - GLWB	1,919,861		54,221		2,116,935		67,879
Interest rate futures	286,208		10,302		1,071,870		3,178
Equity futures	12,633		483		62,266		154
Currency futures	—		—		1,117		2
Equity options	5,624,081		220,092		4,436,467		403,961
Interest rate swaptions	—		—		225,000		14
Other	157		136		157		200
	$	12,938,155	$	414,827	$	12,361,869	$	629,537
Other liabilities
Cash flow hedges:
Interest rate swaps	$	350,000	$	—	$	—	$	—
Foreign currency swaps	117,178		904		—		—
Derivatives not designated as hedging instruments:
Interest rate swaps	775,000		11,367		597,500		2,960
Total return swaps	768,177		23,054		243,388		318
Embedded derivative - Modco reinsurance treaties	1,795,287		32,828		2,390,539		215,247
Funds withheld derivative	1,992,562		95,142		1,502,726		61,729
Embedded derivative - GLWB	4,071,322		97,528		1,939,320		83,427
Embedded derivative - FIA	2,576,033		217,288		1,951,650		218,676
Embedded derivative - IUL	233,550		90,231		168,349		80,212
Interest rate futures	863,706		20,100		230,404		917
Equity futures	659,357		33,753		318,795		2,593
Currency futures	202,747		2,163		255,248		2,087
Equity options	4,199,687		34,178		3,112,812		237,807
Other	3,288		252		—		—
	$	18,607,894	$	658,788	$	12,710,731	$	905,973

(1) These derivatives include an interest support, YRT premium support, and portfolio maintenance agreements between certain of the Company’s subsidiaries and PLC.