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INVESTMENT OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Realized Gain (Loss) on Investments
Net realized gains (losses) - investments/derivatives are summarized as follows:
For The
Three Months Ended
September 30,		For The
Nine Months Ended
September 30,
2020201920202019
 (Dollars In Thousands)
Fixed maturities$2,681 $15,686 $44,298 $21,885 
Equity securities16,918 6,117 (652)44,292 
Modco trading portfolios44,918 67,674 108,223 252,147 
Net credit losses recognized in operations (1)
(38,459)— (120,540)— 
Net impairment losses recognized in operations (2)
— (10,818)— (14,658)
Commercial mortgage loans(2,174)(1,575)(101,256)(1,435)
Other investments(1,065)315 (2,825)365 
Realized gains (losses) - investments22,819 77,399 (72,752)302,596 
Realized gains (losses) - derivatives(3)
15,337 42,286 92,899 (86,288)
Realized gains (losses) - investments/derivatives$38,156 $119,685 $20,147 $216,308 
(1) Represents credit losses recognized under FASB ASC 326
(2) Represents other-than-temporary impairment losses recognized under FASB ASC 320
(3) See Note 7, Derivative Financial Instruments
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
September 30,		For The
Nine Months Ended
September 30,
2020201920202019
 (Dollars In Thousands)
Gross realized gains$2,750 $20,155 $49,189 $34,801 
Gross realized losses:
Credit losses(1)
$(38,459)$— $(120,540)$— 
Impairment losses(2)
$— $(10,818)$— $(14,658)
Other realized losses$(69)$(4,469)$(4,891)$(12,916)
(1) Represents credit losses recognized under FASB ASC 326
(2) Represents other-than-temporary impairment losses recognized in prior periods under FASB ASC 320
Schedule of Fair Value (Proceeds) and Gains (Losses) on Securities in an Unrealized Gain or Loss Position
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
September 30,		For The
Nine Months Ended
September 30,
2020201920202019
 (Dollars In Thousands)
Securities in an unrealized gain position:
Fair value proceeds$415,440 $679,514 $1,351,653 $1,812,992 
Gains realized$2,750 $20,155 $49,189 $34,801 
Securities in an unrealized loss position:
Fair value proceeds$8,228 $37,488 $33,062 $368,416 
Losses realized$(69)$(4,469)$(4,891)$(12,916)
Realized Gain (Loss) on 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
September 30,		For The
Nine Months Ended
September 30,
2020201920202019
 (Dollars In Thousands)
Gains (losses) recognized during the period on equity securities still held$16,846 $6,765 $(844)$44,687 
Net gains (losses) recognized on equity securities sold during the period72 (648)192 (395)
Net gains (losses) recognized during the period on equity securities$16,918 $6,117 $(652)$44,292 
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Available-for-Sale
The amortized cost, gross unrealized gains and losses, allowance for expected credit losses, and fair value of the Company’s investments classified as available-for-sale are as follows:
As of September 30, 2020Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance
for Expected
Credit Losses		Fair
Value
 (Dollars In Thousands)
Fixed maturities:    
Residential mortgage-backed securities$6,636,849 $211,313 $(889)$— $6,847,273 
Commercial mortgage-backed securities2,464,104 120,335 (27,437)— 2,557,002 
Other asset-backed securities1,562,104 40,536 (17,756)(645)1,584,239 
U.S. government-related securities1,054,690 28,822 (3,219)— 1,080,293 
Other government-related securities566,924 73,814 (2,662)— 638,076 
States, municipals, and political subdivisions4,051,031 505,479 (2,881)— 4,553,629 
Corporate securities45,435,036 4,857,669 (289,933)(18,754)49,984,018 
Redeemable preferred stocks65,933 1,396 — — 67,329 
 61,836,671 5,839,364 (344,777)(19,399)67,311,859 
Short-term investments1,161,706 — — — 1,161,706 
 $62,998,377 $5,839,364 $(344,777)$(19,399)$68,473,565 

As of December 31, 2019Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(Dollars In Thousands)
Fixed maturities:
Residential mortgage-backed securities$5,812,170 $125,493 $(6,322)$5,931,341 
Commercial mortgage-backed securities2,588,575 54,385 (3,292)2,639,668 
Other asset-backed securities1,764,120 32,041 (14,926)1,781,235 
U.S. government-related securities1,032,048 5,664 (5,316)1,032,396 
Other government-related securities548,136 51,024 (1,991)597,169 
States, municipals, and political subdivisions4,415,008 225,072 (1,230)4,638,850 
Corporate securities44,493,799 2,603,636 (288,334)46,809,101 
Redeemable preferred stocks87,237 3,677 (4,249)86,665 
60,741,093 3,100,992 (325,660)63,516,425 
Short-term investments1,229,651 — — 1,229,651 
$61,970,744 $3,100,992 $(325,660)$64,746,076 
Schedule of Fair Value of Trading Securities The fair value of the investments held pursuant to these Modco arrangements are as follows:
As of
September 30, 2020December 31, 2019
 (Dollars In Thousands)
Fixed maturities:  
Residential mortgage-backed securities$207,507 $209,521 
Commercial mortgage-backed securities208,036 201,284 
Other asset-backed securities150,290 143,361 
U.S. government-related securities36,991 47,067 
Other government-related securities29,571 28,775 
States, municipals, and political subdivisions288,085 293,791 
Corporate securities1,850,471 1,590,936 
Redeemable preferred stocks12,434 12,832 
 2,783,385 2,527,567 
Equity securities16,742 6,656 
Short-term investments77,322 91,213 
 $2,877,449 $2,625,436 
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 September 30, 2020, 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-SaleHeld-to-Maturity
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (Dollars In Thousands)
Due in one year or less$2,067,896 $2,077,964 $— $— 
Due after one year through five years11,455,625 11,970,027 — — 
Due after five years through ten years14,897,323 16,103,285 — — 
Due after ten years33,415,827 37,160,583 2,680,324 2,990,170 
 $61,836,671 $67,311,859 $2,680,324 $2,990,170 
Schedule of Available-for-sale Allowance for Credit Losses on Fixed Maturities
The following chart is a rollforward of available-for-sale allowance for expected credit losses on fixed maturities held by the Company:
For The
Three Months Ended
September 30, 2020		For The
Nine Months Ended
September 30, 2020
Corporate
Securities		Other Asset-Backed SecuritiesTotalCorporate
Securities		Other Asset-Backed SecuritiesTotal
 (Dollars In Thousands)
Beginning Balance$81,426 $655 $82,081 $— $— $— 
Additions for securities for which allowance was not previously recorded— — — 62,442 658 63,100 
Adjustments on previously recorded allowances due to change in expected cash flows945 — 945 19,929 — 19,929 
Reductions on previously recorded allowances due to disposal of security in the current period— (10)(10)— (13)(13)
Write-offs of previously recorded allowances due to intent or requirement to sell(63,617)— (63,617)(63,617)$— (63,617)
Ending Balance$18,754 $645 $19,399 $18,754 $645 $19,399 
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, for which an allowance for credit losses has not been recorded, and fair value of the Company’s AFS fixed maturities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2020:
 Less Than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
 (Dollars In Thousands)
Residential mortgage-backed securities$176,534 $(653)$6,895 $(236)$183,429 $(889)
Commercial mortgage-backed securities354,926 (21,686)28,103 (5,751)383,029 (27,437)
Other asset-backed securities379,311 (6,209)312,368 (11,547)691,679 (17,756)
U.S. government-related securities251,534 (3,193)787 (26)252,321 (3,219)
Other government-related securities23,328 (1,900)6,776 (762)30,104 (2,662)
States, municipals, and political subdivisions105,894 (2,829)4,895 (52)110,789 (2,881)
Corporate securities2,847,045 (152,100)1,076,575 (137,833)3,923,620 (289,933)
Redeemable preferred stocks— — — — — — 
 $4,138,572 $(188,570)$1,436,399 $(156,207)$5,574,971 $(344,777)
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, 2019:
 Less Than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
 (Dollars In Thousands)
Residential mortgage-backed securities$851,333 $(4,231)$220,843 $(2,091)$1,072,176 $(6,322)
Commercial mortgage-backed securities371,945 (1,721)115,566 (1,571)487,511 (3,292)
Other asset-backed securities482,547 (6,516)214,058 (8,410)696,605 (14,926)
U.S. government-related securities383,451 (3,373)353,517 (1,943)736,968 (5,316)
Other government-related securities22,962 (669)6,230 (1,322)29,192 (1,991)
States, municipals, and political subdivisions56,470 (1,001)12,907 (229)69,377 (1,230)
Corporate securities3,176,489 (68,289)2,886,648 (220,045)6,063,137 (288,334)
Redeemable preferred stocks— — 16,689 (4,249)16,689 (4,249)
 $5,345,197 $(85,800)$3,826,458 $(239,860)$9,171,655 $(325,660)
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), excluding the allowance for expected credit losses, net of income tax, on fixed maturities, classified as available-for-sale is summarized as follows:
For The
Three Months Ended
September 30,		For The
Nine Months Ended
September 30,
2020201920202019
 (Dollars In Thousands)
Fixed maturities$785,093 $1,308,054 $2,148,211 $4,396,173 
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 September 30, 2020 and December 31, 2019, are as follows:
As of September 30, 2020Amortized
Cost		Gross
Unrecognized
Holding
Gains		Gross
Unrecognized
Holding
Losses		Fair
Value
 (Dollars In Thousands)
Fixed maturities:    
Securities issued by affiliates:
Red Mountain, LLC$822,324 $140,435 $— $962,759 
Steel City, LLC1,858,000 169,411 — 2,027,411 
 $2,680,324 $309,846 $— $2,990,170 
As of December 31, 2019Amortized
Cost		Gross
Unrecognized
Holding
Gains		Gross
Unrecognized
Holding
Losses		Fair
Value
(Dollars In Thousands)
Fixed maturities:    
Securities issued by affiliates:
Red Mountain, LLC$795,881 $81,022 $— $876,903 
Steel City, LLC2,028,000 120,887 — 2,148,887 
 $2,823,881 $201,909 $— $3,025,790