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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of realized investment gains (losses) - derivative financial instruments
The following table sets forth realized gains and losses for the periods shown:
Realized gains (losses) - derivative financial instruments
For The Year Ended December 31,
 202020192018
 (Dollars In Thousands)
Derivatives related to VA contracts: 
Interest rate futures $611 $(20,012)$(25,473)
Equity futures 108,881 5,069 (88,208)
Currency futures(9,533)3,095 10,275 
Equity options(29,301)(149,700)38,083 
Currency options— (94)— 
Interest rate swaptions — — (14)
Interest rate swaps 274,961 229,641 (45,185)
Total return swaps(49,643)(78,014)77,225 
Embedded derivative - GLWB(217,613)(107,108)(27,761)
Funds withheld derivative17,133 145,140 (25,541)
Total derivatives related to VA contracts95,496 28,017 (86,599)
Derivatives related to FIA contracts: 
Embedded derivative(69,137)(85,573)35,397 
Funds withheld derivative(9,982)— — 
Equity futures (4,969)1,717 330 
Equity options 47,775 84,079 (38,885)
Other derivatives(1,183)— — 
Total derivatives related to FIA contracts(37,496)223 (3,158)
Derivatives related to IUL contracts: 
Embedded derivative3,498 (12,894)9,062 
Equity futures(2,344)420 261 
Equity options 8,663 14,882 (6,338)
Total derivatives related to IUL contracts9,817 2,408 2,985 
Embedded derivative - Modco reinsurance treaties(97,930)(187,004)166,757 
Derivatives with PLC(1)
23,450 27,038 (902)
Other derivatives15,342 (2,141)14 
Total realized gains (losses) - derivatives$8,679 $(131,459)$79,097 
(1)The Company and certain of its subsidiaries had an interest support agreement, YRT premium support agreements, and portfolio maintenance agreements with PLC through October 1, 2020. These agreements were terminated as part of the Captive Merger and a new portfolio maintenance agreement was entered into with PLC on that date.
Schedule of gain (loss) on derivatives in cash flow hedging relationship
The following tables present the components of the gain or loss on derivatives that qualify as a cash flow hedging relationship:
Gain (Loss) on Derivatives in Cash Flow Relationship
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on DerivativesAmount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)Amount and Location of (Losses) Recognized in Income (Loss) on Derivatives
 (Effective Portion)(Effective Portion)(Ineffective Portion)
 Benefits and settlement
 expenses		Realized
gains (losses) - derivatives
 (Dollars In Thousands)
For The Year Ended December 31, 2020
Foreign currency swaps$(2,892)$(870)$— 
Interest rate swaps206 (2,231)— 
Total$(2,686)$(3,101)$— 
For The Year Ended December 31, 2019   
Foreign currency swaps$(9,638)$(1,031)$— 
Interest rate swaps(2,743)(1,247)— 
Total$(12,381)$(2,278)$— 
For The Year Ended December 31, 2018   
Foreign currency swaps$(812)$(798)$— 
Interest rate swaps(1,574)(633)— 
Total$(2,386)$(1,431)$— 
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,
 20202019
 Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
 (Dollars In Thousands)
Other long-term investments
Derivatives not designated as hedging instruments:
Interest rate swaps$1,478,000 $184,943 $2,228,000 $98,655 
Total return swaps
158,181 2,294 269,772 941 
Derivatives with PLC(1)
4,076,499 — 2,830,889 115,379 
Embedded derivative - Modco reinsurance treaties1,248,887 100,505 1,280,189 31,926 
Embedded derivative - GLWB763,917 61,356 1,147,436 62,538 
Embedded derivative - FIA335,000 60,134 — — 
Interest rate futures690,398 4,170 896,073 7,557 
Equity futures202,839 4,189 159,901 2,109 
Currency futures— — 72,593 131 
Equity options7,208,113 1,141,814 6,685,670 676,257 
 $16,161,834 $1,559,405 $15,570,523 $995,493 
Other liabilities    
Cash flow hedges:    
Interest rate swaps$— $— $350,000 $— 
Foreign currency swaps117,178 10,186 117,178 11,373 
Derivatives not designated as hedging instruments:
Interest rate swaps1,354,000 — 50,000 — 
Total return swaps1,002,691 14,986 579,675 3,229 
Embedded derivative - Modco reinsurance treaties2,910,662 388,521 2,263,685 231,516 
Funds withheld derivative2,427,320 66,331 1,845,649 70,583 
Embedded derivative - GLWB3,397,244 465,012 2,892,926 248,577 
Embedded derivative - FIA3,888,985 633,350 2,892,803 332,869 
Embedded derivative - IUL356,641 201,331 301,598 151,765 
Interest rate futures414,874 3,389 669,223 10,375 
Equity futures189,808 4,713 174,743 2,376 
Currency futures264,367 3,612 192,306 1,836 
Equity options5,498,929 834,407 4,827,714 429,434 
Other303,454 55,613 199,387 53,245 
 $22,126,153 $2,681,451 $17,356,887 $1,547,178 
(1)The Company and certain of its subsidiaries had an interest support agreement, YRT premium support agreements, and portfolio maintenance agreements with PLC through October 1, 2020. These agreements were terminated as part of the Captive Merger and a new portfolio maintenance agreement was entered into with PLC on that date.