OFFSETTING OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2013

OFFSETTING OF ASSETS AND LIABILITIES

Schedule of derivative assets

					Net Amounts
			Gross		of Assets		Gross Amounts Not Offset
			Amounts		Presented in		in the Statement of
	Gross		Offset in the		the		Financial Position
	Amounts of		Statement of		Statement of				Cash
	Recognized		Financial		Financial		Financial		Collateral
	Assets		Position		Position		Instruments		Received		Net Amount
	(Dollars In Thousands)
Offsetting of Derivative Assets
Derivatives:
Free-Standing derivatives	$	82,238	$	—	$	82,238	$	31,046	$	2,500	$	48,692
Embedded derivative - Modco reinsurance treaties	1,321		—		1,321		—		—		1,321
Embedded derivative - GMWB	55,796		—		55,796		—		—		55,796
Total derivatives, subject to a master netting arrangement or similar arrangement	139,355		—		139,355		31,046		2,500		105,809
Total derivatives, not subject to a master netting arrangement or similar arrangement	13,527		—		13,527		—		—		13,527
Total derivatives	152,882		—		152,882		31,046		2,500		119,336
Total Assets	$	152,882	$	—	$	152,882	$	31,046	$	2,500	$	119,336

Schedule of derivative liabilities

					Net Amounts
			Gross		of Assets		Gross Amounts Not Offset
			Amounts		Presented in		in the Statement of
	Gross		Offset in the		the		Financial Position
	Amounts of		Statement of		Statement of				Cash
	Recognized		Financial		Financial		Financial		Collateral
	Liabilities		Position		Position		Instruments		Paid		Net Amount
	(Dollars In Thousands)
Offsetting of Derivative Liabilities
Derivatives:
Free-Standing derivatives	$	49,747	$	—	$	49,747	$	31,046	$	9,648	$	9,053
Embedded derivative - Modco reinsurance treaties	395,123		—		395,123		—		—		395,123
Embedded derivative - GMWB	144,691		—		144,691		—		—		144,691
Total derivatives, subject to a master netting arrangement or similar arrangement	589,561		—		589,561		31,046		9,648		548,867
Total derivatives, not subject to a master netting arrangement or similar arrangement	—		—		—		—		—		—
Total derivatives	589,561		—		589,561		31,046		9,648		548,867
Repurchase agreements(1)	300,000		—		300,000		—		—		300,000
Total Liabilities	$	889,561	$	—	$	889,561	$	31,046	$	9,648	$	848,867

(1) Borrowings under repurchase agreements are for a term less than 90 days.