OFFSETTING OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2014

OFFSETTING OF ASSETS AND LIABILITIES

Schedule of derivative assets

The tables below present the derivative instruments by assets and liabilities for the Company as of March 31, 2014.

					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	$	133,565	$	—	$	133,565	$	51,987	$	18,950	$	62,628
Embedded derivative - Modco reinsurance treaties	1,011		—		1,011		—		—		1,011
Embedded derivative - GMWB	72,604		—		72,604		—		—		72,604
Total derivatives, subject to a master netting arrangement or similar arrangement	207,180		—		207,180		51,987		18,950		136,243
Total derivatives, not subject to a master netting arrangement or similar arrangement	2,449		—		2,449		—		—		2,449
Total derivatives	209,629		—		209,629		51,987		18,950		138,692
Total Assets	$	209,629	$	—	$	209,629	$	51,987	$	18,950	$	138,692

The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2013.

					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	$	110,983	$	—	$	110,983	$	52,487	$	10,700	$	47,796
Embedded derivative - Modco reinsurance treaties	1,517		—		1,517		—		—		1,517
Embedded derivative - GMWB	95,376		—		95,376		—		—		95,376
Total derivatives, subject to a master netting arrangement or similar arrangement	207,876		—		207,876		52,487		10,700		144,689
Total derivatives, not subject to a master netting arrangement or similar arrangement	2,444		—		2,444		—		—		2,444
Total derivatives	210,320		—		210,320		52,487		10,700		147,133
Total Assets	$	210,320	$	—	$	210,320	$	52,487	$	10,700	$	147,133

Schedule of derivative liabilities

The tables below present the derivative instruments by assets and liabilities for the Company as of March 31, 2014.

					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	$	126,835	$	—	$	126,835	$	51,987	$	58,615	$	16,233
Embedded derivative - Modco reinsurance treaties	266,581		—		266,581		—		—		266,581
Funds withheld derivative	52,790		—		52,790						52,790
Embedded derivative - GMWB	6,039		—		6,039		—		—		6,039
Embedded derivative - FIA	35,929		—		35,929		—		—		35,929
Total derivatives, subject to a master netting arrangement or similar arrangement	488,174		—		488,174		51,987		58,615		377,572
Total derivatives, not subject to a master netting arrangement or similar arrangement	—		—		—		—		—		—
Total derivatives	488,174		—		488,174		51,987		58,615		377,572
Repurchase agreements(1)	475,000		—		475,000		—		—		475,000
Total Liabilities	$	963,174	$	—	$	963,174	$	51,987	$	58,615	$	852,572

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

The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2013.

					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	$	187,172	$	—	$	187,172	$	52,487	$	98,359	$	36,326
Embedded derivative - Modco reinsurance treaties	206,918		—		206,918		—		—		206,918
Funds withheld derivative	34,251				34,251		—		—		34,251
Embedded derivative - GMWB	1,496		—		1,496		—		—		1,496
Embedded derivative - FIA	25,324		—		25,324		—		—		25,324
Total derivatives, subject to a master netting arrangement or similar arrangement	455,161		—		455,161		52,487		98,359		304,315
Total derivatives, not subject to a master netting arrangement or similar arrangement	—		—		—		—		—		—
Total derivatives	455,161		—		455,161		52,487		98,359		304,315
Repurchase agreements(1)	350,000		—		350,000		—		—		350,000
Total Liabilities	$	805,161	$	—	$	805,161	$	52,487	$	98,359	$	654,315

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