OFFSETTING OF ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	142,090	$	—	$	142,090	$	54,682	$	23,039	$	64,369
Embedded derivative - Modco reinsurance treaties	1,226		—		1,226		—		—		1,226
Embedded derivative - GMWB	63,865		—		63,865		—		—		63,865
Total derivatives, subject to a master netting arrangement or similar arrangement	207,181		—		207,181		54,682		23,039		129,460
Total derivatives, not subject to a master netting arrangement or similar arrangement	2,507		—		2,507		—		—		2,507
Total derivatives	209,688		—		209,688		54,682		23,039		131,967
Total Assets	$	209,688	$	—	$	209,688	$	54,682	$	23,039	$	131,967

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 June 30, 2014.

					Net Amounts
			Gross		of Liabilities		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	$	100,982	$	—	$	100,982	$	54,682	$	46,113	$	187
Embedded derivative - Modco reinsurance treaties	318,999		—		318,999		—		—		318,999
Funds withheld derivative	50,092		—		50,092		—		—		50,092
Embedded derivative - GMWB	10,445		—		10,445		—		—		10,445
Embedded derivative - FIA	69,615		—		69,615		—		—		69,615
Embedded derivative - IUL	610		—		610		—		—		610
Total derivatives, subject to a master netting arrangement or similar arrangement	550,743		—		550,743		54,682		46,113		449,948
Total derivatives, not subject to a master netting arrangement or similar arrangement	—		—		—		—		—		—
Total derivatives	550,743		—		550,743		54,682		46,113		449,948
Repurchase agreements(1)	420,490		—		420,490		—		—		420,490
Total Liabilities	$	971,233	$	—	$	971,233	$	54,682	$	46,113	$	870,438

(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 Liabilities		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.