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Derivative Investments (Tables)
6 Months Ended
Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
The tables below present the fair value of derivative instruments as of June 30, 2014 and December 31, 2013, respectively.

 
June 30, 2014
 
Asset Derivatives
 
Liability Derivatives
 
Balance
Sheet
Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
 
 
(In thousands)
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity index options
Derivatives, Index Options
 
$
146,514

 
 
 
 
 
 
 
 
 
 
 
 
Fixed-index products
 
 
 
 
Universal Life and Annuity Contracts
 
$
163,770

 
 
 
 
 
 
 
 
Total
 
 
$
146,514

 
 
 
$
163,770


 
December 31, 2013
 
Asset Derivatives
 
Liability Derivatives
 
Balance
Sheet
Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
 
 
(In thousands)
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity index options
Derivatives, Index Options
 
$
169,314

 
 
 
 
 
 
 
 

 
 
 
 
Fixed-index products
 
 
 

 
Universal Life and Annuity Contracts
 
$
187,399

 
 
 
 
 
 
 
 
Total
 
 
$
169,314

 
 
 
$
187,399

Schedule of Derivative Instruments in Condensed Consolidated Statements of Earnings
The table below presents the effect of derivative instruments in the Condensed Consolidated Statements of Earnings for the three months ended June 30, 2014 and 2013.

 
 
 
 
June 30,
2014
 
June 30,
2013
Derivatives Not Designated
 As Hedging Instruments
 
Location of Gain
 or (Loss) Recognized
In Income on Derivatives
 
Amount of Gain or
 (Loss) Recognized in
 Income on Derivatives
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
Equity index options
 
Net investment income
 
$
45,251

 
16,692

 
 
 
 
 
 
 
Fixed-index products
 
Universal life and annuity contract interest
 
(43,986
)
 
(13,988
)
 
 
 
 
 
 
 
 
 
 
 
$
1,265

 
2,704


The table below presents the effect of derivative instruments in the Condensed Consolidated Statement of Earnings for the six months ended June 30, 2014 and 2013.

 
 
 
 
June 30,
2014
 
June 30,
2013
Derivatives Not Designated
 As Hedging Instruments
 
Location of Gain
 or (Loss) Recognized
In Income on Derivatives
 
Amount of Gain or
 (Loss) Recognized in
 Income on Derivatives
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
Equity index options
 
Net investment income
 
$
45,799

 
91,124

 
 
 
 
 
 
 
Fixed-index products
 
Universal life and annuity contract interest
 
(44,970
)
 
(92,768
)
 
 
 
 
 
 
 
 
 
 
 
$
829

 
(1,644
)