Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of the date indicated.

	December 31, 2014
	Total		Level 1	Level 2	Level 3
	(In thousands)
Debt securities, available for sale	$	2,711,377	—	2,711,377	—
Equity securities, available for sale	17,303		16,862	441	—
Derivatives, index options	114,287		—	—	114,287
Total assets	$	2,842,967	16,862	2,711,818	114,287
Policyholder account balances (a)	$	133,236	—		133,236
Other liabilities (b)	9,256		—	—	9,256
Total liabilities	$	142,492	—	—	142,492

	December 31, 2013
	Total		Level 1	Level 2	Level 3
	(In thousands)
Debt securities, available for sale	$	2,636,666	—	2,636,666	—
Equity securities, available for sale	14,878		13,802	1,076	—
Derivatives, index options	169,314		—	—	169,314
Total assets	$	2,820,858	13,802	2,637,742	169,314
Policyholder account balances (a)	$	187,399	—	—	187,399
Other liabilities (b)	5,939		—	—	5,939
Total liabilities	$	193,338	—	—	193,338

(a)  Represents the fair value of certain product-related embedded derivatives that were recorded at fair value.

(b)  Represents the liability for share-based compensation.

Schedule of Significant Unobservable Inputs for Fair Value Measurements

The following table provides additional information about fair value measurements for which significant unobservable (Level 3) inputs were utilized to determine fair value.

	Twelve Months Ended December 31, 2014
	Debt Securities, Available For Sale		Equity Securities, Available For Sale	Derivatives, Index Options		Total Assets		Other Liabilities
	(In thousands)
Beginning balance, January 1, 2014	$	—	—	169,314		169,314		193,338
Total realized and unrealized gains (losses):
Included in net income	—		—	68,616		68,616		73,851
Included in other comprehensive income (loss)	—		—	—		—		—
Purchases, sales, issuances and settlements, net:
Purchases	—		—	73,937		73,937		73,937
Sales	—		—	—		—		—
Issuances	—		—	—		—		—
Settlements	—		—	(197,580	)	(197,580	)	(198,634	)
Transfers into (out of) Level 3	—		—	—		—		—
Balance at end of period	$	—	—	114,287		114,287		142,492
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:
Net investment income	$	—	—	40,350		40,350		—
Benefits and expenses	—		—	—		—		44,722
Total	$	—	—	40,350		40,350		44,722

	Twelve Months Ended December 31, 2013
	Debt Securities, Available For Sale		Equity Securities, Available For Sale	Derivatives, Index Options	Total Assets	Other Liabilities
	(In thousands)
Beginning balance, January 1, 2013	$	—	—	—	—	2,718
Total realized and unrealized gains (losses):
Included in net income	—		—	—	—	5,725
Included in other comprehensive income (loss)	—		—	—	—	—
Purchases, sales, issuances and settlements, net:
Purchases	—		—	—	—	—
Sales	—		—	—	—	—
Issuances	—		—	—	—	—
Settlements	—		—	—	—	(2,504	)
Transfers into (out of) Level 3	—		—	169,314	169,314	187,399
Balance at end of period	$	—	—	169,314	169,314	193,338
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:
Net investment income	$	—	—	107,897	107,897	5,725
Benefits and expenses	—		—	—	—	—
Total	$	—	—	107,897	107,897	5,725

Schedule of Quantitative Information about Company's Level 3 Liabilities

The following tables show the quantitative information about the Company's level 3 assets and liabilities.

	December 31, 2014
	Fair Value		Valuation Technique	Unobservable Input
	(In thousands)
Derivatives, index options	$	114,287	Broker prices	Implied volatility
				Inputs from broker proprietary models
Total assets	$	114,287
Policyholder account balances	$	133,236	Deterministic cash flow model	Projected option cost
Other liabilities	9,256		Black Scholes	Expected term
				Forfeiture assumptions
Total liabilities	$	142,492

	December 31, 2013
	Fair Value		Valuation Technique	Unobservable Input
	(In thousands)
Derivatives, index options	$	169,314	Broker prices	Implied volatility
				Inputs from broker proprietary models
Total assets	$	169,314
Policyholder account balances	$	187,399	Deterministic cash flow model	Projected option cost
Other liabilities	$	5,939	Black Scholes	Expected term
				Forfeiture assumptions
Total liabilities	$	193,338

Schedule of Quantitative Information about Company's Level 3 Assets

The following tables show the quantitative information about the Company's level 3 assets and liabilities.

	December 31, 2014
	Fair Value		Valuation Technique	Unobservable Input
	(In thousands)
Derivatives, index options	$	114,287	Broker prices	Implied volatility
				Inputs from broker proprietary models
Total assets	$	114,287
Policyholder account balances	$	133,236	Deterministic cash flow model	Projected option cost
Other liabilities	9,256		Black Scholes	Expected term
				Forfeiture assumptions
Total liabilities	$	142,492

Schedule of Assets by Pricing Source and Fair Value Hierarchy Measured on Recurring Basis

The following table presents, by pricing source and fair value hierarchy level, the Company’s assets that are measured at fair value on a recurring basis:

	December 31, 2014
	Total			Level 1		Level 2		Level 3
	(In thousands)
Fixed maturities, available for sale:
Priced by third-party vendors	$	2,711,377		—		2,711,377		—
Priced internally	—			—		—		—
Subtotal	2,711,377			—		2,711,377		—
Equity securities, available for sale:
Priced by third-party vendors	17,303			16,862		441		—
Priced internally	—			—		—		—
Subtotal	17,303			16,862		441		—
Derivatives, index options:
Priced by third-party vendors	114,287			—		—		114,287
Priced internally	—			—		—		—
Subtotal	114,287			—		—		114,287
Total	$	2,842,967		16,862		2,711,818		114,287
Percent of total	100.0		%	0.6	%	95.4	%	4.0	%

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts and fair values of the Company's financial instruments are as follows:

	December 31, 2014
				Fair Value Hierarchy Level
	Carrying Values		Fair Values	Level 1	Level 2	Level 3
	(In thousands)
ASSETS
Investments in debt and equity securities:
Securities held to maturity	$	6,841,543	7,175,443	—	7,175,443	—
Securities available for sale	2,728,680		2,728,680	16,862	2,711,818	—
Cash and cash equivalents	277,078		277,078	277,078	—	—
Mortgage loans	149,503		156,548	—	—	156,548
Policy loans	63,645		111,040	—	—	111,040
Other loans	2,171		2,300	—	—	2,300
Derivatives, index options	114,287		114,287	—	—	114,287
Life interest in Libbie Shearn Moody Trust	—		12,775	—	—	12,775
LIABILITIES
Deferred annuity contracts	$	7,546,504	7,178,535	—	—	7,178,535
Immediate annuity and supplemental contracts	446,458		474,843	—	—	474,843

	December 31, 2013
				Fair Value Hierarchy Level
	Carrying Values		Fair Values	Level 1	Level 2	Level 3
	(In thousands)
ASSETS
Investments in debt and equity securities:
Securities held to maturity	$	6,510,320	6,656,144	—	6,656,144	—
Securities available for sale	2,651,544		2,651,544	13,802	2,637,742	—
Cash and cash equivalents	120,859		120,859	120,859	—	—
Mortgage loans	132,765		138,159	—	—	138,159
Policy loans	65,969		98,010	—	—	98,010
Other loans	2,986		3,143	—	—	3,143
Derivatives, index options	169,314		169,314	—	—	169,314
Life interest in Libbie Shearn Moody Trust	—		12,775	—	—	12,775
LIABILITIES
Deferred annuity contracts	$	7,288,861	6,941,902	—	—	6,941,902
Immediate annuity and supplemental contracts	463,276		483,690	—	—	483,690