ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Arizona | 22-1944557 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
(973) 802-6000 |
(Address and Telephone Number of Registrant's Principal Executive Offices) |
Large accelerated filer | ¨ | Accelerated filer | ¨ |
Non-accelerated filer | x | (Do not check if a smaller reporting company) | |
Smaller reporting company | ¨ | ||
Emerging growth company | ¨ |
Page Number | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 6. | ||
September 30, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Fixed maturities, available-for-sale, at fair value (amortized cost: 2017 – $4,871,778; 2016 – $5,552,911) | $ | 5,098,642 | $ | 5,617,549 | |||
Equity securities, available-for-sale, at fair value (cost: 2017 – $20,754; 2016 – $16,390) | 22,641 | 16,756 | |||||
Trading account assets, at fair value | 55,060 | 35,328 | |||||
Policy loans | 1,147,593 | 1,166,456 | |||||
Short-term investments | 712 | 36,657 | |||||
Commercial mortgage and other loans | 1,208,807 | 1,150,381 | |||||
Other long-term investments | 312,683 | 344,463 | |||||
Total investments | 7,846,138 | 8,367,590 | |||||
Cash and cash equivalents | 196,326 | 96,157 | |||||
Deferred policy acquisition costs | 1,309,489 | 1,341,093 | |||||
Accrued investment income | 81,478 | 87,322 | |||||
Reinsurance recoverables | 31,626,758 | 28,674,226 | |||||
Receivables from parent and affiliates | 334,110 | 213,952 | |||||
Other assets | 419,520 | 279,222 | |||||
Separate account assets | 126,244,384 | 116,606,428 | |||||
TOTAL ASSETS | $ | 168,058,203 | $ | 155,665,990 | |||
LIABILITIES AND EQUITY | |||||||
LIABILITIES | |||||||
Policyholders’ account balances | $ | 19,653,120 | $ | 18,894,893 | |||
Future policy benefits | 17,941,244 | 16,503,260 | |||||
Securities sold under agreements to repurchase | 0 | 68,904 | |||||
Cash collateral for loaned securities | 15,615 | 74,976 | |||||
Income taxes | 158,217 | 97,400 | |||||
Payables to parent and affiliates | 160,151 | 73,628 | |||||
Other liabilities | 945,856 | 849,698 | |||||
Separate account liabilities | 126,244,384 | 116,606,428 | |||||
TOTAL LIABILITIES | 165,118,587 | 153,169,187 | |||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 7) | |||||||
EQUITY | |||||||
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding) | 2,500 | 2,500 | |||||
Additional paid-in capital | 1,140,437 | 986,062 | |||||
Retained earnings | 1,648,006 | 1,437,266 | |||||
Accumulated other comprehensive income | 148,673 | 70,975 | |||||
TOTAL EQUITY | 2,939,616 | 2,496,803 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 168,058,203 | $ | 155,665,990 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
REVENUES | |||||||||||||||
Premiums | $ | 15,124 | $ | 29,015 | $ | 37,958 | $ | (805,162 | ) | ||||||
Policy charges and fee income | 126,709 | 88,479 | 122,186 | 673,973 | |||||||||||
Net investment income | 86,522 | 103,743 | 267,178 | 287,814 | |||||||||||
Asset administration fees | 4,555 | 4,004 | 13,132 | 80,399 | |||||||||||
Other income | 18,020 | 15,436 | 48,145 | 20,359 | |||||||||||
Realized investment gains (losses), net: | |||||||||||||||
Other-than-temporary impairments on fixed maturity securities | (143 | ) | 0 | (6,034 | ) | (16,597 | ) | ||||||||
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income | 0 | 0 | 366 | 338 | |||||||||||
Other realized investment gains (losses), net | (275,043 | ) | (9,668 | ) | (25,507 | ) | 922,204 | ||||||||
Total realized investment gains (losses), net | (275,186 | ) | (9,668 | ) | (31,175 | ) | 905,945 | ||||||||
TOTAL REVENUES | (24,256 | ) | 231,009 | 457,424 | 1,163,328 | ||||||||||
BENEFITS AND EXPENSES | |||||||||||||||
Policyholders’ benefits | 54,637 | 54,496 | (77,893 | ) | (317,384 | ) | |||||||||
Interest credited to policyholders’ account balances | 38,196 | 42,081 | 128,923 | 256,488 | |||||||||||
Amortization of deferred policy acquisition costs | 19,313 | (17,690 | ) | 76,768 | 611,555 | ||||||||||
General, administrative and other expenses | 81,543 | 103,118 | 187,947 | 206,933 | |||||||||||
TOTAL BENEFITS AND EXPENSES | 193,689 | 182,005 | 315,745 | 757,592 | |||||||||||
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | (217,945 | ) | 49,004 | 141,679 | 405,736 | ||||||||||
Income tax expense (benefit)(1) | (39,449 | ) | (35,893 | ) | (69,061 | ) | (74,946 | ) | |||||||
NET INCOME (LOSS)(1) | $ | (178,496 | ) | $ | 84,897 | $ | 210,740 | $ | 480,682 | ||||||
Other comprehensive income (loss), before tax: | |||||||||||||||
Foreign currency translation adjustments | 75 | 31 | 224 | 153 | |||||||||||
Net unrealized investment gains (losses): | |||||||||||||||
Unrealized investment gains (losses) for the period | 18,589 | 11,944 | 147,980 | 356,594 | |||||||||||
Reclassification adjustment for (gains) losses included in net income (loss) | (28,594 | ) | 1,517 | (28,669 | ) | (72,160 | ) | ||||||||
Net unrealized investment gains (losses) | (10,005 | ) | 13,461 | 119,311 | 284,434 | ||||||||||
Other comprehensive income (loss), before tax | (9,930 | ) | 13,492 | 119,535 | 284,587 | ||||||||||
Less: Income tax expense (benefit) related to: | |||||||||||||||
Foreign currency translation adjustments | 26 | 12 | 78 | 54 | |||||||||||
Net unrealized investment gains (losses) | (3,501 | ) | 4,711 | 41,759 | 99,551 | ||||||||||
Total | (3,475 | ) | 4,723 | 41,837 | 99,605 | ||||||||||
Other comprehensive income (loss), net of tax | (6,455 | ) | 8,769 | 77,698 | 184,982 | ||||||||||
COMPREHENSIVE INCOME (LOSS)(1) | $ | (184,951 | ) | $ | 93,666 | $ | 288,438 | $ | 665,664 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | |||||||||||||||
Balance, December 31, 2016 | $ | 2,500 | $ | 986,062 | $ | 1,437,266 | $ | 70,975 | $ | 2,496,803 | |||||||||
Contributed capital | 153,500 | 153,500 | |||||||||||||||||
Dividend to parent | 0 | 0 | |||||||||||||||||
Contributed (distributed) capital-parent/child asset transfers | 875 | 875 | |||||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||
Net income (loss) | 210,740 | 210,740 | |||||||||||||||||
Other comprehensive income (loss), net of tax | 77,698 | 77,698 | |||||||||||||||||
Total comprehensive income (loss) | 288,438 | ||||||||||||||||||
Balance, September 30, 2017 | $ | 2,500 | $ | 1,140,437 | $ | 1,648,006 | $ | 148,673 | $ | 2,939,616 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | |||||||||||||||
Balance, December 31, 2015 | $ | 2,500 | $ | 779,973 | $ | 3,635,147 | $ | 64,805 | $ | 4,482,425 | |||||||||
Contributed capital | 205,000 | 205,000 | |||||||||||||||||
Dividend to parent | (2,593,519 | ) | (2,593,519 | ) | |||||||||||||||
Contributed (distributed) capital-parent/child asset transfers | 1,090 | 1,090 | |||||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||
Net income (loss) | 480,682 | 480,682 | |||||||||||||||||
Other comprehensive income (loss), net of tax | 184,982 | 184,982 | |||||||||||||||||
Total comprehensive income (loss) | 665,664 | ||||||||||||||||||
Balance, September 30, 2016 | $ | 2,500 | $ | 986,063 | $ | 1,522,310 | $ | 249,787 | $ | 2,760,660 |
2017 | 2016 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ | 210,740 | $ | 480,682 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Policy charges and fee income | (124,187 | ) | 87,591 | ||||
Interest credited to policyholders’ account balances | 128,923 | 256,488 | |||||
Realized investment (gains) losses, net | 31,175 | (905,945 | ) | ||||
Amortization and other non-cash items | (46,435 | ) | (52,910 | ) | |||
Change in: | |||||||
Future policy benefits | 1,466,123 | 1,408,003 | |||||
Reinsurance recoverables | (1,594,691 | ) | (1,308,146 | ) | |||
Accrued investment income | (2,828 | ) | 15,601 | ||||
Net payables to/receivables from parent and affiliates | (33,543 | ) | (41,176 | ) | |||
Deferred policy acquisition costs | (116,519 | ) | 357,105 | ||||
Income taxes | 53,508 | (115,247 | ) | ||||
Deferred sales inducements | 0 | (2,151 | ) | ||||
Derivatives, net | 3,945 | (198,198 | ) | ||||
Other, net | 109,283 | (191,566 | ) | ||||
Cash flows from (used in) operating activities | 85,494 | (209,869 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from the sale/maturity/prepayment of: | |||||||
Fixed maturities, available-for-sale | 875,580 | 970,834 | |||||
Short-term investments | 68,247 | 255,026 | |||||
Policy loans | 107,002 | 105,840 | |||||
Ceded policy loans | (11,273 | ) | (7,330 | ) | |||
Commercial mortgage and other loans | 112,174 | 195,344 | |||||
Other long-term investments | 10,913 | 7,463 | |||||
Equity securities, available-for-sale | 510 | 31,602 | |||||
Trading account assets | 214 | 0 | |||||
Payments for the purchase/origination of: | |||||||
Fixed maturities, available-for-sale | (1,038,434 | ) | (1,781,534 | ) | |||
Short-term investments | (32,316 | ) | (241,827 | ) | |||
Policy loans | (84,190 | ) | (87,199 | ) | |||
Ceded policy loans | 13,309 | 12,297 | |||||
Commercial mortgage and other loans | (164,199 | ) | (225,317 | ) | |||
Other long-term investments | (22,255 | ) | (25,175 | ) | |||
Equity securities, available-for-sale | (5,000 | ) | (5,000 | ) | |||
Trading account assets | (15,019 | ) | 0 | ||||
Notes receivable from parent and affiliates, net | 5,339 | 19,543 | |||||
Derivatives, net | (17,899 | ) | 19,522 | ||||
Other, net | (153,367 | ) | 0 | ||||
Cash flows from (used in) investing activities | (350,664 | ) | (755,911 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Policyholders’ account deposits | 3,325,383 | 3,125,848 | |||||
Ceded policyholders’ account deposits | (2,256,796 | ) | (1,688,037 | ) | |||
Policyholders’ account withdrawals | (2,029,593 | ) | (1,910,500 | ) | |||
Ceded policyholders’ account withdrawals | 1,263,110 | 745,624 | |||||
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities | (128,265 | ) | 93,084 | ||||
Contributed capital | 148,500 | 405,321 | |||||
Contributed (distributed) capital - parent/child asset transfers | 1,346 | 1,676 | |||||
Repayments of debt (maturities longer than 90 days) | 0 | (125,000 | ) | ||||
Drafts outstanding | 41,654 | 26,255 | |||||
Cash flows from (used in) financing activities | 365,339 | 674,271 | |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 100,169 | (291,509 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 96,157 | 370,286 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 196,326 | $ | 78,777 |
Balance as of March 31, 2016 | Impacts of Recapture | Impacts of Reinsurance | Total | |||||||||
(in millions) | ||||||||||||
ASSETS | ||||||||||||
Total investments(1) | $ | 10,702 | $ | 4,166 | $ | (7,719 | ) | $ | 7,149 | |||
Cash and cash equivalents | 496 | 0 | 12 | 508 | ||||||||
Deferred policy acquisition costs | 4,565 | 0 | (3,449 | ) | 1,116 | |||||||
Reinsurance recoverables | 24,781 | (6,312 | ) | 10,267 | 28,736 | |||||||
Deferred sales inducements | 550 | 0 | (550 | ) | 0 | |||||||
Other assets | 94 | 0 | 211 | 305 | ||||||||
Income taxes | 0 | 0 | 23 | 23 | ||||||||
TOTAL ASSETS | 151,859 | (2,146 | ) | (1,205 | ) | 148,508 | ||||||
LIABILITIES AND EQUITY | ||||||||||||
LIABILITIES | ||||||||||||
Income taxes | $ | 91 | $ | 17 | $ | 0 | $ | 108 | ||||
Short-term and long-term debt to affiliates(2) | 1,385 | 0 | (1,384 | ) | 1 | |||||||
Other liabilities | 870 | 0 | 0 | 870 | ||||||||
TOTAL LIABILITIES | 147,554 | 17 | (1,384 | ) | 146,187 | |||||||
EQUITY | ||||||||||||
Retained earnings(3) | 3,337 | (2,163 | ) | 258 | 1,432 | |||||||
Accumulated other comprehensive income | 180 | 0 | (79 | ) | 101 | |||||||
TOTAL EQUITY | 4,305 | (2,163 | ) | 179 | 2,321 | |||||||
TOTAL LIABILITIES AND EQUITY | 151,859 | (2,146 | ) | (1,205 | ) | 148,508 |
(1) | The decline in total investments includes non-cash activities of $7.7 billion for asset transfers related to the reinsurance transaction with PALAC and Prudential Insurance, partially offset by $4.2 billion of assets received related to the recapture transaction with Pruco Re. |
(2) | The Company received ceding commissions of $3.6 billion and $0.4 billion from PALAC and Prudential Insurance, respectively, of which $1.1 billion and $0.1 billion were in the form of reassignment of debt to PALAC and Prudential Insurance, respectively. |
(3) | Retained earnings includes dividends of $2.8 billion to Prudential Insurance, and then distributed to Prudential Financial, as part of the Variable Annuities Recapture. |
Impacts of Recapture | Impacts of Reinsurance | Total Impacts | |||||||||
(in millions) | |||||||||||
REVENUES | |||||||||||
Premiums | $ | 0 | $ | (880 | ) | $ | (880 | ) | |||
Realized investment gains (losses), net | (2,146 | ) | 2,951 | 805 | |||||||
TOTAL REVENUES | (2,146 | ) | 2,071 | (75 | ) | ||||||
BENEFITS AND EXPENSES | |||||||||||
Policyholders' benefits | 0 | (547 | ) | (547 | ) | ||||||
General, administrative and other expenses | 0 | (211 | ) | (211 | ) | ||||||
TOTAL BENEFITS AND EXPENSES | 0 | (758 | ) | (758 | ) | ||||||
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | (2,146 | ) | 2,829 | 683 | |||||||
Income tax expense (benefit) | 17 | (23 | ) | (6 | ) | ||||||
NET INCOME (LOSS) | $ | (2,163 | ) | $ | 2,852 | $ | 689 |
Affiliate | Period | Transaction | Security Type | Fair Value | Book Value | APIC and Retained Earnings Increase/(Decrease) | Realized Investment Gain/(Loss), Net | |||||||||||||||
(in millions) | ||||||||||||||||||||||
Pruco Re | Apr - June 2016 | Purchase | Derivatives | $ | 4,166 | $ | 4,166 | $ | 0 | $ | 0 | |||||||||||
PALAC | Apr - June 2016 | Sale | Fixed Maturity, Trading Account Assets, Commercial Mortgages, Derivatives and JV/LP Investments | $ | (6,994 | ) | $ | (6,872 | ) | $ | 0 | $ | 122 | |||||||||
Prudential Insurance | Apr - June 2016 | Dividend | Fixed Maturity | $ | (19 | ) | $ | (19 | ) | $ | (19 | ) | $ | 0 | ||||||||
Prudential Insurance | Apr - June 2016 | Sale | Fixed Maturity, Trading Account Assets, Equity Securities, Commercial Mortgages and Derivatives | $ | (717 | ) | $ | (703 | ) | $ | 15 | $ | 0 |
Impact of Change in Accounting for Certain Reinsurance Contracts(1) | |||
(in millions) | |||
Decrease in Policy charges and fee income | $ | (236 | ) |
Decrease in Policyholders' benefits | 253 | ||
Increase in Amortization of deferred policy acquisition costs | (19 | ) | |
Pre-tax charge to income | $ | (2 | ) |
(1) | The corresponding impacts to the Consolidated Statement of Financial Position were a $284 million increase in "Other liabilities", a $247 million increase in "Reinsurance recoverables", a $48 million decrease in "Policyholders’ account balances", a $19 million decrease in "Deferred policy acquisition costs" and a $6 million decrease in "Future policy benefits". |
Standard | Description | Effective date and method of adoption | Effect on the financial statements or other significant matters | |||
ASU 2014-09, Revenue from Contracts with Customers (Topic 606) | The ASU is based on the core principle that revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, and assets recognized from the costs to obtain or fulfill a contract with a customer. Revenue recognition for insurance contracts and financial instruments is explicitly scoped out of the standard. | January 1, 2018 using the modified retrospective method. | Based on the assessment completed to date, the Company does not expect the adoption of the ASU to have a significant impact on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. | |||
ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities | The ASU revises an entity’s accounting related to the recognition and measurement of certain equity investments and the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU requires equity investments, except for those accounted for using the equity method, to be measured at fair value with changes in fair value recognized in net income. The standard also amends certain disclosure requirements associated with the fair value of financial instruments. | January 1, 2018 using the modified retrospective method which will include a cumulative-effect adjustment on the balance sheet as of the beginning of the fiscal year of adoption. The amendments are to be applied prospectively as they relate to equity investments without readily determinable fair value that exist as of the date of adoption. | The transition impact to the Company’s Consolidated Statements of Financial Position will depend on the net unrealized gain or loss on equity securities and the embedded unrealized gain or loss on equity investments currently accounted for under the cost method as of the effective date. As of September 30, 2017 the net unrealized gain on equity investments is $8.9 million. The cumulative-effect adjustment ultimately recorded on January 1, 2018 will differ from that amount after taking into account portfolio activity and market movements that occur during the fourth quarter of 2017. |
Standard | Description | Effective date and method of adoption | Effect on the financial statements or other significant matters | |||
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments | This ASU provides a new current expected credit loss model to account for credit losses on certain financial assets and off-balance sheet exposures (e.g., loans held for investment, debt securities held to maturity, reinsurance receivables, net investments in leases and loan commitments). The model requires an entity to estimate lifetime credit losses related to such financial assets and exposures based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The standard also modifies the current other-than-temporary impairment standard for available-for-sale debt securities to require the use of an allowance rather than a direct write down of the investment, and replaces existing standard for purchased credit deteriorated loans and debt securities. | January 1, 2020 using the modified retrospective method, however prospective application is required for purchased credit deteriorated assets previously accounted for under ASU 310-30 and for debt securities for which an other-than-temporary-impairment was recognized prior to the date of adoption. Early adoption is permitted beginning January 1, 2019. | The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. | |||
ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a Consensus of the Emerging Issues Task Force) | This ASU addresses diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard provides clarity on the treatment of eight specifically defined types of cash inflows and outflows. | January 1, 2018 using the retrospective method (with early adoption permitted provided that all amendments are adopted in the same period). | Based on the assessment completed to date, the Company does not expect the adoption of the ASU to have a significant impact on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. | |||
Update 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash | In November 2016, the FASB issued this ASU to address diversity in practice from entities classifying and presenting transfers between cash and restricted cash as operating, investing, or financing activities, or as a combination of those activities in the Statement of Cash Flows. The ASU requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the Statement of Cash Flows. As a result, transfers between such categories will no longer be presented in the Statement of Cash Flows. | January 1, 2018 using the retrospective method (with early adoption permitted). | Based on the assessment completed to date, the Company does not expect the adoption of the ASU to have a significant impact on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements |
Standard | Description | Effective date and method of adoption | Effect on the financial statements or other significant matters | |||
ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) Premium Amortization on Purchased Callable Debt Securities | This ASU requires certain premiums on callable debt securities to be amortized to the earliest call date. | January 1, 2019 using the modified retrospective method (with early adoption permitted). | The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. | |||
ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities | This ASU makes targeted changes to the existing hedge accounting model to better portray the economics of an entity’s risk management activities and to simplify the use of hedge accounting. | January 1, 2019 using the modified retrospective method (with early adoption permitted). | The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. |
September 30, 2017 | |||||||||||||||||||
Amortized Cost or Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | OTTI in AOCI(3) | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 67,186 | $ | 4,557 | $ | 0 | $ | 71,743 | $ | 0 | |||||||||
Obligations of U.S. states and their political subdivisions | 592,970 | 27,907 | 113 | 620,764 | 0 | ||||||||||||||
Foreign government bonds | 123,684 | 6,371 | 479 | 129,576 | 0 | ||||||||||||||
Public utilities | 626,474 | 52,301 | 1,816 | 676,959 | 0 | ||||||||||||||
Redeemable preferred stock | 4,033 | 996 | 0 | 5,029 | 0 | ||||||||||||||
All other U.S. public corporate securities | 1,292,340 | 93,510 | 4,434 | 1,381,416 | (215 | ) | |||||||||||||
All other U.S. private corporate securities | 717,740 | 16,194 | 3,674 | 730,260 | 0 | ||||||||||||||
All other foreign public corporate securities | 165,944 | 11,830 | 681 | 177,093 | 0 | ||||||||||||||
All other foreign private corporate securities | 728,428 | 28,159 | 12,753 | 743,834 | 0 | ||||||||||||||
Asset-backed securities(1) | 132,608 | 1,950 | 9 | 134,549 | (146 | ) | |||||||||||||
Commercial mortgage-backed securities | 346,532 | 6,442 | 2,298 | 350,676 | 0 | ||||||||||||||
Residential mortgage-backed securities(2) | 73,839 | 3,058 | 154 | 76,743 | (229 | ) | |||||||||||||
Total fixed maturities, available-for-sale | $ | 4,871,778 | $ | 253,275 | $ | 26,411 | $ | 5,098,642 | $ | (590 | ) | ||||||||
Equity securities, available-for-sale: | |||||||||||||||||||
Common stocks: | |||||||||||||||||||
Mutual funds | $ | 20,700 | $ | 1,814 | $ | 0 | $ | 22,514 | |||||||||||
Public utilities | 54 | 31 | 0 | 85 | |||||||||||||||
Industrial, miscellaneous & other | 0 | 42 | 0 | 42 | |||||||||||||||
Total equity securities, available-for-sale | $ | 20,754 | $ | 1,887 | $ | 0 | $ | 22,641 |
(1) | Includes credit-tranched securities collateralized by loan obligations, sub-prime mortgages, auto loans, education loans and other asset types. |
(2) | Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. |
(3) | Represents the amount of OTTI losses in "Accumulated other comprehensive income (loss)" ("AOCI"), which were not included in earnings. Amount excludes $1.4 million of net unrealized gains on impaired available-for-sale securities relating to changes in the value of such securities subsequent to the impairment measurement date. |
December 31, 2016 | |||||||||||||||||||
Amortized Cost or Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | OTTI in AOCI(3) | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 154,180 | $ | 6,593 | $ | 33 | $ | 160,740 | $ | 0 | |||||||||
Obligations of U.S. states and their political subdivisions | 618,447 | 14,592 | 6,553 | 626,486 | 0 | ||||||||||||||
Foreign government bonds | 111,025 | 2,143 | 4,386 | 108,782 | 0 | ||||||||||||||
Public utilities | 706,536 | 33,950 | 10,519 | 729,967 | 0 | ||||||||||||||
Redeemable preferred stock | 4,136 | 834 | 156 | 4,814 | 0 | ||||||||||||||
All other U.S. public corporate securities | 1,802,350 | 67,908 | 28,846 | 1,841,412 | (215 | ) | |||||||||||||
All other U.S. private corporate securities | 714,776 | 14,555 | 7,702 | 721,629 | (236 | ) | |||||||||||||
All other foreign public corporate securities | 216,428 | 7,371 | 4,127 | 219,672 | 0 | ||||||||||||||
All other foreign private corporate securities | 577,761 | 4,866 | 33,455 | 549,172 | 0 | ||||||||||||||
Asset-backed securities(1) | 184,414 | 5,164 | 562 | 189,016 | (2,534 | ) | |||||||||||||
Commercial mortgage-backed securities | 382,717 | 5,783 | 5,829 | 382,671 | 0 | ||||||||||||||
Residential mortgage-backed securities(2) | 80,141 | 3,355 | 308 | 83,188 | (274 | ) | |||||||||||||
Total fixed maturities, available-for-sale | $ | 5,552,911 | $ | 167,114 | $ | 102,476 | $ | 5,617,549 | $ | (3,259 | ) | ||||||||
Equity securities, available-for-sale: | |||||||||||||||||||
Common stocks: | |||||||||||||||||||
Mutual funds | $ | 16,324 | $ | 441 | $ | 124 | $ | 16,641 | |||||||||||
Public utilities | 66 | 2 | 28 | 40 | |||||||||||||||
Industrial, miscellaneous & other | 0 | 75 | 0 | 75 | |||||||||||||||
Total equity securities, available-for-sale | $ | 16,390 | $ | 518 | $ | 152 | $ | 16,756 |
(1) | Includes credit-tranched securities collateralized by loan obligations, sub-prime mortgages, auto loans, education loans and other asset types. |
(2) | Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. |
(3) | Represents the amount of OTTI losses in AOCI, which were not included in earnings. Amount excludes $8.1 million of net unrealized gains on impaired available-for-sale securities relating to changes in the value of such securities subsequent to the impairment measurement date. |
September 30, 2017 | |||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Obligations of U.S. states and their political subdivisions | 20,622 | 113 | 0 | 0 | 20,622 | 113 | |||||||||||||||||
Foreign government bonds | 7,077 | 67 | 18,315 | 412 | 25,392 | 479 | |||||||||||||||||
Public utilities | 35,073 | 496 | 26,114 | 1,320 | 61,187 | 1,816 | |||||||||||||||||
Redeemable preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
All other U.S. public corporate securities | 55,600 | 649 | 106,749 | 3,785 | 162,349 | 4,434 | |||||||||||||||||
All other U.S. private corporate securities | 157,827 | 2,782 | 29,476 | 892 | 187,303 | 3,674 | |||||||||||||||||
All other foreign public corporate securities | 9,946 | 48 | 13,976 | 633 | 23,922 | 681 | |||||||||||||||||
All other foreign private corporate securities | 69,418 | 1,279 | 130,224 | 11,474 | 199,642 | 12,753 | |||||||||||||||||
Asset-backed securities | 13,139 | 6 | 363 | 3 | 13,502 | 9 | |||||||||||||||||
Commercial mortgage-backed securities | 110,027 | 1,369 | 31,303 | 929 | 141,330 | 2,298 | |||||||||||||||||
Residential mortgage-backed securities | 11,442 | 120 | 1,595 | 34 | 13,037 | 154 | |||||||||||||||||
Total fixed maturities, available-for-sale | $ | 490,171 | $ | 6,929 | $ | 358,115 | $ | 19,482 | $ | 848,286 | $ | 26,411 | |||||||||||
Equity securities, available-for-sale | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
December 31, 2016 | |||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 603 | $ | 33 | $ | 0 | $ | 0 | $ | 603 | $ | 33 | |||||||||||
Obligations of U.S. states and their political subdivisions | 239,146 | 6,553 | 0 | 0 | 239,146 | 6,553 | |||||||||||||||||
Foreign government bonds | 81,074 | 4,055 | 1,690 | 331 | 82,764 | 4,386 | |||||||||||||||||
Public utilities | 207,226 | 7,847 | 21,394 | 2,672 | 228,620 | 10,519 | |||||||||||||||||
Redeemable preferred stock | 0 | 0 | 0 | 156 | 0 | 156 | |||||||||||||||||
All other U.S. public corporate securities | 568,763 | 20,695 | 73,575 | 8,151 | 642,338 | 28,846 | |||||||||||||||||
All other U.S. private corporate securities | 232,561 | 6,082 | 29,071 | 1,620 | 261,632 | 7,702 | |||||||||||||||||
All other foreign public corporate securities | 86,492 | 3,188 | 5,433 | 939 | 91,925 | 4,127 | |||||||||||||||||
All other foreign private corporate securities | 236,512 | 13,604 | 101,858 | 19,851 | 338,370 | 33,455 | |||||||||||||||||
Asset-backed securities | 37,355 | 492 | 49,346 | 70 | 86,701 | 562 | |||||||||||||||||
Commercial mortgage-backed securities | 191,674 | 5,827 | 947 | 2 | 192,621 | 5,829 | |||||||||||||||||
Residential mortgage-backed securities | 36,224 | 302 | 1,045 | 6 | 37,269 | 308 | |||||||||||||||||
Total fixed maturities, available-for-sale | $ | 1,917,630 | $ | 68,678 | $ | 284,359 | $ | 33,798 | $ | 2,201,989 | $ | 102,476 | |||||||||||
Equity securities, available-for-sale | $ | 0 | $ | 0 | $ | 2,965 | $ | 152 | $ | 2,965 | $ | 152 |
September 30, 2017 | |||||||
Amortized Cost | Fair Value | ||||||
(in thousands) | |||||||
Fixed maturities, available-for-sale: | |||||||
Due in one year or less | $ | 132,295 | $ | 133,464 | |||
Due after one year through five years | 729,817 | 747,708 | |||||
Due after five years through ten years | 1,018,454 | 1,054,100 | |||||
Due after ten years | 2,438,233 | 2,601,402 | |||||
Asset-backed securities | 132,608 | 134,549 | |||||
Commercial mortgage-backed securities | 346,532 | 350,676 | |||||
Residential mortgage-backed securities | 73,839 | 76,743 | |||||
Total fixed maturities, available-for-sale | $ | 4,871,778 | $ | 5,098,642 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||
Proceeds from sales(1) | $ | 56,312 | $ | 35,296 | $ | 483,151 | $ | 534,917 | |||||||
Proceeds from maturities/prepayments | 125,128 | 102,545 | 392,320 | 400,781 | |||||||||||
Gross investment gains from sales and maturities | 34,996 | (1,519 | ) | 44,016 | 94,228 | ||||||||||
Gross investment losses from sales and maturities | (6,259 | ) | (124 | ) | (9,554 | ) | (4,217 | ) | |||||||
OTTI recognized in earnings(2) | (143 | ) | 0 | (5,668 | ) | (16,259 | ) | ||||||||
Equity securities, available-for-sale: | |||||||||||||||
Proceeds from sales | $ | 0 | $ | 3,150 | $ | 510 | $ | 31,602 | |||||||
Gross investment gains from sales | 0 | 125 | 11 | 341 | |||||||||||
Gross investment losses from sales | 0 | 1 | 0 | (1,933 | ) | ||||||||||
OTTI recognized in earnings | 0 | 0 | (136 | ) | 0 |
(1) | Includes $(0.1) million and $4.9 million of non-cash related proceeds for the nine months ended September 30, 2017 and 2016, respectively. |
(2) | Excludes the portion of OTTI recorded in “Other comprehensive income (loss)” ("OCI"), representing any difference between the fair value of the impaired debt security and the net present value of its projected future cash flows at the time of the impairment. |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Credit loss impairments: | |||||||||||||||
Balance, beginning of period | $ | 3,724 | $ | 5,520 | $ | 5,550 | $ | 7,041 | |||||||
New credit loss impairments | 0 | 424 | 0 | 522 | |||||||||||
Additional credit loss impairments on securities previously impaired | 0 | 0 | 0 | 6 | |||||||||||
Increases due to the passage of time on previously recorded credit losses | 25 | 88 | 139 | 224 | |||||||||||
Reductions for securities which matured, paid down, prepaid or were sold during the period | (24 | ) | (1,894 | ) | (37 | ) | (1,173 | ) | |||||||
Reductions for securities impaired to fair value during the period(1) | 0 | (327 | ) | 0 | 0 | ||||||||||
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected | (11 | ) | (97 | ) | (11 | ) | (321 | ) | |||||||
Assets transferred to parent and affiliates | 0 | 0 | 0 | (658 | ) | ||||||||||
Balance, end of period | $ | 3,714 | $ | 3,714 | $ | 5,641 | $ | 5,641 |
(1) | Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security's amortized cost. |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Amortized Cost or Cost | Fair Value | Amortized Cost or Cost | Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Fixed maturities | $ | 38,279 | $ | 37,940 | $ | 23,555 | $ | 19,558 | |||||||
Equity securities | 11,939 | 17,120 | 11,929 | 15,770 | |||||||||||
Total trading account assets | $ | 50,218 | $ | 55,060 | $ | 35,484 | $ | 35,328 |
September 30, 2017 | December 31, 2016 | ||||||||||||
Amount (in thousands) | % of Total | Amount (in thousands) | % of Total | ||||||||||
Commercial mortgage and agricultural property loans by property type: | |||||||||||||
Apartments/Multi-Family | $ | 367,164 | 30.3 | % | $ | 318,667 | 27.7 | % | |||||
Hospitality | 43,641 | 3.6 | 54,597 | 4.7 | |||||||||
Industrial | 184,360 | 15.2 | 185,682 | 16.1 | |||||||||
Office | 185,199 | 15.3 | 161,980 | 14.1 | |||||||||
Other | 129,635 | 10.7 | 124,465 | 10.8 | |||||||||
Retail | 233,089 | 19.3 | 243,225 | 21.1 | |||||||||
Total commercial mortgage loans | 1,143,088 | 94.4 | 1,088,616 | 94.5 | |||||||||
Agricultural property loans | 67,691 | 5.6 | 63,323 | 5.5 | |||||||||
Total commercial mortgage and agricultural property loans by property type | 1,210,779 | 100.0 | % | 1,151,939 | 100.0 | % | |||||||
Valuation allowance | (1,972 | ) | (1,558 | ) | |||||||||
Total commercial mortgage and other loans | $ | 1,208,807 | $ | 1,150,381 |
September 30, 2017 | |||||||||||
Commercial Mortgage Loans | Agricultural Property Loans | Total | |||||||||
(in thousands) | |||||||||||
Allowance for credit losses: | |||||||||||
Balance, beginning of year | $ | 1,513 | $ | 45 | $ | 1,558 | |||||
Addition to (release of) allowance for losses | 393 | 21 | 414 | ||||||||
Charge-offs, net of recoveries | 0 | 0 | 0 | ||||||||
Total ending balance | $ | 1,906 | $ | 66 | $ | 1,972 |
December 31, 2016 | |||||||||||
Commercial Mortgage Loans | Agricultural Property Loans | Total | |||||||||
(in thousands) | |||||||||||
Allowance for credit losses: | |||||||||||
Balance, beginning of year | $ | 2,587 | $ | 64 | $ | 2,651 | |||||
Addition to (release of) allowance for losses | (1,074 | ) | (19 | ) | (1,093 | ) | |||||
Charge-offs, net of recoveries | 0 | 0 | 0 | ||||||||
Total ending balance | $ | 1,513 | $ | 45 | $ | 1,558 |
September 30, 2017 | |||||||||||
Commercial Mortgage Loans | Agricultural Property Loans | Total | |||||||||
(in thousands) | |||||||||||
Allowance for credit losses: | |||||||||||
Individually evaluated for impairment | $ | 0 | $ | 0 | $ | 0 | |||||
Collectively evaluated for impairment | 1,906 | 66 | 1,972 | ||||||||
Total ending balance(1) | $ | 1,906 | $ | 66 | $ | 1,972 | |||||
Recorded investment(2): | |||||||||||
Individually evaluated for impairment | $ | 2,370 | $ | 1,153 | $ | 3,523 | |||||
Collectively evaluated for impairment | 1,140,718 | 66,538 | 1,207,256 | ||||||||
Total ending balance(1) | $ | 1,143,088 | $ | 67,691 | $ | 1,210,779 |
(1) | As of September 30, 2017, there were no loans acquired with deteriorated credit quality. |
(2) | Recorded investment reflects the carrying value gross of related allowance. |
December 31, 2016 | |||||||||||
Commercial Mortgage Loans | Agricultural Property Loans | Total | |||||||||
(in thousands) | |||||||||||
Allowance for credit losses: | |||||||||||
Individually evaluated for impairment | $ | 0 | $ | 0 | $ | 0 | |||||
Collectively evaluated for impairment | 1,513 | 45 | 1,558 | ||||||||
Total ending balance(1) | $ | 1,513 | $ | 45 | $ | 1,558 | |||||
Recorded investment(2): | |||||||||||
Individually evaluated for impairment | $ | 2,528 | $ | 0 | $ | 2,528 | |||||
Collectively evaluated for impairment | 1,086,088 | 63,323 | 1,149,411 | ||||||||
Total ending balance(1) | $ | 1,088,616 | $ | 63,323 | $ | 1,151,939 |
(1) | As of December 31, 2016, there were no loans acquired with deteriorated credit quality. |
(2) | Recorded investment reflects the carrying value gross of related allowance. |
September 30, 2017 | |||||||||||||||
Debt Service Coverage Ratio | |||||||||||||||
≥ 1.2X | 1.0X to < 1.2X | < 1.0X | Total Loans | ||||||||||||
(in thousands) | |||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||
0%-59.99% | $ | 692,910 | $ | 20,262 | $ | 2,352 | $ | 715,524 | |||||||
60%-69.99% | 364,772 | 9,702 | 2,026 | 376,500 | |||||||||||
70%-79.99% | 96,950 | 21,570 | 0 | 118,520 | |||||||||||
80% or greater | 0 | 0 | 235 | 235 | |||||||||||
Total loans | $ | 1,154,632 | $ | 51,534 | $ | 4,613 | $ | 1,210,779 |
December 31, 2016 | |||||||||||||||
Debt Service Coverage Ratio | |||||||||||||||
≥ 1.2X | 1.0X to < 1.2X | < 1.0X | Total Loans | ||||||||||||
(in thousands) | |||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||
0%-59.99% | $ | 732,473 | $ | 19,844 | $ | 0 | $ | 752,317 | |||||||
60%-69.99% | 267,122 | 7,515 | 900 | 275,537 | |||||||||||
70%-79.99% | 88,811 | 30,533 | 0 | 119,344 | |||||||||||
80% or greater | 4,503 | 0 | 238 | 4,741 | |||||||||||
Total loans | $ | 1,092,909 | $ | 57,892 | $ | 1,138 | $ | 1,151,939 |
September 30, 2017 | |||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due(1) | Total Loans | Non-Accrual Status(2) | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Commercial mortgage loans | $ | 1,143,088 | $ | 0 | $ | 0 | $ | 0 | $ | 1,143,088 | $ | 0 | |||||||||||
Agricultural property loans | 67,691 | 0 | 0 | 0 | 67,691 | 0 | |||||||||||||||||
Total | $ | 1,210,779 | $ | 0 | $ | 0 | $ | 0 | $ | 1,210,779 | $ | 0 |
(1) | As of September 30, 2017, there were no loans in this category accruing interest. |
(2) | For additional information regarding the Company's policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. |
December 31, 2016 | |||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due(1) | Total Loans | Non-Accrual Status(2) | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Commercial mortgage loans | $ | 1,088,616 | $ | 0 | $ | 0 | $ | 0 | $ | 1,088,616 | $ | 0 | |||||||||||
Agricultural property loans | 63,323 | 0 | 0 | 0 | 63,323 | 0 | |||||||||||||||||
Total | $ | 1,151,939 | $ | 0 | $ | 0 | $ | 0 | $ | 1,151,939 | $ | 0 |
(1) | As of December 31, 2016, there were no loans in this category accruing interest. |
(2) | For additional information regarding the Company's policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Company's investment in separate accounts | $ | 39,304 | $ | 34,088 | |||
Joint ventures and limited partnerships: | |||||||
Private equity | 151,796 | 139,493 | |||||
Hedge funds | 52,791 | 81,104 | |||||
Real estate-related | 12,135 | 11,912 | |||||
Total joint ventures and limited partnerships | 216,722 | 232,509 | |||||
Derivatives | 56,657 | 77,866 | |||||
Total other long-term investments | $ | 312,683 | $ | 344,463 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Fixed maturities, available-for-sale | $ | 59,264 | $ | 56,901 | $ | 177,512 | $ | 186,654 | |||||||
Equity securities, available-for-sale | 0 | 0 | 0 | 1 | |||||||||||
Trading account assets | 442 | 424 | 1,244 | 1,628 | |||||||||||
Commercial mortgage and other loans | 13,534 | 11,792 | 39,800 | 46,369 | |||||||||||
Policy loans | 16,110 | 16,034 | 47,572 | 46,813 | |||||||||||
Short-term investments and cash equivalents | 282 | 351 | 674 | 1,550 | |||||||||||
Other long-term investments | 1,865 | 23,062 | 15,514 | 21,508 | |||||||||||
Gross investment income | 91,497 | 108,564 | 282,316 | 304,523 | |||||||||||
Less: investment expenses | (4,975 | ) | (4,821 | ) | (15,138 | ) | (16,709 | ) | |||||||
Net investment income | $ | 86,522 | $ | 103,743 | $ | 267,178 | $ | 287,814 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Fixed maturities | $ | 28,594 | $ | (1,643 | ) | $ | 28,794 | $ | 73,752 | ||||||
Equity securities | 0 | 126 | (125 | ) | (1,592 | ) | |||||||||
Commercial mortgage and other loans | 74 | (74 | ) | (414 | ) | 29,917 | |||||||||
Joint ventures and limited partnerships | 5 | (173 | ) | (96 | ) | (240 | ) | ||||||||
Derivatives(1) | (303,850 | ) | (7,907 | ) | (59,319 | ) | 804,087 | ||||||||
Short-term investments and cash equivalents | (9 | ) | 3 | (15 | ) | 21 | |||||||||
Realized investment gains (losses), net | $ | (275,186 | ) | $ | (9,668 | ) | $ | (31,175 | ) | $ | 905,945 |
(1) | Includes the hedged items offset in qualifying fair value hedge accounting relationships. |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Fixed maturity securities, available-for-sale — with OTTI | $ | 811 | $ | 4,883 | |||
Fixed maturity securities, available-for-sale — all other | 226,053 | 59,755 | |||||
Equity securities, available-for-sale | 1,887 | 366 | |||||
Derivatives designated as cash flow hedges(1) | 1,008 | 40,931 | |||||
Affiliated notes | 5,968 | 5,056 | |||||
Other investments | 2,813 | 1,441 | |||||
Net unrealized gains (losses) on investments | $ | 238,540 | $ | 112,432 |
(1) | See Note 6 for more information on cash flow hedges. |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Remaining Contractual Maturities of the Agreements | Remaining Contractual Maturities of the Agreements | ||||||||||||||||||||||
Overnight & Continuous | Up to 30 Days | Total | Overnight & Continuous | Up to 30 Days | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Foreign government bonds | 9,940 | 0 | 9,940 | 6,827 | 0 | 6,827 | |||||||||||||||||
U.S. public corporate securities | 4,720 | 0 | 4,720 | 62,584 | 0 | 62,584 | |||||||||||||||||
Foreign public corporate securities | 955 | 0 | 955 | 5,565 | 0 | 5,565 | |||||||||||||||||
Total cash collateral for loaned securities(1) | $ | 15,615 | $ | 0 | $ | 15,615 | $ | 74,976 | $ | 0 | $ | 74,976 |
(1) | The Company did not have securities with remaining contractual maturities of thirty days or greater, as of the dates indicated. |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Remaining Contractual Maturities of the Agreements | Remaining Contractual Maturities of the Agreements | ||||||||||||||||||||||
Overnight & Continuous | Up to 30 Days | Total | Overnight & Continuous | Up to 30 Days | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 0 | $ | 0 | $ | 0 | $ | 68,904 | $ | 0 | $ | 68,904 | |||||||||||
Total securities sold under agreements to repurchase(1) | $ | 0 | $ | 0 | $ | 0 | $ | 68,904 | $ | 0 | $ | 68,904 |
(1) | The Company did not have securities with remaining contractual maturities of thirty days or greater, as of the dates indicated. |
As of September 30, 2017 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(1) | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 0 | $ | 56,833 | $ | 14,910 | $ | 0 | $ | 71,743 | |||||||||
Obligations of U.S. states and their political subdivisions | 0 | 620,764 | 0 | 0 | 620,764 | ||||||||||||||
Foreign government bonds | 0 | 129,576 | 0 | 0 | 129,576 | ||||||||||||||
U.S. corporate public securities | 0 | 1,796,981 | 1,162 | 0 | 1,798,143 | ||||||||||||||
U.S. corporate private securities | 0 | 880,054 | 31,712 | 0 | 911,766 | ||||||||||||||
Foreign corporate public securities | 0 | 178,966 | 411 | 0 | 179,377 | ||||||||||||||
Foreign corporate private securities | 0 | 811,651 | 13,654 | 0 | 825,305 | ||||||||||||||
Asset-backed securities(4) | 0 | 32,007 | 102,542 | 0 | 134,549 | ||||||||||||||
Commercial mortgage-backed securities | 0 | 349,183 | 1,493 | 0 | 350,676 | ||||||||||||||
Residential mortgage-backed securities | 0 | 76,743 | 0 | 0 | 76,743 | ||||||||||||||
Subtotal | 0 | 4,932,758 | 165,884 | 0 | 5,098,642 | ||||||||||||||
Trading account assets: | |||||||||||||||||||
Corporate securities | 0 | 37,940 | 0 | 0 | 37,940 | ||||||||||||||
Asset-backed securities(4) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Equity securities | 0 | 0 | 17,120 | 0 | 17,120 | ||||||||||||||
Subtotal | 0 | 37,940 | 17,120 | 0 | 55,060 | ||||||||||||||
Equity securities, available-for-sale | 85 | 22,514 | 42 | 0 | 22,641 | ||||||||||||||
Short-term investments | 0 | 0 | 712 | 0 | 712 | ||||||||||||||
Cash equivalents | 9,943 | 0 | 0 | 0 | 9,943 | ||||||||||||||
Other long-term investments(5) | 0 | 105,064 | 0 | (48,407 | ) | 56,657 | |||||||||||||
Reinsurance recoverables(7) | 0 | 0 | 5,277,737 | 0 | 5,277,737 | ||||||||||||||
Receivables from parent and affiliates | 0 | 137,727 | 0 | 0 | 137,727 | ||||||||||||||
Subtotal excluding separate account assets | 10,028 | 5,236,003 | 5,461,495 | (48,407 | ) | 10,659,119 | |||||||||||||
Separate account assets(2)(6) | 0 | 125,484,444 | 0 | 0 | 125,484,444 | ||||||||||||||
Total assets | $ | 10,028 | $ | 130,720,447 | $ | 5,461,495 | $ | (48,407 | ) | $ | 136,143,563 | ||||||||
Future policy benefits(3) | $ | 0 | $ | 0 | $ | 5,272,326 | $ | 0 | $ | 5,272,326 | |||||||||
Policyholders' account balances | 0 | 0 | 36,525 | 0 | 36,525 | ||||||||||||||
Payables to parent and affiliates | 0 | 48,289 | 0 | (48,289 | ) | 0 | |||||||||||||
Total liabilities | $ | 0 | $ | 48,289 | $ | 5,308,851 | $ | (48,289 | ) | $ | 5,308,851 |
As of December 31, 2016 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(1) | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 0 | $ | 160,740 | $ | 0 | $ | 0 | $ | 160,740 | |||||||||
Obligations of U.S. states and their political subdivisions | 0 | 626,486 | 0 | 0 | 626,486 | ||||||||||||||
Foreign government bonds | 0 | 108,782 | 0 | 0 | 108,782 | ||||||||||||||
U.S. corporate public securities | 0 | 2,306,409 | 55,109 | 0 | 2,361,518 | ||||||||||||||
U.S. corporate private securities | 0 | 851,585 | 32,699 | 0 | 884,284 | ||||||||||||||
Foreign corporate public securities | 0 | 221,848 | 0 | 0 | 221,848 | ||||||||||||||
Foreign corporate private securities | 0 | 584,268 | 14,748 | 0 | 599,016 | ||||||||||||||
Asset-backed securities(4) | 0 | 169,160 | 19,856 | 0 | 189,016 | ||||||||||||||
Commercial mortgage-backed securities | 0 | 382,671 | 0 | 0 | 382,671 | ||||||||||||||
Residential mortgage-backed securities | 0 | 83,188 | 0 | 0 | 83,188 | ||||||||||||||
Subtotal | 0 | 5,495,137 | 122,412 | 0 | 5,617,549 | ||||||||||||||
Trading account assets: | |||||||||||||||||||
Corporate securities | 0 | 19,256 | 0 | 0 | 19,256 | ||||||||||||||
Asset-backed securities(4) | 0 | 302 | 0 | 0 | 302 | ||||||||||||||
Equity securities | 0 | 0 | 15,770 | 0 | 15,770 | ||||||||||||||
Subtotal | 0 | 19,558 | 15,770 | 0 | 35,328 | ||||||||||||||
Equity securities, available-for-sale | 41 | 16,640 | 75 | 0 | 16,756 | ||||||||||||||
Short-term investments | 31,007 | 5,650 | 0 | 0 | 36,657 | ||||||||||||||
Cash equivalents | 5,644 | 1,998 | 0 | 0 | 7,642 | ||||||||||||||
Other long-term investments(5) | 0 | 90,884 | 0 | (13,019 | ) | 77,865 | |||||||||||||
Reinsurance recoverables | 0 | 0 | 5,474,263 | 0 | 5,474,263 | ||||||||||||||
Receivables from parent and affiliates | 0 | 131,144 | 6,493 | 0 | 137,637 | ||||||||||||||
Subtotal excluding separate account assets | 36,692 | 5,761,011 | 5,619,013 | (13,019 | ) | 11,403,697 | |||||||||||||
Separate account assets(2)(6) | 0 | 116,040,888 | 0 | 0 | 116,040,888 | ||||||||||||||
Total assets | $ | 36,692 | $ | 121,801,899 | $ | 5,619,013 | $ | (13,019 | ) | $ | 127,444,585 | ||||||||
Future policy benefits(3) | $ | 0 | $ | 0 | $ | 5,041,007 | $ | 0 | $ | 5,041,007 | |||||||||
Policyholders' account balances | 0 | 0 | 20,337 | 0 | 20,337 | ||||||||||||||
Payables to parent and affiliates | 0 | 12,854 | 0 | (12,854 | ) | 0 | |||||||||||||
Total liabilities | $ | 0 | $ | 12,854 | $ | 5,061,344 | $ | (12,854 | ) | $ | 5,061,344 |
(1) | “Netting” amounts represent cash collateral of $0.1 million and $0.2 million as of September 30, 2017 and December 31, 2016, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting arrangements. |
(2) | Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. |
(3) | As of September 30, 2017, the net embedded derivative liability position of $5,272 million includes $820 million of embedded derivatives in an asset position and $6,092 million of embedded derivatives in a liability position. As of December 31, 2016, the net embedded derivative liability position of $5,041 million includes $1,157 million of embedded derivatives in an asset position and $6,198 million of embedded derivatives in a liability position. |
(4) | Includes credit tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types. |
(5) | Other long-term investments excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At September 30, 2017 and December 31, 2016, the fair values of such investments were $0.8 million and $0.9 million, respectively. |
(6) | Separate account assets included in the fair value hierarchy exclude investments in entities that calculate net asset value per share ("NAV") (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, for which fair value is measured at net |
(7) | Effective July 1, 2017, the Company recaptured the risks related to the no-lapse guarantees that were previously reinsured to UPARC and discontinued the embedded derivative accounting. |
As of September 30, 2017 | ||||||||||||||||||||
Fair Value | Primary Valuation Techniques | Unobservable Inputs | Minimum | Maximum | Weighted Average | Impact of Increase in Input on Fair Value(1) | ||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Corporate securities(12) | $ | 43,757 | Discounted cash flow | Discount rate | 1.38 | % | 14.85 | % | 7.34 | % | Decrease | |||||||||
Reinsurance recoverables(13) | $ | 5,277,737 | Fair values are determined in the same manner as future policy benefits | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Future policy benefits(7) | $ | 5,272,326 | Discounted cash flow | Lapse rate(8) | 1 | % | 12 | % | Decrease | |||||||||||
Spread over LIBOR(4) | 0.13 | % | 1.27 | % | Decrease | |||||||||||||||
Utilization rate(9) | 52 | % | 97 | % | Increase | |||||||||||||||
Withdrawal rate | See table footnote (10) below | |||||||||||||||||||
Mortality rate(11) | 0 | % | 14 | % | Decrease | |||||||||||||||
Equity volatility curve | 13 | % | 24 | % | Increase |
As of December 31, 2016 | ||||||||||||||||||||
Fair Value | Primary Valuation Techniques | Unobservable Inputs | Minimum | Maximum | Weighted Average | Impact of Increase in Input on Fair Value(1) | ||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Corporate securities(12) | $ | 45,715 | Discounted cash flow | Discount rate | 4.54 | % | 15.00 | % | 8.06 | % | Decrease | |||||||||
Market comparables | EBITDA multiples(2) | 4.0 | X | 4.0 | X | 4.0 | X | Increase | ||||||||||||
Liquidation | Liquidation value | 98.21 | % | 98.21 | % | 98.21 | % | Increase | ||||||||||||
Reinsurance recoverables - Living Benefits | $ | 5,041,262 | Fair values are determined in the same manner as future policy benefits | |||||||||||||||||
Reinsurance recoverables - No Lapse Guarantee | $ | 433,001 | Discounted cash flow | Lapse rate(3) | 0 | % | 12 | % | Decrease | |||||||||||
Spread over LIBOR(4) | 0.25 | % | 1.50 | % | Decrease | |||||||||||||||
Mortality rate(5) | 0 | % | 31 | % | Decrease | |||||||||||||||
Premium payment(6) | 0.65 | X | 0.95 | X | Decrease | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Future policy benefits(7) | $ | 5,041,007 | Discounted cash flow | Lapse rate(8) | 0 | % | 13 | % | Decrease | |||||||||||
Spread over LIBOR(4) | 0.25 | % | 1.50 | % | Decrease | |||||||||||||||
Utilization rate(9) | 52 | % | 96 | % | Increase | |||||||||||||||
Withdrawal rate | See table footnote (10) below. | |||||||||||||||||||
Mortality rate(11) | 0 | % | 14 | % | Decrease | |||||||||||||||
Equity volatility curve | 16 | % | 25 | % | Increase |
(1) | Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table. |
(2) | EBITDA multiples represent multiples of earnings before interest, taxes, depreciation and amortization, and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments. |
(3) | For universal life, lapse rates vary based on funding level and other factors. Rates are set to zero when the no lapse guarantee is fully funded and the cash value is zero. |
(4) | The spread over London Inter-Bank Offered Rate ("LIBOR") swap curve represents the premium added to the risk-free discount rate (i.e., LIBOR) to reflect our estimates of rates that a market participant would use to value the living benefit contracts in both the accumulation and payout phases. This spread includes an estimate of non-performance risk ("NPR"), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because both funding agreements and living benefit contracts are insurance liabilities and are therefore senior to debt. |
(5) | Universal life mortality rates are adjusted based on underwriting information. A mortality improvement assumption is also incorporated into the projection. |
(6) | For universal life, policyholders are assumed to pay a multiple of commissionable target premium levels (shown above and indicated as “X”). The multiples vary by funding level and policy duration. If the resulting premium in any duration is smaller than the minimum annual premium required to maintain the no-lapse guarantee, policyholders are assumed to pay the minimum annual premium. Policyholders are assumed to stop premium payments once the no-lapse guarantee is fully funded. The range shown as of September 30, 2017 excludes multiples for the first duration since all contracts are beyond the first duration. Assumption ranges for prior periods include first duration multiples. |
(7) | Future policy benefits primarily represent general account liabilities for the living benefit guarantees of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. |
(8) | Lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. |
(9) | The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration, and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the |
(10) | The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions may vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of September 30, 2017 and December 31, 2016, the minimum withdrawal assumption rate is 78% and the maximum withdrawal assumption rate may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%. |
(11) | Range reflects the mortality rate for the vast majority of business with living benefits, with policyholders ranging from 35 to 90 years old. While the majority of living benefits have a minimum age requirement, certain benefits do not have an age restriction. This results in contractholders for certain benefits with mortality rates approaching 0%. Based on historical experience, the Company applies a set of age and duration specific mortality rate adjustments compared to standard industry tables. A mortality improvement assumption is also incorporated into the overall mortality table. |
(12) | Includes assets classified as fixed maturities, available-for-sale. |
(13) | Effective July 1, 2017, the Company recaptured the risks related to the no-lapse guarantees that were previously reinsured to UPARC and discontinued the embedded derivative accounting. |
Three Months Ended September 30, 2017 | |||||||||||||||||||
Fixed Maturities, Available-for-Sale | |||||||||||||||||||
U.S. Treasury Securities and obligations of U.S. government authorities and agencies | U.S. Corporate Public Securities | U.S. Corporate Private Securities | Foreign Corporate Public Securities | Foreign Corporate Private Securities | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fair Value, beginning of period | $ | 11,552 | $ | 1,255 | $ | 31,035 | $ | 0 | $ | 13,085 | |||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | 0 | 0 | (127 | ) | 0 | (11 | ) | ||||||||||||
Asset management fees and other income | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Included in other comprehensive income (loss) | 0 | (5 | ) | (111 | ) | 7 | 224 | ||||||||||||
Net investment income | 0 | 0 | 47 | 0 | (17 | ) | |||||||||||||
Purchases | 3,358 | 0 | 1,790 | 0 | 51 | ||||||||||||||
Sales | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Issuances | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Settlements | 0 | (55 | ) | (2,331 | ) | 0 | (10 | ) | |||||||||||
Transfers into Level 3(1) | 0 | 1,068 | 1,408 | 404 | 343 | ||||||||||||||
Transfers out of Level 3(1) | 0 | (1,100 | ) | 1 | 0 | 0 | |||||||||||||
Other(3) | 0 | (1 | ) | 0 | 0 | (11 | ) | ||||||||||||
Fair Value, end of period | $ | 14,910 | $ | 1,162 | $ | 31,712 | $ | 411 | $ | 13,654 | |||||||||
Unrealized gains (losses) for assets still held(2): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | $ | 0 | $ | 0 | $ | (157 | ) | $ | 0 | $ | 0 | ||||||||
Asset management fees and other income | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Three Months Ended September 30, 2017 | |||||||||||||||||||
Fixed Maturities, Available-for-Sale | |||||||||||||||||||
Asset-Backed Securities(4) | Commercial Mortgage-Backed Securities | Trading Account Assets-Equity Securities | Equity Securities, Available-for-Sale | Short-term Investments | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fair Value, beginning of period | $ | 68,350 | $ | 0 | $ | 17,307 | $ | 43 | $ | 0 | |||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net(5) | 13 | 0 | 0 | 0 | 0 | ||||||||||||||
Asset management fees and other income | 0 | 0 | (198 | ) | 0 | 0 | |||||||||||||
Included in other comprehensive income (loss) | 187 | 0 | 0 | (1 | ) | 0 | |||||||||||||
Net investment income | 9 | 0 | 0 | 0 | 0 | ||||||||||||||
Purchases | 36,039 | 1,493 | 0 | 0 | 3,319 | ||||||||||||||
Sales | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Issuances | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Settlements | (3,317 | ) | 0 | 0 | 0 | (2,607 | ) | ||||||||||||
Transfers into Level 3(1) | 2,767 | 0 | 0 | 0 | 0 | ||||||||||||||
Transfers out of Level 3(1) | (1,506 | ) | 0 | 0 | 0 | 0 | |||||||||||||
Other(3) | 0 | 0 | 11 | 0 | 0 | ||||||||||||||
Fair Value, end of period | $ | 102,542 | $ | 1,493 | $ | 17,120 | $ | 42 | $ | 712 | |||||||||
Unrealized gains (losses) for assets still held(2): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Asset management fees and other income | $ | 0 | $ | 0 | $ | (198 | ) | $ | 0 | $ | 0 |
Three Months Ended September 30, 2017 | |||||||||||||||||||
Other Long-term Investments | Reinsurance Recoverables | Receivables from Parent and Affiliates | Future Policy Benefits | Policyholders' Account Balances | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fair Value, beginning of period | $ | 0 | $ | 7,192,057 | $ | 0 | $ | (6,424,559 | ) | $ | (31,978 | ) | |||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net(5) | 0 | (1,377,548 | ) | 0 | 1,373,736 | (6,209 | ) | ||||||||||||
Asset management fees and other income | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Interest credited to policyholders' account balances | 0 | 0 | 0 | 0 | 18,688 | ||||||||||||||
Included in other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Net investment income | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Purchases | 0 | 223,330 | 0 | 0 | 0 | ||||||||||||||
Sales | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Issuances | 0 | 0 | 0 | (221,503 | ) | 0 | |||||||||||||
Settlements | 0 | 0 | 0 | 0 | (17,026 | ) | |||||||||||||
Transfers into Level 3(1) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Transfers out of Level 3(1) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other(3) | 0 | (760,102 | ) | 0 | 0 | 0 | |||||||||||||
Fair Value, end of period | $ | 0 | $ | 5,277,737 | $ | 0 | $ | (5,272,326 | ) | $ | (36,525 | ) | |||||||
Unrealized gains (losses) for assets/liabilities still held(2): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | $ | 0 | $ | (1,320,981 | ) | $ | 0 | $ | 1,327,927 | $ | (6,209 | ) | |||||||
Asset management fees and other income | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Interest credited to policyholders' account balances | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 7,017 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
Fixed Maturities, Available-for-Sale | |||||||||||||||||||
U.S. Treasury Securities and obligations of U.S. government authorities and agencies | U.S. Corporate Public Securities | U.S. Corporate Private Securities | Foreign Corporate Public Securities | Foreign Corporate Private Securities | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fair Value, beginning of period | $ | 0 | $ | 55,109 | $ | 32,699 | $ | 0 | $ | 14,748 | |||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | 0 | 1 | (557 | ) | 0 | (114 | ) | ||||||||||||
Asset management fees and other income | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Included in other comprehensive income (loss) | 0 | (16 | ) | 240 | 7 | 1,382 | |||||||||||||
Net investment income | 0 | 0 | 149 | 0 | (60 | ) | |||||||||||||
Purchases | 11,340 | 0 | 13,499 | 0 | 167 | ||||||||||||||
Sales | 0 | (51,430 | ) | (767 | ) | 0 | 0 | ||||||||||||
Issuances | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Settlements | 0 | (471 | ) | (13,567 | ) | 0 | (1,011 | ) | |||||||||||
Transfers into Level 3(1) | 0 | 2,707 | 1,750 | 404 | 343 | ||||||||||||||
Transfers out of Level 3(1) | 0 | (1,167 | ) | (1,734 | ) | 0 | (1,790 | ) | |||||||||||
Other(3) | 3,570 | (3,571 | ) | 0 | 0 | (11 | ) | ||||||||||||
Fair Value, end of period | $ | 14,910 | $ | 1,162 | $ | 31,712 | $ | 411 | $ | 13,654 | |||||||||
Unrealized gains (losses) for assets still held(2): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | $ | 0 | $ | 0 | $ | (1,203 | ) | $ | 0 | $ | (62 | ) | |||||||
Asset management fees and other income | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
Fixed Maturities, Available-for-Sale | |||||||||||||||||||
Asset-Backed Securities(4) | Commercial Mortgage-Backed Securities | Trading Account Assets- Equity Securities | Equity Securities, Available-for-Sale | Short-term Investments | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fair Value, beginning of period | $ | 19,856 | $ | 0 | $ | 15,770 | $ | 75 | $ | 0 | |||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net(5) | 4,061 | 0 | 0 | 0 | 0 | ||||||||||||||
Asset management fees and other income | 0 | 0 | 1,339 | 0 | 0 | ||||||||||||||
Included in other comprehensive income (loss) | (3,455 | ) | 0 | 0 | (33 | ) | 0 | ||||||||||||
Net investment income | 97 | 0 | 0 | 0 | 0 | ||||||||||||||
Purchases | 64,681 | 1,493 | 0 | 0 | 3,319 | ||||||||||||||
Sales | (7,471 | ) | 0 | 0 | 0 | 0 | |||||||||||||
Issuances | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Settlements | (46,117 | ) | 0 | 0 | 0 | (2,607 | ) | ||||||||||||
Transfers into Level 3(1) | 75,143 | 0 | 0 | 0 | 0 | ||||||||||||||
Transfers out of Level 3(1) | (4,253 | ) | 0 | 0 | 0 | 0 | |||||||||||||
Other(3) | 0 | 0 | 11 | 0 | 0 | ||||||||||||||
Fair Value, end of period | $ | 102,542 | $ | 1,493 | $ | 17,120 | $ | 42 | $ | 712 | |||||||||
Unrealized gains (losses) for assets still held(2): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Asset management fees and other income | $ | 0 | $ | 0 | $ | 1,977 | $ | 0 | $ | 0 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
Other Long-term Investments | Reinsurance Recoverables | Receivables from Parent and Affiliates | Future Policy Benefits | Policyholders' Account Balances | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fair Value, beginning of period | $ | 0 | $ | 5,474,263 | $ | 6,493 | $ | (5,041,007 | ) | $ | (20,337 | ) | |||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net(5) | 0 | (115,660 | ) | 0 | 422,822 | (18,345 | ) | ||||||||||||
Asset management fees and other income | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Interest credited to policyholders' account balances | 0 | 0 | 0 | 0 | 18,688 | ||||||||||||||
Included in other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Net investment income | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Purchases | 0 | 679,236 | 0 | 0 | 0 | ||||||||||||||
Sales | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Issuances | 0 | 0 | 0 | (654,141 | ) | 0 | |||||||||||||
Settlements | 0 | 0 | 0 | 0 | (16,531 | ) | |||||||||||||
Transfers into Level 3(1) | 8 | 0 | 0 | 0 | 0 | ||||||||||||||
Transfers out of Level 3(1) | (8 | ) | 0 | (6,493 | ) | 0 | 0 | ||||||||||||
Other(3) | 0 | (760,102 | ) | 0 | 0 | 0 | |||||||||||||
Fair Value, end of period | $ | 0 | $ | 5,277,737 | $ | 0 | $ | (5,272,326 | ) | $ | (36,525 | ) | |||||||
Unrealized gains (losses) for assets/liabilities still held(2): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | $ | 0 | $ | (308,066 | ) | $ | 0 | $ | 311,314 | $ | (18,345 | ) | |||||||
Asset management fees and other income | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Interest credited to policyholders' account balances | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 18,688 |
Three Months Ended September 30, 2016 | |||||||||||||||||||
Fixed Maturities, Available-for-Sale | |||||||||||||||||||
U.S. Corporate Public Securities | U.S. Corporate Private Securities | Foreign Corporate Private Securities | Asset-Backed Securities(4) | Trading Account Assets - Equity Securities | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fair Value, beginning of period | $ | 55,003 | $ | 32,900 | $ | 10,369 | $ | 40,827 | $ | 16,882 | |||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | 0 | 60 | (1 | ) | (1 | ) | 0 | ||||||||||||
Asset management fees and other income | 0 | 0 | 0 | 0 | 1,084 | ||||||||||||||
Included in other comprehensive income (loss) | 88 | 513 | (440 | ) | 160 | 0 | |||||||||||||
Net investment income | 1 | 22 | (18 | ) | 27 | 0 | |||||||||||||
Purchases | 0 | 1,372 | 48 | 11,239 | 0 | ||||||||||||||
Sales | 0 | 0 | 1 | (5,347 | ) | 0 | |||||||||||||
Issuances | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Settlements | 0 | (1,272 | ) | (249 | ) | (276 | ) | 0 | |||||||||||
Transfers into Level 3(1) | 2,518 | 0 | 6,618 | 11,063 | 0 | ||||||||||||||
Transfers out of Level 3(1) | 0 | 0 | (73 | ) | (19,645 | ) | 0 | ||||||||||||
Other(3) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Fair Value, end of period | $ | 57,610 | $ | 33,595 | $ | 16,255 | $ | 38,047 | $ | 17,966 | |||||||||
Unrealized gains (losses) for assets still held(2): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Asset management fees and other income | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,084 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Equity Securities, Available-for-Sale | Other Long- term Investments | Reinsurance Recoverables | Receivables from Parent and Affiliates | Future Policy Benefits | Policyholders' account balances | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Fair Value, beginning of period | $ | 191 | $ | 2,479 | $ | 9,141,712 | $ | 556 | $ | (8,657,255 | ) | $ | (5,902 | ) | |||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||||||
Included in earnings: | |||||||||||||||||||||||
Realized investment gains (losses), net(5) | 0 | 0 | (369,456 | ) | (8,313 | ) | 385,422 | (5,777 | ) | ||||||||||||||
Asset management fees and other income | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Included in other comprehensive income (loss) | (70 | ) | 0 | 0 | 4 | 0 | 0 | ||||||||||||||||
Net investment income | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Purchases | 0 | 0 | 238,884 | 8,313 | 0 | 0 | |||||||||||||||||
Sales | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Issuances | 0 | 0 | 0 | 0 | (208,197 | ) | 0 | ||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | (5,480 | ) | ||||||||||||||||
Transfers into Level 3(1) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Transfers out of Level 3(1) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Other(3) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Fair Value, end of period | $ | 121 | $ | 2,479 | $ | 9,011,140 | $ | 560 | $ | (8,480,030 | ) | $ | (17,159 | ) | |||||||||
Unrealized gains (losses) for assets/liabilities still held(2): | |||||||||||||||||||||||
Included in earnings: | |||||||||||||||||||||||
Realized investment gains (losses), net | $ | 0 | $ | 0 | $ | 451,689 | $ | 0 | $ | 698,863 | $ | (4,240 | ) | ||||||||||
Asset management fees and other income | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||
Fixed Maturities, Available-for-Sale | |||||||||||||||||||
U.S. Corporate Public Securities | U.S. Corporate Private Securities | Foreign Corporate Private Securities | Asset-Backed Securities(4) | Trading Account Assets - Equity Securities | |||||||||||||||
(in thousands) | |||||||||||||||||||
Fair Value, beginning of period | $ | 55,003 | $ | 22,716 | $ | 17,773 | $ | 173,347 | $ | 18,248 | |||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | 0 | 35 | (160 | ) | (17 | ) | 0 | ||||||||||||
Asset management fees and other income | 0 | 0 | 0 | 0 | 1,320 | ||||||||||||||
Included in other comprehensive income (loss) | 87 | 337 | (910 | ) | (581 | ) | 0 | ||||||||||||
Net investment income | 1 | 52 | (4 | ) | 153 | 0 | |||||||||||||
Purchases | 0 | 1,779 | 167 | 18,424 | 0 | ||||||||||||||
Sales | 0 | (7,943 | ) | (1,949 | ) | (44,486 | ) | (4,862 | ) | ||||||||||
Issuances | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Settlements | 0 | (2,415 | ) | (6,794 | ) | (880 | ) | 0 | |||||||||||
Transfers into Level 3(1) | 2,519 | 19,034 | 8,205 | 46,706 | 0 | ||||||||||||||
Transfers out of Level 3(1) | 0 | 0 | (73 | ) | (154,619 | ) | 0 | ||||||||||||
Other(3) | 0 | 0 | 0 | 0 | 3,260 | ||||||||||||||
Fair Value, end of period | $ | 57,610 | $ | 33,595 | $ | 16,255 | $ | 38,047 | $ | 17,966 | |||||||||
Unrealized gains (losses) for assets still held(2): | |||||||||||||||||||
Included in earnings: | |||||||||||||||||||
Realized investment gains (losses), net | $ | 0 | $ | (508 | ) | $ | 0 | $ | (6 | ) | $ | 0 | |||||||
Asset management fees and other income | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 242 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Equity Securities, Available-for-Sale | Other Long- term Investments | Reinsurance Recoverables | Receivables from Parent and Affiliates | Future Policy Benefits | Policyholders' account balances | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Fair Value, beginning of period | $ | 165 | $ | 5,704 | $ | 4,940,011 | $ | 5,000 | $ | (5,205,434 | ) | $ | (5,902 | ) | |||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||||||
Included in earnings: | |||||||||||||||||||||||
Realized investment gains (losses), net(5) | 0 | 0 | 3,447,245 | (8,326 | ) | (2,675,399 | ) | (5,777 | ) | ||||||||||||||
Asset management fees and other income | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Included in other comprehensive income (loss) | (44 | ) | 0 | 0 | 24 | 0 | 0 | ||||||||||||||||
Net investment income | 0 | (67 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||
Purchases | 0 | 102 | 623,884 | 8,313 | 0 | 0 | |||||||||||||||||
Sales | 0 | 0 | 0 | (1,987 | ) | 0 | 0 | ||||||||||||||||
Issuances | 0 | 0 | 0 | 0 | (599,197 | ) | 0 | ||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | (5,480 | ) | ||||||||||||||||
Transfers into Level 3(1) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Transfers out of Level 3(1) | 0 | 0 | 0 | (2,464 | ) | 0 | 0 | ||||||||||||||||
Other(3) | 0 | (3,260 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||
Fair Value, end of period | $ | 121 | $ | 2,479 | $ | 9,011,140 | $ | 560 | $ | (8,480,030 | ) | $ | (17,159 | ) | |||||||||
Unrealized gains (losses) for assets/liabilities still held(2): | |||||||||||||||||||||||
Included in earnings: | |||||||||||||||||||||||
Realized investment gains (losses), net | $ | 0 | $ | 0 | $ | 8,646,173 | $ | 0 | $ | (2,752,958 | ) | $ | (5,777 | ) | |||||||||
Asset management fees and other income | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
(1) | Transfers into or out of any level are generally reported at the value as of the beginning of the quarter in which the transfer occurs for any such assets still held at the end of the quarter. |
(2) | Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. |
(3) | Other, except for Reinsurance Recoverables, primarily represents reclassifications of certain assets and liabilities between reporting categories. Other for Reinsurance Recoverables for the three and nine months ended September 30, 2017, represents the Company's recapture of the risks related to the no-lapse guarantees that were previously reinsured to UPARC and the discontinuation of embedded derivative accounting, effective July 1, 2017. |
(4) | Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types. |
(5) | Realized investment gains (losses) on Future Policy Benefits and Reinsurance Recoverables primarily represents the change in the fair value of the Company's living benefit guarantees on certain of its variable annuity contracts. Refer to Note 1 for impacts to Realized investment gains (losses) related to the Variable Annuities Recapture for the three and nine months ended September 30, 2016. |
September 30, 2017(1) | |||||||||||||||||||
Fair Value | Carrying Amount(2) | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Commercial mortgage and other loans | $ | 0 | $ | 0 | $ | 1,247,050 | $ | 1,247,050 | $ | 1,208,807 | |||||||||
Policy loans | 0 | 0 | 1,147,593 | 1,147,593 | 1,147,593 | ||||||||||||||
Cash and cash equivalents | 39,384 | 0 | 146,999 | 186,383 | 186,383 | ||||||||||||||
Accrued investment income | 0 | 81,478 | 0 | 81,478 | 81,478 | ||||||||||||||
Receivables from parent and affiliates | 0 | 196,383 | 0 | 196,383 | 196,383 | ||||||||||||||
Other assets | 0 | 39,095 | 0 | 39,095 | 39,095 | ||||||||||||||
Total assets | $ | 39,384 | $ | 316,956 | $ | 2,541,642 | $ | 2,897,982 | $ | 2,859,739 | |||||||||
Liabilities: | |||||||||||||||||||
Policyholders’ account balances - investment contracts | $ | 0 | $ | 1,151,614 | $ | 268,653 | $ | 1,420,267 | $ | 1,421,800 | |||||||||
Securities sold under agreements to repurchase | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Cash collateral for loaned securities | 0 | 15,615 | 0 | 15,615 | 15,615 | ||||||||||||||
Payables to parent and affiliates | 0 | 160,151 | 0 | 160,151 | 160,151 | ||||||||||||||
Other liabilities | 0 | 278,252 | 0 | 278,252 | 278,252 | ||||||||||||||
Total liabilities | $ | 0 | $ | 1,605,632 | $ | 268,653 | $ | 1,874,285 | $ | 1,875,818 |
December 31, 2016(1) | |||||||||||||||||||
Fair Value | Carrying Amount(2) | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Commercial mortgage and other loans | $ | 0 | $ | 0 | $ | 1,181,582 | $ | 1,181,582 | $ | 1,150,381 | |||||||||
Policy loans | 0 | 0 | 1,166,456 | 1,166,456 | 1,166,456 | ||||||||||||||
Cash and cash equivalents | 30,149 | 58,366 | 0 | 88,515 | 88,515 | ||||||||||||||
Accrued investment income | 0 | 87,322 | 0 | 87,322 | 87,322 | ||||||||||||||
Receivables from parent and affiliates | 0 | 76,315 | 0 | 76,315 | 76,315 | ||||||||||||||
Other assets | 0 | 37,969 | 0 | 37,969 | 37,969 | ||||||||||||||
Total assets | $ | 30,149 | $ | 259,972 | $ | 2,348,038 | $ | 2,638,159 | $ | 2,606,958 | |||||||||
Liabilities: | |||||||||||||||||||
Policyholders’ account balances - investment contracts | $ | 0 | $ | 1,129,378 | $ | 253,007 | $ | 1,382,385 | $ | 1,386,099 | |||||||||
Securities sold under agreements to repurchase | 0 | 68,904 | 0 | 68,904 | 68,904 | ||||||||||||||
Cash collateral for loaned securities | 0 | 74,976 | 0 | 74,976 | 74,976 | ||||||||||||||
Payables to parent and affiliates | 0 | 73,628 | 0 | 73,628 | 73,628 | ||||||||||||||
Other liabilities | 0 | 305,969 | 0 | 305,969 | 305,969 | ||||||||||||||
Total liabilities | $ | 0 | $ | 1,652,855 | $ | 253,007 | $ | 1,905,862 | $ | 1,909,576 |
(1) | Other long-term investments excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. At September 30, 2017 and December 31, 2016, the fair values of these cost method investments were $48 million and $35 million, respectively. The carrying value of these investments were $41 million and $32 million as of September 30, 2017 and December 31, 2016, respectively. |
(2) | Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments. |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
Gross Fair Value | Gross Fair Value | |||||||||||||||||||||||
Primary Underlying | Notional | Assets | Liabilities | Notional | Assets | Liabilities | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | ||||||||||||||||||||||||
Currency/Interest Rate | ||||||||||||||||||||||||
Foreign Currency Swaps | $ | 639,911 | $ | 23,127 | $ | (29,760 | ) | $ | 435,602 | $ | 44,040 | $ | (1,835 | ) | ||||||||||
Total Qualifying Hedges | $ | 639,911 | $ | 23,127 | $ | (29,760 | ) | $ | 435,602 | $ | 44,040 | $ | (1,835 | ) | ||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||||||||||||||||||||||
Interest Rate | ||||||||||||||||||||||||
Interest Rate Swaps | $ | 246,925 | $ | 26,435 | $ | 0 | $ | 101,076 | $ | 8,215 | $ | 0 | ||||||||||||
Foreign Currency | ||||||||||||||||||||||||
Foreign Currency Forwards | 18,375 | 38 | (355 | ) | 13,447 | 216 | (20 | ) | ||||||||||||||||
Credit | ||||||||||||||||||||||||
Credit Default Swaps | 1,594 | 0 | (115 | ) | 3,000 | 0 | (281 | ) | ||||||||||||||||
Currency/Interest Rate | ||||||||||||||||||||||||
Foreign Currency Swaps | 95,145 | 4,964 | (3,656 | ) | 56,626 | 7,789 | (211 | ) | ||||||||||||||||
Equity | ||||||||||||||||||||||||
Equity Options | 1,130,327 | 50,500 | (14,403 | ) | 649,807 | 30,624 | (10,507 | ) | ||||||||||||||||
Total Non-Qualifying Hedges | $ | 1,492,366 | $ | 81,937 | $ | (18,529 | ) | $ | 823,956 | $ | 46,844 | $ | (11,019 | ) | ||||||||||
Total Derivatives (1) | $ | 2,132,277 | $ | 105,064 | $ | (48,289 | ) | $ | 1,259,558 | $ | 90,884 | $ | (12,854 | ) |
(1) | Excludes embedded derivatives and the related reinsurance recoverables which contain multiple underlyings. |
September 30, 2017 | |||||||||||||||||||
Gross Amounts of Recognized Financial Instruments | Gross Amounts Offset in the Consolidated Statement of Financial Position | Net Amounts Presented in the Consolidated Statement of Financial Position | Financial Instruments/ Collateral (1) | Net Amount | |||||||||||||||
(in thousands) | |||||||||||||||||||
Offsetting of Financial Assets: | |||||||||||||||||||
Derivatives (1) | $ | 105,050 | $ | (48,407 | ) | $ | 56,643 | $ | (56,643 | ) | $ | 0 | |||||||
Securities purchased under agreements to resell | 147,000 | 0 | 147,000 | (147,000 | ) | 0 | |||||||||||||
Total Assets | $ | 252,050 | $ | (48,407 | ) | $ | 203,643 | $ | (203,643 | ) | $ | 0 | |||||||
Offsetting of Financial Liabilities: | |||||||||||||||||||
Derivatives (1) | $ | 48,289 | $ | (48,289 | ) | $ | 0 | $ | 0 | $ | 0 | ||||||||
Securities sold under agreements to repurchase | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Total Liabilities | $ | 48,289 | $ | (48,289 | ) | $ | 0 | $ | 0 | $ | 0 |
December 31, 2016 | |||||||||||||||||||
Gross Amounts of Recognized Financial Instruments | Gross Amounts Offset in the Consolidated Statement of Financial Position | Net Amounts Presented in the Consolidated Statement of Financial Position | Financial Instruments/ Collateral (1) | Net Amount | |||||||||||||||
(in thousands) | |||||||||||||||||||
Offsetting of Financial Assets: | |||||||||||||||||||
Derivatives (1) | $ | 90,877 | $ | (13,019 | ) | $ | 77,858 | $ | (77,858 | ) | $ | 0 | |||||||
Securities purchased under agreements to resell | 58,366 | 0 | 58,366 | (58,366 | ) | 0 | |||||||||||||
Total Assets | $ | 149,243 | $ | (13,019 | ) | $ | 136,224 | $ | (136,224 | ) | $ | 0 | |||||||
Offsetting of Financial Liabilities: | |||||||||||||||||||
Derivatives (1) | $ | 12,854 | $ | (12,854 | ) | $ | 0 | $ | 0 | $ | 0 | ||||||||
Securities sold under agreements to repurchase | 68,904 | 0 | 68,904 | (68,904 | ) | 0 | |||||||||||||
Total Liabilities | $ | 81,758 | $ | (12,854 | ) | $ | 68,904 | $ | (68,904 | ) | $ | 0 |
(1) | Amounts exclude the excess of collateral received/pledged from/to the counterparty. |
Three Months Ended September 30, 2017 | |||||||||||||||
Realized Investment Gains (Losses) | Net Investment Income | Other Income | AOCI (1) | ||||||||||||
(in thousands) | |||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||
Cash flow hedges | |||||||||||||||
Currency/Interest Rate | $ | 0 | $ | 1,705 | $ | (3,013 | ) | $ | (17,210 | ) | |||||
Total cash flow hedges | 0 | 1,705 | (3,013 | ) | (17,210 | ) | |||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||
Interest Rate | (2,160 | ) | 0 | 0 | 0 | ||||||||||
Currency | (537 | ) | 0 | 0 | 0 | ||||||||||
Currency/Interest Rate | (5,665 | ) | 0 | (28 | ) | 0 | |||||||||
Credit | (7 | ) | 0 | 0 | 0 | ||||||||||
Equity | 7,574 | 0 | 0 | 0 | |||||||||||
Embedded Derivatives | (303,055 | ) | 0 | 0 | 0 | ||||||||||
Total non-qualifying hedges | (303,850 | ) | 0 | (28 | ) | 0 | |||||||||
Total | $ | (303,850 | ) | $ | 1,705 | $ | (3,041 | ) | $ | (17,210 | ) | ||||
Nine Months Ended September 30, 2017 | |||||||||||||||
Realized Investment Gains (Losses) | Net Investment Income | Other Income | AOCI (1) | ||||||||||||
(in thousands) | |||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||
Cash flow hedges | |||||||||||||||
Currency/Interest Rate | $ | 0 | $ | 4,473 | $ | (7,805 | ) | $ | (39,924 | ) | |||||
Total cash flow hedges | 0 | 4,473 | (7,805 | ) | (39,924 | ) | |||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||
Interest Rate | (528 | ) | 0 | 0 | 0 | ||||||||||
Currency | (1,245 | ) | 0 | 0 | 0 | ||||||||||
Currency/Interest Rate | (4,607 | ) | 0 | (51 | ) | 0 | |||||||||
Credit | (44 | ) | 0 | 0 | 0 | ||||||||||
Equity | 18,016 | 0 | 0 | 0 | |||||||||||
Embedded Derivatives | (70,911 | ) | 0 | 0 | 0 | ||||||||||
Total non-qualifying hedges | (59,319 | ) | 0 | (51 | ) | 0 | |||||||||
Total | $ | (59,319 | ) | $ | 4,473 | $ | (7,856 | ) | $ | (39,924 | ) | ||||
Three Months Ended September 30, 2016 | |||||||||||||||
Realized Investment Gains (Losses) | Net Investment Income | Other Income | AOCI (1) | ||||||||||||
(in thousands) | |||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||
Cash flow hedges | |||||||||||||||
Currency/Interest Rate | $ | 0 | $ | 855 | $ | (828 | ) | $ | (6,848 | ) | |||||
Total cash flow hedges | 0 | 855 | (828 | ) | (6,848 | ) | |||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||
Interest Rate | (628 | ) | 0 | 0 | 0 | ||||||||||
Currency | 146 | 0 | 0 | 0 | |||||||||||
Currency/Interest Rate | 1,408 | 0 | 6 | 0 | |||||||||||
Credit | (157 | ) | 0 | 0 | 0 | ||||||||||
Equity | 2,063 | 0 | 0 | 0 | |||||||||||
Embedded Derivatives | (10,739 | ) | 0 | 0 | 0 | ||||||||||
Total non-qualifying hedges | (7,907 | ) | 0 | 6 | 0 | ||||||||||
Total | $ | (7,907 | ) | $ | 855 | $ | (822 | ) | $ | (6,848 | ) | ||||
Nine Months Ended September 30, 2016 | |||||||||||||||
Realized Investment Gains (Losses) | Net Investment Income | Other Income | AOCI (1) | ||||||||||||
(in thousands) | |||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||
Cash flow hedges | |||||||||||||||
Currency/Interest Rate | $ | 0 | $ | 3,143 | $ | (1,072 | ) | $ | (16,976 | ) | |||||
Total cash flow hedges | 0 | 3,143 | (1,072 | ) | (16,976 | ) | |||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||
Interest Rate | 191,250 | 0 | 0 | 0 | |||||||||||
Currency | 1,031 | 0 | 0 | 0 | |||||||||||
Currency/Interest Rate | 8,243 | 0 | (51 | ) | 0 | ||||||||||
Credit | (524 | ) | 0 | 0 | 0 | ||||||||||
Equity | (3,177 | ) | 0 | 0 | 0 | ||||||||||
Embedded Derivatives | 607,264 | 0 | 0 | 0 | |||||||||||
Total non-qualifying hedges | 804,087 | 0 | (51 | ) | 0 | ||||||||||
Total | $ | 804,087 | $ | 3,143 | $ | (1,123 | ) | $ | (16,976 | ) | |||||
(1) | Amounts deferred in AOCI. |
(in thousands) | |||
Balance, December 31, 2016 | $ | 40,931 | |
Net deferred gains (losses) on cash flow hedges from January 1 to September 30, 2017 | (42,098 | ) | |
Amounts reclassified into current period earnings | 2,175 | ||
Balance, September 30, 2017 | $ | 1,008 |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Reinsurance recoverables | $ | 31,626,758 | $ | 28,674,226 | |||
Policy loans | (122,434 | ) | (87,112 | ) | |||
Deferred policy acquisition costs | (6,789,173 | ) | (6,482,889 | ) | |||
Deferred sales inducements | (640,498 | ) | (615,117 | ) | |||
Other assets(1) | 214,528 | 226,347 | |||||
Policyholders’ account balances | 4,999,890 | 4,978,859 | |||||
Future policy benefits | 3,155,626 | 2,833,327 | |||||
Other liabilities(2) | 547,078 | 410,376 |
(1) | “Other assets” includes $0.1 million of unaffiliated activity as of both September 30, 2017 and December 31, 2016. |
(2) | “Other liabilities” includes $32 million and $28 million of unaffiliated activity as of September 30, 2017 and December 31, 2016, respectively. |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
PAR U | $ | 10,934,567 | $ | 10,514,125 | |||
PALAC | 8,090,730 | 7,706,860 | |||||
PURC | 3,471,325 | 3,153,449 | |||||
PARCC | 2,557,252 | 2,589,397 | |||||
GUL Re | 1,728,167 | 0 | |||||
PAR Term | 1,511,086 | 1,403,738 | |||||
Prudential of Taiwan | 1,365,857 | 1,246,241 | |||||
Prudential Insurance | 1,073,902 | 976,652 | |||||
Term Re | 873,902 | 593,084 | |||||
UPARC | 0 | 467,904 | |||||
Unaffiliated | 19,970 | 22,776 | |||||
Total reinsurance recoverables | $ | 31,626,758 | $ | 28,674,226 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Premiums: | |||||||||||||||
Direct | $ | 428,684 | $ | 403,893 | $ | 1,280,293 | $ | 1,203,591 | |||||||
Assumed(1) | 63 | 142 | 194 | 291 | |||||||||||
Ceded | (413,623 | ) | (375,020 | ) | (1,242,529 | ) | (2,009,044 | ) | |||||||
Net premiums | 15,124 | 29,015 | 37,958 | (805,162 | ) | ||||||||||
Policy charges and fee income: | |||||||||||||||
Direct | 824,514 | 753,980 | 2,593,583 | 2,038,611 | |||||||||||
Assumed | 119,170 | 112,825 | 351,464 | 417,048 | |||||||||||
Ceded(2) | (816,975 | ) | (778,326 | ) | (2,822,861 | ) | (1,781,686 | ) | |||||||
Net policy charges and fee income | 126,709 | 88,479 | 122,186 | 673,973 | |||||||||||
Net investment income: | |||||||||||||||
Direct | 87,605 | 104,448 | 269,999 | 290,104 | |||||||||||
Assumed | 376 | 356 | 1,104 | 1,051 | |||||||||||
Ceded | (1,459 | ) | (1,061 | ) | (3,925 | ) | (3,341 | ) | |||||||
Net investment income | 86,522 | 103,743 | 267,178 | 287,814 | |||||||||||
Asset administration fees: | |||||||||||||||
Direct | 86,716 | 80,474 | 251,709 | 229,865 | |||||||||||
Assumed | 0 | 0 | 0 | 0 | |||||||||||
Ceded | (82,161 | ) | (76,470 | ) | (238,577 | ) | (149,466 | ) | |||||||
Net asset administration fees | 4,555 | 4,004 | 13,132 | 80,399 | |||||||||||
Other income: | |||||||||||||||
Direct | 16,678 | 15,572 | 46,617 | 39,344 | |||||||||||
Assumed(3) | (25 | ) | (168 | ) | 184 | 216 | |||||||||
Ceded | 19 | 32 | (4 | ) | 27 | ||||||||||
Amortization of reinsurance income | 1,348 | 0 | 1,348 | (19,228 | ) | ||||||||||
Net other income | 18,020 | 15,436 | 48,145 | 20,359 | |||||||||||
Realized investment gains (losses), net: | |||||||||||||||
Direct | 1,390,083 | 383,846 | 442,408 | (2,378,582 | ) | ||||||||||
Assumed | 0 | 0 | 0 | 0 | |||||||||||
Ceded(4) | (1,665,269 | ) | (393,514 | ) | (473,583 | ) | 3,284,527 | ||||||||
Realized investment gains (losses), net | (275,186 | ) | (9,668 | ) | (31,175 | ) | 905,945 | ||||||||
Policyholders’ benefits (including change in reserves): | |||||||||||||||
Direct | 563,821 | 1,009,176 | 1,798,043 | 1,805,942 | |||||||||||
Assumed(5) | 154,389 | 181,318 | 402,025 | 653,892 | |||||||||||
Ceded(6) | (663,573 | ) | (1,135,998 | ) | (2,277,961 | ) | (2,777,218 | ) | |||||||
Net policyholders’ benefits (including change in reserves) | 54,637 | 54,496 | (77,893 | ) | (317,384 | ) | |||||||||
Interest credited to policyholders’ account balances: | |||||||||||||||
Direct | 139,715 | 41,888 | 249,063 | 360,999 | |||||||||||
Assumed | 33,858 | 33,662 | 101,687 | 99,080 | |||||||||||
Ceded | (135,377 | ) | (33,469 | ) | (221,827 | ) | (203,591 | ) | |||||||
Net interest credited to policyholders’ account balances | 38,196 | 42,081 | 128,923 | 256,488 | |||||||||||
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization | (502,172 | ) | (109,108 | ) | (968,627 | ) | (682,124 | ) |
(1) | "Premiums assumed" includes $0.1 million of unaffiliated activity for both the three months ended September 30, 2017 and 2016, and $0.2 million and $0.3 million for the nine months ended September 30, 2017 and 2016, respectively. |
(2) | "Policy charges and fee income ceded" includes $(4) million of unaffiliated activity for both the three months ended September 30, 2017 and 2016, and $(5) million and $(4) million for the nine months ended September 30, 2017 and 2016, respectively. |
(3) | "Other income assumed" includes $0.0 million and $(0.2) million of unaffiliated activity for the three months ended September 30, 2017 and 2016, respectively, and $0.2 million for both the nine months ended September 30, 2017 and 2016. |
(4) | “Realized investment gains (losses), net ceded” includes $(49) million and $(5) million of unaffiliated activity for the three months ended September 30, 2017 and 2016, respectively, and $(26) million and $41 million for the nine months ended September 30, 2017 and 2016, respectively. |
(5) | "Policyholders' benefits (including change in reserves) assumed" includes $0.0 million and $(0.2) million of unaffiliated activity for the three months ended September 30, 2017 and 2016, respectively, and $0.4 million and $0.0 million for the nine months ended September 30, 2017 and 2016, respectively. |
(6) | "Policyholders' benefits (including change in reserves) ceded" includes $(1) million and $(2) million of unaffiliated activity for the three months ended September 30, 2017 and 2016, respectively, and $5 million and $4 million for the nine months ended September 30, 2017 and 2016, respectively. |
2017 | 2016 | ||||||
(in thousands) | |||||||
Direct gross life insurance face amount in force | $ | 868,069,034 | $ | 813,797,417 | |||
Assumed gross life insurance face amount in force | 42,061,830 | 42,991,987 | |||||
Reinsurance ceded | (844,683,670 | ) | (792,883,439 | ) | |||
Net life insurance face amount in force | $ | 65,447,194 | $ | 63,905,965 |
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Foreign Currency Translation Adjustments | Net Unrealized Investment Gains (Losses)(1) | Total Accumulated Other Comprehensive Income (Loss) | |||||||||
(in thousands) | |||||||||||
Balance, December 31, 2016 | $ | (402 | ) | $ | 71,377 | $ | 70,975 | ||||
Change in OCI before reclassifications | 224 | 147,980 | 148,204 | ||||||||
Amounts reclassified from AOCI | 0 | (28,669 | ) | (28,669 | ) | ||||||
Income tax benefit (expense) | (78 | ) | (41,759 | ) | (41,837 | ) | |||||
Balance, September 30, 2017 | $ | (256 | ) | $ | 148,929 | $ | 148,673 |
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Foreign Currency Translation Adjustments | Net Unrealized Investment Gains (Losses)(1) | Total Accumulated Other Comprehensive Income (Loss) | |||||||||
(in thousands) | |||||||||||
Balance, December 31, 2015 | $ | (397 | ) | $ | 65,202 | $ | 64,805 | ||||
Change in OCI before reclassifications | 153 | 356,594 | 356,747 | ||||||||
Amounts reclassified from AOCI | 0 | (72,160 | ) | (72,160 | ) | ||||||
Income tax benefit (expense) | (54 | ) | (99,551 | ) | (99,605 | ) | |||||
Balance, September 30, 2016 | $ | (298 | ) | $ | 250,085 | $ | 249,787 |
(1) | Includes cash flow hedges of $1 million and $41 million as of September 30, 2017 and December 31, 2016, respectively, and $31 million and $48 million as of September 30, 2016 and December 31, 2015, respectively. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Amounts reclassified from AOCI (1)(2): | |||||||||||||||
Net unrealized investment gains (losses): | |||||||||||||||
Cash flow hedges - Currency/Interest rate(3) | $ | (2,962 | ) | $ | 1,213 | $ | (2,175 | ) | $ | 3,985 | |||||
Net unrealized investment gains (losses) on available-for-sale securities(4) | 31,556 | (2,730 | ) | 30,844 | 68,175 | ||||||||||
Total net unrealized investment gains (losses) | 28,594 | (1,517 | ) | 28,669 | 72,160 | ||||||||||
Total reclassifications for the period | $ | 28,594 | $ | (1,517 | ) | $ | 28,669 | $ | 72,160 |
(1) | All amounts are shown before tax. |
(2) | Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI. |
(3) | See Note 6 for additional information on cash flow hedges. |
(4) | See table below for additional information on unrealized investment gains (losses), including the impact on deferred policy acquisition costs and other costs, future policy benefits and policyholders’ account balances. |
Net Unrealized Gains (Losses) on Investments | Deferred Policy Acquisition Costs and Other Costs | Future Policy Benefits and Policyholders' Account Balances(2) | Deferred Income Tax (Liability) Benefit | Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses) | |||||||||||||||
(in thousands) | |||||||||||||||||||
Balance, December 31, 2016 | $ | 4,883 | $ | (1,559 | ) | $ | 1,279 | $ | (1,643 | ) | $ | 2,960 | |||||||
Net investment gains (losses) on investments arising during the period | (23 | ) | 0 | 0 | 8 | (15 | ) | ||||||||||||
Reclassification adjustment for (gains) losses included in net income | (3,991 | ) | 0 | 0 | 1,397 | (2,594 | ) | ||||||||||||
Reclassification adjustment for OTTI (gains) losses excluded from net income(1) | (58 | ) | 0 | 0 | 20 | (38 | ) | ||||||||||||
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | 0 | 1,416 | 0 | (496 | ) | 920 | |||||||||||||
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | 0 | 0 | (1,213 | ) | 424 | (789 | ) | ||||||||||||
Balance, September 30, 2017 | $ | 811 | $ | (143 | ) | $ | 66 | $ | (290 | ) | $ | 444 |
(1) | Represents "transfers in" related to the portion of OTTI losses recognized during the period that were not recognized in earnings for securities with no prior OTTI loss. |
(2) | Balances are net of reinsurance. |
Net Unrealized Gains (Losses) on Investments(2) | Deferred Policy Acquisition Costs and Other Costs | Future Policy Benefits and Policyholders' Account Balances(3) | Deferred Income Tax (Liability) Benefit | Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses) | |||||||||||||||
(in thousands) | |||||||||||||||||||
Balance, December 31, 2016 | $ | 107,549 | $ | (17,235 | ) | $ | 14,774 | $ | (36,671 | ) | $ | 68,417 | |||||||
Net investment gains (losses) on investments arising during the period | 97,462 | 0 | 0 | (34,111 | ) | 63,351 | |||||||||||||
Reclassification adjustment for (gains) losses included in net income | 32,660 | 0 | 0 | (11,431 | ) | 21,229 | |||||||||||||
Reclassification adjustment for OTTI (gains) losses excluded from net income(1) | 58 | 0 | 0 | (20 | ) | 38 | |||||||||||||
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | 0 | (7,855 | ) | 0 | 2,749 | (5,106 | ) | ||||||||||||
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | 0 | 0 | 855 | (299 | ) | 556 | |||||||||||||
Balance, September 30, 2017 | $ | 237,729 | $ | (25,090 | ) | $ | 15,629 | $ | (79,783 | ) | $ | 148,485 |
(1) | Includes cash flow hedges. See Note 6 for information on cash flow hedges. |
(2) | Represents "transfers out" related to the portion of OTTI losses recognized during the period that were not recognized in earnings for securities with no prior OTTI loss. |
(3) | Balances are net of reinsurance. |
Maturity Dates | Interest Rates | September 30, 2017 | December 31, 2016 | |||||||||||||
(in thousands) | ||||||||||||||||
U.S. Dollar floating rate notes | 2028 | 2.73% | - | 2.76 | % | $ | 6,556 | $ | 0 | |||||||
U.S. Dollar fixed rate notes | 2022 | - | 2028 | 0.00% | - | 14.85 | % | 131,171 | 137,636 | |||||||
Total long-term notes receivable - affiliated(1) | $ | 137,727 | $ | 137,636 |
(1) | All long-term notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances. |
Affiliate | Date | Transaction | Security Type | Fair Value | Book Value | APIC, Net of Tax Increase/(Decrease) | Realized Investment Gain/(Loss) | |||||||||||||||
(in thousands) | ||||||||||||||||||||||
Prudential Insurance | March 2016 | Sale | Fixed Maturities & Short-Term Investments | $ | 88,783 | $ | 88,875 | $ | (60 | ) | $ | 0 | ||||||||||
PALAC | January 2017 | Purchase | Fixed Maturities & Short-Term Investments | $ | 29 | $ | 29 | $ | 0 | $ | 0 | |||||||||||
Prudential Insurance | June 2017 | Sale | Fixed Maturities & Short-Term Investments | $ | 16,965 | $ | 16,515 | $ | 293 | $ | 0 | |||||||||||
Prudential Insurance | June 2017 | Sale | Commercial Mortgages | $ | 43,198 | $ | 42,301 | $ | 584 | $ | 0 | |||||||||||
UPARC | September 2017 | Transfer In | Other Long-Term Investments | $ | 37,354 | $ | 37,354 | $ | 0 | $ | 0 | |||||||||||
GUL Re | September 2017 | Transfer Out | Other Long-Term Investments | $ | 72,354 | $ | 72,354 | $ | 0 | $ | 0 | |||||||||||
GUL Re | September 2017 | Transfer Out | Fixed Maturities & Short-Term Investments | $ | 1,254,457 | $ | 1,195,697 | $ | 0 | $ | 58,760 | |||||||||||
Prudential Financial | September 2017 | Transfer In | Fixed Maturities & Short-Term Investments | $ | 415,271 | $ | 376,412 | $ | 25,259 | $ | 0 | |||||||||||
Prudential Financial | September 2017 | Transfer Out | Fixed Maturities & Short-Term Investments | $ | 415,271 | $ | 376,412 | $ | 25,259 | $ | 0 | |||||||||||
UPARC | September 2017 | Transfer In | Fixed Maturities & Short-Term Investments | $ | 417,067 | $ | 385,459 | $ | 0 | $ | 31,608 | |||||||||||
UPARC | September 2017 | Transfer In | Trading Account Assets | $ | 6,225 | $ | 5,002 | $ | 0 | $ | 1,223 | |||||||||||
GUL Re | September 2017 | Transfer Out | Trading Account Assets | $ | 6,225 | $ | 5,002 | $ | 0 | $ | 1,223 | |||||||||||
UPARC | September 2017 | Purchase | Other Long-Term Investments - Derivatives | $ | 20,685 | $ | 20,685 | $ | 0 | $ | 0 |
(UNAUDITED) | |||||||||||
Nine Months Ended September 30, 2016 | |||||||||||
As Previously Reported | Revision | As Revised | |||||||||
(in thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Policy charges and fee income | $ | 103,829 | $ | (16,238 | ) | $ | 87,591 | ||||
Reinsurance recoverables | (1,369,986 | ) | 61,840 | (1,308,146 | ) | ||||||
Other, net | 19,979 | (211,545 | ) | (191,566 | ) | ||||||
Cash flows from (used in) operating activities | (43,926 | ) | (165,943 | ) | (209,869 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from the sale/maturity/prepayment of: | |||||||||||
Fixed maturities, available-for-sale | 930,834 | 40,000 | 970,834 | ||||||||
Cash flows from (used in) investing activities | (795,911 | ) | 40,000 | (755,911 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Policyholders' account deposits | 3,085,729 | 40,119 | 3,125,848 | ||||||||
Ceded policyholders’ account deposits | (877,874 | ) | (810,163 | ) | (1,688,037 | ) | |||||
Ceded policyholders’ account withdrawals | 49,958 | 695,666 | 745,624 | ||||||||
Contributed capital | 205,000 | 200,321 | 405,321 | ||||||||
Cash flows from (used in) financing activities | 548,328 | 125,943 | 674,271 |
• | DAC and other costs, including deferred sales inducements (“DSI”); |
• | Valuation of investments, including derivatives, and the recognition of other-than-temporary impairments ("OTTI"); |
• | Policyholder liabilities; |
• | Reinsurance recoverables; |
• | Taxes on income; and |
• | Reserves for contingencies, including reserves for losses in connection with unresolved legal matters. |
• | Separate account assets increased $9.6 billion, primarily driven by market appreciation, partially offset by policy charges. |
• | Reinsurance recoverables increased $3.0 billion. The increase was primarily driven by universal and term life as well as variable annuities business growth, the recapture of the risks related to the no-lapse guarantees that were previously reinsured to Universal Prudential Arizona Reinsurance Company (“UPARC”), and subsequent reinsurance of Universal Protector and Universal Life policies to Gibraltar Universal Life Reinsurance Company (“GUL Re”), Hartford guaranteed universal life business ceded to Prudential Arizona Reinsurance Universal Company (“PAR U”), and an increase in the reinsured variable annuity living benefit liabilities driven by spread tightening and living benefit reserve growth, partially offset by favorable markets. |
• | Separate account liabilities increased $9.6 billion, corresponding to the increase in separate account assets described above. |
• | Future policy benefits increased $1.4 billion, primarily due to term and universal life business growth, an increase in ceded Hartford guaranteed universal life reserves, and an increase in the reinsured variable annuity living benefit liabilities, as discussed above. |
• | Policyholders’ account balances increased $0.8 billion, primarily driven by universal life and variable annuities business growth. |
EXHIBIT INDEX |
101.INS - XBRL Instance Document |
101.SCH - XBRL Taxonomy Extension Schema Document. |
101.CAL - XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB - XBRL Taxonomy Extension Label Linkbase Document |
101.PRE - XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF - XBRL Taxonomy Extension Definition Linkbase Document |
Pruco Life Insurance Company | ||
By: | /s/ John Chieffo | |
Name: | John Chieffo | |
Vice President and Chief Financial Officer | ||
(Authorized Signatory and Principal Financial Officer) |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Lori D. Fouché | |
Lori D. Fouché | |
President and Chief Executive Officer |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ John Chieffo | |
John Chieffo | |
Vice President and Chief Financial Officer |
/s/ Lori D. Fouché | |
Lori D. Fouché | |
President and Chief Executive Officer |
/s/ John Chieffo | |
John Chieffo | |
Vice President and Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Nov. 09, 2017 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | PRUCO LIFE INSURANCE CO | |
Entity Central Index Key | 0000777917 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 250,000 |
Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Fixed maturities, available for sale, at amortized cost | $ 4,871,778 | $ 5,552,911 |
Equity securities, available-for-sale, at cost | $ 20,754 | $ 16,390 |
Common stock, par value (in dollars per share) | $ 10 | $ 10 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 250,000 | 250,000 |
Common stock, shares outstanding | 250,000 | 250,000 |
Unaudited Interim Consolidated Statements of Equity - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total Equity |
|||
---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2015 | $ 2,500 | $ 779,973 | $ 3,635,147 | $ 64,805 | $ 4,482,425 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Contributed capital | $ 405,321 | 205,000 | 205,000 | ||||||
Dividend to parent | (2,593,519) | (2,593,519) | |||||||
Contributed (distributed) capital-parent/child asset transfers | 1,090 | 1,090 | |||||||
Comprehensive income (loss): | |||||||||
Net income (loss) | 480,682 | [1] | 480,682 | 480,682 | |||||
Other comprehensive income (loss), net of tax | 184,982 | 184,982 | 184,982 | ||||||
Total comprehensive income (loss) | 665,664 | ||||||||
Ending Balance at Sep. 30, 2016 | 2,500 | 986,063 | 1,522,310 | 249,787 | 2,760,660 | ||||
Beginning Balance at Dec. 31, 2016 | 2,500 | 986,062 | 1,437,266 | 70,975 | 2,496,803 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Contributed capital | 148,500 | 153,500 | 153,500 | ||||||
Dividend to parent | 0 | 0 | |||||||
Contributed (distributed) capital-parent/child asset transfers | 875 | 875 | |||||||
Comprehensive income (loss): | |||||||||
Net income (loss) | 210,740 | [1] | 210,740 | 210,740 | |||||
Other comprehensive income (loss), net of tax | $ 77,698 | 77,698 | 77,698 | ||||||
Total comprehensive income (loss) | 288,438 | ||||||||
Ending Balance at Sep. 30, 2017 | $ 2,500 | $ 1,140,437 | $ 1,648,006 | $ 148,673 | $ 2,939,616 | ||||
|
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income (loss) | [1] | $ 210,740 | $ 480,682 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Policy charges and fee income | (124,187) | 87,591 | ||
Interest credited to policyholders’ account balances | 128,923 | 256,488 | ||
Realized investment (gains) losses, net | 31,175 | (905,945) | ||
Amortization and other non-cash items | (46,435) | (52,910) | ||
Change in: | ||||
Future policy benefits | 1,466,123 | 1,408,003 | ||
Reinsurance recoverables | (1,594,691) | (1,308,146) | ||
Accrued investment income | (2,828) | 15,601 | ||
Net payables to/receivables from parent and affiliates | (33,543) | (41,176) | ||
Deferred policy acquisition costs | (116,519) | 357,105 | ||
Income taxes | 53,508 | (115,247) | ||
Deferred sales inducements | 0 | (2,151) | ||
Derivatives, net | 3,945 | (198,198) | ||
Other, net | 109,283 | (191,566) | ||
Cash flows from (used in) operating activities | 85,494 | (209,869) | ||
Proceeds from the sale/maturity/prepayment of: | ||||
Fixed maturities, available-for-sale | 875,580 | 970,834 | ||
Short-term investments | 68,247 | 255,026 | ||
Policy loans | 107,002 | 105,840 | ||
Ceded policy loans | (11,273) | (7,330) | ||
Commercial mortgage and other loans | 112,174 | 195,344 | ||
Other long-term investments | 10,913 | 7,463 | ||
Equity securities, available-for-sale | 510 | 31,602 | ||
Trading account assets | 214 | 0 | ||
Payments for the purchase/origination of: | ||||
Fixed maturities, available-for-sale | (1,038,434) | (1,781,534) | ||
Short-term investments | (32,316) | (241,827) | ||
Policy loans | (84,190) | (87,199) | ||
Ceded policy loans | 13,309 | 12,297 | ||
Commercial mortgage and other loans | (164,199) | (225,317) | ||
Other long-term investments | (22,255) | (25,175) | ||
Equity securities, available-for-sale | (5,000) | (5,000) | ||
Trading account assets | 15,019 | 0 | ||
Notes receivable from parent and affiliates, net | 5,339 | 19,543 | ||
Derivatives, net | (17,899) | 19,522 | ||
Other, net | (153,367) | 0 | ||
Cash flows from (used in) investing activities | (350,664) | (755,911) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Policyholders’ account deposits | 3,325,383 | 3,125,848 | ||
Ceded policyholders’ account deposits | (2,256,796) | (1,688,037) | ||
Policyholders’ account withdrawals | (2,029,593) | (1,910,500) | ||
Ceded policyholders’ account withdrawals | 1,263,110 | 745,624 | ||
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities | (128,265) | 93,084 | ||
Contributed capital | 148,500 | 405,321 | ||
Contributed (distributed) capital - parent/child asset transfers | 1,346 | 1,676 | ||
Repayments of debt (maturities longer than 90 days) | 0 | (125,000) | ||
Drafts outstanding | 41,654 | 26,255 | ||
Cash flows from (used in) financing activities | 365,339 | 674,271 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 100,169 | (291,509) | ||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 96,157 | 370,286 | ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | 196,326 | $ 78,777 | ||
Significant Non-Cash Transactions | ||||
Decreases in fixed maturities, available-for-sale | 837,000 | |||
Decreases in other long-term investments related to tax settlements | $ 35,000 | |||
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Business and Basis of Presentation |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business and Basis of Presentation | BUSINESS AND BASIS OF PRESENTATION Pruco Life Insurance Company (“Pruco Life”) is a wholly-owned subsidiary of The Prudential Insurance Company of America (“Prudential Insurance”), which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Pruco Life is a stock life insurance company organized in 1971 under the laws of the State of Arizona. It is licensed to sell life insurance and annuities in the District of Columbia, Guam and in all States except New York, and sells such products primarily through affiliated and unaffiliated distributors. Pruco Life has two subsidiaries, including one wholly-owned insurance subsidiary, Pruco Life Insurance Company of New Jersey (“PLNJ”) and one indirect subsidiary formed in 2009 for the purpose of holding certain commercial loan investments. Pruco Life and its subsidiaries are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis. PLNJ is a stock life insurance company organized in 1982 under the laws of the state of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only. Through March 31, 2016, the Company reinsured the majority of its variable annuity living benefit guarantees to an affiliated reinsurance company, Pruco Reinsurance, Ltd. ("Pruco Re"). Effective April 1, 2016, the Company recaptured the risks related to its variable annuity living benefit guarantees that were previously reinsured to Pruco Re. In addition, the Company reinsured variable annuity base contracts, along with the living benefit guarantees, to Prudential Annuities Life Assurance Corporation ("PALAC"), excluding the PLNJ business, which was reinsured to Prudential Insurance, in each case under a coinsurance and modified coinsurance agreement. These reinsurance agreements cover new and in force business and exclude business reinsured externally. The product risks related to the reinsured business are being managed in PALAC and Prudential Insurance, as applicable. In addition, the living benefit hedging program related to the reinsured living benefit guarantees is being managed within PALAC and Prudential Insurance, as applicable. These series of transactions are collectively referred to as the "Variable Annuities Recapture". The financial statement impacts of these transactions were as follows: Affected Financial Statement Lines Only Interim Statement of Financial Position
Significant Non-Cash Transactions
Statement of Operations and Comprehensive Income (Loss) Day 1 Impact of the Variable Annuities Recapture
As part of the Variable Annuities Recapture, the Company received invested assets of $4.2 billion as consideration from Pruco Re, which is equivalent to the amount of statutory reserve credit taken as of March 31, 2016 and unwound the associated reinsurance recoverable of $6.3 billion. As a result, the Company recognized a loss of $2.1 billion immediately. As part of the Variable Annuities Recapture, the Company transferred invested assets of $7 billion and $0.7 billion to PALAC and Prudential Insurance, respectively, and established reinsurance recoverables of $10.3 billion. In addition, the Company received ceding commissions of $3.6 billion and $0.4 billion from PALAC and Prudential Insurance, respectively, of which $1.1 billion and $0.1 billion were in the form of reassignment of debt to PALAC and Prudential Insurance, respectively. Also, the Company unwound its deferred policy acquisition costs ("DAC") and deferred sales inducements ("DSI") balances related to its variable annuity contracts as of March 31, 2016, which was equivalent to the ceding commission. For the reinsurance of the variable annuity base contracts, the Company recognized a loss of $0.2 billion, which was deferred and will subsequently be amortized through General, administrative and other expenses. For the reinsurance of the living benefit guarantees, the Company recognized a benefit of $2.8 billion immediately since the reinsurance contract is accounted for as a free-standing derivative. The Company paid a dividend of $2.6 billion to Prudential Insurance, which was then distributed to Prudential Financial. The following table summarizes the asset transfers related to Variable Annuities Recapture between the Company and its affiliates.
Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining DAC and related amortization; amortization of DSI; valuation of investments including derivatives and the recognition of other-than-temporary impairments (“OTTI”); future policy benefits including guarantees; reinsurance recoverables; provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal matters. Revision to Prior Period Consolidated Financial Statements In 2016, the Company identified errors in the calculation of reserves for certain individual life insurance products that impacted several line items within our previously issued consolidated financial statements. Prior period amounts have been revised in the Consolidated Financial Statements and related disclosures to correct these errors. In addition, the Company identified errors in the presentation of certain activity related to the Variable Annuities Recapture that impacted several line items within our previously issued Consolidated Statements of Cash Flows. While these items affect the subtotals of cash flows from operating, investing and financing activities, they have no impact on the net increase (decrease) in cash and cash equivalents for the previous reported periods. Prior period amounts presented have been revised. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly or annual financial statements. See Note 11 for a more detailed description of the revisions and for comparisons of amounts previously reported to the revised amounts. Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period presentation. |
Significant Accounting Policies and Pronouncements |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies and Pronouncements | SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS Accounting for Certain Reinsurance Contracts in the Individual Life business During the second quarter of 2017, the Company recognized a pre-tax charge of $2 million, reflecting a change in estimate of reinsurance cash flows associated with universal life products as well as a change in method of reflecting these cash flows in the financial statements. Under the previous method of accounting, with the exception of recoveries pertaining to no lapse guarantees, reinsurance cash flows (e.g., premiums and recoveries) were generally recognized as they occurred. Under the new method, the expected reinsurance cash flows are recognized more ratably over the life of the underlying reinsured policies. In conjunction with this change, the way in which reinsurance is reflected in estimated gross profits used for the amortization of unearned revenue reserves and DAC was also revised. The change represents a change in accounting estimate effected by a change in accounting principle and was included within the Company’s annual reviews and update of assumptions and other refinements. The change in accounting estimate reflected insights gained from revised cash flow modeling enabled by a systems conversion, which prompted the change to a preferable accounting method. This new methodology is viewed as preferable as the Company believes it better reflects the economics of reinsurance transactions by aligning the results of reinsurance activity more closely to the underlying direct insurance activity and by better reflecting the profit pattern of this business for purposes of the amortization of the balances noted above. The impacts of the pre-tax charge of $2 million in the second quarter of 2017 were as follows:
Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates ("ASU") to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASU. ASU listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of the date of this filing. ASU not listed below were assessed and determined to be either not applicable or not material. There have been no ASU adopted during the nine months ended September 30, 2017. ASU issued but not yet adopted as of the nine months ended September 30, 2017
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Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | INVESTMENTS Fixed Maturities and Equity Securities The following tables set forth information relating to fixed maturities and equity securities (excluding investments classified as trading), as of the dates indicated:
The following tables set forth the fair value and gross unrealized losses aggregated by investment category and length of time that individual fixed maturity and equity securities had been in a continuous unrealized loss position, as of the dates indicated:
As of September 30, 2017 and December 31, 2016, the gross unrealized losses on fixed maturity securities were composed of $22.0 million and $93.3 million, respectively, related to "1" highest quality or "2" high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $4.4 million and $9.2 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of September 30, 2017, the $19.5 million of gross unrealized losses on fixed maturity securities of twelve months or more were concentrated in the energy, finance and consumer non-cyclical sectors of the Company's corporate securities. As of December 31, 2016, the $33.8 million of gross unrealized losses on fixed maturity securities of twelve months or more were concentrated in the energy, finance and utility sectors of the Company's corporate securities. In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, the Company concluded that an adjustment to earnings for OTTI for these fixed maturity securities was not warranted at either September 30, 2017 or December 31, 2016. These conclusions were based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to general credit spread widening, increases in interest rates and foreign currency exchange rate movements. As of September 30, 2017, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of both September 30, 2017 and December 31, 2016, none of the gross unrealized losses on equity securities represented declines in value of 20% or more. In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, the Company concluded that an adjustment to earnings for OTTI for these equity securities was not warranted at either September 30, 2017 or December 31, 2016. The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date. The following table sets forth the sources of fixed maturity and equity security proceeds and related investment gains (losses), as well as losses on impairments of both fixed maturities and equity securities, for the periods indicated:
The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company for which a portion of the OTTI loss was recognized in OCI and the corresponding changes in such amounts, for the periods indicated:
Trading Account Assets The following table sets forth the composition of “Trading account assets,” as of the dates indicated:
The net change in unrealized gains (losses) from trading account assets still held at period end, recorded within “Other income,” was $1.4 million and $1.4 million for the three months ended September 30, 2017 and 2016, respectively, and $5.0 million and $3.5 million for the nine months ended September 30, 2017 and 2016, respectively. Commercial Mortgage and Other Loans The following table sets forth the composition of "Commercial mortgage and other loans," as of the dates indicated:
As of September 30, 2017, the commercial mortgage and agricultural property loans were geographically dispersed throughout the United States (with the largest concentrations in California (24%), Texas (14%) and New Jersey (6%)) and included loans secured by properties in Australia and Europe. The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated:
The following tables set forth the allowance for credit losses and the recorded investment in commercial mortgage and other loans, as of the dates indicated:
The following tables set forth certain key credit quality indicators for commercial mortgage and agricultural property loans based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
The following tables set forth an aging of past due commercial mortgage and other loans, based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
For the three and nine months ended September 30, 2017, there were no commercial mortgage and other loans acquired, other than those through direct origination. For the three months ended September 30, 2017, there were no commercial mortgage and other loans sold. For the nine months ended September 30, 2017, there were $42 million of commercial mortgage and other loans sold. For the three and nine months ended September 30, 2016, there were no commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold. For the three and nine months ended September 30, 2017, there were no commercial mortgage and other loans transferred to related parties. For the three months ended September 30, 2016, there were no transfers of commercial mortgage and other loans to related parties. For the nine months ended September 30, 2016, there were $631 million of commercial mortgage and other loans transferred to related parties. The Company’s commercial mortgage and other loans may occasionally be involved in a troubled debt restructuring. For the three and nine months ended September 30, 2017 and 2016, there were no new troubled debt restructurings related to commercial mortgage and other loans and no payment defaults on commercial mortgage and other loans that were modified as a troubled debt restructuring within the twelve months preceding. As of both September 30, 2017 and December 31, 2016, the Company had no significant commitments to provide additional funds to borrowers that had been involved in a troubled debt restructuring. For additional information relating to the accounting for troubled debt restructurings, see Note 2 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. Other Long-Term Investments The following table sets forth the composition of “Other long-term investments,” as of the dates indicated:
Net Investment Income The following table sets forth "Net investment income" by investment type, for the periods indicated:
Realized Investment Gains (Losses), Net The following table sets forth "Realized investment gains (losses), net," by investment type, for the periods indicated:
Net Unrealized Gains (Losses) on Investments The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
Securities Lending and Repurchase Agreements In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of "Cash collateral for loaned securities," which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
The following table sets forth the composition of "Securities sold under agreements to repurchase," as of the dates indicated:
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Income Taxes |
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Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax | INCOME TAXES The Company uses a full year projected effective tax rate approach to calculate year-to-date taxes. In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. The projected effective tax rate is the ratio of projected “Total income tax expense” divided by projected “Income from operations before income taxes”. Our income tax provision amounted to an income tax benefit of $69.1 million, or (48.7)% of income from operations before income taxes in the first nine months of 2017, compared to a benefit of $74.9 million, or (15.0)% of income from operations before income taxes in the first nine months of 2016. The Company’s current and prior effective tax rates differed from the U.S. statutory rate of 35% primarily due to non-taxable investment income, tax credits, and domestic production activities deduction. |
Fair Value of Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities | FAIR VALUE OF ASSETS AND LIABILITIES Fair Value Measurement - Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1 – Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. Level 2 – Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs. Level 3 – Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value. For a discussion of the Company's valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 9 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. Assets and Liabilities by Hierarchy Level – The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
Transfers between Levels 1 and 2 – Transfers between levels are made to reflect changes in observability of inputs and market activity. Transfers into or out of any level are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such assets still held at the end of the quarter. Periodically there are transfers between Level 1 and Level 2 for assets held in the Company’s Separate Account. During both the three and nine months ended September 30, 2017 and 2016, there were no transfers between Level 1 and Level 2. Quantitative Information Regarding Internally Priced Level 3 Assets and Liabilities – The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities.
Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another, or multiple, inputs. For discussion of the relationships between unobservable inputs as well as market factors that may affect the range of inputs used in the valuation of Level 3 assets and liabilities, see Note 9 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. Changes in Level 3 assets and liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on the significance of the unobservable inputs in the overall fair value measurement. Transfers into Level 3 are generally the result of unobservable inputs utilized within the valuation methodologies or the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. For further information on valuation processes, see Note 9 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.
Fair Value of Financial Instruments The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value. For additional information regarding the methods and significant assumptions used to estimate their fair value, see Note 9 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | DERIVATIVE INSTRUMENTS Types of Derivative Instruments and Derivative Strategies The Company utilizes various derivative instruments and strategies to manage its risk. Commonly used derivative instruments include, but are not necessarily limited to: •Interest rate contracts: swaps, options, swaptions, caps and floors •Equity contracts: options and total return swaps •Foreign exchange contracts: futures, options, forwards and swaps •Credit contracts: single and index reference credit default swaps •Other contracts: embedded derivatives For detailed information on these contracts and the related strategies, see Note 10 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Primary Risks Managed by Derivatives The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying, excluding embedded derivatives which are recorded with the associated host and the related reinsurance recoverables. Many derivative instruments contain multiple underlyings. The fair value amounts below represent the gross fair value of derivative contracts prior to taking into account the netting effects of master netting agreements, cash collateral held with the same counterparty, and non-performance risk.
The fair value of the embedded derivatives, included in "Future policy benefits," was a net liability of $5,272 million and $5,041 million as of September 30, 2017 and December 31, 2016, respectively. The fair value of the related reinsurance recoverables, included in "Reinsurance recoverables," was an asset of $5,278 million and $5,474 million as of September 30, 2017 and December 31, 2016, respectively. Of these reinsurance recoverables, the fair value related to the living benefits guarantee from PALAC and Prudential Insurance was an asset of $5,280 million and $5,041 million and the fair value related to the Prudential Premier® Retirement Variable Annuity from Union Hamilton was a liability of $2 million and an asset of $0 million as of September 30, 2017 and December 31, 2016, respectively. Effective July 1, 2017, the Company recaptured the risks related to the no-lapse guarantees that were previously reinsured to UPARC and discontinued the embedded derivative accounting. The fair value related to the no-lapse guarantee from UPARC was an asset of $433 million as of December 31, 2016. See Note 8 for additional information on these reinsurance agreements. The fair value of the embedded derivatives, included in "Policyholders' account balances," was a net liability of $37 million and $20 million as of September 30, 2017 and December 31, 2016, respectively. There was no related reinsurance recoverable. Offsetting Assets and Liabilities The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 10. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information on the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Cash Flow Hedges The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency swaps. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, equity or embedded derivatives in any of its cash flow hedge accounting relationships. The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.
For both the three and nine months ended September 30, 2017 and 2016, the ineffective portion of derivatives accounted for using hedge accounting was not material to the Company’s results of operations. Also, there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. Presented below is a rollforward of current period cash flow hedges in “Accumulated other comprehensive income (loss)” before taxes:
Using September 30, 2017 values, it is estimated that a pre-tax gain of $6 million will be reclassified from AOCI to earnings during the subsequent twelve months ending September 30, 2018, offset by amounts pertaining to the hedged items. As of September 30, 2017, the Company did not have any qualifying cash flow hedges of forecasted transactions other than those related to the variability of the payment or receipt of interest or foreign currency amounts on existing financial instruments. The maximum length of time for which these variable cash flows are hedged is 40 years. Income amounts deferred in AOCI as a result of cash flow hedges are included in “Net unrealized investment gains (losses)” within OCI in the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). Credit Derivatives As of September 30, 2017 and December 31, 2016, the Company has not written credit protection. The Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. The Company has outstanding notional amounts of $2 million and $3 million reported at fair value as a liability of $0.1 million and $0.3 million as of September 30, 2017 and December 31, 2016, respectively. Credit Risk The Company is exposed to credit-related losses in the event of non-performance by counterparty to financial derivative transactions. The Company has credit risk exposure to an affiliate, Prudential Global Funding, LLC (“PGF”), related to its OTC derivative transactions. PGF manages credit risk with external counterparties by entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties, and by obtaining collateral, such as cash and securities, when appropriate. Additionally, limits are set on single party credit exposures which are subject to periodic management review. Under fair value measurements, the Company incorporates the market’s perception of its own and the counterparty’s non-performance risk in determining the fair value of the portion of its OTC derivative assets and liabilities that are uncollateralized. Credit spreads are applied to the derivative fair values on a net basis by counterparty. To reflect the Company’s own credit spread, a proxy based on relevant debt spreads is applied to OTC derivative net liability positions. Similarly, the Company’s counterparty’s credit spread is applied to OTC derivative net asset positions. |
Commitments, Contingent Liabilities And Litigation And Regulatory Matters |
9 Months Ended |
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Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingent Liabilities And Litigation And Regulatory Matters | COMMITMENTS AND GUARANTEES, CONTINGENT LIABILITIES AND LITIGATION AND REGULATORY MATTERS Commitments The Company has made commitments to fund commercial loans. As of September 30, 2017 and December 31, 2016, the outstanding balances on these commitments were $27 million and $49 million, respectively. The Company also made commitments to purchase or fund investments, mostly private fixed maturities. As of September 30, 2017 and December 31, 2016, $216 million and $133 million, respectively, of these commitments were outstanding. Guarantees In July 2017, the Company formed a joint venture with CT Corp to provide life insurance solutions in Indonesia. The Company owns a 49% interest in the joint venture and has entered into a shareholders agreement with CT Corp that set out their respective rights and obligations with respect to the joint venture. Among other things, the shareholders agreement obligates the Company and CT Corp to provide capital to the joint venture, as necessary to comply with applicable law or to maintain a specified minimum amount of capital in the joint venture. This obligation is not limited to a maximum amount. The Company does not expect to make any payments on this guarantee and is not carrying any liabilities associated with the guarantee. Contingent Liabilities On an ongoing basis, the Company’s internal supervisory and control functions review the quality of sales, marketing and other customer interface procedures and practices and may recommend modifications or enhancements. From time to time, this review process results in the discovery of product administration, servicing or other errors, including errors relating to the timing or amount of payments or contract values due to customers. In certain cases, if appropriate, the Company may offer customers remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines. The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements. For additional discussion of these matters, see “Litigation and Regulatory Matters” below. It is possible that the results of operations or the cash flows of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flows for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position. Litigation and Regulatory Matters The Company is subject to legal and regulatory actions in the ordinary course of its business. Pending legal and regulatory actions include proceedings specific to the Company and proceedings generally applicable to business practices in the industry in which it operates. The Company is subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. The Company is also subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, the Company, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus. In some of the Company’s pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain. The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but the matter, if material, is disclosed, including matters discussed below. The Company estimates that as of September 30, 2017, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $30 million. This estimate is not an indication of expected loss, if any, or the Company's maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews. Behfarin v. Pruco Life In July 2017, a putative class action complaint entitled Richard Behfarin v. Pruco Life Insurance Company was filed in the United States District Court for the Central District of California, alleging that the Company imposes charges on owners of universal life policies to cure defaults and/or reinstate lapses, that are inconsistent with the applicable universal life policy. The complaint includes claims for breach of contract, breach of implied covenant of good faith and fair dealing, and violation of California law, and seeks unspecified damages along with declaratory and injunctive relief. In September 2017, the Company filed its Answer to the Complaint. Securities Lending Matter In 2016, Prudential Financial self-reported to the SEC and the U.S. Department of Labor, and notified other regulators, that in some cases it failed to maximize securities lending income for the benefit of certain separate account investments. Prudential Financial has substantially implemented a remediation plan for the benefit of customers. Prudential Financial is cooperating with regulators in their review of this matter (which includes a review of the remediation plan) and has entered into discussions with the SEC staff regarding a possible settlement that would potentially involve charges under the Investment Advisers Act and financial remedies. We cannot predict the outcome of these discussions. For a discussion of the Company's litigation and regulatory matters, see Note 11 to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Summary The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flows in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flows for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial position. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial position. |
Reinsurance |
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Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance | REINSURANCE The Company participates in reinsurance with its affiliates Prudential Life Insurance Company of Taiwan Inc. (“Prudential of Taiwan”), Prudential Arizona Reinsurance Captive Company (“PARCC”), Prudential Arizona Reinsurance Term Company (“PAR Term”), Prudential Arizona Reinsurance Universal Company (“PAR U”), Prudential Universal Reinsurance Company ("PURC"), Prudential Term Reinsurance Company (“Term Re”), PALAC, GUL Re, its parent company Prudential Insurance, as well as third parties, and participated in reinsurance with its affiliate Pruco Re through March 31, 2016 and its affiliate UPARC through June 30, 2017. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, facilitate the Company's capital market hedging program, and align accounting methodology for the assets and liabilities of living benefit guarantees contained in annuities contracts. See Note 1 for additional information on the change effective April 1, 2016 related to the Variable Annuities Recapture. Life reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term and coinsurance. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely. Reserves related to reinsured long duration contracts are accounted for using assumptions consistent with those used to account for the underlying contracts. Amounts recoverable from reinsurers for long duration reinsurance arrangements are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies. Reinsurance premiums ceded for universal life products are accounted for as a reduction of policy charges and fee income. Reinsurance premiums ceded for term insurance products are accounted for as a reduction of premiums. Realized investment gains and losses include the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees. The Company has entered into reinsurance agreements to transfer the risk related to the living benefit guarantees on variable annuities to PALAC excluding the PLNJ business which was reinsured to Prudential Insurance. See Note 1 for additional information on the change effective April 1, 2016 related to the Variable Annuities Recapture. Through June 30, 2017, the Company had an agreement with UPARC to reinsure a portion of the no-lapse guarantee provision on certain universal life products. See below for additional information on the change effective July 1, 2017 related to the recapture of the no-lapse guarantee risks that were previously reinsured to UPARC. These reinsurance agreements are derivatives and have been accounted for in the same manner as embedded derivatives and the changes in the fair value of these derivatives are recognized through “Realized investment gains (losses), net”. See Note 6 for additional information related to the accounting for embedded derivatives. Reinsurance amounts included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as of September 30, 2017 and December 31, 2016 were as follows:
The reinsurance recoverables by counterparty are broken out below:
Reinsurance amounts, included in the Company’s Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, were as follows:
The gross and net amounts of life insurance face amount in force as of September 30, 2017 and 2016 were as follows:
Information regarding significant affiliated reinsurance agreements is described below. PAR U Pruco Life reinsures an amount equal to 70% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as its Universal Plus policies, with effective dates prior to January 1, 2011. Effective July 1, 2011, PLNJ reinsures an amount equal to 95% of all the risks associated with its universal life policies with PAR U. On January 2, 2013, Pruco Life began to assume Guaranteed Universal Life ("GUL") business from Prudential Insurance in connection with the acquisition of The Hartford Life Business. The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U. PALAC Effective April 1, 2016, the Company entered into a reinsurance agreement with PALAC, to reinsure its variable annuity base contracts, along with the living benefit guarantees, excluding business reinsured externally and the PLNJ business, which was reinsured to Prudential Insurance. See Note 1 for additional information related to the Variable Annuities Recapture. PURC Pruco Life reinsures an amount equal to 70% of all the risks associated with its Universal Protector policies having no-lapse guarantees as well as its Universal Plus policies, with effective dates from January 1, 2011 through December 31, 2013, with PURC and 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as Universal Plus policies, with effective dates from January 1, 2014 through December 31, 2016. PARCC The Company reinsures 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC. GUL Re Effective January 1, 2017, Pruco Life entered into an automatic coinsurance agreement with GUL Re to reinsure an amount equal to 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as Universal Plus policies, with effective dates on or after January 1, 2017. Effective July 1, 2017, Pruco Life amended this agreement to include 30% of Universal Protector and Universal Life policies with effective dates prior to January 1, 2014. PAR Term The Company reinsures 95% of the risks under its term life insurance policies with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term. Prudential of Taiwan On January 31, 2001, Pruco Life transferred all of its assets and liabilities associated with its Taiwan branch, including its Taiwan insurance book of business, to Prudential of Taiwan, an affiliated company. The mechanism used to transfer this block of business in Taiwan is referred to as a “full acquisition and assumption” transaction. Under this mechanism, Pruco Life is jointly liable with Prudential of Taiwan for two years from the giving of notice to all obligees for all matured obligations and for two years after the maturity date of not-yet-matured obligations. Prudential of Taiwan is also contractually liable, under indemnification provisions of the transaction, for any liabilities that may be asserted against Pruco Life. The transfer of the insurance related assets and liabilities was accounted for as a long-duration coinsurance transaction under U.S. GAAP. Under this accounting treatment, the insurance related liabilities remain on the books of Pruco Life and an offsetting reinsurance recoverable is established. These assets and liabilities are denominated in U.S. dollars. Prudential Insurance The Company, has a yearly renewable term reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. Effective July 1, 2017, this agreement has been terminated for certain new business, primarily Universal Life insurance policies. Effective July 1, 2017, the Company will reinsure a portion of the mortality risk directly to third-party reinsurers and retain all of the non-reinsured portion of the mortality risk. On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Life Business. The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U. The Company has reinsured a group annuity contract with Prudential Insurance, in consideration for a single premium payment by the Company, providing reinsurance equal to 100% of all payments due under the contract. Effective April 1, 2016, PLNJ entered into a reinsurance agreement with Prudential Insurance to reinsure its variable annuity base contracts, along with the living benefit guarantees. See Note 1 for additional information related to the Variable Annuities Recapture. Term Re The Company reinsures 95% of the risks under its term life insurance policies, with effective dates on or after January 1, 2014, through an automatic coinsurance agreement with Term Re. UPARC Through June 30, 2017, Pruco Life reinsured Universal Protector policies having no-lapse guarantees with effective dates through December 31, 2013 with UPARC. UPARC reinsured an amount equal to 27% of the net amount at risk related to the first $1 million in face amount plus 30% of the net amount at risk related to the face amount in excess of $1 million as well as 30% of the risk of uncollectible policy charges and fees associated with the no-lapse guarantee provision of these policies. Effective July 1, 2017, Pruco Life recaptured the risks related to the no-lapse guarantees that were previously reinsured to UPARC and subsequently reinsured to GUL Re. As part of the recapture, the Company received invested assets of $557 million as consideration from UPARC and unwound the associated reinsurance recoverable of $760 million. As a result, the Company recognized a loss of $203 million immediately. Pruco Re Through March 31, 2016, the Company, including its wholly-owned subsidiary PLNJ, entered into various automatic coinsurance agreements with Pruco Re to reinsure its living benefit guarantees sold on certain of its annuities. See Note 1 for additional information on the change effective April 1, 2016 related to the Variable Annuities Recapture. Information regarding significant third party reinsurance arrangements is described below. Union Hamilton Effective April 1, 2015, the Company, excluding its subsidiaries, entered into an agreement with Union Hamilton, an external counterparty, to reinsure approximately 50% of the Prudential Premier® Retirement Variable Annuity with Highest Daily Lifetime Income (“HDI”) v.3.0 business, a guaranteed living benefit feature. This reinsurance agreement covered most new HDI v.3.0 variable annuity business issued between April 1, 2015 and December 31, 2016 on a quota share basis, with Union Hamilton’s cumulative quota share amounting to $2.9 billion of new rider premiums as of December 31, 2016. Reinsurance on business subject to this agreement remains in force for the duration of the underlying annuity contracts. New business written subsequent to December 31, 2016 is not covered by external reinsurance. These guaranteed living benefit features are accounted for as embedded derivatives. |
Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | EQUITY Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of “Accumulated other comprehensive income (loss)” for the nine months ended September 30, 2017 and 2016, are as follows:
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Net Unrealized Investment Gains (Losses) Net unrealized investment gains (losses) on securities classified as available-for-sale and certain other long-term investments and other assets are included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from "Other comprehensive income (loss)" those items that are included as part of “Net income” for a period that had been part of "Other comprehensive income (loss)" in earlier periods. The amounts for the periods indicated below, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized, and all other net unrealized investment gains (losses), are as follows: Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities on which an OTTI loss has been recognized
All Other Net Unrealized Investment Gains (Losses) in AOCI
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Related Party Transactions |
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Related Party Transactions | RELATED PARTY TRANSACTIONS The Company has extensive transactions and relationships with Prudential Insurance and other affiliates. Although we seek to ensure that these transactions and relationships are fair and reasonable, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties. Expense Charges and Allocations Many of the Company’s expenses are allocations or charges from Prudential Insurance or other affiliates. These expenses can be grouped into general and administrative expenses and agency distribution expenses. The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock option program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock option program was $0.2 million and $0.3 million for the three months ended September 30, 2017 and 2016, respectively, and $0.9 million for both the nine months ended September 30, 2017 and 2016. The expense charged to the Company for the deferred compensation program was $2 million for both the three months ended September 30, 2017 and 2016, and $7 million and $6 million for the nine months ended September 30, 2017 and 2016, respectively. The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded contributory and non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $6 million for both the three months ended September 30, 2017 and 2016, and $19 million and $17 million for the nine months ended September 30, 2017 and 2016, respectively. The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $7 million for both the three months ended September 30, 2017 and 2016, and $21 million for both the nine months ended September 30, 2017 and 2016. Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $3 million and $2 million for the three months ended September 30, 2017 and 2016, respectively, and $8 million and $7 million for the nine months ended September 30, 2017 and 2016, respectively. The Company is charged distribution expenses from Prudential Insurance’s agency network for both its domestic life and annuity products through a transfer pricing agreement, which is intended to reflect a market based pricing arrangement. The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $150 million and $182 million for the three months ended September 30, 2017 and 2016, respectively, and $465 million and $546 million for the nine months ended September 30, 2017 and 2016, respectively. The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $17 million and $15 million for the three months ended September 30, 2017 and 2016, respectively, and $49 million and $43 million for the nine months ended September 30, 2017 and 2016, respectively. Corporate Owned Life Insurance The Company has sold five Corporate Owned Life Insurance (“COLI”) policies to Prudential Insurance, and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $3,666 million at September 30, 2017 and $3,367 million at December 31, 2016. Fees related to these COLI policies were $11 million and $10 million for the three months ended September 30, 2017 and 2016, respectively, and $34 million and $31 million for the nine months ended September 30, 2017 and 2016, respectively. The Company retains the majority of the mortality risk associated with these COLI policies up to $3.5 million per policy. Affiliated Investment Management Expenses In accordance with an agreement with PGIM, Inc. ("PGIM"), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $4 million and $3 million for the three months ended September 30, 2017 and 2016, respectively, and $11 million and $12 million for the nine months ended September 30, 2017 and 2016, respectively. These expenses are recorded as “Net investment income” in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). Derivative Trades In its ordinary course of business, the Company enters into OTC derivative contracts with an affiliate, PGF. For these OTC derivative contracts, PGF has a substantially equal and offsetting position with an external counterparty. See Note 6 for additional information. Joint Ventures The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other long-term investments" includes $76 million and $100 million as of September 30, 2017 and December 31, 2016, respectively. "Net investment income" related to these ventures includes a gain of $1 million and $3 million for the three months ended September 30, 2017 and 2016, respectively, and a gain of $7 million and a loss of $0.1 million for the nine months ended September 30, 2017 and 2016, respectively. Affiliated Asset Administration Fee Income The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust ("AST"). Income received from ASTISI and PGIM Investments related to this agreement was $82 million and $76 million for the three months ended September 30, 2017 and 2016, respectively, and $239 million and $218 million for the nine months ended September 30, 2017 and 2016, respectively. These revenues are recorded as “Asset administration fees” in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders' separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $4 million and $3 million for the three months ended September 30, 2017 and 2016, respectively, and $11 million and $10 million for the nine months ended September 30, 2017 and 2016, respectively. These revenues are recorded as “Asset administration fees” in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). Affiliated Notes Receivable Affiliated notes receivable included in “Other assets” at September 30, 2017 and December 31, 2016 were as follows:
The affiliated notes receivable shown above include those classified as loans, and carried at unpaid principal balance, net of any allowance for losses and those classified as available-for-sale securities and other trading account assets carried at fair value. The Company monitors the internal and external credit ratings of these loans and loan performance. The Company also considers any guarantees made by Prudential Insurance for loans due from affiliates. Accrued interest receivable related to these loans was $1 million at both September 30, 2017 and December 31, 2016, and is included in “Other assets”. Revenues related to these loans were $1 million for both the three months ended September 30, 2017 and 2016, and $4 million for both the nine months ended September 30, 2017 and 2016, and are included in “Other income”. Affiliated Asset Transfers The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" (“APIC”) and "Realized investment gains (losses), net", respectively. The table below shows affiliated asset trades for the nine months ended September 30, 2017 and for the year ended December 31, 2016, excluding those related to the Variable Annuities Recapture effective April 1, 2016, as described in Note 1.
Debt Agreements The Company is authorized to borrow funds up to $2.2 billion from affiliates to meet its capital and other funding needs. During the second quarter of 2016, the Company prepaid $125 million of its debt and reassigned all the remaining debt to PALAC and Prudential Insurance as part of the Variable Annuities Recapture. See Note 1 for additional information on the reassignment effective April 1, 2016. As of September 30, 2017 and December 31, 2016, there was no debt outstanding. The total interest expense to the Company related to loans payable to affiliates was $0.1 million and $0.0 million for the three months ended September 30, 2017 and 2016, respectively, and $0.7 million and $13 million for the nine months ended September 30, 2017 and 2016, respectively. Contributed Capital and Dividends In March 2017 and July 2017, the Company received capital contributions in the amounts of $5 million and $149 million, respectively, from Prudential Insurance. In March 2016 and June 2016, the Company received capital contributions in the amounts of $5 million and $200 million, respectively, from Prudential Insurance. Through September 30, 2017, the Company did not pay any dividends. In April 2016, the Company paid a dividend in the amount of $2,594 million to Prudential Insurance. Reinsurance with Affiliates As discussed in Note 8, the Company participates in reinsurance transactions with certain affiliates. |
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Prior Period Adjustment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revision to Prior Year Information | REVISION TO PRIOR YEAR INFORMATION Revisions to 2016 Consolidated Financial Statements In 2016, the Company identified errors in the calculation of reserves for certain individual life insurance products that impacted several line items within our previously issued consolidated financial statements. Prior period amounts have been revised in the Consolidated Financial Statements and related disclosures to correct these errors. In addition, the Company identified errors in the presentation of certain activity related to the Variable Annuities Recapture that impacted several line items within our previously issued Consolidated Statements of Cash Flows. While these items affect the subtotals of cash flows from operating, investing and financing activities, they had no impact on the net increase (decrease) in cash and cash equivalents for the previously reported periods. Prior period amounts have been revised in the financial statements and the related disclosures to correct these errors. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly financial statements. Management assessed the materiality of the misstatements described above on prior period financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality, codified in Accounting Standards Codification ("ASC") 250-10, Accounting Changes and Error Corrections ("ASC 250"), and concluded that these misstatements were not material to any prior annual or interim periods. Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the interim Consolidated Statements of Cash Flows for the nine months ended September 30, 2016, which is presented herein, have been revised.
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Significant Accounting Policies and Pronouncements (Policies) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. |
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining DAC and related amortization; amortization of DSI; valuation of investments including derivatives and the recognition of other-than-temporary impairments (“OTTI”); future policy benefits including guarantees; reinsurance recoverables; provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal matters. |
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Revision to Prior Period Consolidated Financial Statements | Revision to Prior Period Consolidated Financial Statements In 2016, the Company identified errors in the calculation of reserves for certain individual life insurance products that impacted several line items within our previously issued consolidated financial statements. Prior period amounts have been revised in the Consolidated Financial Statements and related disclosures to correct these errors. In addition, the Company identified errors in the presentation of certain activity related to the Variable Annuities Recapture that impacted several line items within our previously issued Consolidated Statements of Cash Flows. While these items affect the subtotals of cash flows from operating, investing and financing activities, they have no impact on the net increase (decrease) in cash and cash equivalents for the previous reported periods. Prior period amounts presented have been revised. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly or annual financial statements. See Note 11 for a more detailed description of the revisions and for comparisons of amounts previously reported to the revised amounts. |
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Reclassifications | Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period presentation. |
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Accounting for Certain Reinsurance Contracts in our Individual Life business | Accounting for Certain Reinsurance Contracts in the Individual Life business During the second quarter of 2017, the Company recognized a pre-tax charge of $2 million, reflecting a change in estimate of reinsurance cash flows associated with universal life products as well as a change in method of reflecting these cash flows in the financial statements. Under the previous method of accounting, with the exception of recoveries pertaining to no lapse guarantees, reinsurance cash flows (e.g., premiums and recoveries) were generally recognized as they occurred. Under the new method, the expected reinsurance cash flows are recognized more ratably over the life of the underlying reinsured policies. In conjunction with this change, the way in which reinsurance is reflected in estimated gross profits used for the amortization of unearned revenue reserves and DAC was also revised. The change represents a change in accounting estimate effected by a change in accounting principle and was included within the Company’s annual reviews and update of assumptions and other refinements. The change in accounting estimate reflected insights gained from revised cash flow modeling enabled by a systems conversion, which prompted the change to a preferable accounting method. This new methodology is viewed as preferable as the Company believes it better reflects the economics of reinsurance transactions by aligning the results of reinsurance activity more closely to the underlying direct insurance activity and by better reflecting the profit pattern of this business for purposes of the amortization of the balances noted above. |
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Accounting Standard Updates Pronouncements | Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates ("ASU") to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASU. ASU listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of the date of this filing. ASU not listed below were assessed and determined to be either not applicable or not material. There have been no ASU adopted during the nine months ended September 30, 2017. ASU issued but not yet adopted as of the nine months ended September 30, 2017
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Business and Basis of Presentation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Reinsurance | The following table summarizes the asset transfers related to Variable Annuities Recapture between the Company and its affiliates.
The financial statement impacts of these transactions were as follows: Affected Financial Statement Lines Only Interim Statement of Financial Position
Significant Non-Cash Transactions
Statement of Operations and Comprehensive Income (Loss) Day 1 Impact of the Variable Annuities Recapture
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Significant Accounting Policies and Pronouncements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Impact of Change in Accounting for Certain Reinsurance Contracts | The impacts of the pre-tax charge of $2 million in the second quarter of 2017 were as follows:
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Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturities and Equity Securities, Available-for-sale Securities | The following tables set forth information relating to fixed maturities and equity securities (excluding investments classified as trading), as of the dates indicated:
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Duration Of Gross Unrealized Losses On Fixed Maturity Securities Disclosures | The following tables set forth the fair value and gross unrealized losses aggregated by investment category and length of time that individual fixed maturity and equity securities had been in a continuous unrealized loss position, as of the dates indicated:
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Investments Classified by Contractual Maturity Date | The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
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Sources of Fixed Maturity Proceeds, Related Investment Gains (Losses), and Losses on Impairments of Fixed Maturities and Equity Securities | The following table sets forth the sources of fixed maturity and equity security proceeds and related investment gains (losses), as well as losses on impairments of both fixed maturities and equity securities, for the periods indicated:
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Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company for which a Portion of the OTTI Loss was Recognized in OCI | The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company for which a portion of the OTTI loss was recognized in OCI and the corresponding changes in such amounts, for the periods indicated:
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Trading Account Assets Disclosure | The following table sets forth the composition of “Trading account assets,” as of the dates indicated:
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Commercial Mortgage and Other Loans | The following table sets forth the composition of "Commercial mortgage and other loans," as of the dates indicated:
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Allowance for Losses | The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated:
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Allowance for Credit Losses and Recorded Investment in Commercial Mortgage and Other Loans | The following tables set forth the allowance for credit losses and the recorded investment in commercial mortgage and other loans, as of the dates indicated:
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Credit Quality Indicators | The following tables set forth certain key credit quality indicators for commercial mortgage and agricultural property loans based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
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Past Due Financing Receivables | The following tables set forth an aging of past due commercial mortgage and other loans, based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
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Schedule of Other Long Term Investments | The following table sets forth the composition of “Other long-term investments,” as of the dates indicated:
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Net Investment Income | The following table sets forth "Net investment income" by investment type, for the periods indicated:
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Realized Gain (Loss) on Investments | The following table sets forth "Realized investment gains (losses), net," by investment type, for the periods indicated:
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Unrealized Gains and (Losses) on Investments | The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
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Schedule of Securities Financing Transactions | The following table sets forth the composition of "Cash collateral for loaned securities," which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
The following table sets forth the composition of "Securities sold under agreements to repurchase," as of the dates indicated:
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Fair Value of Assets and Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
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Fair Value Inputs, Assets, Quantitative Information | The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities.
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Fair Value Inputs, Liabilities, Quantitative Information | The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities.
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on the significance of the unobservable inputs in the overall fair value measurement. Transfers into Level 3 are generally the result of unobservable inputs utilized within the valuation methodologies or the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. For further information on valuation processes, see Note 9 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on the significance of the unobservable inputs in the overall fair value measurement. Transfers into Level 3 are generally the result of unobservable inputs utilized within the valuation methodologies or the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. For further information on valuation processes, see Note 9 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.
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Fair Value Disclosure Financial Instruments Not Carried at Fair Value | The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value. For additional information regarding the methods and significant assumptions used to estimate their fair value, see Note 9 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.
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Derivative Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying, excluding embedded derivatives which are recorded with the associated host and the related reinsurance recoverables. Many derivative instruments contain multiple underlyings. The fair value amounts below represent the gross fair value of derivative contracts prior to taking into account the netting effects of master netting agreements, cash collateral held with the same counterparty, and non-performance risk.
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Offsetting Of Financial Assets | The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
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Offsetting Of Financial Liabilities | The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.
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Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income (Loss) Before Taxes | Presented below is a rollforward of current period cash flow hedges in “Accumulated other comprehensive income (loss)” before taxes:
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Reinsurance (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Impact on Balance Sheet | Reinsurance amounts included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as of September 30, 2017 and December 31, 2016 were as follows:
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Reinsurance Recoverable by Affiliate | The reinsurance recoverables by counterparty are broken out below:
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Reinsurance Impact on Income Statement and Comprehensive Income (Loss) | Reinsurance amounts, included in the Company’s Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, were as follows:
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Gross and Net Life Insurance in Force | The gross and net amounts of life insurance face amount in force as of September 30, 2017 and 2016 were as follows:
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Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | The balance of and changes in each component of “Accumulated other comprehensive income (loss)” for the nine months ended September 30, 2017 and 2016, are as follows:
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Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of Accumulated Other Comprehensive Income (Loss)
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OTTI Net Unrealized Investment Gains (Losses) AOCI Rollforward | The amounts for the periods indicated below, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized, and all other net unrealized investment gains (losses), are as follows: Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities on which an OTTI loss has been recognized
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All Other Net Unrealized Investment Gains (Losses) in AOCI Rollforward | All Other Net Unrealized Investment Gains (Losses) in AOCI
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Related Party Transactions (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliated Notes Receivable | Affiliated notes receivable included in “Other assets” at September 30, 2017 and December 31, 2016 were as follows:
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Affiliated Asset Transfers | The table below shows affiliated asset trades for the nine months ended September 30, 2017 and for the year ended December 31, 2016, excluding those related to the Variable Annuities Recapture effective April 1, 2016, as described in Note 1.
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Revision to Prior Year Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior Period Adjustment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revisions to 2016 Consolidated Financial Statements |
|
Business and Basis of Presentation (Narrative) (Details) $ in Thousands |
1 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Apr. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
subsidiary
|
Sep. 30, 2016
USD ($)
|
Apr. 01, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Number Of Subsidiaries | subsidiary | 2 | ||||
Effects of Reinsurance [Line Items] | |||||
Ceding commissions | $ 124,187 | $ (87,591) | |||
Variable Annuity | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | $ 28,736,000 | $ 24,781,000 | |||
Variable Annuity | Impacts of Recapture | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | (6,312,000) | ||||
Variable Annuity | Impacts of Recapture | Pruco Re | |||||
Effects of Reinsurance [Line Items] | |||||
Asset transfer | 4,200,000 | ||||
Reinsurance recoverables | 6,300,000 | ||||
Gain (loss) recognized on transfer | $ (2,100,000) | ||||
Variable Annuity | Impacts of Recapture | PALAC | |||||
Effects of Reinsurance [Line Items] | |||||
Asset transfer | (7,000,000) | ||||
Ceding commissions | 3,600,000 | ||||
Variable Annuity | Impacts of Recapture | Prudential Insurance | |||||
Effects of Reinsurance [Line Items] | |||||
Asset transfer | $ (700,000) | ||||
Ceding commissions | 400,000 | ||||
Dividend paid | 2,600,000 | ||||
Variable Annuity | Impacts of Recapture | PALAC and Prudential Insurance | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | $ 10,300,000 | ||||
Gain (loss) recognized on transfer | (200,000) | ||||
Variable Annuity | Reassignment of debt | Impacts of Recapture | PALAC | |||||
Effects of Reinsurance [Line Items] | |||||
Ceding commissions | 1,100,000 | ||||
Variable Annuity | Reassignment of debt | Impacts of Recapture | Prudential Insurance | |||||
Effects of Reinsurance [Line Items] | |||||
Ceding commissions | 100,000 | ||||
Living benefit guarantees | Impacts of Recapture | |||||
Effects of Reinsurance [Line Items] | |||||
Gain (loss) recognized on transfer | $ 2,800,000 |
Business and Basis of Presentation (Variable Annuities Recapture Affected Financial Statement Lines) (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
Apr. 01, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
||||
ASSETS | ||||||||||||
Total investments | $ 7,846,138 | $ 7,846,138 | $ 8,367,590 | |||||||||
Cash and cash equivalents | 196,326 | $ 78,777 | 196,326 | $ 78,777 | 96,157 | $ 370,286 | ||||||
Deferred policy acquisition costs | 1,309,489 | 1,309,489 | 1,341,093 | |||||||||
Other Assets | 419,520 | 419,520 | 279,222 | |||||||||
TOTAL ASSETS | 168,058,203 | 168,058,203 | 155,665,990 | |||||||||
Ceding commissions | 124,187 | (87,591) | ||||||||||
LIABILITIES | ||||||||||||
Income taxes | 158,217 | 158,217 | 97,400 | |||||||||
Other Liabilities | 945,856 | 945,856 | 849,698 | |||||||||
TOTAL LIABILITIES | 165,118,587 | 165,118,587 | 153,169,187 | |||||||||
EQUITY | ||||||||||||
Retained earnings | 1,648,006 | 1,648,006 | 1,437,266 | |||||||||
Accumulated other comprehensive income | 148,673 | 148,673 | 70,975 | |||||||||
TOTAL EQUITY | 2,939,616 | 2,939,616 | 2,496,803 | |||||||||
TOTAL LIABILITIES AND EQUITY | 168,058,203 | 168,058,203 | 155,665,990 | |||||||||
REVENUES | ||||||||||||
Premiums | 15,124 | 29,015 | 37,958 | (805,162) | ||||||||
Realized Investment Gains (Losses) | (275,186) | (9,668) | (31,175) | 905,945 | ||||||||
TOTAL REVENUES | (24,256) | 231,009 | 457,424 | 1,163,328 | ||||||||
BENEFITS AND EXPENSES | ||||||||||||
Policyholders’ benefits | 54,637 | 54,496 | (77,893) | (317,384) | ||||||||
General, administrative and other expenses | 81,543 | 103,118 | 187,947 | 206,933 | ||||||||
TOTAL BENEFITS AND EXPENSES | 193,689 | 182,005 | 315,745 | 757,592 | ||||||||
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | (217,945) | 49,004 | 141,679 | 405,736 | ||||||||
Income tax expense (benefit)(1) | [1] | (39,449) | (35,893) | (69,061) | (74,946) | |||||||
NET INCOME (LOSS) | [1] | (178,496) | 84,897 | 210,740 | 480,682 | |||||||
Impacts of Reinsurance | ||||||||||||
ASSETS | ||||||||||||
Deferred policy acquisition costs | 6,789,173 | 6,789,173 | 6,482,889 | |||||||||
Deferred sales inducements | 640,498 | 640,498 | 615,117 | |||||||||
Other Assets | 214,528 | 214,528 | 226,347 | |||||||||
LIABILITIES | ||||||||||||
Other Liabilities | $ 547,078 | $ 547,078 | $ 410,376 | |||||||||
Variable Annuity | ||||||||||||
ASSETS | ||||||||||||
Total investments | $ 7,149,000 | $ 10,702,000 | ||||||||||
Cash and cash equivalents | 508,000 | 496,000 | ||||||||||
Deferred policy acquisition costs | 1,116,000 | 4,565,000 | ||||||||||
Reinsurance recoverables | 28,736,000 | 24,781,000 | ||||||||||
Deferred sales inducements | 0 | 550,000 | ||||||||||
Other Assets | 305,000 | 94,000 | ||||||||||
Income taxes | 23,000 | 0 | ||||||||||
TOTAL ASSETS | 148,508,000 | 151,859,000 | ||||||||||
LIABILITIES | ||||||||||||
Income taxes | 108,000 | 91,000 | ||||||||||
Short-term and long-term debt to affiliates | 1,000 | 1,385,000 | ||||||||||
Other Liabilities | 870,000 | 870,000 | ||||||||||
TOTAL LIABILITIES | 146,187,000 | 147,554,000 | ||||||||||
EQUITY | ||||||||||||
Retained earnings | 1,432,000 | 3,337,000 | ||||||||||
Accumulated other comprehensive income | 101,000 | 180,000 | ||||||||||
TOTAL EQUITY | 2,321,000 | 4,305,000 | ||||||||||
TOTAL LIABILITIES AND EQUITY | 148,508,000 | $ 151,859,000 | ||||||||||
REVENUES | ||||||||||||
Premiums | $ (880,000) | |||||||||||
Realized Investment Gains (Losses) | 805,000 | |||||||||||
TOTAL REVENUES | (75,000) | |||||||||||
BENEFITS AND EXPENSES | ||||||||||||
Policyholders’ benefits | (547,000) | |||||||||||
General, administrative and other expenses | (211,000) | |||||||||||
TOTAL BENEFITS AND EXPENSES | (758,000) | |||||||||||
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | 683,000 | |||||||||||
Income tax expense (benefit)(1) | (6,000) | |||||||||||
NET INCOME (LOSS) | 689,000 | |||||||||||
Variable Annuity | Impacts of Recapture | ||||||||||||
ASSETS | ||||||||||||
Total investments | 4,166,000 | |||||||||||
Cash and cash equivalents | 0 | |||||||||||
Deferred policy acquisition costs | 0 | |||||||||||
Reinsurance recoverables | (6,312,000) | |||||||||||
Deferred sales inducements | 0 | |||||||||||
Other Assets | 0 | |||||||||||
Income taxes | 0 | |||||||||||
TOTAL ASSETS | (2,146,000) | |||||||||||
LIABILITIES | ||||||||||||
Income taxes | 17,000 | |||||||||||
Short-term and long-term debt to affiliates | 0 | |||||||||||
Other Liabilities | 0 | |||||||||||
TOTAL LIABILITIES | 17,000 | |||||||||||
EQUITY | ||||||||||||
Retained earnings | (2,163,000) | |||||||||||
Accumulated other comprehensive income | 0 | |||||||||||
TOTAL EQUITY | (2,163,000) | |||||||||||
TOTAL LIABILITIES AND EQUITY | (2,146,000) | |||||||||||
REVENUES | ||||||||||||
Premiums | 0 | |||||||||||
Realized Investment Gains (Losses) | (2,146,000) | |||||||||||
TOTAL REVENUES | (2,146,000) | |||||||||||
BENEFITS AND EXPENSES | ||||||||||||
Policyholders’ benefits | 0 | |||||||||||
General, administrative and other expenses | 0 | |||||||||||
TOTAL BENEFITS AND EXPENSES | 0 | |||||||||||
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | (2,146,000) | |||||||||||
Income tax expense (benefit)(1) | 17,000 | |||||||||||
NET INCOME (LOSS) | (2,163,000) | |||||||||||
Variable Annuity | Impacts of Reinsurance | ||||||||||||
ASSETS | ||||||||||||
Total investments | (7,719,000) | |||||||||||
Cash and cash equivalents | 12,000 | |||||||||||
Deferred policy acquisition costs | (3,449,000) | |||||||||||
Reinsurance recoverables | 10,267,000 | |||||||||||
Deferred sales inducements | (550,000) | |||||||||||
Other Assets | 211,000 | |||||||||||
Income taxes | 23,000 | |||||||||||
TOTAL ASSETS | (1,205,000) | |||||||||||
LIABILITIES | ||||||||||||
Income taxes | 0 | |||||||||||
Short-term and long-term debt to affiliates | (1,384,000) | |||||||||||
Other Liabilities | 0 | |||||||||||
TOTAL LIABILITIES | (1,384,000) | |||||||||||
EQUITY | ||||||||||||
Retained earnings | 258,000 | |||||||||||
Accumulated other comprehensive income | (79,000) | |||||||||||
TOTAL EQUITY | 179,000 | |||||||||||
TOTAL LIABILITIES AND EQUITY | (1,205,000) | |||||||||||
REVENUES | ||||||||||||
Premiums | (880,000) | |||||||||||
Realized Investment Gains (Losses) | 2,951,000 | |||||||||||
TOTAL REVENUES | 2,071,000 | |||||||||||
BENEFITS AND EXPENSES | ||||||||||||
Policyholders’ benefits | (547,000) | |||||||||||
General, administrative and other expenses | (211,000) | |||||||||||
TOTAL BENEFITS AND EXPENSES | (758,000) | |||||||||||
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | 2,829,000 | |||||||||||
Income tax expense (benefit)(1) | (23,000) | |||||||||||
NET INCOME (LOSS) | 2,852,000 | |||||||||||
PALAC and Prudential Insurance | Variable Annuity | Impacts of Recapture | ||||||||||||
ASSETS | ||||||||||||
Reinsurance recoverables | 10,300,000 | |||||||||||
PALAC and Prudential Insurance | Variable Annuity | Impacts of Reinsurance | ||||||||||||
ASSETS | ||||||||||||
Asset transfer | (7,700,000) | |||||||||||
Pruco Re | Variable Annuity | Impacts of Recapture | ||||||||||||
ASSETS | ||||||||||||
Reinsurance recoverables | 6,300,000 | |||||||||||
Asset transfer | 4,200,000 | |||||||||||
PALAC | Variable Annuity | Impacts of Recapture | ||||||||||||
ASSETS | ||||||||||||
Asset transfer | (7,000,000) | (7,000,000) | ||||||||||
Ceding commissions | 3,600,000 | |||||||||||
Prudential Insurance | Variable Annuity | Impacts of Recapture | ||||||||||||
ASSETS | ||||||||||||
Asset transfer | $ (700,000) | $ (700,000) | ||||||||||
Ceding commissions | 400,000 | |||||||||||
Reassignment of debt | PALAC | Variable Annuity | Impacts of Recapture | ||||||||||||
ASSETS | ||||||||||||
Ceding commissions | 1,100,000 | |||||||||||
Reassignment of debt | Prudential Insurance | Variable Annuity | Impacts of Recapture | ||||||||||||
ASSETS | ||||||||||||
Ceding commissions | $ 100,000 | |||||||||||
Dividends | Prudential Insurance | Variable Annuity | Impacts of Recapture | ||||||||||||
EQUITY | ||||||||||||
Retained earnings | $ 2,800,000 | |||||||||||
|
Business and Basis of Presentation (Affiliated Asset Transfers) (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Apr. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Related Party Transaction [Line Items] | ||||||
Realized Investment Gains (Losses) | $ (275,186) | $ (9,668) | $ (31,175) | $ 905,945 | ||
Variable Annuity | ||||||
Related Party Transaction [Line Items] | ||||||
Realized Investment Gains (Losses) | $ 805,000 | |||||
Variable Annuity | Impacts of Recapture | ||||||
Related Party Transaction [Line Items] | ||||||
Realized Investment Gains (Losses) | $ (2,146,000) | |||||
Variable Annuity | Impacts of Recapture | Pruco Re Apr - June 2016 Purchase | ||||||
Related Party Transaction [Line Items] | ||||||
Fair Value | $ 4,166,000 | |||||
Book Value | 4,166,000 | |||||
APIC and Retained Earnings Increase/(Decrease) | 0 | |||||
Realized Investment Gains (Losses) | 0 | |||||
Variable Annuity | Impacts of Recapture | PALAC January 2017 - Purchase | ||||||
Related Party Transaction [Line Items] | ||||||
Fair Value | (6,994,000) | |||||
Book Value | (6,872,000) | |||||
APIC and Retained Earnings Increase/(Decrease) | 0 | |||||
Realized Investment Gains (Losses) | 122,000 | |||||
Variable Annuity | Impacts of Recapture | Prudential Insurance Apr - June 2016 Dividend | ||||||
Related Party Transaction [Line Items] | ||||||
Fair Value | (19,000) | |||||
Book Value | (19,000) | |||||
APIC and Retained Earnings Increase/(Decrease) | (19,000) | |||||
Realized Investment Gains (Losses) | 0 | |||||
Variable Annuity | Impacts of Recapture | Prudential Insurance Apr - June 2016 Sale | ||||||
Related Party Transaction [Line Items] | ||||||
Fair Value | (717,000) | |||||
Book Value | (703,000) | |||||
APIC and Retained Earnings Increase/(Decrease) | 15,000 | |||||
Realized Investment Gains (Losses) | $ 0 |
Significant Accounting Policies and Pronouncements (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Change in Accounting Estimate [Line Items] | ||||||
Pre-tax change in estimate of reinsurance cash flow | $ 217,945 | $ (49,004) | $ (141,679) | $ (405,736) | ||
Net unrealized gain on equity investments | 238,540 | 238,540 | $ 112,432 | |||
Accounting for Certain Reinsurance Contracts | Individual Life | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Pre-tax change in estimate of reinsurance cash flow | $ (2,000) | |||||
ASU 2016-01 | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Net unrealized gain on equity investments | $ 8,900 | $ 8,900 |
Significant Accounting Policies and Pronouncements (Impact of Change in Accounting for Certain Reinsurance Contracts) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Change in Accounting Estimate [Line Items] | ||||||
Policy charges and fee income | $ 126,709 | $ 88,479 | $ 122,186 | $ 673,973 | ||
Policyholders’ benefits | 54,637 | 54,496 | (77,893) | (317,384) | ||
Amortization of deferred policy acquisition costs | 19,313 | (17,690) | 76,768 | 611,555 | ||
Pre-tax charge to income | 217,945 | $ (49,004) | (141,679) | $ (405,736) | ||
Other liabilities | 945,856 | 945,856 | $ 849,698 | |||
Reinsurance recoverables | 31,626,758 | 31,626,758 | 28,674,226 | |||
Policyholders’ account balances | 19,653,120 | 19,653,120 | 18,894,893 | |||
Deferred policy acquisition costs | 1,309,489 | 1,309,489 | 1,341,093 | |||
Future policy benefits | $ 17,941,244 | $ 17,941,244 | $ 16,503,260 | |||
Individual Life | Accounting for Certain Reinsurance Contracts | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Policy charges and fee income | $ (236,000) | |||||
Policyholders’ benefits | 253,000 | |||||
Amortization of deferred policy acquisition costs | (19,000) | |||||
Pre-tax charge to income | (2,000) | |||||
Other liabilities | 284,000 | |||||
Reinsurance recoverables | 247,000 | |||||
Policyholders’ account balances | (48,000) | |||||
Deferred policy acquisition costs | (19,000) | |||||
Future policy benefits | $ (6,000) |
Investments (Fixed Maturities and Equity Securities Excluding Investments Classified as Trading) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | $ 4,871,778 | $ 5,552,911 |
Amortized Cost or Cost | 20,754 | 16,390 |
Fair Value | 5,098,642 | 5,617,549 |
Fair Value | 22,641 | 16,756 |
Fixed maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 4,871,778 | 5,552,911 |
Gross Unrealized Gains | 253,275 | 167,114 |
Gross Unrealized Losses | 26,411 | 102,476 |
Fair Value | 5,098,642 | 5,617,549 |
Fixed maturities | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 67,186 | 154,180 |
Gross Unrealized Gains | 4,557 | 6,593 |
Gross Unrealized Losses | 0 | 33 |
Fair Value | 71,743 | 160,740 |
Fixed maturities | Obligations of U.S. states and their political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 592,970 | 618,447 |
Gross Unrealized Gains | 27,907 | 14,592 |
Gross Unrealized Losses | 113 | 6,553 |
Fair Value | 620,764 | 626,486 |
Fixed maturities | Foreign government bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 123,684 | 111,025 |
Gross Unrealized Gains | 6,371 | 2,143 |
Gross Unrealized Losses | 479 | 4,386 |
Fair Value | 129,576 | 108,782 |
Fixed maturities | Public utilities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 626,474 | 706,536 |
Gross Unrealized Gains | 52,301 | 33,950 |
Gross Unrealized Losses | 1,816 | 10,519 |
Fair Value | 676,959 | 729,967 |
Fixed maturities | Redeemable preferred stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 4,033 | 4,136 |
Gross Unrealized Gains | 996 | 834 |
Gross Unrealized Losses | 0 | 156 |
Fair Value | 5,029 | 4,814 |
Fixed maturities | All other U.S. public corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 1,292,340 | 1,802,350 |
Gross Unrealized Gains | 93,510 | 67,908 |
Gross Unrealized Losses | 4,434 | 28,846 |
Fair Value | 1,381,416 | 1,841,412 |
Fixed maturities | All other U.S. private corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 717,740 | 714,776 |
Gross Unrealized Gains | 16,194 | 14,555 |
Gross Unrealized Losses | 3,674 | 7,702 |
Fair Value | 730,260 | 721,629 |
Fixed maturities | All other foreign public corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 165,944 | 216,428 |
Gross Unrealized Gains | 11,830 | 7,371 |
Gross Unrealized Losses | 681 | 4,127 |
Fair Value | 177,093 | 219,672 |
Fixed maturities | All other foreign private corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 728,428 | 577,761 |
Gross Unrealized Gains | 28,159 | 4,866 |
Gross Unrealized Losses | 12,753 | 33,455 |
Fair Value | 743,834 | 549,172 |
Fixed maturities | Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 132,608 | 184,414 |
Gross Unrealized Gains | 1,950 | 5,164 |
Gross Unrealized Losses | 9 | 562 |
Fair Value | 134,549 | 189,016 |
Fixed maturities | Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 346,532 | 382,717 |
Gross Unrealized Gains | 6,442 | 5,783 |
Gross Unrealized Losses | 2,298 | 5,829 |
Fair Value | 350,676 | 382,671 |
Fixed maturities | Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 73,839 | 80,141 |
Gross Unrealized Gains | 3,058 | 3,355 |
Gross Unrealized Losses | 154 | 308 |
Fair Value | 76,743 | 83,188 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 20,754 | 16,390 |
Gross Unrealized Gains | 1,887 | 518 |
Gross Unrealized Losses | 0 | 152 |
Fair Value | 22,641 | 16,756 |
Equity securities | Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 20,700 | 16,324 |
Gross Unrealized Gains | 1,814 | 441 |
Gross Unrealized Losses | 0 | 124 |
Fair Value | 22,514 | 16,641 |
Equity securities | Public utility | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 54 | 66 |
Gross Unrealized Gains | 31 | 2 |
Gross Unrealized Losses | 0 | 28 |
Fair Value | 85 | 40 |
Equity securities | Industrial, miscellaneous & other | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost or Cost | 0 | 0 |
Gross Unrealized Gains | 42 | 75 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 42 | 75 |
OTTI | Fixed maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Gains | 1,400 | 8,100 |
OTTI in AOCI, available-for-sale | (590) | (3,259) |
OTTI | Fixed maturities | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | 0 | 0 |
OTTI | Fixed maturities | Obligations of U.S. states and their political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | 0 | 0 |
OTTI | Fixed maturities | Foreign government bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | 0 | 0 |
OTTI | Fixed maturities | Public utilities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | 0 | 0 |
OTTI | Fixed maturities | Redeemable preferred stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | 0 | 0 |
OTTI | Fixed maturities | All other U.S. public corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | (215) | (215) |
OTTI | Fixed maturities | All other U.S. private corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | 0 | (236) |
OTTI | Fixed maturities | All other foreign public corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | 0 | 0 |
OTTI | Fixed maturities | All other foreign private corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | 0 | 0 |
OTTI | Fixed maturities | Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | (146) | (2,534) |
OTTI | Fixed maturities | Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | 0 | 0 |
OTTI | Fixed maturities | Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
OTTI in AOCI, available-for-sale | $ (229) | $ (274) |
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Fixed maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | $ 490,171 | $ 1,917,630 |
Less than twelve Months, Gross Unrealized Losses | 6,929 | 68,678 |
Twelve months or more, Fair Value | 358,115 | 284,359 |
Twelve months or more, Gross Unrealized Losses | 19,482 | 33,798 |
Total, Fair Value | 848,286 | 2,201,989 |
Total, Gross Unrealized Losses | 26,411 | 102,476 |
Fixed maturities | US Treasury securities and obligations of U.S. government authorities and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 0 | 603 |
Less than twelve Months, Gross Unrealized Losses | 0 | 33 |
Twelve months or more, Fair Value | 0 | 0 |
Twelve months or more, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 0 | 603 |
Total, Gross Unrealized Losses | 0 | 33 |
Fixed maturities | US States and Political Subdivisions Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 20,622 | 239,146 |
Less than twelve Months, Gross Unrealized Losses | 113 | 6,553 |
Twelve months or more, Fair Value | 0 | 0 |
Twelve months or more, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 20,622 | 239,146 |
Total, Gross Unrealized Losses | 113 | 6,553 |
Fixed maturities | Foreign government bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 7,077 | 81,074 |
Less than twelve Months, Gross Unrealized Losses | 67 | 4,055 |
Twelve months or more, Fair Value | 18,315 | 1,690 |
Twelve months or more, Gross Unrealized Losses | 412 | 331 |
Total, Fair Value | 25,392 | 82,764 |
Total, Gross Unrealized Losses | 479 | 4,386 |
Fixed maturities | Public utilities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 35,073 | 207,226 |
Less than twelve Months, Gross Unrealized Losses | 496 | 7,847 |
Twelve months or more, Fair Value | 26,114 | 21,394 |
Twelve months or more, Gross Unrealized Losses | 1,320 | 2,672 |
Total, Fair Value | 61,187 | 228,620 |
Total, Gross Unrealized Losses | 1,816 | 10,519 |
Fixed maturities | Redeemable preferred stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 0 | 0 |
Less than twelve Months, Gross Unrealized Losses | 0 | 0 |
Twelve months or more, Fair Value | 0 | 0 |
Twelve months or more, Gross Unrealized Losses | 0 | 156 |
Total, Fair Value | 0 | 0 |
Total, Gross Unrealized Losses | 0 | 156 |
Fixed maturities | All other U.S. public corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 55,600 | 568,763 |
Less than twelve Months, Gross Unrealized Losses | 649 | 20,695 |
Twelve months or more, Fair Value | 106,749 | 73,575 |
Twelve months or more, Gross Unrealized Losses | 3,785 | 8,151 |
Total, Fair Value | 162,349 | 642,338 |
Total, Gross Unrealized Losses | 4,434 | 28,846 |
Fixed maturities | All other U.S. private corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 157,827 | 232,561 |
Less than twelve Months, Gross Unrealized Losses | 2,782 | 6,082 |
Twelve months or more, Fair Value | 29,476 | 29,071 |
Twelve months or more, Gross Unrealized Losses | 892 | 1,620 |
Total, Fair Value | 187,303 | 261,632 |
Total, Gross Unrealized Losses | 3,674 | 7,702 |
Fixed maturities | All other foreign public corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 9,946 | 86,492 |
Less than twelve Months, Gross Unrealized Losses | 48 | 3,188 |
Twelve months or more, Fair Value | 13,976 | 5,433 |
Twelve months or more, Gross Unrealized Losses | 633 | 939 |
Total, Fair Value | 23,922 | 91,925 |
Total, Gross Unrealized Losses | 681 | 4,127 |
Fixed maturities | All other foreign private corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 69,418 | 236,512 |
Less than twelve Months, Gross Unrealized Losses | 1,279 | 13,604 |
Twelve months or more, Fair Value | 130,224 | 101,858 |
Twelve months or more, Gross Unrealized Losses | 11,474 | 19,851 |
Total, Fair Value | 199,642 | 338,370 |
Total, Gross Unrealized Losses | 12,753 | 33,455 |
Fixed maturities | Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 13,139 | 37,355 |
Less than twelve Months, Gross Unrealized Losses | 6 | 492 |
Twelve months or more, Fair Value | 363 | 49,346 |
Twelve months or more, Gross Unrealized Losses | 3 | 70 |
Total, Fair Value | 13,502 | 86,701 |
Total, Gross Unrealized Losses | 9 | 562 |
Fixed maturities | Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 110,027 | 191,674 |
Less than twelve Months, Gross Unrealized Losses | 1,369 | 5,827 |
Twelve months or more, Fair Value | 31,303 | 947 |
Twelve months or more, Gross Unrealized Losses | 929 | 2 |
Total, Fair Value | 141,330 | 192,621 |
Total, Gross Unrealized Losses | 2,298 | 5,829 |
Fixed maturities | Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 11,442 | 36,224 |
Less than twelve Months, Gross Unrealized Losses | 120 | 302 |
Twelve months or more, Fair Value | 1,595 | 1,045 |
Twelve months or more, Gross Unrealized Losses | 34 | 6 |
Total, Fair Value | 13,037 | 37,269 |
Total, Gross Unrealized Losses | 154 | 308 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than twelve months, Fair Value | 0 | 0 |
Less than twelve Months, Gross Unrealized Losses | 0 | 0 |
Twelve months or more, Fair Value | 0 | 2,965 |
Twelve months or more, Gross Unrealized Losses | 0 | 152 |
Total, Fair Value | 0 | 2,965 |
Total, Gross Unrealized Losses | $ 0 | $ 152 |
Investments (Narrative) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Investment [Line Items] | |||||
Commercial mortgage loans, Percentage | 100.00% | 100.00% | 100.00% | ||
Net change in unrealized gains (losses) from trading account assets | $ 1,400,000 | $ 1,400,000 | $ 5,000,000 | $ 3,500,000 | |
Commercial mortgage and other loans, Acquired | 0 | 0 | 0 | 0 | |
Commercial mortgage and other loans, Sold | 0 | 0 | 42,000,000 | 0 | |
Troubled debt restructuring, Commitment to borrowers | 0 | 0 | $ 0 | ||
NAIC high or highest quality rating | |||||
Investment [Line Items] | |||||
Gross unrealized losses | 22,000,000 | 22,000,000 | 93,300,000 | ||
NAIC other than high or highest quality rating | |||||
Investment [Line Items] | |||||
Gross unrealized losses | 4,400,000 | 4,400,000 | 9,200,000 | ||
Corporate securities | |||||
Investment [Line Items] | |||||
Gross unrealized losses of twelve months or more concentrated in various sectors | $ 19,500,000 | $ 19,500,000 | 33,800,000 | ||
California | |||||
Investment [Line Items] | |||||
Commercial mortgage loans, Percentage | 24.00% | 24.00% | |||
Texas | |||||
Investment [Line Items] | |||||
Commercial mortgage loans, Percentage | 14.00% | 14.00% | |||
New Jersey | |||||
Investment [Line Items] | |||||
Commercial mortgage loans, Percentage | 6.00% | 6.00% | |||
Equity securities | |||||
Investment [Line Items] | |||||
Gross unrealized losses | $ 0 | $ 0 | 152,000 | ||
Gross unrealized losses of twelve months or more concentrated in various sectors | 0 | 0 | 152,000 | ||
Equity securities | Declines in Value of 20% or More | |||||
Investment [Line Items] | |||||
Gross unrealized losses | 0 | 0 | $ 0 | ||
Affiliated Entity | Commercial mortgage and other loans | |||||
Investment [Line Items] | |||||
Commercial mortgage and other loans transferred to related parties | $ 0 | $ 0 | $ 0 | $ 631,000,000 |
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Available for Sale Amortized Cost | ||
Due in one year or less | $ 132,295 | |
Due after one year through five years | 729,817 | |
Due after five years through ten years | 1,018,454 | |
Due after ten years | 2,438,233 | |
Amortized Cost | 4,871,778 | $ 5,552,911 |
Available for Sale Securities Fair Value | ||
Due in one year or less | 133,464 | |
Due after one year through five years | 747,708 | |
Due after five years through ten years | 1,054,100 | |
Due after ten years | 2,601,402 | |
Fair Value | 5,098,642 | $ 5,617,549 |
Asset-backed securities | ||
Available for Sale Amortized Cost | ||
Debt Maturities, without single maturity date | 132,608 | |
Available for Sale Securities Fair Value | ||
Debt Maturities, without Single Maturity Date | 134,549 | |
Commercial mortgage-backed securities | ||
Available for Sale Amortized Cost | ||
Debt Maturities, without single maturity date | 346,532 | |
Available for Sale Securities Fair Value | ||
Debt Maturities, without Single Maturity Date | 350,676 | |
Residential mortgage-backed securities | ||
Available for Sale Amortized Cost | ||
Debt Maturities, without single maturity date | 73,839 | |
Available for Sale Securities Fair Value | ||
Debt Maturities, without Single Maturity Date | $ 76,743 |
Investments (Fixed Maturities and Equity Securities Proceeds) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fixed maturities, available-for-sale | $ 875,580 | $ 970,834 | ||
Fixed maturities | Available-for-sale | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Proceeds from sales | $ 56,312 | $ 35,296 | 483,151 | 534,917 |
Fixed maturities, available-for-sale | 125,128 | 102,545 | 392,320 | 400,781 |
Gross investment gains from sales and maturities | 34,996 | (1,519) | 44,016 | 94,228 |
Gross investment losses from sales and maturities | (6,259) | (124) | (9,554) | (4,217) |
OTTI recognized in earnings | (143) | 0 | (5,668) | (16,259) |
Non-cash related proceeds from sales | (100) | 4,900 | ||
Equity securities | Available-for-sale | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Proceeds from sales | 0 | 3,150 | 510 | 31,602 |
Gross investment gains from sales and maturities | 0 | 125 | 11 | 341 |
Gross investment losses from sales and maturities | 0 | 1 | 0 | (1,933) |
OTTI recognized in earnings | $ 0 | $ 0 | $ (136) | $ 0 |
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance, beginning of period | $ 3,724 | $ 5,550 | $ 5,520 | $ 7,041 |
New credit loss impairments | 0 | 0 | 424 | 522 |
Additional credit losses on securities previously impaired | 0 | 0 | 0 | 6 |
Increases due to the passage of time on previously recorded credit losses | 25 | 139 | 88 | 224 |
Reductions for securities which matured, paid down, prepaid, or were sold | (24) | (37) | (1,894) | (1,173) |
Reductions for securities impaired to fair value during the period | 0 | 0 | (327) | 0 |
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected | (11) | (11) | (97) | (321) |
Assets transferred to parent and affiliates | 0 | 0 | 0 | (658) |
Balance, end of period | $ 3,714 | $ 5,641 | $ 3,714 | $ 5,641 |
Investments (Trading Account Assets) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Investment [Line Items] | ||
Trading account assets, at fair value | $ 55,060 | $ 35,328 |
Trading account assets, at amortized cost or cost | 50,218 | 35,484 |
Fixed maturities | ||
Investment [Line Items] | ||
Trading account assets, at fair value | 37,940 | 19,558 |
Trading account assets, at amortized cost or cost | 38,279 | 23,555 |
Equity securities | ||
Investment [Line Items] | ||
Trading account assets, at fair value | 17,120 | 15,770 |
Trading account assets, at amortized cost or cost | $ 11,939 | $ 11,929 |
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans | $ 1,210,779 | $ 1,151,939 |
% of Total | 100.00% | 100.00% |
Valuation allowance | $ (1,972) | $ (1,558) |
Total commercial mortgage and other loans | 1,208,807 | 1,150,381 |
Apartments and multi-family | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans | $ 367,164 | $ 318,667 |
% of Total | 30.30% | 27.70% |
Hospitality | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans | $ 43,641 | $ 54,597 |
% of Total | 3.60% | 4.70% |
Industrial | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans | $ 184,360 | $ 185,682 |
% of Total | 15.20% | 16.10% |
Office | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans | $ 185,199 | $ 161,980 |
% of Total | 15.30% | 14.10% |
Other | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans | $ 129,635 | $ 124,465 |
% of Total | 10.70% | 10.80% |
Retail | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans | $ 233,089 | $ 243,225 |
% of Total | 19.30% | 21.10% |
Commercial mortgage loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans | $ 1,143,088 | $ 1,088,616 |
% of Total | 94.40% | 94.50% |
Agricultural property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans | $ 67,691 | $ 63,323 |
% of Total | 5.60% | 5.50% |
Investments (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance, beginning of year | $ 1,558 | $ 2,651 |
Addition to (release of) allowance for losses | 414 | (1,093) |
Charge-offs, net of recoveries | 0 | 0 |
Total ending balance | 1,972 | 1,558 |
Commercial Mortgage Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance, beginning of year | 1,513 | 2,587 |
Addition to (release of) allowance for losses | 393 | (1,074) |
Charge-offs, net of recoveries | 0 | 0 |
Total ending balance | 1,906 | 1,513 |
Agricultural Property Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance, beginning of year | 45 | 64 |
Addition to (release of) allowance for losses | 21 | (19) |
Charge-offs, net of recoveries | 0 | 0 |
Total ending balance | $ 66 | $ 45 |
Investments (Allowance for Credit Losses and Recorded Investment) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Allowance for credit losses: | |||
Individually evaluated for impairment | $ 0 | $ 0 | |
Collectively evaluated for impairment | 1,972 | 1,558 | |
Total ending balance | 1,972 | 1,558 | $ 2,651 |
Recorded investment: | |||
Individually evaluated for impairment | 3,523 | 2,528 | |
Collectively evaluated for impairment | 1,207,256 | 1,149,411 | |
Total ending balance | 1,210,779 | 1,151,939 | |
Commercial Mortgage Loans | |||
Allowance for credit losses: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,906 | 1,513 | |
Total ending balance | 1,906 | 1,513 | 2,587 |
Recorded investment: | |||
Individually evaluated for impairment | 2,370 | 2,528 | |
Collectively evaluated for impairment | 1,140,718 | 1,086,088 | |
Total ending balance | 1,143,088 | 1,088,616 | |
Agricultural Property Loans | |||
Allowance for credit losses: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 66 | 45 | |
Total ending balance | 66 | 45 | $ 64 |
Recorded investment: | |||
Individually evaluated for impairment | 1,153 | 0 | |
Collectively evaluated for impairment | 66,538 | 63,323 | |
Total ending balance | $ 67,691 | $ 63,323 |
Investments (Credit Quality Indicators) (Details) - Commercial Mortgage and Agricultural Loans - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | $ 1,210,779 | $ 1,151,939 |
0%-59.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 715,524 | 752,317 |
60%-69.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 376,500 | 275,537 |
70%-79.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 118,520 | 119,344 |
80% and greater | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 235 | 4,741 |
≥ 1.2X | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 1,154,632 | 1,092,909 |
≥ 1.2X | 0%-59.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 692,910 | 732,473 |
≥ 1.2X | 60%-69.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 364,772 | 267,122 |
≥ 1.2X | 70%-79.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 96,950 | 88,811 |
≥ 1.2X | 80% and greater | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 0 | 4,503 |
1.0X to 1.2X | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 51,534 | 57,892 |
1.0X to 1.2X | 0%-59.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 20,262 | 19,844 |
1.0X to 1.2X | 60%-69.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 9,702 | 7,515 |
1.0X to 1.2X | 70%-79.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 21,570 | 30,533 |
1.0X to 1.2X | 80% and greater | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 0 | 0 |
Less than 1.0X | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 4,613 | 1,138 |
Less than 1.0X | 0%-59.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 2,352 | 0 |
Less than 1.0X | 60%-69.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 2,026 | 900 |
Less than 1.0X | 70%-79.99% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | 0 | 0 |
Less than 1.0X | 80% and greater | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recording investment gross of allowance for credit losses | $ 235 | $ 238 |
Investments (Analysis of Past Due Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 1,210,779 | $ 1,151,939 |
Total Loans | 1,210,779 | 1,151,939 |
Non-Accrual Status | 0 | 0 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial mortgage loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,143,088 | 1,088,616 |
Total Loans | 1,143,088 | 1,088,616 |
Non-Accrual Status | 0 | 0 |
Commercial mortgage loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial mortgage loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial mortgage loans | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Agricultural property loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 67,691 | 63,323 |
Total Loans | 67,691 | 63,323 |
Non-Accrual Status | 0 | 0 |
Agricultural property loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Agricultural property loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Agricultural property loans | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 0 | $ 0 |
Investments (Other Long-Term Investments) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Other Long-Term Investment [Line Items] | ||
Other long-term investments | $ 312,683 | $ 344,463 |
Company's investment in separate accounts | ||
Other Long-Term Investment [Line Items] | ||
Other long-term investments | 39,304 | 34,088 |
Private equity | ||
Other Long-Term Investment [Line Items] | ||
Other long-term investments | 151,796 | 139,493 |
Hedge funds | ||
Other Long-Term Investment [Line Items] | ||
Other long-term investments | 52,791 | 81,104 |
Real estate-related | ||
Other Long-Term Investment [Line Items] | ||
Other long-term investments | 12,135 | 11,912 |
Total joint ventures and limited partnerships | ||
Other Long-Term Investment [Line Items] | ||
Other long-term investments | 216,722 | 232,509 |
Derivatives | ||
Other Long-Term Investment [Line Items] | ||
Other long-term investments | $ 56,657 | $ 77,866 |
Investments (Net Investment Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 91,497 | $ 108,564 | $ 282,316 | $ 304,523 |
Less: investment expenses | (4,975) | (4,821) | (15,138) | (16,709) |
Net investment income | 86,522 | 103,743 | 267,178 | 287,814 |
Fixed maturities | Available-for-sale | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 59,264 | 56,901 | 177,512 | 186,654 |
Equity securities | Available-for-sale | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 0 | 0 | 0 | 1 |
Trading account assets | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 442 | 424 | 1,244 | 1,628 |
Commercial mortgage and other loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 13,534 | 11,792 | 39,800 | 46,369 |
Policy loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 16,110 | 16,034 | 47,572 | 46,813 |
Short-term investments and cash equivalents | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 282 | 351 | 674 | 1,550 |
Other long-term investments | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 1,865 | $ 23,062 | $ 15,514 | $ 21,508 |
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Schedule Of Gain Loss On Investments [Line Items] | ||||
Realized investment gains (losses), net | $ (275,186) | $ (9,668) | $ (31,175) | $ 905,945 |
Fixed maturities | ||||
Schedule Of Gain Loss On Investments [Line Items] | ||||
Realized investment gains (losses), net | 28,594 | (1,643) | 28,794 | 73,752 |
Equity securities | ||||
Schedule Of Gain Loss On Investments [Line Items] | ||||
Realized investment gains (losses), net | 0 | 126 | (125) | (1,592) |
Commercial mortgage and other loans | ||||
Schedule Of Gain Loss On Investments [Line Items] | ||||
Realized investment gains (losses), net | 74 | (74) | (414) | 29,917 |
Joint ventures and limited partnerships | ||||
Schedule Of Gain Loss On Investments [Line Items] | ||||
Realized investment gains (losses), net | 5 | (173) | (96) | (240) |
Derivatives | ||||
Schedule Of Gain Loss On Investments [Line Items] | ||||
Realized investment gains (losses), net | (303,850) | (7,907) | (59,319) | 804,087 |
Short-term investments and cash equivalents | ||||
Schedule Of Gain Loss On Investments [Line Items] | ||||
Realized investment gains (losses), net | $ (9) | $ 3 | $ (15) | $ 21 |
Investments (Net Unrealized Gains Losses on Investments) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Gain (Loss) on Investments [Line Items] | ||
Net Unrealized Gains (Losses) on Investments | $ 238,540 | $ 112,432 |
Fixed maturities | Available-for-sale | OTTI | ||
Gain (Loss) on Investments [Line Items] | ||
Net Unrealized Gains (Losses) on Investments | 811 | 4,883 |
Fixed maturities | Available-for-sale | All other | ||
Gain (Loss) on Investments [Line Items] | ||
Net Unrealized Gains (Losses) on Investments | 226,053 | 59,755 |
Equity securities | Available-for-sale | ||
Gain (Loss) on Investments [Line Items] | ||
Net Unrealized Gains (Losses) on Investments | 1,887 | 366 |
Derivatives designated as cash flow hedges | ||
Gain (Loss) on Investments [Line Items] | ||
Net Unrealized Gains (Losses) on Investments | 1,008 | 40,931 |
Affiliated notes | ||
Gain (Loss) on Investments [Line Items] | ||
Net Unrealized Gains (Losses) on Investments | 5,968 | 5,056 |
Other investments | ||
Gain (Loss) on Investments [Line Items] | ||
Net Unrealized Gains (Losses) on Investments | $ 2,813 | $ 1,441 |
Investments (Securities Lending and Repurchase Agreements) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | $ 15,615 | $ 74,976 |
Total securities sold under agreements to repurchase | 0 | 68,904 |
Overnight & Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 15,615 | 74,976 |
Total securities sold under agreements to repurchase | 0 | 68,904 |
Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
Total securities sold under agreements to repurchase | 0 | 0 |
US Treasury securities and obligations of U.S. government authorities and agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
Total securities sold under agreements to repurchase | 0 | 68,904 |
US Treasury securities and obligations of U.S. government authorities and agencies | Overnight & Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
Total securities sold under agreements to repurchase | 0 | 68,904 |
US Treasury securities and obligations of U.S. government authorities and agencies | Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
Total securities sold under agreements to repurchase | 0 | 0 |
Foreign government bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 9,940 | 6,827 |
Foreign government bonds | Overnight & Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 9,940 | 6,827 |
Foreign government bonds | Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
All other U.S. public corporate securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 4,720 | 62,584 |
All other U.S. public corporate securities | Overnight & Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 4,720 | 62,584 |
All other U.S. public corporate securities | Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
All other foreign public corporate securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 955 | 5,565 |
All other foreign public corporate securities | Overnight & Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 955 | 5,565 |
All other foreign public corporate securities | Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | $ 0 | $ 0 |
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||
Income Tax Disclosure [Abstract] | ||||||
Income tax expense (benefit)(1) | [1] | $ (39,449) | $ (35,893) | $ (69,061) | $ (74,946) | |
Effective income tax rate, percent | (48.74%) | (15.03%) | ||||
Federal Statutory income tax rate, percent | 35.00% | |||||
|
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | $ 5,098,642 | $ 5,617,549 |
Trading securities, equity, fair value | 55,060 | 35,328 |
Equity securities, available-for-sale | 22,641 | 16,756 |
Short-term investments | 712 | 36,657 |
Other long-term investments | 312,683 | 344,463 |
Reinsurance recoverables | 31,626,758 | 28,674,226 |
Receivables from parent and affiliates | 334,110 | 213,952 |
Separate account assets | 126,244,384 | 116,606,428 |
TOTAL ASSETS | 168,058,203 | 155,665,990 |
Future policy benefits | 17,941,244 | 16,503,260 |
Payables to parent and affiliates | 160,151 | 73,628 |
TOTAL LIABILITIES | 165,118,587 | 153,169,187 |
Future Policy Benefits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability | 5,272,000 | 5,041,000 |
Embedded Derivative, Fair Value of Embedded Derivative Gross Asset | 820,000 | 1,157,000 |
Embedded Derivative, Fair Value of Embedded Derivative Gross Liability | 6,092,000 | 6,198,000 |
Fair Value, Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 5,098,642 | 5,617,549 |
Trading accounts assets | 55,060 | 35,328 |
Equity securities, available-for-sale | 22,641 | 16,756 |
Short-term investments | 712 | 36,657 |
Cash equivalents | 9,943 | 7,642 |
Other long-term investments | 56,657 | 77,865 |
Reinsurance recoverables | 5,277,737 | 5,474,263 |
Receivables from parent and affiliates | 137,727 | 137,637 |
Subtotal excluding separate account assets | 10,659,119 | 11,403,697 |
Separate account assets | 125,484,444 | 116,040,888 |
TOTAL ASSETS | 136,143,563 | 127,444,585 |
Future policy benefits | 5,272,326 | 5,041,007 |
Policyholders’ account balances | 36,525 | 20,337 |
Payables to parent and affiliates | 0 | 0 |
TOTAL LIABILITIES | 5,308,851 | 5,061,344 |
Asset Netting | (48,407) | (13,019) |
Liability Netting | (48,289) | (12,854) |
Netting | 100 | 200 |
Fair Value, Measurements, Recurring | Other long-term investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Netting | (48,407) | (13,019) |
Fair Value, Measurements, Recurring | Payables to parent and affiliates | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liability Netting | (48,289) | (12,854) |
Fair Value, Measurements, Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 71,743 | 160,740 |
Fair Value, Measurements, Recurring | Obligations of U.S. states and their political subdivisions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 620,764 | 626,486 |
Fair Value, Measurements, Recurring | Foreign government bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 129,576 | 108,782 |
Fair Value, Measurements, Recurring | U.S. corporate public securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 1,798,143 | 2,361,518 |
Fair Value, Measurements, Recurring | U.S. corporate private securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 911,766 | 884,284 |
Fair Value, Measurements, Recurring | Foreign corporate public securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 179,377 | 221,848 |
Fair Value, Measurements, Recurring | Foreign corporate private securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 825,305 | 599,016 |
Fair Value, Measurements, Recurring | Corporate securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets, debt | 37,940 | 19,256 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 134,549 | 189,016 |
Trading account assets, debt | 0 | 302 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 350,676 | 382,671 |
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 76,743 | 83,188 |
Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities, equity, fair value | 17,120 | 15,770 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Trading accounts assets | 0 | 0 |
Equity securities, available-for-sale | 85 | 41 |
Short-term investments | 0 | 31,007 |
Cash equivalents | 9,943 | 5,644 |
Other long-term investments | 0 | 0 |
Reinsurance recoverables | 0 | 0 |
Receivables from parent and affiliates | 0 | 0 |
Subtotal excluding separate account assets | 10,028 | 36,692 |
Separate account assets | 0 | 0 |
TOTAL ASSETS | 10,028 | 36,692 |
Future policy benefits | 0 | 0 |
Policyholders’ account balances | 0 | 0 |
Payables to parent and affiliates | 0 | 0 |
TOTAL LIABILITIES | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Obligations of U.S. states and their political subdivisions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Foreign government bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate public securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate private securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate public securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate private securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets, debt | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Trading account assets, debt | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities, equity, fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 4,932,758 | 5,495,137 |
Trading accounts assets | 37,940 | 19,558 |
Equity securities, available-for-sale | 22,514 | 16,640 |
Short-term investments | 0 | 5,650 |
Cash equivalents | 0 | 1,998 |
Other long-term investments | 105,064 | 90,884 |
Reinsurance recoverables | 0 | 0 |
Receivables from parent and affiliates | 137,727 | 131,144 |
Subtotal excluding separate account assets | 5,236,003 | 5,761,011 |
Separate account assets | 125,484,444 | 116,040,888 |
TOTAL ASSETS | 130,720,447 | 121,801,899 |
Future policy benefits | 0 | 0 |
Policyholders’ account balances | 0 | 0 |
Payables to parent and affiliates | 48,289 | 12,854 |
TOTAL LIABILITIES | 48,289 | 12,854 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 56,833 | 160,740 |
Fair Value, Measurements, Recurring | Level 2 | Obligations of U.S. states and their political subdivisions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 620,764 | 626,486 |
Fair Value, Measurements, Recurring | Level 2 | Foreign government bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 129,576 | 108,782 |
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate public securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 1,796,981 | 2,306,409 |
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate private securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 880,054 | 851,585 |
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate public securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 178,966 | 221,848 |
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate private securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 811,651 | 584,268 |
Fair Value, Measurements, Recurring | Level 2 | Corporate securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets, debt | 37,940 | 19,256 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 32,007 | 169,160 |
Trading account assets, debt | 0 | 302 |
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 349,183 | 382,671 |
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 76,743 | 83,188 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities, equity, fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 165,884 | 122,412 |
Trading accounts assets | 17,120 | 15,770 |
Equity securities, available-for-sale | 42 | 75 |
Short-term investments | 712 | 0 |
Cash equivalents | 0 | 0 |
Other long-term investments | 0 | 0 |
Reinsurance recoverables | 5,277,737 | 5,474,263 |
Receivables from parent and affiliates | 0 | 6,493 |
Subtotal excluding separate account assets | 5,461,495 | 5,619,013 |
Separate account assets | 0 | 0 |
TOTAL ASSETS | 5,461,495 | 5,619,013 |
Future policy benefits | 5,272,326 | 5,041,007 |
Policyholders’ account balances | 36,525 | 20,337 |
Payables to parent and affiliates | 0 | 0 |
TOTAL LIABILITIES | 5,308,851 | 5,061,344 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 14,910 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Obligations of U.S. states and their political subdivisions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Foreign government bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate public securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 1,162 | 55,109 |
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate private securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 31,712 | 32,699 |
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate public securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 411 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate private securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 13,654 | 14,748 |
Fair Value, Measurements, Recurring | Level 3 | Corporate securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets, debt | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 102,542 | 19,856 |
Trading account assets, debt | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 1,493 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities, equity, fair value | 17,120 | 15,770 |
Other long-term investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value investment measured at NAV per share | 800 | 900 |
Separate Account Assets | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value investment measured at NAV per share | $ 760,000 | $ 566,000 |
Fair Value of Assets and Liabilities (Narrative) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Fair Value Disclosures [Abstract] | ||||
Transfers Between Level 1 and Level 2 | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Future policy benefits | $ 17,941,244 | $ 16,503,260 |
Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Future policy benefits | $ 5,272,326 | 5,041,007 |
Level 3 | Minimum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Policyholder Age | 35 years | |
Level 3 | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Policyholder Age | 90 years | |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Future policy benefits | $ 5,272,326 | $ 5,041,007 |
Level 3 | Internal | Minimum | Discounted cash flow | Future Policy Benefits | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 1.00% | 0.00% |
Spread over LIBOR | 0.13% | 0.25% |
Utilization rate | 52.00% | 52.00% |
Withdrawal rate (greater than maximum range) | 78.00% | 78.00% |
Mortality rate | 0.00% | 0.00% |
Equity volatility curve | 13.00% | 16.00% |
Level 3 | Internal | Minimum | Discounted cash flow | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 1.38% | 4.54% |
Level 3 | Internal | Minimum | Discounted cash flow | Reinsurance Recoverables | No Lapse Guarantee | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 0.00% | |
Spread over LIBOR | 0.25% | |
Mortality rate | 0.00% | |
Premium Payment | 0.65 | |
Level 3 | Internal | Minimum | Market comparables | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 4.0 | |
Level 3 | Internal | Minimum | Liquidation | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liquidation value | 98.21% | |
Level 3 | Internal | Maximum | Discounted cash flow | Future Policy Benefits | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 12.00% | 13.00% |
Spread over LIBOR | 1.27% | 1.50% |
Utilization rate | 97.00% | 96.00% |
Withdrawal rate (greater than maximum range) | 100.00% | 100.00% |
Mortality rate | 14.00% | 14.00% |
Equity volatility curve | 24.00% | 25.00% |
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 14.85% | 15.00% |
Level 3 | Internal | Maximum | Discounted cash flow | Reinsurance Recoverables | No Lapse Guarantee | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 12.00% | |
Spread over LIBOR | 1.50% | |
Mortality rate | 31.00% | |
Premium Payment | 0.95 | |
Level 3 | Internal | Maximum | Market comparables | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 4.0 | |
Level 3 | Internal | Maximum | Liquidation | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liquidation value | 98.21% | |
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 7.34% | 8.06% |
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 4.0 | |
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liquidation value | 98.21% | |
Level 3 | Internal | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Reinsurance recoverables(13) | $ 5,277,737 | $ 5,041,262 |
Level 3 | Internal | Fair Value, Measurements, Recurring | No Lapse Guarantee | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Reinsurance recoverables - No Lapse Guarantee | 433,001 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Future Policy Benefits | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Future policy benefits | 5,272,326 | 5,041,007 |
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Corporate securities | $ 43,757 | $ 45,715 |
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Fixed Maturities, Available-for-Sale | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | $ 11,552 | $ 0 | ||
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 0 | 0 | ||
Net investment income | 0 | 0 | ||
Purchases | 3,358 | 11,340 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Other | 0 | 3,570 | ||
Fair Value, end of period | 14,910 | 14,910 | ||
Fixed Maturities, Available-for-Sale | U.S. Treasury securities and obligations of U.S. government authorities and agencies | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Fixed Maturities, Available-for-Sale | U.S. Treasury securities and obligations of U.S. government authorities and agencies | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Fixed Maturities, Available-for-Sale | U.S. Corporate Public Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 1,255 | $ 55,003 | 55,109 | $ 55,003 |
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | (5) | 88 | (16) | 87 |
Net investment income | 0 | 1 | 0 | 1 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (51,430) | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (55) | 0 | (471) | 0 |
Transfers into Level 3 | 1,068 | 2,518 | 2,707 | 2,519 |
Transfers out of Level 3 | (1,100) | 0 | (1,167) | 0 |
Other | (1) | 0 | (3,571) | 0 |
Fair Value, end of period | 1,162 | 57,610 | 1,162 | 57,610 |
Fixed Maturities, Available-for-Sale | U.S. Corporate Public Securities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 1 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Fixed Maturities, Available-for-Sale | U.S. Corporate Public Securities | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Fixed Maturities, Available-for-Sale | U.S. Corporate Private Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 31,035 | 32,900 | 32,699 | 22,716 |
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | (111) | 513 | 240 | 337 |
Net investment income | 47 | 22 | 149 | 52 |
Purchases | 1,790 | 1,372 | 13,499 | 1,779 |
Sales | 0 | 0 | (767) | (7,943) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (2,331) | (1,272) | (13,567) | (2,415) |
Transfers into Level 3 | 1,408 | 0 | 1,750 | 19,034 |
Transfers out of Level 3 | 1 | 0 | (1,734) | 0 |
Other | 0 | 0 | 0 | 0 |
Fair Value, end of period | 31,712 | 33,595 | 31,712 | 33,595 |
Fixed Maturities, Available-for-Sale | U.S. Corporate Private Securities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (127) | 60 | (557) | 35 |
Net unrealized investment gains (losses): | ||||
Included in earnings | (157) | 0 | (1,203) | (508) |
Fixed Maturities, Available-for-Sale | U.S. Corporate Private Securities | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Fixed Maturities, Available-for-Sale | Foreign Corporate Public Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 0 | 0 | ||
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 7 | 7 | ||
Net investment income | 0 | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 404 | 404 | ||
Transfers out of Level 3 | 0 | 0 | ||
Other | 0 | 0 | ||
Fair Value, end of period | 411 | 411 | ||
Fixed Maturities, Available-for-Sale | Foreign Corporate Public Securities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Fixed Maturities, Available-for-Sale | Foreign Corporate Public Securities | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Fixed Maturities, Available-for-Sale | Foreign Corporate Private Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 13,085 | 10,369 | 14,748 | 17,773 |
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 224 | (440) | 1,382 | (910) |
Net investment income | (17) | (18) | (60) | (4) |
Purchases | 51 | 48 | 167 | 167 |
Sales | 0 | 1 | 0 | (1,949) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (10) | (249) | (1,011) | (6,794) |
Transfers into Level 3 | 343 | 6,618 | 343 | 8,205 |
Transfers out of Level 3 | 0 | (73) | (1,790) | (73) |
Other | (11) | 0 | (11) | 0 |
Fair Value, end of period | 13,654 | 16,255 | 13,654 | 16,255 |
Fixed Maturities, Available-for-Sale | Foreign Corporate Private Securities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (11) | (1) | (114) | (160) |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | (62) | 0 |
Fixed Maturities, Available-for-Sale | Foreign Corporate Private Securities | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Fixed Maturities, Available-for-Sale | Asset-Backed Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 68,350 | 40,827 | 19,856 | 173,347 |
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 187 | 160 | (3,455) | (581) |
Net investment income | 9 | 27 | 97 | 153 |
Purchases | 36,039 | 11,239 | 64,681 | 18,424 |
Sales | 0 | (5,347) | (7,471) | (44,486) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (3,317) | (276) | (46,117) | (880) |
Transfers into Level 3 | 2,767 | 11,063 | 75,143 | 46,706 |
Transfers out of Level 3 | (1,506) | (19,645) | (4,253) | (154,619) |
Other | 0 | 0 | 0 | 0 |
Fair Value, end of period | 102,542 | 38,047 | 102,542 | 38,047 |
Fixed Maturities, Available-for-Sale | Asset-Backed Securities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 13 | (1) | 4,061 | (17) |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | (6) |
Fixed Maturities, Available-for-Sale | Asset-Backed Securities | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Fixed Maturities, Available-for-Sale | Commercial Mortgage-Backed Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 0 | 0 | ||
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 0 | 0 | ||
Net investment income | 0 | 0 | ||
Purchases | 1,493 | 1,493 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Other | 0 | 0 | ||
Fair Value, end of period | 1,493 | 1,493 | ||
Fixed Maturities, Available-for-Sale | Commercial Mortgage-Backed Securities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Fixed Maturities, Available-for-Sale | Commercial Mortgage-Backed Securities | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Trading Account Assets | Equity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 17,307 | 16,882 | 15,770 | 18,248 |
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (4,862) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Other | 11 | 0 | 11 | 3,260 |
Fair Value, end of period | 17,120 | 17,966 | 17,120 | 17,966 |
Trading Account Assets | Equity securities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Trading Account Assets | Equity securities | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (198) | 1,084 | 1,339 | 1,320 |
Net unrealized investment gains (losses): | ||||
Included in earnings | (198) | 1,084 | 1,977 | 242 |
Equity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 43 | 191 | 75 | 165 |
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | (1) | (70) | (33) | (44) |
Net investment income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Fair Value, end of period | 42 | 121 | 42 | 121 |
Equity securities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Equity securities | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Short-term Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 0 | 0 | ||
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 0 | 0 | ||
Net investment income | 0 | 0 | ||
Purchases | 3,319 | 3,319 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (2,607) | (2,607) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Other | 0 | 0 | ||
Fair Value, end of period | 712 | 712 | ||
Short-term Investments | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Short-term Investments | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Other Long-term Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 0 | 2,479 | 0 | 5,704 |
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 | (67) |
Purchases | 0 | 0 | 0 | 102 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 8 | 0 |
Transfers out of Level 3 | 0 | 0 | (8) | 0 |
Other | 0 | 0 | 0 | (3,260) |
Fair Value, end of period | 0 | 2,479 | 0 | 2,479 |
Other Long-term Investments | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other Long-term Investments | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other Long-term Investments | Interest credited to polcyholder account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Reinsurance Recoverables | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 7,192,057 | 9,141,712 | 5,474,263 | 4,940,011 |
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 | 0 |
Purchases | 223,330 | 238,884 | 679,236 | 623,884 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Other | (760,102) | 0 | (760,102) | 0 |
Fair Value, end of period | 5,277,737 | 9,011,140 | 5,277,737 | 9,011,140 |
Reinsurance Recoverables | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (1,377,548) | (369,456) | (115,660) | 3,447,245 |
Net unrealized investment gains (losses): | ||||
Included in earnings | (1,320,981) | 451,689 | (308,066) | 8,646,173 |
Reinsurance Recoverables | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Reinsurance Recoverables | Interest credited to polcyholder account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Receivables from Parent and Affiliates | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 0 | 556 | 6,493 | 5,000 |
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 0 | 4 | 0 | 24 |
Net investment income | 0 | 0 | 0 | 0 |
Purchases | 0 | 8,313 | 0 | 8,313 |
Sales | 0 | 0 | 0 | (1,987) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | (6,493) | (2,464) |
Other | 0 | 0 | 0 | 0 |
Fair Value, end of period | 0 | 560 | 0 | 560 |
Receivables from Parent and Affiliates | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | (8,313) | 0 | (8,326) |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Receivables from Parent and Affiliates | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Receivables from Parent and Affiliates | Interest credited to polcyholder account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Future Policy Benefits | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | (6,424,559) | (8,657,255) | (5,041,007) | (5,205,434) |
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | (221,503) | (208,197) | (654,141) | (599,197) |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Fair Value, end of period | (5,272,326) | (8,480,030) | (5,272,326) | (8,480,030) |
Future Policy Benefits | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 1,373,736 | 385,422 | 422,822 | (2,675,399) |
Net unrealized investment gains (losses): | ||||
Included in earnings | 1,327,927 | 698,863 | 311,314 | (2,752,958) |
Future Policy Benefits | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Future Policy Benefits | Interest credited to polcyholder account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | 0 | ||
Policyholders' Account Balances | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | (31,978) | (5,902) | (20,337) | (5,902) |
Total gains (losses) (realized/unrealized): | ||||
Included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (17,026) | (5,480) | (16,531) | (5,480) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Fair Value, end of period | (36,525) | (17,159) | (36,525) | (17,159) |
Policyholders' Account Balances | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (6,209) | (5,777) | (18,345) | (5,777) |
Net unrealized investment gains (losses): | ||||
Included in earnings | (6,209) | (4,240) | (18,345) | (5,777) |
Policyholders' Account Balances | Asset management fees and other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Net unrealized investment gains (losses): | ||||
Included in earnings | 0 | $ 0 | 0 | $ 0 |
Policyholders' Account Balances | Interest credited to polcyholder account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 18,688 | 18,688 | ||
Net unrealized investment gains (losses): | ||||
Included in earnings | $ 7,017 | $ 18,688 |
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Assets: | ||||
Policy loans | $ 1,147,593 | $ 1,166,456 | ||
Cash and cash equivalents | 196,326 | 96,157 | $ 78,777 | $ 370,286 |
Accrued investment income | 81,478 | 87,322 | ||
Receivables from parent and affiliates | 334,110 | 213,952 | ||
Liabilities: | ||||
Securities sold under agreements to repurchase | 0 | 68,904 | ||
Cash collateral for loaned securities | 15,615 | 74,976 | ||
Fair Value | ||||
Assets: | ||||
Commercial mortgage and other loans | 1,247,050 | 1,181,582 | ||
Policy loans | 1,147,593 | 1,166,456 | ||
Cash and cash equivalents | 186,383 | 88,515 | ||
Accrued investment income | 81,478 | 87,322 | ||
Receivables from parent and affiliates | 196,383 | 76,315 | ||
Other assets | 39,095 | 37,969 | ||
Total assets | 2,897,982 | 2,638,159 | ||
Liabilities: | ||||
Policyholders’ account balances - investment contracts | 1,420,267 | 1,382,385 | ||
Securities sold under agreements to repurchase | 0 | 68,904 | ||
Cash collateral for loaned securities | 15,615 | 74,976 | ||
Payables to parent and affiliates | 160,151 | 73,628 | ||
Other liabilities | 278,252 | 305,969 | ||
Total liabilities | 1,874,285 | 1,905,862 | ||
Carrying Amount | ||||
Assets: | ||||
Commercial mortgage and other loans | 1,208,807 | 1,150,381 | ||
Policy loans | 1,147,593 | 1,166,456 | ||
Cash and cash equivalents | 186,383 | 88,515 | ||
Accrued investment income | 81,478 | 87,322 | ||
Receivables from parent and affiliates | 196,383 | 76,315 | ||
Other assets | 39,095 | 37,969 | ||
Total assets | 2,859,739 | 2,606,958 | ||
Liabilities: | ||||
Policyholders’ account balances - investment contracts | 1,421,800 | 1,386,099 | ||
Securities sold under agreements to repurchase | 0 | 68,904 | ||
Cash collateral for loaned securities | 15,615 | 74,976 | ||
Payables to parent and affiliates | 160,151 | 73,628 | ||
Other liabilities | 278,252 | 305,969 | ||
Total liabilities | 1,875,818 | 1,909,576 | ||
Level 1 | Fair Value | ||||
Assets: | ||||
Commercial mortgage and other loans | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Cash and cash equivalents | 39,384 | 30,149 | ||
Accrued investment income | 0 | 0 | ||
Receivables from parent and affiliates | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 39,384 | 30,149 | ||
Liabilities: | ||||
Policyholders’ account balances - investment contracts | 0 | 0 | ||
Securities sold under agreements to repurchase | 0 | 0 | ||
Cash collateral for loaned securities | 0 | 0 | ||
Payables to parent and affiliates | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Level 2 | Fair Value | ||||
Assets: | ||||
Commercial mortgage and other loans | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Cash and cash equivalents | 0 | 58,366 | ||
Accrued investment income | 81,478 | 87,322 | ||
Receivables from parent and affiliates | 196,383 | 76,315 | ||
Other assets | 39,095 | 37,969 | ||
Total assets | 316,956 | 259,972 | ||
Liabilities: | ||||
Policyholders’ account balances - investment contracts | 1,151,614 | 1,129,378 | ||
Securities sold under agreements to repurchase | 0 | 68,904 | ||
Cash collateral for loaned securities | 15,615 | 74,976 | ||
Payables to parent and affiliates | 160,151 | 73,628 | ||
Other liabilities | 278,252 | 305,969 | ||
Total liabilities | 1,605,632 | 1,652,855 | ||
Level 3 | Fair Value | ||||
Assets: | ||||
Commercial mortgage and other loans | 1,247,050 | 1,181,582 | ||
Policy loans | 1,147,593 | 1,166,456 | ||
Cash and cash equivalents | 146,999 | 0 | ||
Accrued investment income | 0 | 0 | ||
Receivables from parent and affiliates | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 2,541,642 | 2,348,038 | ||
Liabilities: | ||||
Policyholders’ account balances - investment contracts | 268,653 | 253,007 | ||
Securities sold under agreements to repurchase | 0 | 0 | ||
Cash collateral for loaned securities | 0 | 0 | ||
Payables to parent and affiliates | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 268,653 | 253,007 | ||
Other long-term investments | Fair Value | Measurement at NAV per share | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cost Method Investments, Fair Value Disclosure | 48,000 | 35,000 | ||
Other long-term investments | Carrying Amount | Measurement at NAV per share | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cost Method Investments, Fair Value Disclosure | $ 41,000 | $ 32,000 |
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative [Line Items] | ||
Notional | $ 2,132,277 | $ 1,259,558 |
Assets | 105,064 | 90,884 |
Liabilities | (48,289) | (12,854) |
Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Notional | 639,911 | 435,602 |
Assets | 23,127 | 44,040 |
Liabilities | (29,760) | (1,835) |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps | ||
Derivative [Line Items] | ||
Notional | 639,911 | 435,602 |
Assets | 23,127 | 44,040 |
Liabilities | (29,760) | (1,835) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Notional | 1,492,366 | 823,956 |
Assets | 81,937 | 46,844 |
Liabilities | (18,529) | (11,019) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional | 246,925 | 101,076 |
Assets | 26,435 | 8,215 |
Liabilities | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional | 18,375 | 13,447 |
Assets | 38 | 216 |
Liabilities | (355) | (20) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional | 1,594 | 3,000 |
Assets | 0 | 0 |
Liabilities | (115) | (281) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps | ||
Derivative [Line Items] | ||
Notional | 95,145 | 56,626 |
Assets | 4,964 | 7,789 |
Liabilities | (3,656) | (211) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options | ||
Derivative [Line Items] | ||
Notional | 1,130,327 | 649,807 |
Assets | 50,500 | 30,624 |
Liabilities | $ (14,403) | $ (10,507) |
Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivatives Assets | ||
Gross Amounts of Recognized Financial Instruments | $ 105,050 | $ 90,877 |
Gross Amounts Offset in the Consolidated Statement of Financial Position | (48,407) | (13,019) |
Net Amounts Presented in the Consolidated Statement of Financial Position | 56,643 | 77,858 |
Financial Instruments/Collateral | (56,643) | (77,858) |
Net Amount | 0 | 0 |
Securities Purchased under Agreements to Resell | ||
Gross Amounts of Recognized Financial Instruments | 147,000 | 58,366 |
Gross Amounts Offset in the Consolidated Statement of Financial Position | 0 | 0 |
Net Amounts Presented in the Consolidated Statement of Financial Position | 147,000 | 58,366 |
Financial Instruments/Collateral | (147,000) | (58,366) |
Net Amount | 0 | 0 |
Total Assets | ||
Gross Amounts of Recognized Financial Instruments | 252,050 | 149,243 |
Gross Amounts Offset in the Consolidated Statement of Financial Position | (48,407) | (13,019) |
Net Amounts Presented in the Consolidated Statement of Financial Position | 203,643 | 136,224 |
Financial Instruments/Collateral | (203,643) | (136,224) |
Net Amount | 0 | 0 |
Derivatives Liabilities | ||
Gross Amounts of Recognized Financial Instruments | 48,289 | 12,854 |
Gross Amounts Offset in the Consolidated Statement of Financial Position | (48,289) | (12,854) |
Net Amounts Presented in the Consolidated Statement of Financial Position | 0 | 0 |
Financial Instruments/Collateral | 0 | 0 |
Net Amount | 0 | 0 |
Securities Sold under Agreements to Repurchase | ||
Gross Amounts of Recognized Financial Instruments | 0 | 68,904 |
Gross Amounts Offset in the Consolidated Statement of Financial Position | 0 | 0 |
Net Amounts Presented in the Consolidated Statement of Financial Position | 0 | 68,904 |
Financial Instruments/Collateral | 0 | (68,904) |
Net Amount | 0 | 0 |
Total Liabilities | ||
Gross Amounts of Recognized Financial Instruments | 48,289 | 81,758 |
Gross Amounts Offset in the Consolidated Statement of Financial Position | (48,289) | (12,854) |
Net Amounts Presented in the Consolidated Statement of Financial Position | 0 | 68,904 |
Financial Instruments/Collateral | 0 | (68,904) |
Net Amount | $ 0 | $ 0 |
Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | $ (303,850) | $ (7,907) | $ (59,319) | $ 804,087 |
Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 1,705 | 855 | 4,473 | 3,143 |
Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (3,041) | (822) | (7,856) | (1,123) |
AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (17,210) | (6,848) | (39,924) | (16,976) |
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 1,705 | 855 | 4,473 | 3,143 |
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (3,013) | (828) | (7,805) | (1,072) |
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (17,210) | (6,848) | (39,924) | (16,976) |
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 1,705 | 855 | 4,473 | 3,143 |
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (3,013) | (828) | (7,805) | (1,072) |
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (17,210) | (6,848) | (39,924) | (16,976) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (303,850) | (7,907) | (59,319) | 804,087 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (28) | 6 | (51) | (51) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (2,160) | (628) | (528) | 191,250 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (537) | 146 | (1,245) | 1,031 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (5,665) | 1,408 | (4,607) | 8,243 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (28) | 6 | (51) | (51) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (7) | (157) | (44) | (524) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 7,574 | 2,063 | 18,016 | (3,177) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | (303,055) | (10,739) | (70,911) | 607,264 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | 0 | 0 | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivatives, net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash flow hedgers in AOCI $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Balance, beginning | $ 40,931 |
Net deferred gains (losses) on cash flow hedges from January 1 to September 30, 2017 | (42,098) |
Amounts reclassified into current period earnings | 2,175 |
Balance, ending | $ 1,008 |
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Derivative [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 6.0 | |
Maximum length of time hedged in cash flow hedge | 40 years | |
Credit Protection Purchased Notional Amounts | $ 2.0 | $ 3.0 |
Credit Derivative Protection Purchased Fair Value Liability | 0.1 | 0.3 |
Equity Securities, Available-for-Sale | ||
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset (Liability), Net | (5,272.0) | (5,041.0) |
Reinsurance Recoverables | ||
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset (Liability), Net | 5,278.0 | 5,474.0 |
Reinsurance Recoverables | PALAC and Prudential Insurance | ||
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset (Liability), Net | 5,280.0 | 5,041.0 |
Reinsurance Recoverables | Union Hamilton Reinsurance, Ltd. | ||
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset (Liability), Net | 2.0 | 0.0 |
Reinsurance Recoverables | UPARC | ||
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset (Liability), Net | 433.0 | |
Policyholders' Account Balances | ||
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset (Liability), Net | $ (37.0) | $ (20.0) |
Commitments, Contingent Liabilities And Litigation And Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Jul. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Commitments and Guarantees and Contingent Liabilities [Line Items] | |||
Loss contingency, range of possible loss, maximum (less than) | $ 30 | ||
Indonesia | |||
Commitments and Guarantees and Contingent Liabilities [Line Items] | |||
Joint Venture with CT Corp, Ownership Percentage | 49.00% | ||
Commitments | Mortgage Loans | |||
Commitments and Guarantees and Contingent Liabilities [Line Items] | |||
Purchase obligation commercial mortgage loan | 27 | $ 49 | |
Commitments | Investments | |||
Commitments and Guarantees and Contingent Liabilities [Line Items] | |||
Commitments to purchase or fund investments | $ 216 | $ 133 |
Reinsurance (Balance Sheet Reinsurance Results) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Effects of Reinsurance [Line Items] | ||
Reinsurance recoverables | $ 31,626,758 | $ 28,674,226 |
Policy loans | (1,147,593) | (1,166,456) |
Deferred policy acquisition costs | (1,309,489) | (1,341,093) |
Other assets | 419,520 | 279,222 |
Future policy benefits | 17,941,244 | 16,503,260 |
Other liabilities | 945,856 | 849,698 |
Impacts of Reinsurance | ||
Effects of Reinsurance [Line Items] | ||
Reinsurance recoverables | 31,626,758 | 28,674,226 |
Policy loans | (122,434) | (87,112) |
Deferred policy acquisition costs | (6,789,173) | (6,482,889) |
Deferred sales inducements | (640,498) | (615,117) |
Other assets | 214,528 | 226,347 |
Policyholders’ account balances | 4,999,890 | 4,978,859 |
Future policy benefits | 3,155,626 | 2,833,327 |
Other liabilities | 547,078 | 410,376 |
Unaffiliated activity | ||
Effects of Reinsurance [Line Items] | ||
Other assets | 100 | 100 |
Other liabilities | $ 32,000 | $ 28,000 |
Reinsurance (Reinsurance Recoverable by Counterparty) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | $ 31,626,758 | $ 28,674,226 |
PAR U | ||
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | 10,934,567 | 10,514,125 |
PALAC | ||
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | 8,090,730 | 7,706,860 |
PURC | ||
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | 3,471,325 | 3,153,449 |
PARCC | ||
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | 2,557,252 | 2,589,397 |
GUL Re | ||
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | 1,728,167 | 0 |
PAR Term | ||
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | 1,511,086 | 1,403,738 |
Prudential of Taiwan | ||
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | 1,365,857 | 1,246,241 |
Prudential Insurance | ||
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | 1,073,902 | 976,652 |
Term Re | ||
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | 873,902 | 593,084 |
UPARC | ||
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | 0 | 467,904 |
Unaffiliated | ||
Effects of Reinsurance [Line Items] | ||
Total reinsurance recoverables | $ 19,970 | $ 22,776 |
Reinsurance (Income Statement and Comprehensive Income (Loss) Reinsurance Results) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Premiums | ||||
Direct | $ 428,684 | $ 403,893 | $ 1,280,293 | $ 1,203,591 |
Assumed | 63 | 142 | 194 | 291 |
Ceded | (413,623) | (375,020) | (1,242,529) | (2,009,044) |
Net premiums | 15,124 | 29,015 | 37,958 | (805,162) |
Policy charges and fee income | ||||
Direct | 824,514 | 753,980 | 2,593,583 | 2,038,611 |
Assumed | 119,170 | 112,825 | 351,464 | 417,048 |
Ceded | (816,975) | (778,326) | (2,822,861) | (1,781,686) |
Net policy charges and fee income | 126,709 | 88,479 | 122,186 | 673,973 |
Net investment income | ||||
Direct | 87,605 | 104,448 | 269,999 | 290,104 |
Assumed | 376 | 356 | 1,104 | 1,051 |
Ceded | (1,459) | (1,061) | (3,925) | (3,341) |
Net investment income | 86,522 | 103,743 | 267,178 | 287,814 |
Asset administration fees | ||||
Direct | 86,716 | 80,474 | 251,709 | 229,865 |
Assumed | 0 | 0 | 0 | 0 |
Ceded | (82,161) | (76,470) | (238,577) | (149,466) |
Net asset administration fees | 4,555 | 4,004 | 13,132 | 80,399 |
Other income | ||||
Direct | 16,678 | 15,572 | 46,617 | 39,344 |
Assumed | (25) | (168) | 184 | 216 |
Ceded | 19 | 32 | (4) | 27 |
Amortization of reinsurance income | 1,348 | 0 | 1,348 | (19,228) |
Net other income | 18,020 | 15,436 | 48,145 | 20,359 |
Realized investment gains (losses), net | ||||
Direct | 1,390,083 | 383,846 | 442,408 | (2,378,582) |
Assumed | 0 | 0 | 0 | 0 |
Ceded | (1,665,269) | (393,514) | (473,583) | 3,284,527 |
Realized investment gains (losses), net | (275,186) | (9,668) | (31,175) | 905,945 |
Policyholders’ benefits (including change in reserves) | ||||
Direct | 563,821 | 1,009,176 | 1,798,043 | 1,805,942 |
Assumed | 154,389 | 181,318 | 402,025 | 653,892 |
Ceded | (663,573) | (1,135,998) | (2,277,961) | (2,777,218) |
Net policyholders’ benefits (including change in reserves) | 54,637 | 54,496 | (77,893) | (317,384) |
Interest credited to policyholders’ account balances | ||||
Direct | 139,715 | 41,888 | 249,063 | 360,999 |
Assumed | 33,858 | 33,662 | 101,687 | 99,080 |
Ceded | (135,377) | (33,469) | (221,827) | (203,591) |
Net interest credited to policyholders’ account balances | 38,196 | 42,081 | 128,923 | 256,488 |
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization | (502,172) | (109,108) | (968,627) | (682,124) |
Unaffiliated activity | ||||
Premiums | ||||
Assumed | 100 | 100 | 200 | 300 |
Policy charges and fee income | ||||
Ceded | (4,000) | (4,000) | (5,000) | (4,000) |
Other income | ||||
Assumed | 0 | (200) | 200 | 200 |
Realized investment gains (losses), net | ||||
Ceded | (49,000) | (5,000) | (26,000) | 41,000 |
Policyholders’ benefits (including change in reserves) | ||||
Assumed | 0 | (200) | 400 | 0 |
Ceded | $ (1,000) | $ (2,000) | $ 5,000 | $ 4,000 |
Reinsurance (Life Insurance In Force) (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Sep. 30, 2016 |
---|---|---|
Reinsurance Disclosures [Abstract] | ||
Direct gross life insurance face amount in force | $ 868,069,034 | $ 813,797,417 |
Assumed gross life insurance face amount in force | 42,061,830 | 42,991,987 |
Reinsurance ceded | (844,683,670) | (792,883,439) |
Net life insurance face amount in force | $ 65,447,194 | $ 63,905,965 |
Reinsurance (Narrative) (Details) - USD ($) $ in Thousands |
9 Months Ended | 21 Months Ended | 36 Months Ended | 48 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 01, 2017 |
Jun. 30, 2017 |
Jan. 01, 2017 |
Jan. 01, 2014 |
Jul. 01, 2011 |
Dec. 31, 2010 |
Dec. 31, 2009 |
Jan. 31, 2001 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2013 |
Dec. 31, 2013 |
|
Effects of Reinsurance [Line Items] | ||||||||||||||
Increase (decrease) in reinsurance recoverable | $ 1,594,691 | $ 1,308,146 | ||||||||||||
Union Hamilton Reinsurance, Ltd. | Quote Share Reinsurance | ||||||||||||||
Effects of Reinsurance [Line Items] | ||||||||||||||
Reinsurance Retention Policy, Amount Retained | $ 2,900,000 | |||||||||||||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 50.00% | |||||||||||||
Affiliated Entity | PAR U | ||||||||||||||
Effects of Reinsurance [Line Items] | ||||||||||||||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 95.00% | 70.00% | ||||||||||||
Affiliated Entity | PURC | ||||||||||||||
Effects of Reinsurance [Line Items] | ||||||||||||||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 95.00% | 70.00% | ||||||||||||
Affiliated Entity | PARCC | ||||||||||||||
Effects of Reinsurance [Line Items] | ||||||||||||||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 90.00% | |||||||||||||
Affiliated Entity | PAR Term | ||||||||||||||
Effects of Reinsurance [Line Items] | ||||||||||||||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 95.00% | |||||||||||||
Affiliated Entity | Prudential of Taiwan | ||||||||||||||
Effects of Reinsurance [Line Items] | ||||||||||||||
Related Party Transaction, Term | 2 years | |||||||||||||
Affiliated Entity | Prudential Insurance | ||||||||||||||
Effects of Reinsurance [Line Items] | ||||||||||||||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 100.00% | |||||||||||||
Affiliated Entity | Term Re | ||||||||||||||
Effects of Reinsurance [Line Items] | ||||||||||||||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 95.00% | |||||||||||||
Affiliated Entity | UPARC | ||||||||||||||
Effects of Reinsurance [Line Items] | ||||||||||||||
Reinsurance Retention Policy, Excess Retention, Percentage | 30.00% | |||||||||||||
Reinsurance Retention Policy, Amount Retained | $ 1,000 | |||||||||||||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 27.00% | |||||||||||||
Reinsurance Retention Policy, Uncollected Charges And Fees Risk, Percentage | 30.00% | |||||||||||||
Affiliated Entity | UPARC | Impacts of Recapture | ||||||||||||||
Effects of Reinsurance [Line Items] | ||||||||||||||
Reinsurance invested assets | $ 557,000 | |||||||||||||
Increase (decrease) in reinsurance recoverable | (760,000) | |||||||||||||
Reinsurance recognized loss | $ 203,000 | |||||||||||||
Affiliated Entity | GUL Re | ||||||||||||||
Effects of Reinsurance [Line Items] | ||||||||||||||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 30.00% | 95.00% |
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 70,975 | |||
Amounts reclassified from AOCI | $ 28,594 | $ (1,517) | 28,669 | $ 72,160 |
Income tax benefit (expense) | 3,475 | (4,723) | (41,837) | (99,605) |
Ending Balance | 148,673 | 148,673 | ||
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (402) | (397) | ||
Change in OCI before reclassifications | 224 | 153 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Income tax benefit (expense) | (78) | (54) | ||
Ending Balance | (256) | (298) | (256) | (298) |
Net unrealized investment gains (losses) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 71,377 | 65,202 | ||
Change in OCI before reclassifications | 147,980 | 356,594 | ||
Amounts reclassified from AOCI | (28,669) | (72,160) | ||
Income tax benefit (expense) | (41,759) | (99,551) | ||
Ending Balance | 148,929 | 250,085 | 148,929 | 250,085 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 70,975 | 64,805 | ||
Change in OCI before reclassifications | 148,204 | 356,747 | ||
Amounts reclassified from AOCI | (28,669) | (72,160) | ||
Income tax benefit (expense) | (41,837) | (99,605) | ||
Ending Balance | 148,673 | 249,787 | 148,673 | 249,787 |
Cash flow hedges | Net unrealized investment gains (losses) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 41,000 | 48,000 | ||
Ending Balance | $ 1,000 | $ 31,000 | $ 1,000 | $ 31,000 |
Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | $ 28,594 | $ (1,517) | $ 28,669 | $ 72,160 |
Net unrealized investment gains (losses) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | (28,669) | (72,160) | ||
Total reclassifications for the period | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | (28,669) | (72,160) | ||
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized investment gains (losses) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 28,594 | (1,517) | 28,669 | 72,160 |
Reclassification out of Accumulated Other Comprehensive Income | Total reclassifications for the period | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 28,594 | (1,517) | 28,669 | 72,160 |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized investment gains (losses) on available-for-sale securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized investment gains (losses) | 31,556 | (2,730) | 30,844 | 68,175 |
Reclassification out of Accumulated Other Comprehensive Income | Currency/Interest rate | Cash flow hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized investment gains (losses) | $ (2,962) | $ 1,213 | $ (2,175) | $ 3,985 |
Equity (OTTI Net Unrealized Investment Gains (Losses) in AOCI) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ 70,975 |
Ending Balance | 148,673 |
Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 71,377 |
Ending Balance | 148,929 |
OTTI | Net Unrealized Gains (Losses) on Investments | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 4,883 |
Net investment gains (losses) on investments arising during the period | (23) |
Reclassification adjustment for (gains) losses included in net income | (3,991) |
Reclassification adjustment for OTTI (gains) losses excluded from net income | (58) |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | 0 |
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | 0 |
Ending Balance | 811 |
OTTI | Deferred Policy Acquisition Costs and Other Costs | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (1,559) |
Net investment gains (losses) on investments arising during the period | 0 |
Reclassification adjustment for (gains) losses included in net income | 0 |
Reclassification adjustment for OTTI (gains) losses excluded from net income | 0 |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | 1,416 |
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | 0 |
Ending Balance | (143) |
OTTI | Future Policy Benefits and Policyholders’ Account Balances | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 1,279 |
Net investment gains (losses) on investments arising during the period | 0 |
Reclassification adjustment for (gains) losses included in net income | 0 |
Reclassification adjustment for OTTI (gains) losses excluded from net income | 0 |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | 0 |
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | (1,213) |
Ending Balance | 66 |
OTTI | Deferred Income Tax (Liability) Benefit | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (1,643) |
Net investment gains (losses) on investments arising during the period | 8 |
Reclassification adjustment for (gains) losses included in net income | 1,397 |
Reclassification adjustment for OTTI (gains) losses excluded from net income | 20 |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | (496) |
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | 424 |
Ending Balance | (290) |
OTTI | Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 2,960 |
Net investment gains (losses) on investments arising during the period | (15) |
Reclassification adjustment for (gains) losses included in net income | (2,594) |
Reclassification adjustment for OTTI (gains) losses excluded from net income | (38) |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | 920 |
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | (789) |
Ending Balance | $ 444 |
Equity (All Other Net Unrealized Investment Gains (Losses) in AOCI) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ 70,975 |
Ending Balance | 148,673 |
Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 71,377 |
Ending Balance | 148,929 |
All Other | Net Unrealized Gains (Losses) on Investments | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 107,549 |
Net investment gains (losses) on investments arising during the period | 97,462 |
Reclassification adjustment for (gains) losses included in net income | 32,660 |
Reclassification adjustment for OTTI (gains) losses excluded from net income | 58 |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | 0 |
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | 0 |
Ending Balance | 237,729 |
All Other | Deferred Policy Acquisition Costs and Other Costs | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (17,235) |
Net investment gains (losses) on investments arising during the period | 0 |
Reclassification adjustment for (gains) losses included in net income | 0 |
Reclassification adjustment for OTTI (gains) losses excluded from net income | 0 |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | (7,855) |
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | 0 |
Ending Balance | (25,090) |
All Other | Future Policy Benefits and Policyholders’ Account Balances | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 14,774 |
Net investment gains (losses) on investments arising during the period | 0 |
Reclassification adjustment for (gains) losses included in net income | 0 |
Reclassification adjustment for OTTI (gains) losses excluded from net income | 0 |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | 0 |
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | 855 |
Ending Balance | 15,629 |
All Other | Deferred Income Tax (Liability) Benefit | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (36,671) |
Net investment gains (losses) on investments arising during the period | (34,111) |
Reclassification adjustment for (gains) losses included in net income | (11,431) |
Reclassification adjustment for OTTI (gains) losses excluded from net income | (20) |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | 2,749 |
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | (299) |
Ending Balance | (79,783) |
All Other | Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 68,417 |
Net investment gains (losses) on investments arising during the period | 63,351 |
Reclassification adjustment for (gains) losses included in net income | 21,229 |
Reclassification adjustment for OTTI (gains) losses excluded from net income | 38 |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs | (5,106) |
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders' account balances | 556 |
Ending Balance | $ 148,485 |
Related Party Transactions (Narrative) (Details) |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
policy
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
Apr. 01, 2016
USD ($)
|
|
Related Party Transaction [Line Items] | |||||||||
Other long-term investments | $ 312,683,000 | $ 312,683,000 | $ 344,463,000 | ||||||
Net investment income | 86,522,000 | $ 103,743,000 | 267,178,000 | $ 287,814,000 | |||||
Contributed capital | 148,500,000 | 405,321,000 | |||||||
Prudential Insurance | |||||||||
Related Party Transaction [Line Items] | |||||||||
Contributed capital | 149,000,000 | $ 5,000,000 | $ 200,000,000 | $ 5,000,000 | 153,500,000 | 205,000,000 | |||
Dividend | $ 2,594,000,000 | 0 | |||||||
Prudential Insurance | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stock option program plan expense | 200,000 | 300,000 | 900,000 | 900,000 | |||||
Deferred compensation program expense | 2,000,000 | 2,000,000 | 7,000,000 | 6,000,000 | |||||
Pension plan expense | 6,000,000 | 6,000,000 | 19,000,000 | 17,000,000 | |||||
Welfare plan expense | 7,000,000 | 7,000,000 | $ 21,000,000 | 21,000,000 | |||||
Defined contribution plan, employer matching contribution, percent (up to) | 4.00% | ||||||||
Defined contribution plan, cost recognized | 3,000,000 | 2,000,000 | $ 8,000,000 | 7,000,000 | |||||
Number of Corporate Owned Life Insurance policies sold | policy | 5 | ||||||||
Prudential Insurance and Prudential Financial | |||||||||
Related Party Transaction [Line Items] | |||||||||
Life Insurance, Corporate or Bank Owned, amount | 3,666,000,000 | $ 3,666,000,000 | 3,367,000,000 | ||||||
Fees related to Life Insurance, Corporate or Bank Owned, amount | 11,000,000 | 10,000,000 | 34,000,000 | 31,000,000 | |||||
Maximum amount of mortality risk | 3,500,000 | 3,500,000 | |||||||
Prudential Financial | |||||||||
Related Party Transaction [Line Items] | |||||||||
Company's share of corporate expenses | 17,000,000 | 15,000,000 | $ 49,000,000 | 43,000,000 | |||||
Number of Corporate Owned Life Insurance policies sold | policy | 1 | ||||||||
Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Accrued interest receivable related to long-tern notes receivable | 1,000,000 | $ 1,000,000 | 1,000,000 | ||||||
Revenues related to long-term notes receivable | 1,000,000 | 1,000,000 | 4,000,000 | 4,000,000 | |||||
Line of credit facility, maximum borrowing capacity | 2,200,000,000.0 | 2,200,000,000.0 | |||||||
Prepaid debt | $ 125,000,000 | ||||||||
Interest expense related to loans payable | 100,000 | 0 | 700,000 | 13,000,000 | |||||
Affiliated Entity | PAD | |||||||||
Related Party Transaction [Line Items] | |||||||||
Commissions and fees | 150,000,000 | 182,000,000 | 465,000,000 | 546,000,000 | |||||
Affiliated Entity | ASTISI and PGIM Investments | |||||||||
Related Party Transaction [Line Items] | |||||||||
Fee income from revenue sharing agreement | 82,000,000 | 76,000,000 | 239,000,000 | 218,000,000 | |||||
Affiliated Entity | PGIM Investments | |||||||||
Related Party Transaction [Line Items] | |||||||||
Fee income from revenue sharing agreement | 4,000,000 | 3,000,000 | 11,000,000 | 10,000,000 | |||||
Affiliated Entity | PGIM | |||||||||
Related Party Transaction [Line Items] | |||||||||
Net investment income | 4,000,000 | 3,000,000 | 11,000,000 | 12,000,000 | |||||
Prudential Financial Joint Ventures | |||||||||
Related Party Transaction [Line Items] | |||||||||
Other long-term investments | 76,000,000 | 76,000,000 | $ 100,000,000 | ||||||
Net investment income | $ 1,000,000 | $ 3,000,000 | $ 7,000,000 | $ (100,000) |
Related Party Transactions (Affiliated Notes Receivable) (Details) - Affiliated Entity - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Related Party Transaction [Line Items] | ||
Total long-term notes receivable - affiliated | $ 137,727 | $ 137,636 |
U.S. Dollar floating rate notes | ||
Related Party Transaction [Line Items] | ||
Total long-term notes receivable - affiliated | $ 6,556 | 0 |
U.S. Dollar floating rate notes | Minimum | ||
Related Party Transaction [Line Items] | ||
Interest Rates | 2.73% | |
U.S. Dollar floating rate notes | Maximum | ||
Related Party Transaction [Line Items] | ||
Interest Rates | 2.76% | |
U.S. Dollar fixed rate notes | ||
Related Party Transaction [Line Items] | ||
Total long-term notes receivable - affiliated | $ 131,171 | $ 137,636 |
U.S. Dollar fixed rate notes | Minimum | ||
Related Party Transaction [Line Items] | ||
Interest Rates | 0.00% | |
U.S. Dollar fixed rate notes | Maximum | ||
Related Party Transaction [Line Items] | ||
Interest Rates | 14.85% |
Related Party Transactions (Affiliated Asset Transfers) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Related Party Transaction [Line Items] | |||||
Realized Investment Gains (Losses) | $ (275,186) | $ (9,668) | $ (31,175) | $ 905,945 | |
Affiliated Entity | Prudential Insurance March 16 Sale | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | $ 88,783 | ||||
Book Value | 88,875 | ||||
APIC, Net of Tax Increase/(Decrease) | (60) | ||||
Realized Investment Gains (Losses) | $ 0 | ||||
Affiliated Entity | PALAC January 17 Purchase | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 29 | 29 | |||
Book Value | 29 | 29 | |||
APIC, Net of Tax Increase/(Decrease) | 0 | 0 | |||
Realized Investment Gains (Losses) | 0 | ||||
Affiliated Entity | Prudential Insurance June 2017 Sale | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 16,965 | 16,965 | |||
Book Value | 16,515 | 16,515 | |||
APIC, Net of Tax Increase/(Decrease) | 293 | 293 | |||
Realized Investment Gains (Losses) | 0 | ||||
Affiliated Entity | Prudential Insurance June 2017 Sale | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 43,198 | 43,198 | |||
Book Value | 42,301 | 42,301 | |||
APIC, Net of Tax Increase/(Decrease) | 584 | 584 | |||
Realized Investment Gains (Losses) | 0 | ||||
Affiliated Entity | UPARC September 2017 Transfer In | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 37,354 | 37,354 | |||
Book Value | 37,354 | 37,354 | |||
APIC, Net of Tax Increase/(Decrease) | 0 | 0 | |||
Realized Investment Gains (Losses) | 0 | ||||
Affiliated Entity | GUL Re September 2017 Transfer Out | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 72,354 | 72,354 | |||
Book Value | 72,354 | 72,354 | |||
APIC, Net of Tax Increase/(Decrease) | 0 | 0 | |||
Realized Investment Gains (Losses) | 0 | ||||
Affiliated Entity | GUL Re September 2017 Transfer Out | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 1,254,457 | 1,254,457 | |||
Book Value | 1,195,697 | 1,195,697 | |||
APIC, Net of Tax Increase/(Decrease) | 0 | 0 | |||
Realized Investment Gains (Losses) | 58,760 | ||||
Affiliated Entity | Prudential Financial September 2017 Transfer In | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 415,271 | 415,271 | |||
Book Value | 376,412 | 376,412 | |||
APIC, Net of Tax Increase/(Decrease) | 25,259 | 25,259 | |||
Realized Investment Gains (Losses) | 0 | ||||
Affiliated Entity | Prudential Financial September 2017 Transfer Out | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 415,271 | 415,271 | |||
Book Value | 376,412 | 376,412 | |||
APIC, Net of Tax Increase/(Decrease) | 25,259 | 25,259 | |||
Realized Investment Gains (Losses) | 0 | ||||
Affiliated Entity | UPARC September 2017 Transfer In | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 417,067 | 417,067 | |||
Book Value | 385,459 | 385,459 | |||
APIC, Net of Tax Increase/(Decrease) | 0 | 0 | |||
Realized Investment Gains (Losses) | 31,608 | ||||
Affiliated Entity | UPARC September 2017 Transfer In | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 6,225 | 6,225 | |||
Book Value | 5,002 | 5,002 | |||
APIC, Net of Tax Increase/(Decrease) | 0 | 0 | |||
Realized Investment Gains (Losses) | 1,223 | ||||
Affiliated Entity | GUL Re September 2017 Transfer Out | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 6,225 | 6,225 | |||
Book Value | 5,002 | 5,002 | |||
APIC, Net of Tax Increase/(Decrease) | 0 | 0 | |||
Realized Investment Gains (Losses) | 1,223 | ||||
Affiliated Entity | UPARC September 2017 Purchase | |||||
Related Party Transaction [Line Items] | |||||
Fair Value | 20,685 | 20,685 | |||
Book Value | 20,685 | 20,685 | |||
APIC, Net of Tax Increase/(Decrease) | $ 0 | 0 | |||
Realized Investment Gains (Losses) | $ 0 |
Revision to Prior Year Information (Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Policy charges and fee income | $ (124,187) | $ 87,591 |
Reinsurance recoverables | (1,594,691) | (1,308,146) |
Other, net | 109,283 | (191,566) |
Cash flows from (used in) operating activities | 85,494 | (209,869) |
Proceeds from the sale/maturity/prepayment of: | ||
Fixed maturities, available-for-sale | 875,580 | 970,834 |
Cash flows from (used in) investing activities | (350,664) | (755,911) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Policyholders’ account deposits | 3,325,383 | 3,125,848 |
Ceded policyholders’ account deposits | (2,256,796) | (1,688,037) |
Ceded policyholders’ account withdrawals | 1,263,110 | 745,624 |
Contributed capital | 148,500 | 405,321 |
Cash flows from (used in) financing activities | $ 365,339 | 674,271 |
As Previously Reported | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Policy charges and fee income | 103,829 | |
Reinsurance recoverables | (1,369,986) | |
Other, net | 19,979 | |
Cash flows from (used in) operating activities | (43,926) | |
Proceeds from the sale/maturity/prepayment of: | ||
Fixed maturities, available-for-sale | 930,834 | |
Cash flows from (used in) investing activities | (795,911) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Policyholders’ account deposits | 3,085,729 | |
Ceded policyholders’ account deposits | (877,874) | |
Ceded policyholders’ account withdrawals | 49,958 | |
Contributed capital | 205,000 | |
Cash flows from (used in) financing activities | 548,328 | |
Revision | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Policy charges and fee income | (16,238) | |
Reinsurance recoverables | 61,840 | |
Other, net | (211,545) | |
Cash flows from (used in) operating activities | (165,943) | |
Proceeds from the sale/maturity/prepayment of: | ||
Fixed maturities, available-for-sale | 40,000 | |
Cash flows from (used in) investing activities | 40,000 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Policyholders’ account deposits | 40,119 | |
Ceded policyholders’ account deposits | (810,163) | |
Ceded policyholders’ account withdrawals | 695,666 | |
Contributed capital | 200,321 | |
Cash flows from (used in) financing activities | $ 125,943 |
+
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