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Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Fair Value Quantiative Information [Line Items]    
Discount Rate   8.90%
Volatility Curve   19.00%
Call Price   100.00%
Liquidation Value 62.75% 98.00%
Lapse Rate   0.00% [1]
NPR Spread   0.20% [2]
Utilization Rate   70.00% [3]
Withdrawal Rate   85.00% [4]
Mortality Rate   0.00% [5]
Fixed maturities, available for sale, at fair value $ 6,329,128 $ 6,135,765
Future policy benefits (366,311) 1,417,891
Fair Value, Inputs, Level 3 [Member]
   
Fair Value Quantiative Information [Line Items]    
Fixed maturities, available for sale, at fair value 153,525 145,708
Reinsurance Recoverables   1,287,157
Future policy benefits $ (366,311) $ 1,417,891
Maximum [Member]
   
Fair Value Quantiative Information [Line Items]    
Discount Rate 15.00% 1.75%
EBITDA 7.50 [6]  
Volatility Curve 33.00% 34.00%
Call Price   100.00%
Liquidation Value 78.52% 98.00%
Lapse Rate   14.00% [1]
NPR Spread   1.60% [2]
Utilization Rate   94.00% [3]
Withdrawal Rate   100.00% [4]
Mortality Rate   13.00% [5]
Minimum [Member]
   
Fair Value Quantiative Information [Line Items]    
Discount Rate 8.22%  
EBITDA 6 [6]  
Volatility Curve 18.00%  
Liquidation Value 31.14%  
Weighted Average[ Member]
   
Fair Value Quantiative Information [Line Items]    
Discount Rate 10.56% 10.60%
EBITDA 6.38 [6]  
Call Price   100.00%
Liquidation Value   98.00%
Future Policy Benefits [Member] | Maximum [Member]
   
Fair Value Quantiative Information [Line Items]    
Lapse Rate 14.00% [1]  
NPR Spread 1.59% [2]  
Utilization Rate 94.00% [3]  
Withdrawal Rate 100.00% [4]  
Mortality Rate 13.00% [5]  
Future Policy Benefits [Member] | Minimum [Member]
   
Fair Value Quantiative Information [Line Items]    
Lapse Rate 0.00% [1]  
NPR Spread 0.11% [2]  
Utilization Rate 70.00% [3]  
Withdrawal Rate 85.00% [4]  
Mortality Rate 0.00% [5]  
[1] Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed amount and the current contractholder account value as well as other factors, such as the applicability of any surrender charges. A dynamic lapse adjustment reduces the base lapse rate when the guaranteed amount is greater than the account value, as in-the-money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower for the period where surrender charges apply.
[2] To reflect NPR, the Company incorporates an additional spread over LIBOR into the discount rate used in the valuation of individual living benefit contracts in a liability position and generally not to those in a contra-liability position. In determining the NPR spread, the Company reflects the financial strength ratings of the Company as these are insurance liabilities and senior to debt. The additional spread over LIBOR is determined taking into consideration publicly available information relating to the financial strength of the Company adjusted for any illiquidity risk premium.
[3] 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. These assumptions vary based on the product type, the age of the contractholder and the age of the contract. The impact of changes in these assumptions is highly dependent on the contract type and age of the contractholder at the time of the sale and the timing of the first lifetime income withdrawal.
[4] The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. The fair value of the liability will generally increase the closer the withdrawal rate is to 100%.
[5] Range reflects the mortality rate for the vast majority of business with living benefits, with contractholders 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.
[6] EBITDA multiples represent multiples of earnings before interest, taxes, depreciation and amortization, and are amounts used when the reporting entity has determined that market participants would use such multiples when pricing the investments.