Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The fair values of derivatives, including derivatives embedded in FIA and IUL contracts, are presented in the Consolidated Balance Sheets as follows:

($ in thousands)	December 31,
	2020		2019
Assets
Derivatives, reported in Short-term and other investments	$	16,805	$	13,239
Liabilities
FIA - embedded derivatives, reported in Other policyholder funds	104,488		93,733
IUL - embedded derivatives, reported in Investment contract and policy reserves	2,474		1,314

Derivative instruments, gain (loss)

The changes in fair value of derivatives included in the Consolidated Statements of Operations were as follows:

($ in thousands)	Years Ended December 31,
	2020		2019		2018
Change in fair value of derivatives: (1)
Revenues
Net investment gains (losses)	$	248	$	9,493	$	(4,112)
Change in fair value of embedded derivatives:
Revenues
Net investment gains (losses)	(12,055)		(13,576)		7,931

(1)    Includes gains or losses recognized at option expiration or early termination and changes in fair value for open positions.

Financing receivable credit quality indicators

The notional amount and fair value of call options by counterparty and each counterparty's long-term credit ratings were as follows:

($ in thousands)	December 31, 2020						December 31, 2019
	Credit Rating		Notional		Fair		Notional		Fair
Counterparty	S&P	Moody's	Amount		Value		Amount		Value
Bank of America, N.A.	A+	Aa2	$	205,200	$	14,006	$	174,900	$	8,523
Barclays Bank PLC	A	A1	81,900		2,799		115,300		3,347
Citigroup Inc.	BBB+	A3	—		—		—		—
Credit Suisse International	A+	Aa3	—		—		—		—
Societe Generale	A	A1	—		—		27,800		1,369
Total			$	287,100	$	16,805	$	318,000	$	13,239