XML 56 R39.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments - Cost (amortized cost for fixed maturities and short-term investments), fair value, gross unrealized gains, gross unrealized (losses), and OTTI recorded in AOCI (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
AFS securities    
Cost or amortized cost of Fixed maturities $ 26,772,143 $ 26,544,806
Gross unrealized gains on Fixed maturities 895,557 1,584,812
Gross unrealized losses on Fixed maturities (385,258) (282,698)
Fixed maturities, at fair value 27,282,442 27,846,920
Gross Unrealized Losses Non-credit related OTTI (91,977) [1] (119,076) [1]
Short-term investments, amortized cost 271,465 322,563
Short-term investments, gross unrealized gains 1,300 [2] 192 [3]
Short-term investments, gross unrealized losses (60) [2] (52) [3]
Short-term investments, at fair value 272,705 322,703
Cost of equity securities 878,679 617,486
Equity securities, gross unrealized gains 113,075 [4] 31,935 [5]
Equity securities, gross unrealized losses (17,021) [4] (62) [5]
Equity securities, at fair value 974,733 649,359
Available for sale securities, Cost or amortized cost 27,922,287 27,484,855
Available for sale securities, Gross unrealized gains 1,009,932 1,616,939
Available for sale securities, Gross unrealized losses 402,339 282,812
Total investments available for sale 28,529,880 28,818,982
Fixed maturities - HTM    
Fixed maturities, held to maturity 2,802,111 2,814,447
Fixed maturites held to maturity, gross unrealized gains 317,615 451,038
Fixed maturites held to maturity, gross unrealized losses (2,786) (2,681)
Fair value of held to maturity securities 3,116,940 3,262,804
U.S. Government and Government - Related/Supported
   
AFS securities    
Cost or amortized cost of Fixed maturities 2,128,375 [2] 1,906,044 [3]
Gross unrealized gains on Fixed maturities 66,604 [2] 131,860 [3]
Gross unrealized losses on Fixed maturities (18,990) [2] (3,287) [3]
Fixed maturities, at fair value 2,175,989 [2] 2,034,617 [3]
Gross Unrealized Losses Non-credit related OTTI 0 [1],[2] 0 [1],[3]
Fixed maturities - HTM    
Fixed maturities, held to maturity 10,712 [2] 10,788 [3]
Fixed maturites held to maturity, gross unrealized gains 946 [2] 1,651 [3]
Fixed maturites held to maturity, gross unrealized losses 0 [2] 0 [3]
Fair value of held to maturity securities 11,658 [2] 12,439 [3]
Corporate
   
AFS securities    
Cost or amortized cost of Fixed maturities 10,395,005 [6],[7] 9,837,962 [8],[9]
Gross unrealized gains on Fixed maturities 470,327 [6],[7] 723,028 [8],[9]
Gross unrealized losses on Fixed maturities (106,000) [6],[7] (78,990) [8],[9]
Fixed maturities, at fair value 10,759,332 [6],[7] 10,482,000 [8],[9]
Gross Unrealized Losses Non-credit related OTTI (7,945) [1],[6],[7] (11,453) [1],[8],[9]
Fixed maturities - HTM    
Fixed maturities, held to maturity 1,370,391 1,425,320
Fixed maturites held to maturity, gross unrealized gains 137,326 190,871
Fixed maturites held to maturity, gross unrealized losses (1,436) (794)
Fair value of held to maturity securities 1,506,281 1,615,397
RMBS - Agency
   
AFS securities    
Cost or amortized cost of Fixed maturities 4,032,158 5,054,097
Gross unrealized gains on Fixed maturities 85,282 206,931
Gross unrealized losses on Fixed maturities (48,358) (5,535)
Fixed maturities, at fair value 4,069,082 5,255,493
Gross Unrealized Losses Non-credit related OTTI 0 [1] 0 [1]
RMBS - Non-Agency
   
AFS securities    
Cost or amortized cost of Fixed maturities 407,789 678,469
Gross unrealized gains on Fixed maturities 30,786 46,132
Gross unrealized losses on Fixed maturities (39,176) (76,868)
Fixed maturities, at fair value 399,399 647,733
Gross Unrealized Losses Non-credit related OTTI (76,138) [1] (93,259) [1]
Fixed maturities - HTM    
Fixed maturities, held to maturity 65,542 83,205
Fixed maturites held to maturity, gross unrealized gains 5,580 10,502
Fixed maturites held to maturity, gross unrealized losses 0 0
Fair value of held to maturity securities 71,122 93,707
CMBS
   
AFS securities    
Cost or amortized cost of Fixed maturities 1,166,285 1,010,794
Gross unrealized gains on Fixed maturities 44,867 70,745
Gross unrealized losses on Fixed maturities (13,271) (4,288)
Fixed maturities, at fair value 1,197,881 1,077,251
Gross Unrealized Losses Non-credit related OTTI (2,856) [1] (2,962) [1]
Fixed maturities - HTM    
Fixed maturities, held to maturity 141,884 12,751
Fixed maturites held to maturity, gross unrealized gains 14,298 2,048
Fixed maturites held to maturity, gross unrealized losses 0 0
Fair value of held to maturity securities 156,182 14,799
CDO
   
AFS securities    
Cost or amortized cost of Fixed maturities 754,897 784,999
Gross unrealized gains on Fixed maturities 7,074 11,973
Gross unrealized losses on Fixed maturities (49,823) (87,156)
Fixed maturities, at fair value 712,148 709,816
Gross Unrealized Losses Non-credit related OTTI (2,106) [1] (4,872) [1]
Other asset-backed securities
   
AFS securities    
Cost or amortized cost of Fixed maturities 1,122,958 [10] 1,426,483 [11]
Gross unrealized gains on Fixed maturities 38,343 [10] 59,663 [11]
Gross unrealized losses on Fixed maturities (10,166) [10] (15,435) [11]
Fixed maturities, at fair value 1,151,135 [10] 1,470,711 [11]
Gross Unrealized Losses Non-credit related OTTI (2,932) [1],[10] (6,530) [1],[11]
Fixed maturities - HTM    
Fixed maturities, held to maturity 104,624 [10] 222,340
Fixed maturites held to maturity, gross unrealized gains 9,074 [10] 29,287 [11]
Fixed maturites held to maturity, gross unrealized losses 0 [10] (167) [11]
Fair value of held to maturity securities 113,698 251,460
U.S. States and political subdivisions of the States
   
AFS securities    
Cost or amortized cost of Fixed maturities 1,784,621 1,767,669
Gross unrealized gains on Fixed maturities 61,561 146,294
Gross unrealized losses on Fixed maturities (28,084) (2,946)
Fixed maturities, at fair value 1,818,098 1,911,017
Gross Unrealized Losses Non-credit related OTTI 0 [1] 0 [1]
Non-U.S. Sovereign Government, Provincial, Supranational, and Government-Related/Supported
   
AFS securities    
Cost or amortized cost of Fixed maturities 4,980,055 [2] 4,078,289 [3]
Gross unrealized gains on Fixed maturities 90,713 [2] 188,186 [3]
Gross unrealized losses on Fixed maturities (71,390) [2] (8,193) [3]
Fixed maturities, at fair value 4,999,378 [2] 4,258,282 [3]
Gross Unrealized Losses Non-credit related OTTI 0 [1],[2] 0 [1],[3]
Fixed maturities - HTM    
Fixed maturities, held to maturity 1,108,958 [2] 1,060,043 [3]
Fixed maturites held to maturity, gross unrealized gains 150,391 [2] 216,679 [3]
Fixed maturites held to maturity, gross unrealized losses (1,350) [2] (1,720) [3]
Fair value of held to maturity securities $ 1,257,999 [2] $ 1,275,002 [3]
[1] Represents the non-credit component of OTTI losses, adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date.
[2] U.S. Government and Government-Related/Supported, Non-U.S. Sovereign Government, Provincials, Supranationals and Government-Related/Supported and Total short-term investments include government-related securities with an amortized cost of $2,373.4 million and fair value of $2,414.7 million and U.S. Agencies with an amortized cost of $268.7 million and fair value of $290.6 million.
[3] U.S. Government and Government-Related/Supported, Non-U.S. Sovereign Government, Provincials, Supranationals and Government-Related/Supported and Total short-term investments include government-related securities with an amortized cost of $1,912.7 million and fair value of $1,988.5 million and U.S. Agencies with an amortized cost of $404.3 million and fair value of $446.7 million.
[4] Included within Total equity securities are investments in fixed income funds with a fair value of $89.7 million and an amortized cost of $100.0 million at September 30, 2013.
[5] Included within Total equity securities are investments in fixed income funds with a fair value of $101.9 million and an amortized cost of $100.0 million at December 31, 2012.
[6] Included within Corporate are Tier One and Upper Tier Two securities, representing committed term debt and hybrid instruments, which are senior to the common and preferred equities of the financial institutions. These securities have a fair value of $271.5 million and an amortized cost of $280.2 million at September 30, 2013.
[7] Included within Corporate are certain medium term notes supported primarily by pools of European investment grade credit with varying degrees of leverage. The notes have a fair value of $150.9 million and an amortized cost of $150.6 million. These notes allow the investor to participate in cash flows of the underlying bonds including certain residual values, which could serve to either decrease or increase the ultimate values of these notes.
[8] Included within Corporate are certain medium term notes supported primarily by pools of European investment grade credit with varying degrees of leverage. The notes have a fair value of $194.3 million and an amortized cost of $194.8 million. These notes allow the investor to participate in cash flows of the underlying bonds including certain residual values, which could serve to either decrease or increase the ultimate values of these notes.
[9] Included within Corporate are Tier One and Upper Tier Two securities, representing committed term debt and hybrid instruments, which are senior to the common and preferred equities of the financial institutions. These securities have a fair value of $308.5 million and an amortized cost of $327.6 million at December 31, 2012.
[10] Covered Bonds within Fixed maturities - AFS with an amortized cost of $531.4 million and a fair value of $560.7 million and Covered Bonds within Fixed maturities - HTM with an amortized cost of $8.3 million and a fair value of $8.3 million are included within Other asset-backed securities to align the Company's classification to market indices.
[11] Covered Bonds within Fixed maturities - AFS with an amortized cost of $605.4 million and a fair value of $647.1 million and Covered Bonds within Fixed maturities - HTM with an amortized cost of $8.4 million