Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

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 derivatives contracts by the primary underlying, excluding embedded derivatives which are recorded with the associated host and 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.

	December 31, 2016							December 31, 2015
			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	$	472,701	$	38,249	$	(2,776	)	$	115,358	$	15,910	$	(206	)
Total Qualifying Hedges	$	472,701	$	38,249	$	(2,776	)	$	115,358	$	15,910	$	(206	)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Futures	$	2,474,000	$	23,967	$	0		$	0	$	0	$	0
Interest Rate Swaps	81,872,695		4,439,270		(1,163,388		)	1,872,750		84,817		(13,452		)
Interest Rate Options	10,825,000		278,763		(135,554		)	100,000		9,431		0
Interest Rate Forwards	498,311		0		(25,082		)	0		0		0
Foreign Currency
Foreign Currency Forwards	1,491		6		0			2,752		23		0
Currency/Interest Rate
Foreign Currency Swaps	130,470		16,627		(635		)	77,729		11,220		0
Equity
Equity Futures	1,269,044		0		(5,051		)	0		0		0
Total Return Swaps	12,784,166		69,827		(281,193		)	217,999		320		(3,626		)
Equity Options	4,610,001		29,650		(45,732		)	18,286,800		15,054		(7,993		)
Total Non-Qualifying Hedges	$	114,465,178	$	4,858,110	$	(1,656,635	)	$	20,558,030	$	120,865	$	(25,071	)
Total Derivatives (1)	$	114,937,879	$	4,896,359	$	(1,659,411	)	$	20,673,388	$	136,775	$	(25,277	)

(1) Excludes embedded derivatives and the related reinsurance recoverables which contain multiple underlyings.

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 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 Statements of Financial Position.

	December 31, 2016
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statement of Financial Position			Net Amounts Presented in the Statement of Financial Position		Financial Instruments/ Collateral(1)			Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	4,872,392	$	(4,582,540	)	$	289,852	$	0		$	289,852
Securities purchased under agreements to resell	255,000		0			255,000		(255,000		)	0
Total Assets	$	5,127,392	$	(4,582,540	)	$	544,852	$	(255,000	)	$	289,852
Offsetting of Financial Liabilities:
Derivatives	$	1,654,360	$	(1,654,360	)	$	0	$	0		$	0
Securities sold under agreements to repurchase	0		0			0		0			0
Total Liabilities	$	1,654,360	$	(1,654,360	)	$	0	$	0		$	0
	December 31, 2015
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statement of Financial Position			Net Amounts Presented in the Statement of Financial Position		Financial Instruments/ Collateral(1)			Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	135,210	$	(21,508	)	$	113,702	$	(101,288	)	$	12,414
Offsetting of Financial Liabilities:
Derivatives	$	25,277	$	(25,277	)	$	0	$	0		$	0

(1) Amounts exclude the excess of collateral received/pledged from/to the counterparty.

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 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 Statements of Financial Position.

	December 31, 2016
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statement of Financial Position			Net Amounts Presented in the Statement of Financial Position		Financial Instruments/ Collateral(1)			Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	4,872,392	$	(4,582,540	)	$	289,852	$	0		$	289,852
Securities purchased under agreements to resell	255,000		0			255,000		(255,000		)	0
Total Assets	$	5,127,392	$	(4,582,540	)	$	544,852	$	(255,000	)	$	289,852
Offsetting of Financial Liabilities:
Derivatives	$	1,654,360	$	(1,654,360	)	$	0	$	0		$	0
Securities sold under agreements to repurchase	0		0			0		0			0
Total Liabilities	$	1,654,360	$	(1,654,360	)	$	0	$	0		$	0
	December 31, 2015
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statement of Financial Position			Net Amounts Presented in the Statement of Financial Position		Financial Instruments/ Collateral(1)			Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	135,210	$	(21,508	)	$	113,702	$	(101,288	)	$	12,414
Offsetting of Financial Liabilities:
Derivatives	$	25,277	$	(25,277	)	$	0	$	0		$	0

(1) Amounts exclude the excess of collateral received/pledged from/to the counterparty.

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.

	Year Ended December 31, 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		$	3,006	$	9,648	$	(3,102	)
Total cash flow hedges	0			3,006		9,648		(3,102		)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(2,219,894		)	0		0		0
Currency	361			0		0		0
Currency/Interest Rate	11,642			0		516		0
Credit	0			0		0		0
Equity	(1,755,946		)	0		0		0
Embedded Derivatives	437,323			0		0		0
Total non-qualifying hedges	(3,526,514		)	0		516		0
Total	$	(3,526,514	)	$	3,006	$	10,164	$	(3,102	)
	Year Ended December 31, 2015
	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		$	608	$	1,116	$	10,008
Total cash flow hedges	0			608		1,116		10,008
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	20,536			0		0		0
Currency	115			0		0		0
Currency/Interest Rate	8,337			0		202		0
Credit	(3		)	0		0		0
Equity	(3,233		)	0		0		0
Embedded Derivatives	(24,371		)	0		0		0
Total non-qualifying hedges	1,381			0		202		0
Total	$	1,381		$	608	$	1,318	$	10,008

	Year Ended December 31, 2014
	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		$	14	$	134	$	8,492
Total cash flow hedges	0			14		134		8,492
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	123,327			0		0		0
Currency	0			0		0		0
Currency/Interest Rate	5,934			0		143		0
Credit	(14		)	0		0		0
Equity	(23,811		)	0		0		0
Embedded Derivatives	(113,549		)	0		0		0
Total non-qualifying hedges	(8,113		)	0		143		0
Total	$	(8,113	)	$	14	$	277	$	8,492

(1) Amounts deferred in AOCI.

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:

	(in thousands)
Balance, December 31, 2013	$	(3,653	)
Net deferred gains (losses) on cash flow hedges from January 1 to December 31, 2014	8,640
Amount reclassified into current period earnings	(148		)
Balance, December 31, 2014	4,839
Net deferred gains (losses) on cash flow hedges from January 1 to December 31, 2015	12,078
Amount reclassified into current period earnings	(2,070		)
Balance, December 31, 2015	14,847
Net deferred gains (losses) on cash flow hedges from January 1 to December 31, 2016	9,698
Amounts reclassified into current period earnings	(12,800		)
Balance, December 31, 2016	$	11,745