Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

	Year Ended December 31,
	2017		2016			2015
			(in thousands)
Current tax expense (benefit):
U.S. federal	$	501,088	$	2,524,458		$	76,175
State and local	1,349		0			0
Total	502,437		2,524,458			76,175
Deferred tax expense (benefit):
U.S. federal	698,662		(3,204,951		)	(84,460		)
State and local	0		0			0
Total	698,662		(3,204,951		)	(84,460		)
Total income tax expense (benefit)	1,201,099		(680,493		)	(8,285		)
Total income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)	98,644		(194,446		)	(20,708		)
Additional paid-in capital	0		(9,531		)	0
Total income tax expense (benefit)	$	1,299,743	$	(884,470	)	$	(28,993	)

Schedule of Income Before Income Tax, Domestic and Foreign

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Expected federal income tax expense (benefit)	$	391,158		$	(619,704	)	$	57,727
Non-taxable investment income	(46,625		)	(49,630		)	(56,614		)
Tax credits	(10,358		)	(10,507		)	(9,389		)
Changes in tax law	882,175			0			0
Other	(15,251		)	(652		)	(9		)
Reported income tax expense (benefit)	$	1,201,099		$	(680,493	)	$	(8,285	)
Effective tax rate	107.5		%	38.4		%	(5.0		)%

Schedule of Deferred Tax Assets and Liabilities

	As of December 31,
	2017		2016
	(in thousands)
Deferred tax assets:
Insurance reserves	$	2,064,659	$	3,369,384
Investments	404,703		418,128
Net unrealized loss on securities	7,048		159,362
Other	205		440
Deferred tax assets	2,476,615		3,947,314
Deferred tax liabilities:
VOBA and deferred policy acquisition cost	960,841		1,506,010
Deferred sales inducements	214,365		342,588
Deferred tax liabilities	1,175,206		1,848,598
Net deferred tax asset (liability)	$	1,301,409	$	2,098,716