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Equity
 6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Equity
EQUITY

Accumulated Other Comprehensive Income (Loss)

The balance of and changes in each component of “Accumulated other comprehensive income (loss)” for the six months ended June 30, 2018 and 2017 are as follows:
 
Accumulated Other Comprehensive Income (Loss)
 
Foreign Currency Translation Adjustments
 
Net Unrealized
Investment Gains
(Losses)(1)
 
Total Accumulated Other Comprehensive Income (Loss)
 
(in thousands)
Balance, December 31, 2017
$
(7
)
 
$
(90,117
)
 
$
(90,124
)
Change in OCI before reclassifications
(1,128
)
 
(282,772
)
 
(283,900
)
Amounts reclassified from AOCI
0

 
48,454

 
48,454

Income tax benefit (expense)
237

 
49,208

 
49,445

Cumulative effect of adoption of ASU 2016-01
0

 
(3
)
 
(3
)
Cumulative effect of adoption of ASU 2018-02
(2
)
 
(36,712
)
 
(36,714
)
Balance, June 30, 2018
$
(900
)
 
$
(311,942
)
 
$
(312,842
)
 
 
 
Accumulated Other Comprehensive Income (Loss)
 
Foreign Currency Translation Adjustments
 
Net Unrealized
Investment Gains
(Losses)(1)
 
Total Accumulated Other Comprehensive Income (Loss)
 
(in thousands)
Balance, December 31, 2016
$
(78
)
 
$
(314,870
)
 
$
(314,948
)
Change in OCI before reclassifications
64

 
233,617

 
233,681

Amounts reclassified from AOCI
0

 
1,743

 
1,743

Income tax benefit (expense)
(22
)
 
(82,376
)
 
(82,398
)
Balance, June 30, 2017
$
(36
)
 
$
(161,886
)
 
$
(161,922
)

(1)
Includes cash flow hedges of $(24) million and $(26) million as of June 30, 2018 and December 31, 2017, respectively, and $(3) million and $12 million as of June 30, 2017 and December 31, 2016, respectively.

Reclassifications out of Accumulated Other Comprehensive Income (Loss)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2018
 
2017
 
2018
 
2017
 
(in thousands)
Amounts reclassified from AOCI(1)(2):
 
 
 
 
 
 
 
Net unrealized investment gains (losses):
 
 
 
 
 
 
 
Cash flow hedges—Currency/ Interest rate(3)
$
12,729

 
$
(1,989
)
 
$
9,511

 
$
(377
)
Net unrealized investment gains (losses) on available-for-sale securities
15,834

 
3,259

 
(57,965
)
 
(1,366
)
Total net unrealized investment gains (losses)(4)
28,563

 
1,270

 
(48,454
)
 
(1,743
)
Total reclassifications for the period
$
28,563

 
$
1,270

 
$
(48,454
)
 
$
(1,743
)

(1)
All amounts are shown before tax.
(2)
Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)
See Note 4 for additional information on cash flow hedges.
(4)
See table below for additional information on unrealized investment gains (losses), including the impact on deferred policy acquisition costs, other costs and future policy benefits.

Net Unrealized Investment Gains (Losses)

Net unrealized investment gains (losses) on securities classified as available-for-sale, certain other invested assets and other assets are included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from “Other comprehensive income (loss)” those items that are included as part of “Net income” for a period that had been part of “Other comprehensive income (loss)” in earlier periods. The amounts for the periods indicated below, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized, and all other net unrealized investment gains (losses), are as follows:

Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities on which an OTTI loss has been recognized
 
Net Unrealized
Gains (Losses)
on Investments
 
Deferred Policy Acquisition Costs and Other Costs
 
Future Policy Benefits and Other Liabilities
 
Deferred
Income Tax
(Liability)
Benefit
 
Accumulated Other Comprehensive
Income (Loss) Related to Net Unrealized Investment Gains (Losses)
 
(in thousands)
Balance, December 31, 2017
$
12,311

 
$
(1,008
)
 
$
(157
)
 
$
(3,263
)
 
$
7,883

Net investment gains (losses) on investments arising during the period
(11,749
)
 
0

 
0

 
2,467

 
(9,282
)
Reclassification adjustment for (gains) losses included in net income
38

 
0

 
0

 
(8
)
 
30

Reclassification adjustment for OTTI (gains) losses excluded from net income(1)
0

 
0

 
0

 
0

 
0

Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs
0

 
(3
)
 
0

 
1

 
(2
)
Impact of net unrealized investment (gains) losses on future policy benefits and other liabilities
0

 
0

 
4

 
(1
)
 
3

Balance, June 30, 2018
$
600

 
$
(1,011
)
 
$
(153
)
 
$
(804
)
 
$
(1,368
)

(1)
Represents "transfers in" related to the portion of OTTI losses recognized during the period that were not recognized in earnings for securities with no prior OTTI loss.
All Other Net Unrealized Investment Gains (Losses) in AOCI
 
Net Unrealized
Gains (Losses)
on Investments(1)
 
Deferred Policy Acquisition Costs and Other Costs
 
Future Policy Benefits and Other Liabilities
 
Deferred
Income Tax
(Liability)
Benefit
 
Accumulated Other Comprehensive
Income (Loss) Related to Net Unrealized Investment Gains (Losses)
 
(in thousands)
Balance, December 31, 2017
$
(71,723
)
 
$
(82,212
)
 
$
(16,997
)
 
$
72,932

 
$
(98,000
)
Net investment gains (losses) on investments arising during the period
(358,677
)
 
0

 
0

 
75,322

 
(283,355
)
Reclassification adjustment for (gains) losses included in net income
48,416

 
0

 
0

 
(10,167
)
 
38,249

Reclassification adjustment for OTTI (gains) losses excluded from net income(2)
0

 
0

 
0

 
0

 
0

Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs
0

 
72,721

 
0

 
(15,271
)
 
57,450

Impact of net unrealized investment (gains) losses on future policy benefits and other liabilities
0

 
0

 
14,932

 
(3,135
)
 
11,797

Cumulative effect of adoption of ASU 2016-01
(4
)
 
0

 
0

 
1

 
(3
)
Cumulative effect of adoption of ASU 2018-02
0
 
0
 
0
 
(36,712
)
 
(36,712
)
Balance, June 30, 2018
$
(381,988
)
 
$
(9,491
)
 
$
(2,065
)
 
$
82,970

 
$
(310,574
)

(1)
Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)
Represents "transfers out" related to the portion of OTTI losses recognized during the period that were not recognized in earnings for securities with no prior OTTI loss.