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Equity (Tables)
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the six months ended June 30, 2020 and 2019 are as follows:
 
Accumulated Other Comprehensive Income (Loss)
 
Foreign Currency Translation Adjustment
 
Net Unrealized
Investment Gains
(Losses)(1)
 
Total Accumulated Other Comprehensive Income (Loss)
 
(in thousands)
Balance, December 31, 2019
$
(934
)
 
$
429,546

 
$
428,612

Change in OCI before reclassifications
(481
)
 
1,563,347

 
1,562,866

Amounts reclassified from AOCI
0

 
(35,880
)
 
(35,880
)
Income tax benefit (expense)
101

 
(320,767
)
 
(320,666
)
Balance, June 30, 2020
$
(1,314
)
 
$
1,636,246

 
$
1,634,932

 
 
Accumulated Other Comprehensive Income (Loss)
 
Foreign Currency Translation Adjustment
 
Net Unrealized
Investment Gains
(Losses)(1)
 
Total Accumulated Other Comprehensive Income (Loss)
 
(in thousands)
Balance, December 31, 2018
$
(1,078
)
 
$
(323,295
)
 
$
(324,373
)
Change in OCI before reclassifications
(16
)
 
698,743

 
698,727

Amounts reclassified from AOCI
0

 
9,087

 
9,087

Income tax benefit (expense)
3

 
(148,645
)
 
(148,642
)
Balance, June 30, 2019
$
(1,091
)
 
$
235,890

 
$
234,799


(1)
Includes cash flow hedges of $68 million and $0 million as of June 30, 2020 and December 31, 2019, respectively, and $0 million and $(4) million as of June 30, 2019 and December 31, 2018, respectively.
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
 
(in thousands)
Amounts reclassified from AOCI(1)(2):
 
 
 
 
 
 
 
Net unrealized investment gains (losses):
 
 
 
 
 
 
 
Cash flow hedges—Currency/ Interest rate(3)
$
(2,267
)
 
$
(4,535
)
 
$
20,790

 
$
(5,388
)
Net unrealized investment gains (losses) on available-for-sale securities
8,668

 
(2,968
)
 
15,090

 
(3,699
)
Total net unrealized investment gains (losses)(4)
6,401

 
(7,503
)
 
35,880

 
(9,087
)
Total reclassifications for the period
$
6,401

 
$
(7,503
)
 
$
35,880

 
$
(9,087
)

(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 DAC and other costs and future policy benefits and other liabilities.
Allowance for Credit Losses Net Unrealized Investment Gain (Loss) AOCI Rollforward The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:

Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recognized
 
Net Unrealized
Gains (Losses)
on Investments
 
DAC and Other Costs(2)
 
Future Policy Benefits and Other Liabilities(3)
 
Deferred
Income Tax
(Liability)
Benefit
 
Accumulated Other Comprehensive
Income (Loss) Related To Net Unrealized Investment Gains (Losses)
 
(in thousands)
Balance, December 31, 2019(1)
$
0

 
$
0

 
$
0

 
$
0

 
$
0

Net investment gains (losses) on investments arising during the period
15

 
0

 
0

 
(3
)
 
12

Reclassification adjustment for (gains) losses included in net income
0

 
0

 
0

 
0

 
0

Increase (decrease) due to non-credit related losses recognized in AOCI during the period
(62
)
 
0

 
0

 
14

 
(48
)
Impact of net unrealized investment (gains) losses on DAC and other costs
0

 
868

 
0

 
(180
)
 
688

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

 
0

 
157

 
(33
)
 
124

Balance, June 30, 2020
$
(47
)
 
$
868

 
$
157

 
$
(202
)
 
$
776


(1)
Allowance for credit losses on available-for-sale fixed maturity securities effective January 1, 2020.
(2)
"Other costs" primarily includes reinsurance recoverables, DSI and VOBA.
(3)
"Other liabilities" primarily includes reinsurance payables and deferred reinsurance gains.
All Other Net Unrealized Investment Gains (Losses) in AOCI Rollforward
All Other Net Unrealized Investment Gains (Losses) in AOCI
 
Net Unrealized
Gains (Losses)
on Investments(1)
 
DAC and Other Costs(3)
 
Future Policy Benefits and Other Liabilities(4)
 
Deferred
Income Tax
(Liability)
Benefit
 
Accumulated Other Comprehensive
Income (Loss) Related To Net Unrealized Investment Gains (Losses)
 
(in thousands)
Balance, December 31, 2019(2)
$
736,930

 
$
(156,175
)
 
$
(35,983
)
 
$
(115,226
)
 
$
429,546

Net investment gains (losses) on investments arising during the period
1,749,271

 
0

 
0

 
(367,349
)
 
1,381,922

Reclassification adjustment for (gains) losses included in net income
(35,880
)
 
0

 
0

 
7,535

 
(28,345
)
Reclassification due to allowance for credit losses recorded during the period
62

 
0

 
0

 
(13
)
 
49

Impact of net unrealized investment (gains) losses on DAC and other costs
0

 
(183,205
)
 
0

 
38,473

 
(144,732
)
Impact of net unrealized investment (gains) losses on future policy benefits and other liabilities
0

 
0

 
(3,759
)
 
789

 
(2,970
)
Balance, June 30, 2020
$
2,450,383

 
$
(339,380
)
 
$
(39,742
)
 
$
(435,791
)
 
$
1,635,470


(1)
Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)
Includes net unrealized gains (losses) for which an OTTI loss had been previously recognized.
(3)
"Other costs" primarily includes reinsurance recoverables, DSI and VOBA.
(4)
"Other liabilities" primarily includes reinsurance payables and deferred reinsurance gains.