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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of December 31, 2014 and 2013 (dollars in thousands):
 
 
December 31, 2014
 
December 31, 2013
 
 
Notional
 
Carrying Value/Fair Value
 
Notional
 
Carrying Value/Fair Value
 
 
Amount
 
Assets
 
Liabilities
 
Amount
 
Assets
 
Liabilities
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
1,144,661

 
$
93,783

 
$
3,934

 
$
1,592,943

 
$
32,555

 
$
21,873

Interest rate options
 
240,000

 
18,195

 
—

 
240,000

 
2,554

 
—

Financial futures
 
275,983

 
—

 
—

 
123,780

 
—

 
—

Foreign currency forwards
 
67,967

 
87

 
15,098

 
79,618

 
—

 
12,772

Consumer price index swaps
 
41,938

 
—

 
561

 
59,922

 
—

 
309

Credit default swaps
 
805,700

 
11,689

 
3,502

 
682,700

 
10,438

 
2,156

Equity options
 
555,361

 
35,242

 
—

 
757,352

 
33,902

 
—

Longevity swaps
 
450,000

 
7,727

 
—

 
—

 
—

 
—

Mortality swaps
 
50,000

 
—

 
797

 
—

 
—

 
—

Synthetic guaranteed investment contracts
 
6,500,942

 
—

 
—

 
4,629,859

 
—

 
—

Embedded derivatives in:
 
 
 
 
 
 
 
 
 
 
 
 
Modified coinsurance or funds withheld arrangements
 
—

 
22,094

 
—

 
—

 
—

 
176,270

Indexed annuity products
 
—

 
—

 
925,887

 
—

 
—

 
838,670

Variable annuity products
 
—

 
—

 
159,279

 
—

 
—

 
30,055

Total non-hedging derivatives
 
10,132,552

 
188,817

 
1,109,058

 
8,166,174

 
79,449

 
1,082,105

Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
120,000

 
—

 
18,228

 
49,131

 
—

 
4,606

Foreign currency swaps
 
676,972

 
70,906

 
—

 
728,674

 
21,903

 
620

Forward bond purchase commitments
 
196,452

 
1,175

 
14,545

 
—

 
—

 
—

Total hedging derivatives
 
993,424

 
72,081

 
32,773

 
777,805

 
21,903

 
5,226

Total derivatives
 
$
11,125,976

 
$
260,898

 
$
1,141,831

 
$
8,943,979

 
$
101,352

 
$
1,087,331
Offsetting Assets [Table Text Block]
 
 
 
 
 
 
 
 
Gross Amounts Not
Offset in the Balance Sheet
 
 
 
 
Gross Amounts
Recognized
 
Gross Amounts
Offset in the
Balance Sheet
 
Net Amounts
Presented in the
Balance Sheet
 
Financial
Instruments
 
Cash Collateral
Pledged/
Received
 
Net Amount
December 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
238,804

 
$
(14,111
)
 
$
224,693

 
$
(20,260
)
 
$
(178,141
)
 
$
26,292

Derivative liabilities
 
56,665

 
(14,111
)
 
42,554

 
(47,222
)
 
—

 
(4,668
)
December 31, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
101,352

 
$
(26,125
)
 
$
75,227

 
$
(11,095
)
 
$
(51,006
)
 
$
13,126

Derivative liabilities
 
42,336

 
(26,125
)
 
16,211

 
(18,081
)
 
(8,033
)
 
(9,903
)
Offsetting Liabilities [Table Text Block]
 
 
 
 
 
 
 
 
Gross Amounts Not
Offset in the Balance Sheet
 
 
 
 
Gross Amounts
Recognized
 
Gross Amounts
Offset in the
Balance Sheet
 
Net Amounts
Presented in the
Balance Sheet
 
Financial
Instruments
 
Cash Collateral
Pledged/
Received
 
Net Amount
December 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
238,804

 
$
(14,111
)
 
$
224,693

 
$
(20,260
)
 
$
(178,141
)
 
$
26,292

Derivative liabilities
 
56,665

 
(14,111
)
 
42,554

 
(47,222
)
 
—

 
(4,668
)
December 31, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
101,352

 
$
(26,125
)
 
$
75,227

 
$
(11,095
)
 
$
(51,006
)
 
$
13,126

Derivative liabilities
 
42,336

 
(26,125
)
 
16,211

 
(18,081
)
 
(8,033
)
 
(9,903
)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table presents the components of AOCI, before income tax, and the consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
 
 
Gain (Loss) Included in AOCI
Balance December 31, 2011
 
$
(828
)
Gains deferred in other comprehensive income on the effective portion of cash flow hedges
 
2,613

Amounts reclassified to investment income
 
(1,382
)
Balance December 31, 2012
 
403

Losses deferred in other comprehensive loss on the effective portion of cash flow hedges
 
(3,969
)
Amounts reclassified to investment income
 
(1,012
)
Balance December 31, 2013
 
(4,578
)
Losses deferred in other comprehensive loss on the effective portion of cash flow hedges
 
(25,801
)
Amounts reclassified to investment income
 
(1,212
)
Balance December 31, 2014
 
$
(31,591
)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of income and the consolidated statements of stockholders’ equity for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
 
 
Effective Portion
 
 
 
Ineffective Portion
 
 
Derivative Type
 
Gain (Loss) Recognized in OCI
 
Gain (Loss) Reclassified into Income from OCI
 
Classification of Gain (Loss) Reclassified into Net Income
 
Gain (Loss) Recognized in Income
 
Classification of Gain (Loss) Recognized in Net Income
For the year ended December 31, 2014:
 
 
 
 
Interest rate swaps
 
$
(12,431
)
 
$
1,212

 
Investment Income
 
$
19

 
Gains (Losses)
Forward bond purchase commitments
 
(13,370
)
 
—

 
Investment Income
 
—

 
Gains (Losses)
Total
 
$
(25,801
)
 
$
1,212

 
 
 
$
19

 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2013:
 
 
 
 
Interest rate swaps
 
$
(3,969
)
 
$
1,012

 
Investment Income
 
$
6

 
Gains (Losses)
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2012:
 
 
 
 
Interest rate swaps
 
$
2,613

 
$
1,382

 
Investment Income
 
$
(41
)
 
Gains (Losses)
Derivatives Hedging Instruments In Net Investment Hedging Relationships [Table Text Block]
The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
 
 
Derivative Gains (Losses) Deferred in AOCI
 
 
For the year ended
Type of NIFO Hedge (1) (2)
 
2014
 
2013
 
2012
Foreign currency swaps
 
$
51,894

 
$
40,347

 
$
(20,470
)
(1)
There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented.
(2)
There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations.
Derivative Instruments Gain Loss By Income Statement Location [Table Text Block]
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2014, 2013 and 2012 is as follows (dollars in thousands):
  
 
 
 
Gain (Loss) for the Years Ended  December 31,
Type of Non-hedging Derivative
 
Income Statement
Location of Gain (Loss)
 
2014
 
2013
 
2012
Interest rate swaps
 
Investment related gains (losses), net
 
$
94,848

 
$
(84,398
)
 
$
16,028

Interest rate options
 
Investment related gains (losses), net
 
15,641

 
(11,518
)
 
—

Financial futures
 
Investment related gains (losses), net
 
(9,550
)
 
(11,157
)
 
(20,245
)
Foreign currency forwards
 
Investment related gains (losses), net
 
(8,691
)
 
(13,201
)
 
(5,644
)
Consumer price index swaps
 
Investment related gains (losses), net
 
(344
)
 
(1,942
)
 
(267
)
Credit default swaps
 
Investment related gains (losses), net
 
3,938

 
24,188

 
18,359

Equity options
 
Investment related gains (losses), net
 
(22,472
)
 
(79,230
)
 
(69,677
)
Longevity swaps
 
Other revenues
 
8,088

 
—

 
—

Mortality swaps
 
Other revenues
 
(797
)
 
—

 
—

Subtotal
 
 
 
80,661

 
(177,258
)
 
(61,446
)
Embedded derivatives in:
 
 
 
 
 
 
 
 
Modified coinsurance or funds withheld arrangements
 
Investment related gains (losses), net
 
198,365

 
70,177

 
115,009

Indexed annuity products
 
Policy acquisition costs and other insurance expenses
 
—

 
—

 
(630
)
Indexed annuity products
 
Interest credited
 
(104,844
)
 
(115,409
)
 
(29,804
)
Variable annuity products
 
Investment related gains (losses), net
 
(129,224
)
 
142,050

 
104,613

Total non-hedging derivatives
 
 
 
$
44,958

 
$
(80,440
)
 
$
127,742
Disclosure Of Credit Derivatives [Table Text Block]
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at December 31, 2014 and 2013 (dollars in thousands):
 
 
2014
 
2013
Rating Agency Designation of Referenced Credit Obligations(1)
 
Estimated Fair
Value of Credit
Default Swaps
 
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
 
Weighted
Average
Years to
Maturity(3)
 
Estimated Fair
Value of Credit
Default Swaps
 
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
 
Weighted
Average
Years to
Maturity(3)
AAA/AA-/A+/A/A-
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps
 
$
1,498

 
$
167,500

 
4.6

 
$
614

 
$
117,500

 
5.1

Credit default swaps referencing indices
 
—

 
—

 
—

 
—

 
—

 
—

Subtotal
 
1,498

 
167,500

 
4.6

 
614

 
117,500

 
5.1

BBB+/BBB/BBB-
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps
 
168

 
217,200

 
4.9

 
656

 
142,200

 
4.9

Credit default swaps referencing indices
 
6,651

 
416,000

 
5.0

 
7,295

 
405,000

 
5.0

Subtotal
 
6,819

 
633,200

 
4.9

 
7,951

 
547,200

 
5.0

BB+
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps
 
(130
)
 
5,000

 
4.5

 
—

 
—

 
—

Credit default swaps referencing indices
 
—

 
—

 
—

 
—

 
—

 
—

Subtotal
 
(130
)
 
5,000

 
4.5

 
—

 
—

 
—

Total
 
$
8,187

 
$
805,700

 
4.9

 
$
8,565

 
$
664,700

 
4.4

(1)
The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
(2)
Assumes the value of the referenced credit obligations is zero.
(3)
The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Changes In Estimated Fair Value Related To Embedded Derivatives [Table Text Block]
The related gains (losses) and the effect on net income after amortization of DAC and income taxes for the years ended December 31, 2014, 2013 and 2012 are reflected in the following table (dollars in thousands):
 
 
2014
 
2013
 
2012
Embedded derivatives in modified coinsurance or funds withheld arrangements included in investment related gains
 
$
198,365

 
$
70,177

 
$
115,009

After the associated amortization of DAC and taxes, the related amounts included in net income
 
45,171

 
18,920

 
25,454

Embedded derivatives in variable annuity contracts included in investment related gains
 
(129,224
)
 
142,050

 
104,613

After the associated amortization of DAC and taxes, the related amounts included in net income
 
27,601

 
70,123

 
6,367

Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses
 
(104,844
)
 
(115,409
)
 
(30,434
)
After the associated amortization of DAC and taxes, the related amounts included in net income
 
(69,963
)
 
(106,792
)
 
6,110
Credit Risk [Table Text Block]
Information regarding the Company’s credit exposure related to its over-the-counter derivative contracts, centrally cleared derivative contracts and margin account for exchange-traded futures, excluding longevity and mortality swaps, at December 31, 2014 and 2013 are reflected in the following table (dollars in thousands):
 
 
2014
 
2013
Estimated fair value of derivatives in net asset position
 
$
175,209

 
$
59,016

Cash provided as collateral(1)
 
—

 
8,033

Securities pledged to counterparties as collateral(2)
 
47,222

 
18,081

Cash pledged from counterparties as collateral(3)
 
(178,141
)
 
(51,006
)
Securities pledged from counterparties as collateral(4)
 
(20,260
)
 
(11,095
)
Initial margin for cleared derivatives
 
(16,333
)
 
(13,350
)
Net credit exposure
 
$
7,697

 
$
9,679

Margin account related to exchange-traded futures(5)
 
$
7,976

 
$
2,566

(1)
Consists of receivable from counterparty, included in other assets.
(2)
Included in other invested assets, primarily consists of U.S. Treasury securities.
(3)
Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities.
(4)
Consists of U.S. Treasury securities.
(5)
Included in cash and cash equivalents.