Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 are summarized below (dollars in thousands):

September 30, 2015:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	16,173,447		$	214,549	$	14,711,208		$	1,247,690
Canadian and Canadian provincial governments	3,542,726			—		3,542,726			—
Residential mortgage-backed securities	1,283,460			—		913,793			369,667
Asset-backed securities	1,061,372			—		457,169			604,203
Commercial mortgage-backed securities	1,491,951			—		1,419,308			72,643
U.S. government and agencies	1,317,218			1,162,453		127,445			27,320
State and political subdivisions	501,503			—		462,509			38,994
Other foreign government supranational and foreign government-sponsored enterprises	2,040,111			261,105		1,764,392			14,614
Total fixed maturity securities – available-for-sale	27,411,788			1,638,107		23,398,550			2,375,131
Funds withheld at interest – embedded derivatives	(49,498		)	—		—			(49,498		)
Cash equivalents	822,184			822,184		—			—
Short-term investments	11,829			4,422		7,407			—
Other invested assets:
Non-redeemable preferred stock	84,709			72,717		—			11,992
Other equity securities	25,665			25,665		—			—
Derivatives:
Interest rate swaps	86,504			—		86,504			—
Foreign currency forwards	343			—		343			—
CPI swaps	(268		)	—		(268		)	—
Credit default swaps	1,088			—		1,088			—
Equity options	60,032			—		60,032			—
Foreign currency swaps	127,819			—		127,819			—
FVO contractholder-directed unit-linked investments	129,511			125,609		3,902			—
Other	8,289			8,289		—			—
Total other invested assets	523,692			232,280		279,420			11,992
Other assets – longevity swaps	13,298			—		—			13,298
Total	$	28,733,293		$	2,696,993	$	23,685,377		$	2,350,923
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,106,410		$	—	$	—		$	1,106,410
Other liabilities:
Derivatives:
Interest rate swaps	25,241			—		25,241			—
Foreign currency forwards	6,675			—		6,675			—
Credit default swaps	3,080			—		3,080			—
Foreign currency swaps	1,761			—		1,761			—
Mortality swaps	2,196			—		—			2,196
Total	$	1,145,363		$	—	$	36,757		$	1,108,606

December 31, 2014:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	14,885,583		$	115,822	$	13,459,334		$	1,310,427
Canadian and Canadian provincial governments	3,865,265			—		3,865,265			—
Residential mortgage-backed securities	1,037,896			—		849,802			188,094
Asset-backed securities	1,069,586			—		496,626			572,960
Commercial mortgage-backed securities	1,532,591			—		1,445,845			86,746
U.S. government and agencies	525,851			437,129		60,193			28,529
State and political subdivisions	426,076			—		383,365			42,711
Other foreign government, supranational and foreign government-sponsored enterprises	2,138,124			285,995		1,832,466			19,663
Total fixed maturity securities – available-for-sale	25,480,972			838,946		22,392,896			2,249,130
Funds withheld at interest – embedded derivatives	22,094			—		—			22,094
Cash equivalents	899,846			899,846		—			—
Short-term investments	45,190			21,536		23,654			—
Other invested assets:
Non-redeemable preferred stock	99,363			91,450		9			7,904
Other equity securities	27,497			27,497		—			—
Derivatives:
Interest rate swaps	84,578			—		84,578			—
Interest rate options	18,195			—		18,195			—
CPI swaps	(561		)	—		(561		)	—
Credit default swaps	8,606			—		8,606			—
Equity options	35,242			—		35,242			—
Foreign currency swaps	70,906			—		70,906			—
FVO contractholder-directed unit-linked investments	140,344			134,749		5,595			—
Other	6,420			6,420		—			—
Total other invested assets	490,590			260,116		222,570			7,904
Other assets - longevity swaps	7,727			—		—			7,727
Total	$	26,946,419		$	2,020,444	$	22,639,120		$	2,286,855
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,085,166		$	—	$	—		$	1,085,166
Other liabilities:
Derivatives:
Interest rate swaps	12,957			—		12,957			—
Foreign currency forwards	15,011			—		15,011			—
Credit default swaps	419			—		419			—
Forward purchase commitments	13,370			—		13,370			—
Mortality swaps	797			—		—			797
Total	$	1,127,720		$	—	$	41,757		$	1,085,963

Fair Value Unobservable Input Measurements [Table Text Block]

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed by the Company, which does not include unobservable Level 3 asset and liability measurements provided by third parties, as of September 30, 2015 and December 31, 2014 (dollars in thousands):

September 30, 2015:				Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	Fair Value
Assets:
State and political subdivision securities	$	4,898		Market comparable securities	Liquidity premium	1	%
Corporate securities	186,499			Market comparable securities	Liquidity premium	0-2% (1%)
U.S. government and agencies securities	27,320			Market comparable securities	Liquidity premium	0-1% (1%)
Funds withheld at interest- embedded derivatives	(49,498		)	Total return swap	Mortality	0-100%  (2%)
					Lapse	0-35%  (6%)
					Withdrawal	0-5%  (3%)
					CVA	0-5%  (1%)
					Crediting rate	2-4%  (3%)
Longevity swaps	13,298			Discounted cash flow	Mortality	0-100%  (2%)
					Mortality improvement	(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	877,503			Discounted cash flow	Mortality	0-100%  (2%)
					Lapse	0-35%  (6%)
					Withdrawal	0-5%  (3%)
					Option budget projection	2-4%  (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	228,907			Discounted cash flow	Mortality	0-100% (2%)
					Lapse	0-25% (8%)
					Withdrawal	0-7% (3%)
					CVA	0-5% (1%)
					Long-term volatility	0-27% (14%)
Mortality swaps	2,196			Discounted cash flow	Mortality	0-100%  (1%)

December 31, 2014:	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
State and political subdivision securities	$	4,994	Market comparable  securities	Liquidity premium	1	%
Corporate securities	205,392		Market comparable securities	Liquidity premium	0-2%  (1%)
U.S. government and agencies securities	28,530		Market comparable securities	Liquidity premium	0-1%  (1%)
Funds withheld at interest- embedded derivatives	22,094		Total return swap	Mortality	0-100%  (2%)
				Lapse	0-35%  (7%)
				Withdrawal	0-5%  (3%)
				CVA	0-5%  (1%)
				Crediting rate	2-4%  (3%)
Longevity swaps	7,727		Discounted cash flow	Mortality	0-100%  (2%)
				Mortality improvement	(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	925,887		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-35% (7%)
				Withdrawal	0-5% (3%)
				Option budget projection	2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	159,279		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-25% (8%)
				Withdrawal	0-7% (3%)
				CVA	0-5% (1%)
				Long-term volatility	0-27% (11%)
Mortality swaps	797		Discounted cash flow	Mortality	0-100%  (1%)

Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed by the Company, which does not include unobservable Level 3 asset and liability measurements provided by third parties, as of September 30, 2015 and December 31, 2014 (dollars in thousands):

September 30, 2015:				Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	Fair Value
Assets:
State and political subdivision securities	$	4,898		Market comparable securities	Liquidity premium	1	%
Corporate securities	186,499			Market comparable securities	Liquidity premium	0-2% (1%)
U.S. government and agencies securities	27,320			Market comparable securities	Liquidity premium	0-1% (1%)
Funds withheld at interest- embedded derivatives	(49,498		)	Total return swap	Mortality	0-100%  (2%)
					Lapse	0-35%  (6%)
					Withdrawal	0-5%  (3%)
					CVA	0-5%  (1%)
					Crediting rate	2-4%  (3%)
Longevity swaps	13,298			Discounted cash flow	Mortality	0-100%  (2%)
					Mortality improvement	(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	877,503			Discounted cash flow	Mortality	0-100%  (2%)
					Lapse	0-35%  (6%)
					Withdrawal	0-5%  (3%)
					Option budget projection	2-4%  (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	228,907			Discounted cash flow	Mortality	0-100% (2%)
					Lapse	0-25% (8%)
					Withdrawal	0-7% (3%)
					CVA	0-5% (1%)
					Long-term volatility	0-27% (14%)
Mortality swaps	2,196			Discounted cash flow	Mortality	0-100%  (1%)

December 31, 2014:	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
State and political subdivision securities	$	4,994	Market comparable  securities	Liquidity premium	1	%
Corporate securities	205,392		Market comparable securities	Liquidity premium	0-2%  (1%)
U.S. government and agencies securities	28,530		Market comparable securities	Liquidity premium	0-1%  (1%)
Funds withheld at interest- embedded derivatives	22,094		Total return swap	Mortality	0-100%  (2%)
				Lapse	0-35%  (7%)
				Withdrawal	0-5%  (3%)
				CVA	0-5%  (1%)
				Crediting rate	2-4%  (3%)
Longevity swaps	7,727		Discounted cash flow	Mortality	0-100%  (2%)
				Mortality improvement	(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	925,887		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-35% (7%)
				Withdrawal	0-5% (3%)
				Option budget projection	2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	159,279		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-25% (8%)
				Withdrawal	0-7% (3%)
				CVA	0-5% (1%)
				Long-term volatility	0-27% (11%)
Mortality swaps	797		Discounted cash flow	Mortality	0-100%  (1%)

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Level Transfers [Table Text Block]

The following tables present the transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2015 and 2014 (dollars in thousands):

	2015				2014
	Transfers from     Level 1 to Level 2		Transfers from     Level 2 to Level 1		Transfers from     Level 1 to Level 2		Transfers from     Level 2 to Level 1
Three months ended September 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	47,199	$	—	$	5,888
Nine months ended September 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	625	$	84,195	$	—	$	15,946

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and nine months ended September 30, 2015, as well as the portion of gains or losses included in income for the three and nine months ended September 30, 2015 attributable to unrealized gains or losses related to those assets and liabilities still held at September 30, 2015 (dollars in thousands):

For the three months ended September 30, 2015:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies			State and political subdivisions
Fair value, beginning of period	$	1,237,317		$	298,376		$	580,510		$	77,819		$	27,359		$	40,186
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(891		)	(378		)	1,609			896			(92		)	7
Investment related gains (losses), net	(35		)	(143		)	265			(466		)	(37		)	(5		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(1,125		)	829			(3,924		)	(1,265		)	200			(1,164		)
Purchases(1)	66,137			86,748			57,120			—			157			—
Sales(1)	—			(271		)	(174		)	(3,197		)	—			—
Settlements(1)	(47,248		)	(12,263		)	(26,776		)	(1,144		)	(267		)	(30		)
Transfers into Level 3	3,050			453			—			—			—			—
Transfers out of Level 3	(9,515		)	(3,684		)	(4,427		)	—			—			—
Fair value, end of period	$	1,247,690		$	369,667		$	604,203		$	72,643		$	27,320		$	38,994
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(841	)	$	(378	)	$	373		$	841		$	(92	)	$	7
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

For the three months ended September 30, 2015 (continued):	Fixed maturity securities available-for-sale
	Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivatives			Other invested assets - non-redeemable preferred stock			Other assets longevity swaps		Interest sensitive contract liabilities embedded derivatives			Other liabilities mortality swaps
Fair value, beginning of period	$	14,657		$	(3,329	)	$	12,388		$	10,853	$	(1,069,154	)	$	(1,754	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—		—			—
Investment related gains (losses), net	—			(46,169		)	—			—		(95,373		)	—
Claims & other policy benefits	—			—			—			—		—			—
Interest credited	—			—			—			—		50,245			—
Policy acquisition costs and other insurance expenses	—			—			—			—		—			—
Included in other comprehensive income	273			—			(396		)	41		—			—
Other revenues	—			—			—			2,404		—			(442		)
Purchases(1)	—			—			—			—		(9,333		)	—
Sales(1)	—			—			—			—		—			—
Settlements(1)	(316		)	—			—			—		17,205			—
Transfers into Level 3	—			—			—			—		—			—
Transfers out of Level 3	—			—			—			—		—			—
Fair value, end of period	$	14,614		$	(49,498	)	$	11,992		$	13,298	$	(1,106,410	)	$	(2,196	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	—		$	—		$	—		$	—	$	—		$	—
Investment related gains (losses), net	—			(46,169		)	—			—		(97,696		)	—
Other revenues	—			—			—			2,404		—			(442		)
Claims & other policy benefits	—			—			—			—		—			—
Interest credited	—			—			—			—		33,040			—
Policy acquisition costs and other insurance expenses	—			—			—			—		—			—

For the nine months ended September 30, 2015:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies			State and political subdivisions
Fair value, beginning of period	$	1,310,427		$	188,094		$	572,960		$	86,746		$	28,529		$	42,711
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(2,745		)	(674		)	4,539			2,167			1			22
Investment related gains (losses), net	(606		)	(208		)	621			(1,149		)	(154		)	(14		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(11,958		)	61			(593		)	(1,961		)	(183		)	(2,619		)
Purchases(1)	180,019			217,055			142,292			42			432			—
Sales(1)	(3,949		)	(985		)	(9,145		)	(6,153		)	—			—
Settlements(1)	(210,544		)	(26,599		)	(94,649		)	(7,157		)	(1,305		)	(271		)
Transfers into Level 3	3,463			2,853			9,055			12,828			—			—
Transfers out of Level 3	(16,417		)	(9,930		)	(20,877		)	(12,720		)	—			(835		)
Fair value, end of period	$	1,247,690		$	369,667		$	604,203		$	72,643		$	27,320		$	38,994
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(2,641	)	$	(675	)	$	2,478		$	2,070		$	1		$	22
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

For the nine months ended September 30, 2015 (continued):	Fixed maturity securities available-for-sale
	Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivatives			Other invested assets - non-redeemable preferred stock			Other assets longevity swaps			Interest sensitive contract liabilities embedded derivatives			Other liabilities mortality swaps
Fair value, beginning of period	$	19,663		$	22,094		$	7,904		$	7,727		$	(1,085,166	)	$	(797	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—			—			—
Investment related gains (losses), net	—			(71,592		)	—			—			(69,628		)	—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			28,999			—
Included in other comprehensive income	223			—			(412		)	(565		)	—			—
Other revenues	—			—			—			6,136			—			(1,399		)
Purchases(1)	—			—			4,529			—			(34,901		)	—
Sales(1)	—			—			—			—			—			—
Settlements(1)	(939		)	—			—			—			54,286			—
Transfers into Level 3	—			—			—			—			—			—
Transfers out of Level 3	(4,333		)	—			(29		)	—			—			—
Fair value, end of period	$	14,614		$	(49,498	)	$	11,992		$	13,298		$	(1,106,410	)	$	(2,196	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	—		$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net	—			(71,592		)	—			—			(77,338		)	—
Other revenues	—			—			—			6,136			—			(1,399		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			(25,288		)	—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

(1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and nine months ended September 30, 2014, as well as the portion of gains or losses included in income for the three and nine months ended September 30, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at September 30, 2014 (dollars in thousands):

For the three months ended September 30, 2014:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage-backed securities			Asset-backed securities			Commercial mortgage-backed securities			U.S. government and agencies			State and political subdivision securities
Fair value, beginning of period	$	1,287,940		$	185,547		$	556,160		$	97,914		$	32,994		$	45,767
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,332		)	(122		)	1,919			523			(134		)	9
Investment related gains (losses), net	(107		)	37			740			7			(63		)	(4		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(13,424		)	(462		)	(1,116		)	(2,248		)	(115		)	431
Purchases (1)	180,319			16,395			24,152			6,180			167			—
Sales(1)	(590		)	—			(2,053		)	—			—			—
Settlements(1)	(76,968		)	(16,104		)	(30,104		)	(1,315		)	(2,461		)	(66		)
Transfers into Level 3	3,327			2,211			—			—			—			—
Transfers out of Level 3	(2,161		)	—			(5,066		)	(5,542		)	—			(3,632		)
Fair value, end of period	$	1,377,004		$	187,502		$	544,632		$	95,519		$	30,388		$	42,505
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(1,335	)	$	(121	)	$	1,689		$	523		$	(134	)	$	9
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

	Fixed maturity securities available-for-sale
For the three months ended September 30, 2014 (continued):	Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivative			Other assets longevity swaps			Interest sensitive contract liabilities embedded derivatives			Other liabilities mortality swaps
Fair value, beginning of period	$	10,888		$	(20,194	)	$	—		$	(940,236	)	$	—
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—			—
Investment related gains (losses), net	—			56,811			—			(47,479		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			(35,651		)	—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	(72		)	—			(92		)	—			—
Other revenues	—			—			4,499			—			(320		)
Purchases(1)	—			—			—			(11,912		)	—
Sales(1)	—			—			—			—			—
Settlements(1)	(304		)	—			—			17,351			—
Transfers into Level 3	—			—			—			—			—
Transfers out of Level 3	—			—			—			—			—
Fair value, end of period	$	10,512		$	36,617		$	4,407		$	(1,017,927	)	$	(320	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net	—			56,811			—			(48,677		)	—
Other revenues	—			—			4,499			—			(320		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			(53,001		)	—
Policy acquisition costs and other insurance expenses	—			—			—			—			—

For the nine months ended September 30, 2014:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. Government and agencies			State and political subdivision securities
Fair value, beginning of period	$	1,345,289		$	153,505		$	471,848		$	101,785		$	40,919		$	43,776
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(3,718		)	(24		)	6,031			1,342			(416		)	31
Investment related gains (losses), net	(101		)	174			1,987			99			(313		)	(12		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(4,888		)	2,793			4,898			2,426			762			2,875
Purchases(1)	312,380			48,543			148,260			6,180			460			—
Sales(1)	(48,266		)	(744		)	(22,923		)	(14,626		)	—			—
Settlements(1)	(177,914		)	(28,676		)	(42,737		)	(1,858		)	(11,024		)	(532		)
Transfers into Level 3	10,257			13,675			11,614			5,712			—			—
Transfers out of Level 3	(56,035		)	(1,744		)	(34,346		)	(5,541		)	—			(3,633		)
Fair value, end of period	$	1,377,004		$	187,502		$	544,632		$	95,519		$	30,388		$	42,505
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(3,671	)	$	(28	)	$	3,694		$	1,398		$	(416	)	$	31
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

For the nine months ended September 30, 2014 (continued):	Fixed maturity securities available-for-sale
	Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivative			Other invested assets- non-redeemable preferred stock			Other assets longevity swaps			Interest sensitive contract liabilities embedded derivatives			Other liabilities mortality swaps
Fair value, beginning of period	$	37,997		$	(176,270	)	$	4,962		$	—		$	(868,725	)	$	—
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—			—			—
Investment related gains (losses), net	—			212,887			—			—			(76,323		)	—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			(86,775		)	—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(40		)	—			—			(92		)	—			—
Other revenues	—			—			—			4,499			—			(320		)
Purchases(1)	—			—			—			—			(41,321		)	—
Sales(1)	—			—			—			—			—			—
Settlements(1)	(903		)	—			—			—			55,217			—
Transfers into Level 3	—			—			—			—			—			—
Transfers out of Level 3	(26,542		)	—			(4,962		)	—			—			—
Fair value, end of period	$	10,512		$	36,617		$	—		$	4,407		$	(1,017,927	)	$	(320	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	—		$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net	—			212,887			—			—			(78,834		)	—
Other revenues	—			—			—			4,499			—			(320		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			(141,992		)	—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

(1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods presented; they are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3).

	Carrying Value After Measurement				Net Investment Gains (Losses)
	At September 30,				Three months ended September 30,						Nine months ended September 30,
(dollars in thousands)	2015		2014		2015			2014			2015			2014
Mortgage loans(1)	$	11,750	$	9,580	$	67		$	2,206		$	106		$	550
Limited partnership interests(2)	12,550		19,282		(924		)	(2,134		)	(5,433		)	(6,305		)

(1) Mortgage loans — The impaired mortgage loans presented above were written down to their estimated fair values at the date the impairments were recognized and are reported as losses above. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains above. Nonrecurring fair value adjustments on mortgage loans are based on the fair value of underlying collateral or discounted cash flows.

(2) Limited partnership interests — The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency.

Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block]

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, at September 30, 2015 and December 31, 2014 (dollars in thousands). This table excludes any payables or receivables for collateral under repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid. In addition, the table excludes assets received prior to the effective date of the acquisition as described in Note 17 - “Subsequent Event”, as the carrying value of these assets equals the estimated fair value as of the date of the financial statements.

September 30, 2015:	Carrying Value		Estimated  Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate	$	3,170,002	$	3,255,198	$	—	$	—	$	3,255,198
Policy loans	1,444,009		1,444,009		—		1,444,009		—
Funds withheld at interest(1)	5,723,581		6,089,263		—		—		6,089,263
Cash and cash equivalents(2)	925,508		925,508		925,508		—		—
Short-term investments(2)	46,371		46,371		46,371		—		—
Other invested assets(2)	381,970		434,205		4,563		34,526		395,116
Accrued investment income	342,088		342,088		—		342,088		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	9,807,740	$	10,139,341	$	—	$	—	$	10,139,341
Long-term debt	2,313,053		2,451,987		—		—		2,451,987
Collateral finance and securitization notes	914,452		809,943		—		—		809,943
December 31, 2014:	Carrying Value		Estimated Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate	$	2,712,238	$	2,803,942	$	—	$	—	$	2,803,942
Policy loans	1,284,284		1,284,284		—		1,284,284		—
Funds withheld at interest(1)	5,897,202		6,367,165		—		—		6,367,165
Cash and cash equivalents(2)	745,823		745,823		745,823		—		—
Short-term investments(2)	52,504		52,504		52,504		—		—
Other invested assets(2)	465,720		518,261		4,674		35,446		478,141
Accrued investment income	261,096		261,096		—		261,096		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	9,623,596	$	9,666,240	$	—	$	—	$	9,666,240
Long-term debt	2,314,293		2,518,399		—		—		2,518,399
Collateral finance and securitization notes	782,701		674,984		—		—		674,984

(1) Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis.

(2) Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis.