10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)
x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
	OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2016
	OR
¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
	OF THE SECURITIES EXCHANGE ACT OF 1934
	Commission File Number 1-11848

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact name of Registrant as specified in its charter)

MISSOURI	43-1627032
(State or other jurisdiction	(IRS employer
of incorporation or organization)	identification number)

16600 Swingley Ridge Road

Chesterfield, Missouri 63017

(Address of principal executive offices)

(636) 736-7000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes T  No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes T  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer T       Accelerated filer o      Non-accelerated filer o       Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o  No T

As of July 31, 2016, 64,065,779 shares of the registrant’s common stock were outstanding.

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

TABLE OF CONTENTS

Item		Page
	PART I – FINANCIAL INFORMATION
1	Financial Statements
	Condensed Consolidated Balance Sheets (Unaudited) June 30, 2016 and December 31, 2015	3
	Condensed Consolidated Statements of Income (Unaudited) Three and six months ended June 30, 2016 and 2015	4
	Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three and six months ended June 30, 2016 and 2015	5
	Condensed Consolidated Statements of Cash Flows (Unaudited) Six months ended June 30, 2016 and 2015	6
	Notes to Condensed Consolidated Financial Statements (Unaudited):	7
	1. Business and Basis of Presentation	7
	2. Earnings Per Share	7
	3. Equity	8
	4. Investments	9
	5. Derivative Instruments	18
	6. Fair Value of Assets and Liabilities	26
	7. Segment Information	40
	8. Commitments, Contingencies and Guarantees	41
	9. Income Tax	42
	10. Employee Benefit Plans	43
	11. Equity Based Compensation	43
	12. Reinsurance	43
	13. Financing Activities	44
	14. New Accounting Standards	44
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47
3	Quantitative and Qualitative Disclosures About Market Risk	83
4	Controls and Procedures	83
	PART II – OTHER INFORMATION
1	Legal Proceedings	84
1A	Risk Factors	84
2	Unregistered Sales of Equity Securities and Use of Proceeds	84
6	Exhibits	85
	Signatures	86
	Index to Exhibits	87

2

PART I - FINANCIAL INFORMATION

ITEM 1. Financial Statements

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30, 2016			December 31, 2015
	(Dollars in thousands, except share data)
Assets
Fixed maturity securities:
Available-for-sale at fair value (amortized cost of $30,076,884 and $28,322,977)	$	33,160,976		$	29,642,905
Mortgage loans on real estate (net of allowances of $6,499 and $6,813)	3,377,039			3,129,951
Policy loans	1,445,410			1,468,796
Funds withheld at interest	5,899,289			5,880,203
Short-term investments	195,979			558,284
Other invested assets	1,682,143			1,298,120
Total investments	45,760,836			41,978,259
Cash and cash equivalents	1,034,329			1,525,275
Accrued investment income	368,926			339,452
Premiums receivable and other reinsurance balances	1,917,844			1,797,504
Reinsurance ceded receivables	681,425			637,859
Deferred policy acquisition costs	3,401,935			3,392,437
Other assets	711,408			712,366
Total assets	$	53,876,703		$	50,383,152
Liabilities and Stockholders’ Equity
Future policy benefits	$	19,605,021		$	19,612,251
Interest-sensitive contract liabilities	14,024,012			13,663,873
Other policy claims and benefits	4,305,219			4,094,640
Other reinsurance balances	344,527			296,899
Deferred income taxes	2,901,264			2,218,328
Other liabilities	1,157,252			1,165,071
Short-term debt	299,807			—
Long-term debt	2,788,473			2,297,548
Collateral finance and securitization notes	870,482			899,161
Total liabilities	46,296,057			44,247,771
Commitments and contingent liabilities (See Note 8)
Stockholders’ Equity:
Preferred stock - par value $.01 per share, 10,000,000 shares authorized, no shares issued or outstanding	—			—
Common stock - par value $.01 per share, 140,000,000 shares authorized, 79,137,758 shares issued at June 30, 2016 and December 31, 2015	791			791
Additional paid-in capital	1,834,995			1,816,142
Retained earnings	4,870,711			4,620,303
Treasury stock, at cost - 15,068,009 and 13,933,232 shares	(1,111,225		)	(1,010,139		)
Accumulated other comprehensive income	1,985,374			708,284
Total stockholders’ equity	7,580,646			6,135,381
Total liabilities and stockholders’ equity	$	53,876,703		$	50,383,152

See accompanying notes to condensed consolidated financial statements (unaudited).

3

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Revenues:	(Dollars in thousands, except per share data)
Net premiums	$	2,346,945		$	2,129,043		$	4,503,950		$	4,152,895
Investment income, net of related expenses	507,666			450,539			924,932			877,430
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities	(846		)	(4,137		)	(34,663		)	(6,664		)
Other investment related gains (losses), net	119,110			(12,041		)	32,041			(1,931		)
Total investment related gains (losses), net	118,264			(16,178		)	(2,622		)	(8,595		)
Other revenues	66,193			66,936			125,376			129,223
Total revenues	3,039,068			2,630,340			5,551,636			5,150,953
Benefits and Expenses:
Claims and other policy benefits	1,997,502			1,866,183			3,884,266			3,641,634
Interest credited	95,849			77,246			183,754			197,924
Policy acquisition costs and other insurance expenses	405,681			300,412			639,444			577,455
Other operating expenses	159,895			131,600			317,319			253,218
Interest expense	20,331			35,851			53,138			71,478
Collateral finance and securitization expense	6,587			5,258			12,912			11,329
Total benefits and expenses	2,685,845			2,416,550			5,090,833			4,753,038
Income before income taxes	353,223			213,790			460,803			397,915
Provision for income taxes	117,120			83,399			148,228			142,410
Net income	$	236,103		$	130,391		$	312,575		$	255,505
Earnings per share:
Basic earnings per share	$	3.68		$	1.97		$	4.86		$	3.80
Diluted earnings per share	$	3.64		$	1.94		$	4.81		$	3.76
Dividends declared per share	$	0.37		$	0.33		$	0.74		$	0.66

See accompanying notes to condensed consolidated financial statements (unaudited).

4

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three months ended June 30,					Six months ended June 30,
	2016		2015			2016			2015
Comprehensive income (loss)	(Dollars in thousands)
Net income	$	236,103	$	130,391		$	312,575		$	255,505
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	9,942		21,935			87,675			(95,836		)
Net unrealized investment gains	643,893		(757,641		)	1,191,118			(413,717		)
Defined benefit pension and postretirement plan adjustments	1,156		834			(1,703		)	1,788
Total other comprehensive income (loss), net of tax	654,991		(734,872		)	1,277,090			(507,765		)
Total comprehensive income (loss)	$	891,094	$	(604,481	)	$	1,589,665		$	(252,260	)

See accompanying notes to condensed consolidated financial statements (unaudited).

5

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six months ended June 30,
	2016			2015
	(Dollars in thousands)
Cash Flows from Operating Activities:
Net income	$	312,575		$	255,505
Adjustments to reconcile net income to net cash provided by operating activities:
Change in operating assets and liabilities:
Accrued investment income	(34,705		)	(26,656		)
Premiums receivable and other reinsurance balances	(98,610		)	(19,683		)
Deferred policy acquisition costs	(5,435		)	5,136
Reinsurance ceded receivable balances	(60,465		)	(115,355		)
Future policy benefits, other policy claims and benefits, and other reinsurance balances	380,297			353,946
Deferred income taxes	101,163			77,047
Other assets and other liabilities, net	(43,708		)	42,363
Amortization of net investment premiums, discounts and other	(42,843		)	(39,021		)
Investment related (gains) losses, net	2,622			8,595
Other, net	83,555			63,815
Net cash provided by operating activities	594,446			605,692
Cash Flows from Investing Activities:
Sales of fixed maturity securities available-for-sale	2,271,414			2,742,814
Maturities of fixed maturity securities available-for-sale	273,552			232,712
Sales of equity securities	132,932			50,083
Principal payments on mortgage loans on real estate	294,843			166,583
Principal payments on policy loans	25,065			441
Purchases of fixed maturity securities available-for-sale	(4,416,290		)	(2,806,351		)
Purchases of equity securities	(408,684		)	(68,116		)
Cash invested in mortgage loans on real estate	(543,454		)	(531,317		)
Cash invested in policy loans	(1,679		)	(686		)
Cash invested in funds withheld at interest	(27,868		)	(57,708		)
Purchase of businesses, net of cash acquired of $19,377	—			(191,450		)
Purchases of property and equipment	—			(22,944		)
Cash paid under securities repurchase agreements	—			(101,203		)
Change in short-term investments	350,062			22,543
Change in other invested assets	(8,100		)	91,562
Net cash used in investing activities	(2,058,207		)	(473,037		)
Cash Flows from Financing Activities:
Dividends to stockholders	(47,746		)	(44,519		)
Repayment of collateral finance and securitization notes	(35,369		)	(17,632		)
Proceeds from issuance of collateral finance and securitization notes	—			160,060
Proceeds from long-term debt issuance	799,984			—
Debt issuance costs	(9,026		)	(1,170		)
Principal payments of long-term debt	(1,227		)	(1,178		)
Purchases of treasury stock	(120,806		)	(262,515		)
Exercise of stock options, net	5,219			12,641
Change in cash collateral for derivative positions and other arrangements	57,055			(31,244		)
Deposits on universal life and other investment type policies and contracts	513,679			132,679
Withdrawals on universal life and other investment type policies and contracts	(208,743		)	(363,600		)
Net cash provided by (used in) financing activities	953,020			(416,478		)
Effect of exchange rate changes on cash	19,795			(26,185		)
Change in cash and cash equivalents	(490,946		)	(310,008		)
Cash and cash equivalents, beginning of period	1,525,275			1,645,669
Cash and cash equivalents, end of period	$	1,034,329		$	1,335,661
Supplemental disclosures of cash flow information:
Interest paid	$	68,445		$	74,637
Income taxes paid, net of refunds	$	43,838		$	(19,307	)
Non-cash transactions:
Transfer of invested assets	$	1,730		$	118
Accrual for capitalized assets	$	—		$	2,121
Purchase of businesses:
Assets acquired, excluding cash acquired	$	—		$	3,681,699
Liabilities assumed	—			(3,490,249		)
Net cash paid on purchase	$	—		$	191,450

See accompanying notes to condensed consolidated financial statements (unaudited).

6

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Business and Basis of Presentation

Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. The accompanying unaudited condensed consolidated financial statements of RGA and its subsidiaries (collectively, the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation have been included. Results for the six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries, and all intercompany accounts and transactions have been eliminated. These condensed consolidated statements should be read in conjunction with the Company’s 2015 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 29, 2016 (the "2015 Annual Report").

2. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information):

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
Earnings:
Net income (numerator for basic and diluted calculations)	$	236,103	$	130,391	$	312,575	$	255,505
Shares:
Weighted average outstanding shares (denominator for basic calculation)	64,126		66,351		64,348		67,246
Equivalent shares from outstanding stock options	670		769		660		785
Denominator for diluted calculation	64,796		67,120		65,008		68,031
Earnings per share:
Basic	$	3.68	$	1.97	$	4.86	$	3.80
Diluted	$	3.64	$	1.94	$	4.81	$	3.76

The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. For the three months ended June 30, 2016, no stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. For the three months ended June 30, 2015, no stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. Year-to-date amounts for equivalent shares from outstanding stock options and performance contingent shares are the weighted average of the individual quarterly amounts.

7

3. Equity

Common Stock

The changes in number of common stock shares, issued, held in treasury and outstanding are as follows for the periods indicated:

	Issued	Held In Treasury		Outstanding
Balance, December 31, 2015	79,137,758	13,933,232		65,204,526
Common stock acquired	—	1,352,211		(1,352,211	)
Stock-based compensation (1)	—	(217,434	)	217,434
Balance, June 30, 2016	79,137,758	15,068,009		64,069,749

	Issued	Held In Treasury		Outstanding
Balance, December 31, 2014	79,137,758	10,364,797		68,772,961
Common stock acquired	—	2,791,360		(2,791,360	)
Stock-based compensation (1)	—	(440,059	)	440,059
Balance, June 30, 2015	79,137,758	12,716,098		66,421,660

(1) Represents net shares issued from treasury pursuant to the Company's equity-based compensation programs.

Common Stock Held in Treasury

Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings.

On January 21, 2016, RGA's board of directors authorized a share repurchase program for up to $400.0 million of RGA's outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this new authorization, the board of directors terminated the stock repurchase authority granted in 2015. During the first six months of 2016, RGA repurchased 1.4 million shares of common stock under this program for $116.1 million.

Accumulated Other Comprehensive Income (Loss)

The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the six months ended June 30, 2016 and 2015 are as follows (dollars in thousands):

	AOCI, Net of Income Tax
	Accumulated Currency Translation Adjustments			Unrealized Appreciation (Depreciation) of Investments(1)			Pension and Postretirement Benefits			Total
Balance, December 31, 2015	$	(181,151	)	$	935,697		$	(46,262	)	$	708,284
Other comprehensive income before reclassifications	99,374			1,759,753			(6,083		)	1,853,044
Amounts reclassified to (from) AOCI	—			(24,366		)	3,467			(20,899		)
Deferred income tax benefit (expense)	(11,699		)	(544,269		)	913			(555,055		)
Balance, June 30, 2016	$	(93,476	)	$	2,126,815		$	(47,965	)	$	1,985,374

	AOCI, Net of Income Tax
	Accumulated Currency Translation Adjustments			Unrealized Appreciation (Depreciation) of Investments(1)			Pension and Postretirement Benefits			Total
Balance, December 31, 2014	$	81,847		$	1,624,773		$	(49,491	)	$	1,657,129
Other comprehensive income before reclassifications	(89,220		)	(612,314		)	733			(700,801		)
Amounts reclassified to (from) AOCI	—			(6,192		)	1,965			(4,227		)
Deferred income tax benefit (expense)	(6,616		)	204,789			(910		)	197,263
Balance, June 30, 2015	$	(13,989	)	$	1,211,056		$	(47,703	)	$	1,149,364

(1) Includes cash flow hedges of $(41,192) and $(29,397) as of June 30, 2016 and December 31, 2015, respectively, and $(23,901) and $(31,591) as of June 30, 2015 and December 31, 2014, respectively. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.

8

The following table presents the amounts of AOCI reclassifications for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Amount Reclassified from AOCI
	Three months ended June 30,						Six months ended June 30,
Details about AOCI Components	2016			2015			2016			2015			Affected Line Item in  Statements of Income
Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities	$	30,190		$	1,829		$	11,899		$	4,908		Investment related gains (losses), net
Cash flow hedges - Interest rate swaps	93			231			253			291			(1)
Cash flow hedges - Forward bond purchase commitments	(1,045		)	1,807			(257		)	967			(1)
Deferred policy acquisition costs attributed to unrealized gains and losses	5,365			(4,307		)	12,471			26			(2)
Total	34,603			(440		)	24,366			6,192
Provision for income taxes	(9,646		)	(245		)	(4,996		)	(537		)
Net unrealized gains (losses), net of tax	$	24,957		$	(685	)	$	19,370		$	5,655
Amortization of defined benefit plan items:
Prior service cost	$	(75	)	$	(80	)	$	(153	)	$	(163	)	(3)
Actuarial gains (losses)	(1,841		)	(1,098		)	(3,314		)	(1,802		)	(3)
Total	(1,916		)	(1,178		)	(3,467		)	(1,965		)
Provision for income taxes	670			413			1,213			688
Amortization of defined benefit plans, net of tax	$	(1,246	)	$	(765	)	$	(2,254	)	$	(1,277	)
Total reclassifications for the period	$	23,711		$	(1,450	)	$	17,116		$	4,378

(1) See Note 5 - "Derivative Instruments" for additional information on cash flow hedges.

(2) This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2015 Annual Report for additional details.

(3) This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details.

4. Investments

Fixed Maturity and Equity Securities Available-for-Sale

The following tables provide information relating to investments in fixed maturity and equity securities by sector as of June 30, 2016 and December 31, 2015 (dollars in thousands):

June 30, 2016:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	18,417,375	$	1,260,330	$	134,468	$	19,543,237	58.9	%	$	—
Canadian and Canadian provincial governments	2,607,276		1,497,998		—		4,105,274		12.4		—
Residential mortgage-backed securities	1,225,718		72,733		5,673		1,292,778		3.9		(300		)
Asset-backed securities	1,377,736		11,054		32,113		1,356,677		4.1		275
Commercial mortgage-backed securities	1,441,091		67,727		1,125		1,507,693		4.5		(1,609		)
U.S. government and agencies	1,907,648		99,690		—		2,007,338		6.1		—
State and political subdivisions	538,037		74,042		6,137		605,942		1.8		—
Other foreign government, supranational and foreign government-sponsored enterprises	2,562,003		190,688		10,654		2,742,037		8.3		—
Total fixed maturity securities	$	30,076,884	$	3,274,262	$	190,170	$	33,160,976	100.0	%	$	(1,634	)
Non-redeemable preferred stock	$	66,464	$	2,575	$	7,936	$	61,103	14.6	%
Other equity securities	349,577		7,952		446		357,083		85.4
Total equity securities	$	416,041	$	10,527	$	8,382	$	418,186	100.0	%

9

December 31, 2015:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	17,575,507	$	599,718	$	467,069	$	17,708,156	59.7	%	$	—
Canadian and Canadian provincial governments	2,469,009		1,110,282		2,532		3,576,759		12.1		—
Residential mortgage-backed securities	1,277,998		45,152		11,673		1,311,477		4.4		(300		)
Asset-backed securities	1,219,000		12,052		18,376		1,212,676		4.1		354
Commercial mortgage-backed securities	1,456,848		37,407		11,168		1,483,087		5.0		(1,609		)
U.S. government and agencies	1,423,791		15,586		57,718		1,381,659		4.7		—
State and political subdivisions	480,067		40,014		9,067		511,014		1.7		—
Other foreign government, supranational and foreign government-sponsored enterprises	2,420,757		78,964		41,644		2,458,077		8.3		—
Total fixed maturity securities	$	28,322,977	$	1,939,175	$	619,247	$	29,642,905	100.0	%	$	(1,555	)
Non-redeemable preferred stock	$	85,645	$	7,837	$	5,962	$	87,520	69.5	%
Other equity securities	40,584		—		2,242		38,342		30.5
Total equity securities	$	126,229	$	7,837	$	8,204	$	125,862	100.0	%

The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of fixed maturity securities as collateral. Pledged fixed maturity securities are included in fixed maturity securities, available-for-sale in the condensed consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of June 30, 2016 and December 31, 2015, none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under certain third-party reinsurance treaties as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016				December 31, 2015
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities pledged as collateral	$	189,370	$	202,763	$	169,678	$	176,782
Fixed maturity securities received as collateral	n/a		261,461		n/a		242,914
Assets in trust held to satisfy collateral requirements	12,318,432		13,375,925		10,535,729		10,928,393

The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and its agencies as well as the securities disclosed below as of June 30, 2016 and December 31, 2015 (dollars in thousands).

	June 30, 2016				December 31, 2015
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Canadian province of Ontario	$	853,014	$	1,257,954	$	864,444	$	1,199,080
Canadian province of Quebec	1,026,507		1,854,422		943,484		1,525,903

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale at June 30, 2016 are shown by contractual maturity in the table below (dollars in thousands). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset and mortgage-backed securities are shown separately in the table below, as they are not due at a single maturity date.

10

	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	776,005	$	783,582
Due after one year through five years	6,682,598		7,007,050
Due after five years through ten years	8,706,784		9,309,939
Due after ten years	9,866,952		11,903,257
Asset and mortgage-backed securities	4,044,545		4,157,148
Total	$	30,076,884	$	33,160,976

Corporate Fixed Maturity Securities

The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of June 30, 2016 and December 31, 2015 (dollars in thousands):

June 30, 2016:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	6,268,530	$	6,577,989	33.8	%
Industrial	10,192,465		10,811,758		55.2
Utility	1,956,380		2,153,490		11.0
Total	$	18,417,375	$	19,543,237	100.0	%
December 31, 2015:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	5,408,791	$	5,555,044	31.4	%
Industrial	10,211,426		10,129,917		57.2
Utility	1,955,290		2,023,195		11.4
Total	$	17,575,507	$	17,708,156	100.0	%

Other-Than-Temporary Impairments - Fixed Maturity and Equity Securities

As discussed in Note 2 – “Summary of Significant Accounting Policies” of the 2015 Annual Report, a portion of certain other-than-temporary impairment (“OTTI”) losses on fixed maturity securities is recognized in AOCI. For these securities, the net amount recognized in the condensed consolidated statements of income (“credit loss impairments”) represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. Any remaining difference between the fair value and amortized cost is recognized in AOCI. The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts (dollars in thousands):

	Three months ended June 30,					Six months ended June 30,
	2016			2015		2016			2015
Balance, beginning of period	$	7,284		$	7,284	$	7,284		$	7,284
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period	(310		)	—		(310		)	—
Balance, end of period	$	6,974		$	7,284	$	6,974		$	7,284

11

Unrealized Losses for Fixed Maturity and Equity Securities Available-for-Sale

The following table presents the total gross unrealized losses for the 908 and 2,080 fixed maturity and equity securities as of June 30, 2016 and December 31, 2015, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands):

	June 30, 2016				December 31, 2015
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	150,638	75.8	%	$	463,109	73.8	%
20% or more for less than six months	8,933		4.5		142,495		22.7
20% or more for six months or greater	38,981		19.7		21,847		3.5
Total	$	198,552	100.0	%	$	627,451	100.0	%

The Company’s determination of whether a decline in value is other-than-temporary includes analysis of the underlying credit and the extent and duration of a decline in value. The Company’s credit analysis of an investment includes determining whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. In the Company’s impairment review process, the duration and severity of an unrealized loss position for equity securities are given greater weight and consideration given the lack of contractual cash flows or deferability features.

The following tables present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 908 and 2,080 fixed maturity and equity securities that have estimated fair values below amortized cost as of June 30, 2016 and December 31, 2015, respectively (dollars in thousands). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost.

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
June 30, 2016:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	649,275	$	15,424	$	1,208,939	$	59,206	$	1,858,214	$	74,630
Residential mortgage-backed securities	67,472		1,672		120,431		3,990		187,903		5,662
Asset-backed securities	534,180		18,943		258,828		10,507		793,008		29,450
Commercial mortgage-backed securities	78,002		423		41,399		702		119,401		1,125
State and political subdivisions	9,697		443		56,930		5,694		66,627		6,137
Other foreign government, supranational and foreign government-sponsored enterprises	99,330		1,135		79,592		3,677		178,922		4,812
Total investment grade securities	1,437,956		38,040		1,766,119		83,776		3,204,075		121,816
Below investment grade securities:
Corporate securities	282,830		14,077		335,351		45,761		618,181		59,838
Residential mortgage-backed securities	—		—		379		11		379		11
Asset-backed securities	5,858		1,118		8,623		1,545		14,481		2,663
Other foreign government, supranational and foreign government-sponsored enterprises	2,328		23		59,437		5,819		61,765		5,842
Total below investment grade securities	291,016		15,218		403,790		53,136		694,806		68,354
Total fixed maturity securities	$	1,728,972	$	53,258	$	2,169,909	$	136,912	$	3,898,881	$	190,170
Non-redeemable preferred stock	$	3,248	$	261	$	24,247	$	7,675	$	27,495	$	7,936
Other equity securities	—		—		6,606		446		6,606		446
Total equity securities	$	3,248	$	261	$	30,853	$	8,121	$	34,101	$	8,382

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	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
December 31, 2015:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	6,388,148	$	323,961	$	294,755	$	40,861	$	6,682,903	$	364,822
Canadian and Canadian provincial governments	122,746		2,532		—		—		122,746		2,532
Residential mortgage-backed securities	452,297		7,036		82,314		4,057		534,611		11,093
Asset-backed securities	581,701		9,825		199,298		7,100		780,999		16,925
Commercial mortgage-backed securities	514,877		9,806		31,177		997		546,054		10,803
U.S. government and agencies	1,010,387		57,718		—		—		1,010,387		57,718
State and political subdivisions	157,837		5,349		13,016		3,718		170,853		9,067
Other foreign government, supranational and foreign government-sponsored enterprises	702,962		18,279		38,379		4,206		741,341		22,485
Total investment grade securities	9,930,955		434,506		658,939		60,939		10,589,894		495,445
Below investment grade securities:
Corporate securities	554,688		71,171		114,427		31,076		669,115		102,247
Residential mortgage-backed securities	22,646		282		7,679		298		30,325		580
Asset-backed securities	6,772		201		9,335		1,250		16,107		1,451
Commercial mortgage-backed securities	3,253		248		767		117		4,020		365
Other foreign government, supranational and foreign government-sponsored enterprises	60,668		7,356		31,693		11,803		92,361		19,159
Total below investment grade securities	648,027		79,258		163,901		44,544		811,928		123,802
Total fixed maturity securities	$	10,578,982	$	513,764	$	822,840	$	105,483	$	11,401,822	$	619,247
Non-redeemable preferred stock	$	12,331	$	2,175	$	12,191	$	3,787	$	24,522	$	5,962
Other equity securities	38,327		2,242		—		—		38,327		2,242
Total equity securities	$	50,658	$	4,417	$	12,191	$	3,787	$	62,849	$	8,204

The Company has no intention to sell, nor does it expect to be required to sell, the securities outlined in the table above, as of the dates indicated. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity and equity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines.

Unrealized losses on below investment grade securities as of June 30, 2016 are primarily related to high-yield corporate and other foreign government, supranational and foreign government-sponsored enterprise securities. Unrealized losses decreased across most security types as treasury rates decreased during the first six months of 2016.

Investment Income, Net of Related Expenses

Major categories of investment income, net of related expenses, consist of the following (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Fixed maturity securities available-for-sale	$	323,592		$	303,792		$	636,007		$	573,560
Mortgage loans on real estate	41,900			37,121			81,692			71,893
Policy loans	16,372			16,248			32,506			30,288
Funds withheld at interest	112,893			87,325			168,873			199,585
Short-term investments	985			814			1,960			1,509
Other invested assets	29,487			22,418			39,311			34,445
Investment income	525,229			467,718			960,349			911,280
Investment expense	(17,563		)	(17,179		)	(35,417		)	(33,850		)
Investment income, net of related expenses	$	507,666		$	450,539		$	924,932		$	877,430

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Investment Related Gains (Losses), Net

Investment related gains (losses), net consist of the following (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Fixed maturity and equity securities available for sale:
Other-than-temporary impairment losses on fixed maturity securities recognized in earnings	$	(846	)	$	(4,137	)	$	(34,663	)	$	(6,664	)
Gain on investment activity	53,615			20,009			80,807			39,210
Loss on investment activity	(22,556		)	(14,475		)	(34,343		)	(28,071		)
Other impairment losses and change in mortgage loan provision	211			143			(1,849		)	(4,025		)
Derivatives and other, net	87,840			(17,718		)	(12,574		)	(9,045		)
Total investment related gains (losses), net	$	118,264		$	(16,178	)	$	(2,622	)	$	(8,595	)

The fixed maturity impairments for the three and six months ended June 30, 2016 and 2015 were largely related to high-yield energy and emerging market corporate securities. The fluctuations in investment related gains (losses) for derivatives and other for the six months ended June 30, 2016, compared to the same period in 2015, are primarily due to changes in the fair value of interest rate swaps.

During the three months ended June 30, 2016 and 2015, the Company sold fixed maturity and equity securities with fair values of $343.3 million and $651.3 million at losses of $22.6 million and $14.5 million, respectively. During the six months ended June 30, 2016 and 2015, the Company sold fixed maturity and equity securities with fair values of $585.8 million and $850.9 million at losses of $34.3 million and $28.1 million, respectively. The Company generally does not buy and sell securities on a short-term basis.

Securities Borrowing and Other

The Company participates in securities borrowing programs whereby securities, which are not reflected on the Company’s condensed consolidated balance sheets, are borrowed from third parties. The borrowed securities are used to provide collateral under affiliated reinsurance transactions. The Company is required to maintain a minimum of 100% of the fair value, or par value, under certain programs, of the borrowed securities as collateral. The collateral consists of rights to reinsurance treaty cash flows. If cash flows from the reinsurance treaties are insufficient to maintain the minimum collateral requirement, the Company may substitute cash or securities to meet the requirement. No cash or securities have been pledged by the Company for this purpose.

The Company also participates in a repurchase/reverse repurchase program in which securities, reflected as investments on the Company’s condensed consolidated balance sheets, are pledged to a third party. In return, the Company receives securities from the third party with an estimated fair value equal to a minimum of 100% of the securities pledged. The securities received are not reflected on the Company’s condensed consolidated balance sheets.

The following table includes the amount of borrowed securities, repurchased securities pledged and repurchased/reverse repurchased securities pledged and received as of June 30, 2016 and December 31, 2015 (dollars in thousands).

	June 30, 2016				December 31, 2015
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Borrowed securities	$	269,740	$	289,454	$	259,540	$	266,297
Repurchase program/reverse repurchase program:
Securities pledged	448,615		480,618		443,435		465,889
Securities received	n/a		485,826		n/a		481,197

The following table presents information on the securities pledged as collateral by the Company related to its repurchase/reverse repurchase program as of June 30, 2016 and December 31, 2015 (dollars in thousands). Collateral associated with certain borrowed securities is not included within the table, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows.

14

	June 30, 2016
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Collateral on repurchase program:
Corporate securities	$	—	$	5,329	$	4,031	$	137,505	$	146,865
Residential mortgage-backed securities	—		—		—		101,715		101,715
U.S. government and agencies	—		—		—		212,918		212,918
Foreign government	—		—		—		14,524		14,524
Other	4,596		—		—		—		4,596
Total borrowings	$	4,596	$	5,329	$	4,031	$	466,662	$	480,618
Gross amount of recognized liabilities for repurchase agreement in preceding table									$	485,826
Amounts related to agreements not included in offsetting disclosure									$	5,208

	December 31, 2015
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Collateral on repurchase program:
Corporate securities	$	—	$	2,951	$	—	$	147,324	$	150,275
Residential mortgage-backed securities	—		—		—		97,639		97,639
U.S. government and agencies	—		—		—		199,431		199,431
Foreign government	—		—		—		3,358		3,358
Other	15,186		—		—		—		15,186
Total borrowings	$	15,186	$	2,951	$	—	$	447,752	$	465,889
Gross amount of recognized liabilities for repurchase agreement in preceding table									$	481,197
Amounts related to agreements not included in offsetting disclosure									$	15,308

Mortgage Loans on Real Estate

Mortgage loans represented approximately 7.4% and 7.5% of the Company’s total investments as of June 30, 2016 and December 31, 2015. The Company makes mortgage loans on income producing properties that are geographically diversified, with the largest concentration being in the state of California, which represented 24.1% and 22.3% of mortgage loans on real estate as of June 30, 2016 and December 31, 2015, respectively. Loan-to-value ratios at the time of loan approval are 75% or less. The distribution of mortgage loans by property type, gross of valuation allowances, is as follows as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016				December 31, 2015
Property type:	Recorded Investment		% of Total		Recorded Investment		% of Total
Office building	$	1,057,245	31.3	%	$	980,858	31.3	%
Retail	1,033,538		30.5		1,026,018		32.7
Industrial	708,764		20.9		527,485		16.8
Apartment	397,719		11.8		420,014		13.4
Other commercial	186,272		5.5		182,389		5.8
Total	$	3,383,538	100.0	%	$	3,136,764	100.0	%

15

The maturities of the mortgage loans, gross of valuation allowances, as of June 30, 2016 and December 31, 2015 are as follows (dollars in thousands):

	June 30, 2016				December 31, 2015
	Recorded Investment		% of Total		Recorded Investment		% of Total
Due within five years	$	768,747	22.7	%	$	873,280	27.8	%
Due after five years through ten years	1,800,601		53.2		1,561,535		49.8
Due after ten years	814,190		24.1		701,949		22.4
Total	$	3,383,538	100.0	%	$	3,136,764	100.0	%

Information regarding the Company’s credit quality indicators, as determined by the Company's internal evaluation methodology for its recorded investment in mortgage loans, gross of valuation allowances, as of June 30, 2016 and December 31, 2015 is as follows (dollars in thousands):

	June 30, 2016				December 31, 2015
Internal credit quality grade:	Recorded Investment		% of Total		Recorded Investment		% of Total
High investment grade	$	1,904,494	56.3	%	$	1,621,601	51.7	%
Investment grade	1,396,572		41.3		1,397,996		44.6
Average	39,444		1.2		87,196		2.8
Watch list	36,035		1.0		13,550		0.4
In or near default	6,993		0.2		16,421		0.5
Total	$	3,383,538	100.0	%	$	3,136,764	100.0	%

None of the payments due to the Company on its recorded investment in mortgage loans were delinquent as of June 30, 2016 and December 31, 2015.

The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016		December 31, 2015
Mortgage loans:
Individually measured for impairment	$	6,993	$	16,421
Collectively measured for impairment	3,376,545		3,120,343
Mortgage loans, gross of valuation allowances	3,383,538		3,136,764
Valuation allowances:
Individually measured for impairment	—		588
Collectively measured for impairment	6,499		6,225
Total valuation allowances	6,499		6,813
Mortgage loans, net of valuation allowances	$	3,377,039	$	3,129,951

Information regarding the Company’s loan valuation allowances for mortgage loans for the six months ended June 30, 2016 and 2015 is as follows (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Balance, beginning of period	$	6,824		$	6,130		$	6,813		$	6,471
Provision (release)	(325		)	(188		)	(314		)	(529		)
Balance, end of period	$	6,499		$	5,942		$	6,499		$	5,942

16

Information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2016 and December 31, 2015 is as follows (dollars in thousands):

	Unpaid Principal Balance		Recorded Investment		Related Allowance		Carrying Value
June 30, 2016:
Impaired mortgage loans with no valuation allowance recorded	$	7,495	$	6,993	$	—	$	6,993
Impaired mortgage loans with valuation allowance recorded	—		—		—		—
Total impaired mortgage loans	$	7,495	$	6,993	$	—	$	6,993
December 31, 2015:
Impaired mortgage loans with no valuation allowance recorded	$	4,033	$	4,033	$	—	$	4,033
Impaired mortgage loans with valuation allowance recorded	12,898		12,388		588		11,800
Total impaired mortgage loans	$	16,931	$	16,421	$	588	$	15,833
The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands):
	Three months ended June 30,
	2016				2015
	Average Recorded Investment(1)		Interest Income		Average Recorded   Investment(1)		Interest Income
Impaired mortgage loans with no valuation allowance recorded	$	3,901	$	107	$	5,524	$	35
Impaired mortgage loans with valuation allowance recorded	4,724		—		11,397		229
Total impaired mortgage loans	$	8,625	$	107	$	16,921	$	264
	Six months ended June 30,
	2016				2015
	Average Recorded Investment(1)		Interest Income		Average Recorded Investment(1)		Interest Income
Impaired mortgage loans with no valuation allowance recorded	$	3,945	$	216	$	5,920	$	141
Impaired mortgage loans with valuation allowance recorded	7,279		—		11,036		384
Total impaired mortgage loans	$	11,224	$	216	$	16,956	$	525

(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances.

The Company did not acquire any impaired mortgage loans during the six months ended June 30, 2016 and 2015. The Company had no mortgage loans that were on a nonaccrual status at June 30, 2016 and December 31, 2015.

Policy Loans

Policy loans comprised approximately 3.2% and 3.5% of the Company’s total investments as of June 30, 2016 and December 31, 2015, respectively, the majority of which are associated with one client. These policy loans present no credit risk because the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.

Funds Withheld at Interest

Funds withheld at interest comprised approximately 12.9% and 14.0% of the Company’s total investments as of June 30, 2016 and December 31, 2015, respectively. Of the $5.9 billion funds withheld at interest balance, net of embedded derivatives, as of June 30, 2016, $4.0 billion of the balance is associated with one client. For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest on the Company’s condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company.

Other Invested Assets

Other invested assets include equity securities, limited partnership interests, joint ventures (other than operating joint ventures), derivative contracts and fair value option ("FVO") contractholder-directed unit-linked investments. Other invested assets also

17

include Federal Home Loan Bank of Des Moines ("FHLB") common stock, real estate held-for-investment, equity release mortgages and structured loans, all of which are included in other in the table below. The fair value option was elected for contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation and reporting as separate accounts. Other invested assets represented approximately 3.7% and 3.1% of the Company’s total investments as of June 30, 2016 and December 31, 2015, respectively. Carrying values of these assets as of June 30, 2016 and December 31, 2015 are as follows (dollars in thousands):

	June 30, 2016		December 31, 2015
Equity securities	$	418,186	$	125,862
Limited partnership interests and real estate joint ventures	635,574		567,697
Derivatives	310,796		256,178
FVO contractholder-directed unit-linked investments	195,842		197,547
Other	121,745		150,836
Total other invested assets	$	1,682,143	$	1,298,120

5.    Derivative Instruments

Derivatives, except for embedded derivatives and longevity and mortality swaps, are carried on the Company’s condensed consolidated balance sheets in other invested assets or other liabilities, at fair value. Longevity and mortality swaps are included on the condensed consolidated balance sheets in other assets or other liabilities, at fair value. Embedded derivative liabilities on modified coinsurance or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. 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 June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016						December 31, 2015
	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	$	1,118,523	$	175,987	$	970	$	1,123,057	$	85,075	$	4,196
Financial futures	508,310		—		—		420,665		—		—
Foreign currency forwards	43,000		1,703		2,732		45,000		44		6,768
Consumer price index swaps	29,208		—		613		28,561		—		292
Credit default swaps	865,000		8,635		5,300		897,000		8,230		11,053
Equity options	541,749		54,322		—		453,435		46,653		—
Longevity swaps	888,480		17,781		—		868,960		15,003		7
Mortality swaps	50,000		—		1,997		50,000		—		2,619
Synthetic guaranteed investment contracts	8,235,734		—		—		7,098,825		—		—
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	—		—		91,981		—		—		76,698
Indexed annuity products	—		—		841,832		—		—		878,114
Variable annuity products	—		—		283,548		—		—		192,470
Total non-hedging derivatives	12,280,004		258,428		1,228,973		10,985,503		155,005		1,172,217
Derivatives designated as hedging instruments:
Interest rate swaps	435,000		—		42,038		120,000		—		29,986
Foreign currency swaps	909,524		102,406		3,383		823,486		146,265		—
Total hedging derivatives	1,344,524		102,406		45,421		943,486		146,265		29,986
Total derivatives	$	13,624,528	$	360,834	$	1,274,394	$	11,928,989	$	301,270	$	1,202,203

Netting Arrangements

Certain of the Company’s derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements.

18

The Company has elected to include all derivatives, except embedded derivatives, in the tables below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 4 – "Investments" for information regarding the Company’s securities borrowing, repurchase and repurchase/reverse repurchase programs. See “Embedded Derivatives” below for information regarding the Company’s bifurcated embedded derivatives.

The following table provides information relating to the Company’s derivative instruments as of June 30, 2016 and December 31, 2015 (dollars in thousands):

								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 (1)			Cash Collateral    Pledged/ Received			Net Amount
June 30, 2016:
Derivative assets	$	360,834	$	(32,257	)	$	328,577	$	(40,876	)	$	(298,459	)	$	(10,758	)
Derivative liabilities	57,033		(32,257		)	24,776		(74,538		)	(16,822		)	(66,584		)
December 31, 2015:
Derivative assets	$	301,270	$	(30,096	)	$	271,174	$	(20,888	)	$	(245,038	)	$	5,248
Derivative liabilities	54,921		(30,096		)	24,825		(47,149		)	(12,540		)	(34,864		)

(1) Includes initial margin posted to a central clearing partner.

Accounting for Derivative Instruments and Hedging Activities

The Company does not enter into derivative instruments for speculative purposes. As discussed below under “Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging,” the Company uses various derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. As of June 30, 2016 and December 31, 2015, the Company held interest rate swaps that were designated and qualified as cash flow hedges of interest rate risk for variable rate liabilities and foreign currency assets, foreign currency swaps that were designated and qualified as hedges of a portion of its net investment in its foreign operations, foreign currency swaps that were designated and qualified as fair value hedges of foreign currency risk, and derivative instruments that were not designated as hedging instruments. See Note 2 – “Summary of Significant Accounting Policies” of the Company’s 2015 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. Derivative instruments are carried at fair value and generally require an insignificant amount of cash at inception of the contracts.

Fair Value Hedges

The Company designates and reports certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of June 30, 2016, were (dollars in thousands):

Type of Fair Value Hedge	Hedged Item	Gains (Losses) Recognized for Derivatives			Gains (Losses) Recognized for Hedged Items			Ineffectiveness Recognized in Investment Related Gains (Losses), net
For the three months ended June 30, 2016:
Foreign currency swaps	Foreign-denominated fixed maturity securities	$	(3,755	)	$	3,755		$	—
For the six months ended June 30, 2016:
Foreign currency swaps	Foreign-denominated fixed maturity securities	$	2,112		$	(2,112	)	$	—

A regression analysis was used, both at inception of the hedge and on an ongoing basis, to determine whether each derivative used in a hedged transaction is highly effective in offsetting changes in the hedged item. For the foreign currency swaps, the change in fair value related to changes in the benchmark interest rate and credit spreads are excluded from the hedge effectiveness. For the three and six months ended June 30, 2016, $2.4 million and $7.0 million, respectively, of the change in the estimated fair value of derivatives, was excluded from hedge effectiveness. There were no fair value hedges as of June 30, 2015.

Cash Flow Hedges

Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The Company designates and accounts for the following as cash flow hedges: (i) certain interest rate swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps; (ii) certain interest rate swaps, in which the cash flows of liabilities are variable based on a benchmark rate (LIBOR); and (iii) forward bond purchase commitments.

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The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Three months ended June 30,
	2016			2015
Balance beginning of period	$	(21,794	)	$	(30,598	)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges	(20,350		)	8,735
Amounts reclassified to investment related gains (losses), net	1,010			(1,495		)
Amounts reclassified to investment income	(58		)	(543		)
Balance end of period	$	(41,192	)	$	(23,901	)
	Six months ended June 30,
	2016			2015
Balance beginning of period	$	(29,397	)	$	(31,591	)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges	(11,799		)	8,948
Amounts reclassified to investment related (gains) losses, net	169			(655		)
Amounts reclassified to investment income	(165		)	(603		)
Balance end of period	$	(41,192	)	$	(23,901	)

As of June 30, 2016, the before-tax deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are approximately $0.5 million. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to investment income over the term of the inve stment cash flows.

The following table presents the effective portion of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Effective Portion
Derivative Type	Gain (Loss) Recognized in OCI			Gain (Loss) Reclassified into Income from OCI
				Investment Related Gains (Losses), net			Investment Income
For the three months ended June 30, 2016:
Interest rate swaps	$	(20,350	)	$	—		$	93
Forward bond purchase commitments	—			(1,010		)	(35		)
Total	$	(20,350	)	$	(1,010	)	$	58
For the three months ended June 30, 2015:
Interest rate swaps	$	2,417		$	—		$	231
Forward bond purchase commitments	6,318			1,495			312
Total	$	8,735		$	1,495		$	543
For the six months ended June 30, 2016:
Interest rate swaps	$	(11,799	)	$	—		$	253
Forward bond purchase commitments	—			(169		)	(88		)
Total	$	(11,799	)	$	(169	)	$	165
For the six months ended June 30, 2015:
Interest rate swaps	$	(5,150	)	$	—		$	291
Forward bond purchase commitments	14,098			655			312
Total	$	8,948		$	655		$	603

All components of each derivative's gain or loss were included in the assessment of hedge effectiveness. For the three and six months ended June 30, 2016 and 2015, the ineffective portion of derivatives reported as cash flow hedges was not material to the Company's results of operations. Also, there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.

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Hedges of Net Investments in Foreign Operations

The Company uses foreign currency swaps to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Derivative Gains (Losses) Deferred in AOCI
	For the three months ended June 30,					For the six months ended June 30,
Type of NIFO Hedge (1) (2)	2016		2015			2016			2015
Foreign currency swaps	$	302	$	(12,945	)	$	(31,493	)	$	37,021

(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.

The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $140.4 million and $171.9 million at June 30, 2016 and December 31, 2015, respectively. If a foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a foreign operation.

Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging

The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), net in the condensed consolidated statements of income, except where otherwise noted.

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A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2016 and 2015 is as follows (dollars in thousands):

		Gain (Loss) for the three months ended         June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2016			2015
Interest rate swaps	Investment related gains (losses), net	$	41,500		$	(41,729	)
Financial futures	Investment related gains (losses), net	(7,557		)	(2,183		)
Foreign currency forwards	Investment related gains (losses), net	3,577			(1,433		)
CPI swaps	Investment related gains (losses), net	(520		)	168
Credit default swaps	Investment related gains (losses), net	3,518			(187		)
Equity options	Investment related gains (losses), net	(3,225		)	(2,606		)
Longevity swaps	Other revenues	2,394			1,911
Mortality swaps	Other revenues	1,046			(478		)
Subtotal		40,733			(46,537		)
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	Investment related gains (losses), net	76,966			(23,098		)
Indexed annuity products	Interest credited	(2,019		)	8,080
Variable annuity products	Investment related gains (losses), net	(28,137		)	50,878
Total non-hedging derivatives		$	87,543		$	(10,677	)
		Gain (Loss) for the six months ended         June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2016			2015
Interest rate swaps	Investment related gains (losses), net	$	104,027		$	(12,385	)
Interest rate options	Investment related gains (losses), net	—			3,275
Financial futures	Investment related gains (losses), net	(18,608		)	(9,514		)
Foreign currency forwards	Investment related gains (losses), net	6,077			(1,653		)
CPI swaps	Investment related gains (losses), net	(700		)	97
Credit default swaps	Investment related gains (losses), net	6,864			2,471
Equity options	Investment related gains (losses), net	(5,928		)	(10,672		)
Longevity swaps	Other revenues	2,481			3,731
Mortality swaps	Other revenues	622			(957		)
Subtotal		94,835			(25,607		)
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	Investment related gains (losses), net	(15,283		)	(25,423		)
Indexed annuity products	Interest credited	(626		)	(21,246		)
Variable annuity products	Investment related gains (losses), net	(91,077		)	25,745
Total non-hedging derivatives		$	(12,151	)	$	(46,531	)

Types of Derivatives Used by the Company

Interest Rate Swaps

Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates, to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches) and to manage the risk of cash flows of liabilities that are variable based on a benchmark rate (LIBOR). With an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between two rates, which can be either fixed-rate or floating-rate interest amounts, tied to an agreed-upon notional principal amount. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments at each due date. The Company utilizes interest rate swaps in cash flow and non-qualifying hedging relationships.

22

Interest Rate Options

Interest rate options, commonly referred to as swaptions, have been used by the Company primarily to hedge living benefit guarantees embedded in certain variable annuity products. A swaption, used to hedge against adverse changes in interest rates, is an option to enter into a swap with a forward starting effective date. The Company pays an upfront premium for the right to exercise this option in the future.

Financial Futures

Exchange-traded futures are used primarily to economically hedge liabilities embedded in certain variable annuity products. With exchange-traded futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the relevant indices, and to post variation margin on a daily basis in an amount equal to the difference between the daily estimated fair values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange.

Equity Options

Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products. To hedge against adverse changes in equity indices volatility, the Company buys put options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price.

Consumer Price Index Swaps

Consumer price index (“CPI”) swaps are used by the Company primarily to economically hedge liabilities embedded in certain insurance products where value is directly affected by changes in a designated benchmark consumer price index. With a CPI swap transaction, the Company agrees with another party to exchange the actual amount of inflation realized over a specified period of time for a fixed amount of inflation determined at inception. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments to be made by the counterparty at each due date. Most of these swaps will require a single payment to be made by one counterparty at the maturity date of the swap.

Foreign Currency Swaps

Foreign currency swaps are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon principal amount. The principal amount of each currency is exchanged at the termination of the currency swap by each party. The Company uses foreign currency swaps to hedge a portion of its net investment in certain foreign operations and foreign currency securities against adverse movements in exchange rates. The Company also uses foreign currency swaps to hedge its exposure to market risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company either holds or intends to acquire or sell.

Foreign Currency Forwards

Foreign currency forwards are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a different currency at the specified future date.

Forward Bond Purchase Commitments

Forward bond purchase commitments have been used by the Company to hedge against the variability in the anticipated cash flows required to purchase securities. With forward bond purchase commitments, the forward price is agreed upon at the time of the contract and payment for such contract is made at the future specified settlement date of the securities.

Credit Default Swaps

The Company sells protection under single name credit default swaps and credit default swap index tranches to diversify its credit risk exposure in certain portfolios and, in combination with purchasing securities, to replicate characteristics of similar investments based on the credit quality and term of the credit default swap. Credit default triggers for indexed reference entities and single name reference entities are defined in the contracts. The Company’s maximum exposure to credit loss equals the notional value for credit default swaps. In the event of default of a referencing entity, the Company is typically required to pay the protection holder the full notional value less a recovery amount determined at auction.

23

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 June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016						December 31, 2015
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)
AA/AA-/A+/A/A-
Single name credit default swaps	$	851		$	151,500	4.2	$	1,689		$	152,500	3.9
Credit default swaps referencing indices	—			—		—	—			—		—
Subtotal	851			151,500		4.2	1,689			152,500		3.9
BBB+/BBB/BBB-
Single name credit default swaps	(2,451		)	289,200		4.2	(5,066		)	315,200		4.2
Credit default swaps referencing indices	4,554			416,000		5.0	2,274			416,000		5.0
Subtotal	2,103			705,200		4.7	(2,792		)	731,200		4.6
BB+/BB
Single name credit default swaps	(134		)	5,000		3.2	(2,900		)	10,000		4.1
Credit default swaps referencing indices	—			—		—	—			—		—
Subtotal	(134		)	5,000		3.2	(2,900		)	10,000		4.1
Total	$	2,820		$	861,700	4.6	$	(4,003	)	$	893,700	4.5

(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.

The Company also purchases credit default swaps to reduce its risk against a drop in bond prices due to credit concerns of certain bond issuers. If a credit event, as defined by the contract, occurs, the Company is able to put the bond back to the counterparty at par.

Longevity Swaps

The Company enters into longevity swaps in the form of out-of-the-money options, which provide protection against changes in mortality improvement to retirement plans and insurers of such plans. With a longevity swap transaction, the Company agrees with another party to exchange a proportion of a notional value. The proportion is determined by the difference between a predefined benefit, and the realized benefit plus the future expected benefit, calculated by reference to a population index for a fixed premium.

Mortality Swaps

Mortality swaps are used by the Company to hedge risk from changes in mortality experience associated with its reinsurance of life insurance risk. The Company agrees with another party to exchange, at specified intervals, a proportion of a notional value determined by the difference between a predefined expected and realized claim amount on a designated index of reinsured lives, for a fixed percentage (premium) each term.

Synthetic Guaranteed Investment Contracts

The Company sells fee-based synthetic guaranteed investment contracts to retirement plans which include investment-only, stable value contracts. The assets are owned by the trustees of such plans, who invest the assets under the terms of investment guidelines to which the Company agrees. The contracts contain a guarantee of a minimum rate of return on participant balances supported by the underlying assets, and a guarantee of liquidity to meet certain participant-initiated plan cash flow requirements. These contracts are reported as derivatives, recorded at fair value and classified as interest rate derivatives.

Embedded Derivatives

The Company has certain embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance treaties structured on a modified coinsurance ("modco") or funds withheld basis. Additionally, the Company reinsures equity-indexed annuity and variable annuity contracts with benefits that are considered embedded derivatives, including guaranteed minimum withdrawal benefits, guaranteed minimum accumulation benefits, and guaranteed minimum income benefits. The changes in fair values of embedded derivatives on equity-indexed annuities described below relate to changes in the fair value associated with capital market and other related assumptions. The Company’s utilization of a credit valuation adjustment ("CVA") did not have a material effect on the change in fair value of its embedded derivatives for the three and six months ended June 30, 2016 and 2015.

24

The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three and six months ended June 30, 2016 and 2015 are reflected in the following table (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Embedded derivatives in modco or funds withheld arrangements included in investment related gains	$	76,966		$	(23,098	)	$	(15,283	)	$	(25,423	)
After the associated amortization of DAC and taxes, the related amounts included in net income	18,807			(3,917		)	(7,970		)	(6,504		)
Embedded derivatives in variable annuity contracts included in investment related gains	(28,137		)	50,878			(91,077		)	25,745
After the associated amortization of DAC and taxes, the related amounts included in net income	(40,167		)	19,608			(66,010		)	10,198
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses	(2,019		)	8,080			(626		)	(21,246		)
After the associated amortization of DAC and taxes, the related amounts included in net income	(7,816		)	1,233			3,418			(14,766		)

Credit Risk

The Company manages its credit risk related to over-the-counter ("OTC") derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination.

The credit exposure of the Company's OTC derivative transactions is represented by the contracts with a positive fair value (market value) at the reporting date. To reduce credit exposures, the Company seeks to (i) enter into OTC derivative transactions pursuant to master netting agreements that provide for a netting of payments and receipts with a single counterparty, and (ii) enter into agreements that allow the use of credit support annexes, which are bilateral rating-sensitive agreements that require collateral postings at established threshold levels. Certain of the Company's OTC derivatives are cleared derivatives, which are bilateral transactions between the Company and a counterparty where the transactions are cleared through a clearinghouse, such that each derivative counterparty is only exposed to the default of the clearinghouse. These cleared transactions require initial and daily variation margin collateral postings and include certain interest rate swaps and credit default swaps entered into on or after June 10, 2013, related to guidelines implemented under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Also, the Company enters into exchange-traded futures through regulated exchanges and these transactions are settled on a daily basis, thereby reducing credit risk exposure in the event of non-performance by counterparties to such financial instruments.

The Company enters into various collateral arrangements, which require both the posting and accepting of collateral in connection with its derivative instruments. Collateral agreements contain attachment thresholds that may vary depending on the posting party’s ratings. Additionally, a decline in the Company’s or the counterparty’s credit ratings to specified levels could result in potential settlement of the derivative positions under the Company’s agreements with its counterparties. The Company also has exchange-traded futures, which require the maintenance of a margin account. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties.

The Company’s credit exposure related to derivative contracts is generally limited to the fair value at the reporting date plus or minus any collateral posted or held by the Company. The Company’s credit exposure to mortality swaps is minimal, as they are fully collateralized by a counterparty. 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 mortality swaps, at June 30, 2016 and December 31, 2015 are reflected in the following table (dollars in thousands):

	June 30, 2016			December 31, 2015
Estimated fair value of derivatives in net asset position	$	305,798		$	248,968
Cash provided as collateral(1)	16,822			12,540
Securities pledged to counterparties as collateral(2)	74,538			47,149
Cash pledged from counterparties as collateral(3)	(298,459		)	(245,038		)
Securities pledged from counterparties as collateral(4)	(40,876		)	(20,888		)
Initial margin for cleared derivatives(2)	(62,577		)	(34,898		)
Net amount after application of master netting agreements and collateral	$	(4,754	)	$	7,833
Margin account related to exchange-traded futures(5)	$	10,503		$	11,004

(1) Consists of receivable from counterparty, included in other assets.

(2) Included in available-for-sale securities, primarily consists of U.S. Treasury and government agency securities.

(3) Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities.

(4) Consists of U.S. Treasury and government securities.

(5) Included in other assets.

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6.    Fair Value of Assets and Liabilities

Fair Value Measurement

General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. The Company’s Level 1 assets include assets and liabilities that are traded in active exchange markets.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions that use significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques that require management’s judgment or estimation in developing inputs that are consistent with those other market participants would use when pricing similar assets and liabilities. Additionally, the Company’s embedded derivatives, all of which are associated with reinsurance treaties and longevity and mortality swaps, are classified in Level 3 since their values include significant unobservable inputs.

When inputs used to measure the fair value of an asset or liability fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety, except for fair value measurements using net asset value. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains and losses for such assets and liabilities categorized within Level 3 may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

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Assets and Liabilities by Hierarchy Level

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 are summarized below (dollars in thousands):

June 30, 2016:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	19,543,237		$	252,082	$	17,993,773		$	1,297,382
Canadian and Canadian provincial governments	4,105,274			—		3,551,082			554,192
Residential mortgage-backed securities	1,292,778			—		1,126,799			165,979
Asset-backed securities	1,356,677			—		1,057,861			298,816
Commercial mortgage-backed securities	1,507,693			—		1,469,758			37,935
U.S. government and agencies	2,007,338			1,874,944		106,139			26,255
State and political subdivisions	605,942			—		570,696			35,246
Other foreign government supranational and foreign government-sponsored enterprises	2,742,037			289,633		2,438,698			13,706
Total fixed maturity securities – available-for-sale	33,160,976			2,416,659		28,314,806			2,429,511
Funds withheld at interest – embedded derivatives	(91,981		)	—		—			(91,981		)
Cash equivalents	213,556			213,556		—			—
Short-term investments	160,901			133,716		27,185			—
Other invested assets:
Non-redeemable preferred stock	61,103			48,030		13,073			—
Other equity securities	357,083			357,083		—			—
Derivatives:
Interest rate swaps	159,611			—		159,611			—
Foreign currency forwards	1,498			—		1,498			—
CPI swaps	(613		)	—		(613		)	—
Credit default swaps	5,625			—		5,625			—
Equity options	43,543			—		43,543			—
Foreign currency swaps	101,132			—		101,132			—
FVO contractholder-directed unit-linked investments	195,842			194,604		1,238			—
Other	934			934		—			—
Total other invested assets	925,758			600,651		325,107			—
Other assets - longevity swaps	17,781			—		—			17,781
Total	$	34,386,991		$	3,364,582	$	28,667,098		$	2,355,311
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,125,380		$	—	$	—		$	1,125,380
Other liabilities:
Derivatives:
Interest rate swaps	26,632			—		26,632			—
Foreign currency forwards	2,527			—		2,527			—
Credit default swaps	2,290			—		2,290			—
Equity options	(10,779		)	—		(10,779		)	—
Foreign currency swaps	2,109			—		2,109			—
Mortality swaps	1,997			—		—			1,997
Total	$	1,150,156		$	—	$	22,779		$	1,127,377

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December 31, 2015:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	17,708,156		$	269,039	$	16,212,147		$	1,226,970
Canadian and Canadian provincial governments	3,576,759			—		3,160,683			416,076
Residential mortgage-backed securities	1,311,477			—		980,828			330,649
Asset-backed securities	1,212,676			—		908,840			303,836
Commercial mortgage-backed securities	1,483,087			—		1,414,524			68,563
U.S. government and agencies	1,381,659			1,227,858		127,536			26,265
State and political subdivisions	511,014			—		472,672			38,342
Other foreign government, supranational and foreign government-sponsored enterprises	2,458,077			260,552		2,183,460			14,065
Total fixed maturity securities – available-for-sale	29,642,905			1,757,449		25,460,690			2,424,766
Funds withheld at interest – embedded derivatives	(76,698		)	—		—			(76,698		)
Cash equivalents	406,521			406,521		—			—
Short-term investments	530,773			524,946		5,827			—
Other invested assets:
Non-redeemable preferred stock	87,520			81,809		5,711			—
Other equity securities	38,342			38,342		—			—
Derivatives:
Interest rate swaps	71,882			—		71,882			—
Foreign currency forwards	20			—		20			—
CPI swaps	(292		)	—		(292		)	—
Credit default swaps	2,567			—		2,567			—
Equity options	40,644			—		40,644			—
Foreign currency swaps	141,357			—		141,357			—
FVO contractholder-directed unit-linked investments	197,547			195,317		2,230			—
Other	8,170			8,170		—			—
Total other invested assets	587,757			323,638		264,119			—
Other assets - longevity swaps	14,996			—		—			14,996
Total	$	31,106,254		$	3,012,554	$	25,730,636		$	2,363,064
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,070,584		$	—	$	—		$	1,070,584
Other liabilities:
Derivatives:
Interest rate swaps	20,989			—		20,989			—
Foreign currency forwards	6,744			—		6,744			—
Credit default swaps	5,390			—		5,390			—
Equity options	(6,009		)	—		(6,009		)	—
Foreign currency swaps	(4,908		)	—		(4,908		)	—
Mortality swaps	2,619			—		—			2,619
Total	$	1,095,409		$	—	$	22,206		$	1,073,203

The Company may utilize information from third parties, such as pricing services and brokers, to assist in determining the fair value for certain assets and liabilities; however, management is ultimately responsible for all fair values presented in the Company’s condensed consolidated financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of assets and liabilities, and approving changes to valuation methodologies and pricing sources. The selection of the valuation technique(s) to apply considers the definition of an exit price and the nature of the asset or liability being valued and significant expertise and judgment is required.

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The Company performs initial and ongoing analysis and review of the various techniques utilized in determining fair value to ensure that they are appropriate and consistently applied, and that the various assumptions are reasonable. The Company analyzes and reviews the information and prices received from third parties to ensure that the prices represent a reasonable estimate of the fair value and to monitor controls around pricing, which includes quantitative and qualitative analysis and is overseen by the Company’s investment and accounting personnel. Examples of procedures performed include, but are not limited to, review of pricing trends, comparison of a sample of executed prices of securities sold to the fair value estimates, comparison of fair value estimates to management’s knowledge of the current market, and ongoing confirmation that third party pricing services use, wherever possible, market-based parameters for valuation. In addition, the Company utilizes both internal and external cash flow models to analyze the reasonableness of fair values utilizing credit spread and other market assumptions, where appropriate. As a result of the analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly. The Company also determines if the inputs used in estimated fair values received from pricing services are observable by assessing whether these inputs can be corroborated by observable market data.

For assets and liabilities reported at fair value, the Company utilizes, when available, fair values based on quoted prices in active markets that are regularly and readily obtainable. Generally, these are very liquid investments and the valuation does not require management judgment. When quoted prices in active markets are not available, fair value is based on market valuation techniques, market comparable pricing and the income approach. The use of different techniques, assumptions and inputs may have a material effect on the estimated fair values of the Company’s securities holdings. For the periods presented, the application of market standard valuation techniques applied to similar assets and liabilities has been consistent.

The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below.

Fixed Maturity Securities – The fair values of the Company’s publicly-traded fixed maturity securities are generally based on prices obtained from independent pricing services. Prices from pricing services are sourced from multiple vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company generally receives prices from multiple pricing services for each security, but ultimately uses the price from the vendor that is highest in the hierarchy for the respective asset type. To validate reasonableness, prices are periodically reviewed as explained above. Consistent with the fair value hierarchy described above, securities with quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. If the pricing information received from third party pricing services is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service.

If the Company ultimately concludes that pricing information received from the independent pricing service is not reflective of fair value, non-binding broker quotes are used, if available. If the Company concludes that the values from both pricing services and brokers are not reflective of fair value, an internally developed valuation may be prepared; however, this occurs infrequently. Internally developed valuations or non-binding broker quotes are also used to determine fair value in circumstances where vendor pricing is not available. These valuations may use significant unobservable inputs, which reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset. Observable market data may not be available in certain circumstances, such as market illiquidity and credit events related to the security. Pricing service overrides, internally developed valuations and non-binding broker quotes are generally based on significant unobservable inputs and are reflected as Level 3 in the valuation hierarchy.

The inputs used in the valuation of corporate and government securities include, but are not limited to standard market observable inputs which are derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer. For structured securities, valuation is based primarily on matrix pricing or other similar techniques using standard market inputs including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information including, but not limited to: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans.

The fair values of private placement securities are primarily determined using a discounted cash flow model. In certain cases these models primarily use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 3. For certain private fixed maturities, the discounted cash flow model may also incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the security. To the extent management determines that such unobservable inputs are not significant to the price of a security, a Level 2 classification is made. Otherwise, a Level 3 classification is used.

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Embedded Derivatives – The fair value of embedded derivative liabilities, including those calculated by third parties, are monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatilities, from period to period. Actuarial assumptions are based on experience studies performed internally in combination with available industry information and are reviewed on a periodic basis, at least annually.

For embedded derivative liabilities associated with the underlying products in reinsurance treaties, primarily equity-indexed and variable annuity treaties, the Company utilizes a discounted cash flow model, which includes an estimate of future equity option purchases and an adjustment for a CVA. The variable annuity embedded derivative calculations are performed by third parties based on methodology and input assumptions provided by the Company. To validate the reasonableness of the resulting fair value, the Company’s internal actuaries perform reviews and analytical procedures on the results. The capital market inputs to the model, such as equity indexes, short-term equity volatility and interest rates, are generally observable. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy, see “Level 3 Measurements and Transfers” below for a description.

The fair value of embedded derivatives associated with funds withheld reinsurance treaties is determined based upon a total return swap technique with reference to the fair value of the investments held by the ceding company that support the Company’s funds withheld at interest asset with an adjustment for a CVA. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy, see “Level 3 Measurements and Transfers” below for a description.

Credit Valuation Adjustment – The Company uses a structural default risk model to estimate a CVA. The input assumptions are a combination of externally derived and published values (default threshold and uncertainty), market inputs (interest rate, equity price per share, debt per share, equity price volatility) and insurance industry data (Loss Given Default), adjusted for market recoverability.

Cash Equivalents and Short-Term Investments – Cash equivalents and short-term investments include money market instruments, commercial paper and other highly liquid debt instruments. Money market instruments are generally valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The fair value of certain other short-term investments, such as floating rate notes and bonds with original maturities less than twelve months, are based upon other market observable data and are typically classified as Level 2. However, certain short-term investments may incorporate significant unobservable inputs resulting in a Level 3 classification. Various time deposits carried as cash equivalents or short-term investments are not measured at estimated fair value and therefore are excluded from the tables presented.

Equity Securities – Equity securities consist principally of exchange-traded funds and preferred stock of publicly and privately traded companies. The fair values of publicly traded equity securities are primarily based on quoted market prices in active markets and are classified within Level 1 in the fair value hierarchy. The fair values of preferred equity securities, for which quoted market prices are not readily available, are based on prices obtained from independent pricing services and these securities are generally classified within Level 2 in the fair value hierarchy. Non-binding broker quotes for equity securities are generally based on significant unobservable inputs and are reflected as Level 3 in the fair value hierarchy.

FVO Contractholder-Directed Unit-Linked Investments – FVO contractholder-directed investments supporting unit-linked variable annuity type liabilities primarily consist of exchange-traded funds and, to a lesser extent, fixed maturity securities and cash and cash equivalents. The fair values of the exchange-traded securities are primarily based on quoted market prices in active markets and are classified within Level 1 of the hierarchy. The fair value of the fixed maturity contractholder-directed securities is determined on a basis consistent with the methodologies described above for fixed maturity securities and are classified within Level 2 of the hierarchy.

Derivative Assets and Derivative Liabilities – All of the derivative instruments utilized by the Company, except for longevity and mortality swaps, are classified within Level 2 on the fair value hierarchy. These derivatives are principally valued using an income approach. Valuations of interest rate contracts are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, and repurchase rates. Valuations of foreign currency contracts, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, currency spot rates, and cross currency basis curves. Valuations of credit contracts are based on present value techniques, which utilize significant inputs that may include the swap yield curve, credit curves, and recovery rates. Valuations of equity market contracts, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, spot equity index levels, and dividend yield curves. Valuations of equity market contracts, option-based, are based on option pricing models, which utilize significant inputs that may include the swap yield curve, spot equity index levels, dividend yield curves, and equity volatility. The Company does not currently have derivatives, except for longevity and mortality swaps, included in Level 3 measurement.

Longevity and Mortality Swaps – The Company utilizes a discounted cash flow model to estimate the fair value of longevity and mortality swaps. The fair value of these swaps includes an accrual for premiums payable and receivable. Some inputs to the

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valuation model are generally observable, such as interest rates and actual population mortality experience. The valuation also requires significant inputs that are generally not observable and, accordingly, the valuation is considered Level 3 in the fair value hierarchy.

Level 3 Measurements and Transfers

As of June 30, 2016 and December 31, 2015, the Company classified approximately 7.3% and 8.2%, respectively, of its fixed maturity securities in the Level 3 category. These securities primarily consist of private placement corporate securities and bank loans with inactive trading markets. Additionally, the Company has included asset-backed securities with subprime exposure and mortgage-backed securities with below investment grade ratings in the Level 3 category due to market uncertainty associated with these securities and the Company’s utilization of unobservable information from third parties for the valuation of these securities.

The significant unobservable inputs used in the fair value measurement of the Company’s corporate, sovereign, government-backed, and other political subdivision investments are probability of default, liquidity premium and subordination premium. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumptions used for the liquidity premium and subordination premium. For securities with a fair value derived using the market comparable pricing valuation technique, liquidity premium is the only significant unobservable input.

The significant unobservable inputs used in the fair value measurement of the Company’s asset and mortgage-backed securities are prepayment rates, probability of default, liquidity premium and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the liquidity premium and loss severity and a directionally opposite change in the assumption used for prepayment rates.

The actuarial assumptions used in the fair value of embedded derivatives which include assumptions related to lapses, withdrawals, and mortality, are based on experience studies performed by the Company in combination with available industry information and are reviewed on a periodic basis, at least annually. The significant unobservable inputs used in the fair value measurement of embedded derivatives are assumptions associated with policyholder experience and selected capital market assumptions for equity-indexed and variable annuities. The selected capital market assumptions, which include long-term implied volatilities, are projections based on short-term historical information. Changes in interest rates, equity indices, equity volatility, CVA, and actuarial assumptions regarding policyholder experience may result in significant fluctuations in the value of embedded derivatives.

Fair value measurements associated with funds withheld reinsurance treaties are generally not materially sensitive to changes in unobservable inputs associated with policyholder experience. The primary drivers of change in these fair values are related to movements of credit spreads, which are generally observable. Increases (decreases) in market credit spreads tend to decrease (increase) the fair value of embedded derivatives. Increases (decreases) in the CVA assumption tend to decrease (increase) the magnitude of the fair value of embedded derivatives.

Fair value measurements associated with variable annuity treaties are sensitive to both capital markets inputs and policyholder experience inputs. Increases (decreases) in lapse rates tend to decrease (increase) the value of the embedded derivatives associated with variable annuity treaties. Increases (decreases) in the long-term volatility assumption tend to increase (decrease) the fair value of embedded derivatives. Increases (decreases) in the CVA assumption tend to decrease (increase) the magnitude of the fair value of embedded derivatives.

The actuarial assumptions used in the fair value of longevity and mortality swaps include assumptions related to the level and volatility of mortality. The assumptions are based on studies performed by the Company in combination with available industry information and are reviewed on a periodic basis, at least annually.

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The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	Estimated Fair Value				Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	June 30, 2016		December 31, 2015				June 30, 2016		December 31, 2015
Assets:
Corporate securities	$167,602		$195,557		Market comparable securities	Liquidity premium	0-2% (1%)		0-2%  (1%)
U.S. government and agencies	26,255		26,265		Market comparable securities	Liquidity premium	0-1% (1%)		0-1%  (1%)
State and political subdivisions	4,941		4,770		Market comparable securities	Liquidity premium	1	%	1	%
Funds withheld at interest- embedded derivatives	(91,981	)	(76,698	)	Total return swap	Mortality	0-100%  (2%)		0-100%  (2%)
						Lapse	0-35%  (8%)		0-35%  (7%)
						Withdrawal	0-5%  (3%)		0-5%  (3%)
						CVA	0-5%  (1%)		0-5%  (1%)
						Crediting rate	2-4%  (2%)		2-4%  (3%)
Longevity swaps	17,781		14,996		Discounted cash flow	Mortality	0-100%  (2%)		0-100%  (2%)
						Mortality improvement	(10%)-10%  (3%)		(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	841,832		878,114		Discounted cash flow	Mortality	0-100%  (2%)		0-100% (2%)
						Lapse	0-35%  (8%)		0-35% (7%)
						Withdrawal	0-5%  (3%)		0-5% (3%)
						Option budget projection	2-4%  (2%)		2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	283,548		192,470		Discounted cash  flow	Mortality	0-100% (2%)		0-100% (2%)
						Lapse	0-25% (7%)		0-25% (7%)
						Withdrawal	0-7% (3%)		0-7% (3%)
						CVA	0-5% (1%)		0-5% (1%)
						Long-term volatility	0-27% (14%)		0-27% (14%)
Mortality swaps	1,997		2,619		Discounted cash flow	Mortality	0-100%  (1%)		0-100%  (1%)

The Company recognizes transfers of assets and liabilities into and out of levels within the fair value hierarchy at the beginning of the quarter in which the actual event or change in circumstances that caused the transfer occurs. Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Assets and liabilities are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data. This may be due to a significant increase in market activity for the asset or liability, a specific event, one or more significant input(s) becoming observable. Transfers out of Level 3 were primarily the result of the Company obtaining observable pricing information or a third party pricing quotation that appropriately reflects the fair value of those assets and liabilities. In addition, certain transfers out of Level 3 were also due to ratings upgrades on mortgage-backed securities that had previously had below investment-grade ratings.

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Transfers from Level 1 to Level 2 are due to the lack of observable market data when pricing these securities, while transfers from Level 2 to Level 1 are due to an increase in the availability of market observable data in an active market. The following tables present the transfers between Level 1 and Level 2 during the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	2016				2015
	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 June 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	—	$	—	$	31,896
Six months ended June 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	—	$	625	$	36,996

The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and six months ended June 30, 2016, as well as the portion of gains or losses included in income for the three and six months ended June 30, 2016 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2016 (dollars in thousands):

For the three months ended June 30, 2016:	Fixed maturity securities - available-for-sale
	Corporate securities			Canadian and Canadian provincial governments		Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies
Fair value, beginning of period	$	1,243,660		$	487,383	$	333,253		$	285,220		$	63,574		$	25,880
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(592		)	3,049		116			252			490			(122		)
Investment related gains (losses), net	12			—		(1,891		)	823			(2,669		)	—
Interest credited	—			—		—			—			—			—
Included in other comprehensive income	30,391			63,760		3,839			2,793			453			461
Other revenues	—			—		—			—			—			—
Purchases(1)	72,982			—		42,913			59,779			—			144
Sales(1)	(901		)	—		(167,236		)	(30,181		)	(22,338		)	—
Settlements(1)	(47,461		)	—		(13,464		)	(4,196		)	(68		)	(108		)
Transfers into Level 3	5,023			—		—			18,398			—			—
Transfers out of Level 3	(5,732		)	—		(31,551		)	(34,072		)	(1,507		)	—
Fair value, end of period	$	1,297,382		$	554,192	$	165,979		$	298,816		$	37,935		$	26,255
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	$	(608	)	$	3,049	$	530		$	187		$	485		$	(122	)
Investment related gains (losses), net	—			—		—			—			—			—
Interest credited	—			—		—			—			—			—

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For the three months ended June 30, 2016 (continued):	Fixed maturity securities available-for-sale
	State and political subdivisions			Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivatives			Other assets - longevity swaps			Interest sensitive contract liabilities embedded derivatives			Other liabilities - mortality swaps
Fair value, beginning of period	$	34,624		$	13,936		$	(168,948	)	$	15,806		$	(1,118,069	)	$	(3,043	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	12			—			—			—			—			—
Investment related gains (losses), net	—			—			76,967			—			(28,137		)	—
Interest credited	—			—			—			—			(2,019		)	—
Included in other comprehensive income	837			95			—			(419		)	—			—
Other revenues	—			—			—			2,394			—			1,046
Purchases(1)	—			—			—			—			4,703			—
Sales(1)	—			—			—			—			—			—
Settlements(1)	(227		)	(325		)	—			—			18,142			—
Transfers into Level 3	—			—			—			—			—			—
Transfers out of Level 3	—			—			—			—			—			—
Fair value, end of period	$	35,246		$	13,706		$	(91,981	)	$	17,781		$	(1,125,380	)	$	(1,997	)
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	$	12		$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net	—			—			76,967			—			(31,333		)	—
Other revenues	—			—			—			2,394			—			1,046
Interest credited	—			—			—			—			(20,162		)	—

For the six months ended June 30, 2016:	Fixed maturity securities - available-for-sale
	Corporate securities			Canadian and Canadian provincial governments		Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies
Fair value, beginning of period	$	1,226,970		$	416,076	$	330,649		$	303,836		$	68,563		$	26,265
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,419		)	6,051		(371		)	426			1,133			(245		)
Investment related gains (losses), net	(21,856		)	—		(1,922		)	1,101			(3,289		)	—
Interest credited	—			—		—			—			—			—
Included in other comprehensive income	56,073			132,065		(493		)	(7,734		)	(2,359		)	1,057
Other revenues	—			—		—			—			—			—
Purchases(1)	140,578			—		72,228			97,050			1,545			257
Sales(1)	(10,483		)	—		(167,684		)	(38,681		)	(25,976		)	—
Settlements(1)	(96,955		)	—		(24,904		)	(7,921		)	(137		)	(1,079		)
Transfers into Level 3	10,206			—		—			24,796			—			—
Transfers out of Level 3	(5,732		)	—		(41,524		)	(74,057		)	(1,545		)	—
Fair value, end of period	$	1,297,382		$	554,192	$	165,979		$	298,816		$	37,935		$	26,255
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	$	(1,428	)	$	6,051	$	42		$	350		$	1,031		$	(245	)
Investment related gains (losses), net	(21,726		)	—		—			—			—			—
Interest credited	—			—		—			—			—			—

34

For the six months ended June 30, 2016 (continued):	Fixed maturity securities available-for-sale
	State and political subdivisions			Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivatives			Other assets - longevity swaps		Interest sensitive contract liabilities embedded derivatives			Other liabilities - mortality swaps
Fair value, beginning of period	$	38,342		$	14,065		$	(76,698	)	$	14,996	$	(1,070,584	)	$	(2,619	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	195			—			—			—		—			—
Investment related gains (losses), net	—			—			(15,283		)	—		(91,077		)	—
Interest credited	—			—			—			—		(626		)	—
Included in other comprehensive income	1,171			288			—			304		—			—
Other revenues	—			—			—			2,481		—			622
Purchases(1)	—			—			—			—		2,035			—
Sales(1)	—			—			—			—		—			—
Settlements(1)	(258		)	(647		)	—			—		34,872			—
Transfers into Level 3	—			—			—			—		—			—
Transfers out of Level 3	(4,204		)	—			—			—		—			—
Fair value, end of period	$	35,246		$	13,706		$	(91,981	)	$	17,781	$	(1,125,380	)	$	(1,997	)
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	$	195		$	—		$	—		$	—	$	—		$	—
Investment related gains (losses), net	—			—			(15,283		)	—		(96,811		)	—
Other revenues	—			—			—			2,481		—			622
Interest credited	—			—			—			—		(35,497		)	—

(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.

35

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

For the three months ended June 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	$	1,286,979		$	192,579		$	609,436		$	93,869		$	27,756		$	41,875
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,051		)	(156		)	1,511			677			112			8
Investment related gains (losses), net	(166		)	17			283			(770		)	(10		)	(5		)
Interest credited	—			—			—			—			—			—
Included in other comprehensive income	(16,902		)	(1,291		)	(301		)	(386		)	(559		)	(1,480		)
Purchases(1)	76,982			118,868			44,181			42			154			—
Sales(1)	(3,949		)	—			(1,615		)	(2,000		)	—			—
Settlements(1)	(103,696		)	(8,617		)	(63,751		)	(893		)	(94		)	(212		)
Transfers into Level 3	413			1,800			—			—			—			—
Transfers out of Level 3	(1,293		)	(4,824		)	(9,234		)	(12,720		)	—			—
Fair value, end of period	$	1,237,317		$	298,376		$	580,510		$	77,819		$	27,359		$	40,186
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	$	(997	)	$	(156	)	$	706		$	640		$	112		$	8
Investment related gains (losses), net	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—

For the three months ended June 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	$	15,202		$	19,769		$	7,992		$	8,602	$	(1,132,271	)	$	(1,276	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—		—			—
Investment related gains (losses), net	—			(23,098		)	—			—		50,878			—
Interest credited	—			—			—			—		8,080			—
Included in other comprehensive income	(232		)	—			(104		)	340		—			—
Other revenues	—			—			—			1,911		—			(478		)
Purchases(1)	—			—			4,500			—		(13,924		)	—
Sales(1)	—			—			—			—		—			—
Settlements(1)	(313		)	—			—			—		18,083			—
Transfers into Level 3	—			—			—			—		—			—
Transfers out of Level 3	—			—			—			—		—			—
Fair value, end of period	$	14,657		$	(3,329	)	$	12,388		$	10,853	$	(1,069,154	)	$	(1,754	)
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	—			(23,098		)	—			—		48,603			—
Other revenues	—			—			—			1,911		—			(478		)
Interest credited	—			—			—			—		(10,003		)	—

36

For the six months ended June 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	(1,854		)	(296		)	2,930			1,271			93			15
Investment related gains (losses), net	(571		)	(65		)	356			(683		)	(117		)	(9		)
Interest credited	—			—			—			—			—			—
Included in other comprehensive income	(10,833		)	(768		)	3,331			(696		)	(383		)	(1,455		)
Purchases(1)	113,882			130,307			85,172			42			275			—
Sales(1)	(3,949		)	(714		)	(8,971		)	(2,956		)	—			—
Settlements(1)	(163,296		)	(14,336		)	(67,873		)	(6,013		)	(1,038		)	(241		)
Transfers into Level 3	413			2,400			9,055			12,828			—			—
Transfers out of Level 3	(6,902		)	(6,246		)	(16,450		)	(12,720		)	—			(835		)
Fair value, end of period	$	1,237,317		$	298,376		$	580,510		$	77,819		$	27,359		$	40,186
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	$	(1,800	)	$	(297	)	$	2,105		$	1,229		$	93		$	15
Investment related gains (losses), net	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—

For the six months ended June 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	—			(25,423		)	—			—			25,745			—
Policy acquisition costs and other insurance expenses	—			—			—			—			(21,246		)	—
Included in other comprehensive income	(50		)	—			(16		)	(605		)	—			—
Other revenues	—			—			—			3,731			—			(957		)
Purchases(1)	—			—			4,529			—			(25,568		)	—
Sales(1)	—			—			—			—			—			—
Settlements(1)	(623		)	—			—			—			—			—
Transfers into Level 3	—			—			—			—			37,081			—
Transfers out of Level 3	(4,333		)	—			(29		)	—			—			—
Fair value, end of period	$	14,657		$	(3,329	)	$	12,388		$	10,853		$	(1,069,154	)	$	(1,754	)
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	—			(25,423		)	—			—			20,358			—
Other revenues	—			—			—			3,731			—			(957		)
Interest credited	—			—			—			—			(58,327		)	—

(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.

37

Nonrecurring Fair Value Measurements

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 June 30,				Three months ended June 30,						Six months ended June 30,
(dollars in thousands)	2016		2015		2016			2015			2016			2015
Mortgage loans(1)	$	6,993	$	5,850	$	(400	)	$	(11	)	$	(702	)	$	39
Limited partnership interests(2)	4,460		13,667		(112		)	—			(2,039		)	(4,509		)

(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.

Fair Value of Financial Instruments

The Company is required by general accounting principles for Fair Value Measurements and Disclosures to disclose the fair value of certain financial instruments including those that are not carried at fair value. 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 June 30, 2016 and December 31, 2015 (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.

June 30, 2016:	Carrying Value		Estimated  Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	3,377,039	$	3,502,098	$	—	$	—	$	3,502,098	$	—
Policy loans	1,445,410		1,445,410		—		1,445,410		—		—
Funds withheld at interest(1)	5,987,794		6,368,471		—		—		6,368,471		—
Cash and cash equivalents(2)	820,773		820,773		820,773		—		—		—
Short-term investments(2)	35,078		35,078		35,078		—		—		—
Other invested assets(2)	383,295		409,054		4,297		36,151		86,092		282,514
Accrued investment income	368,926		368,926		—		368,926		—		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	10,058,118	$	10,650,840	$	—	$	—	$	10,650,840	$	—
Short-term debt	299,807		308,457		—		—		308,457		—
Long-term debt	2,788,473		2,954,981		—		—		2,954,981		—
Collateral finance and securitization notes	870,482		790,304		—		—		790,304		—
December 31, 2015:	Carrying Value		Estimated Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	3,129,951	$	3,197,808	$	—	$	—	$	3,197,808	$	—
Policy loans	1,468,796		1,468,796		—		1,468,796		—		—
Funds withheld at interest(1)	5,956,380		6,311,780		—		—		6,311,780		—
Cash and cash equivalents(2)	1,118,754		1,118,754		1,118,754		—		—		—
Short-term investments(2)	27,511		27,511		27,511		—		—		—
Other invested assets(2)	399,799		444,342		4,445		34,886		111,412		293,599
Accrued investment income	339,452		339,452		—		339,452		—		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	9,746,870	$	9,841,576	$	—	$	—	$	9,841,576	$	—
Long-term debt	2,297,548		2,415,119		—		—		2,415,119		—
Collateral finance and securitization notes	899,161		791,275		—		—		791,275		—

38

(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.

Mortgage Loans on Real Estate – The fair value of mortgage loans on real estate is estimated by discounting cash flows, both principal and interest, using current interest rates for mortgage loans with similar credit ratings and similar remaining maturities. As such, inputs include current treasury yields and spreads, which are based on the credit rating and average life of the loan, corresponding to the market spreads. The valuation of mortgage loans on real estate is considered Level 3 in the fair value hierarchy.

Policy Loans – Policy loans typically carry an interest rate that is adjusted annually based on an observable market index and therefore carrying value approximates fair value. The valuation of policy loans is considered Level 2 in the fair value hierarchy.

Funds Withheld at Interest – The carrying value of funds withheld at interest approximates fair value except where the funds withheld are specifically identified in the agreement. When funds withheld are specifically identified in the agreement, the fair value is based on the fair value of the underlying assets which are held by the ceding company. Ceding companies use a variety of sources and pricing methodologies, which are not transparent to the Company and may include significant unobservable inputs, to value the securities that are held in distinct portfolios, therefore the valuation of these funds withheld assets are considered Level 3 in the fair value hierarchy.

Cash and Cash Equivalents and Short-term Investments – The carrying values of cash and cash equivalents and short-term investments approximates fair values due to the short-term maturities of these instruments and are considered Level 1 in the fair value hierarchy.

Other Invested Assets – This primarily includes limited partnership interests accounted for using the cost method, structured loans, FHLB common stock, cash collateral and equity release mortgages. The fair value of limited partnership interests and other investments accounted for using the cost method is determined using the net asset values ("NAV") of the Company’s ownership interest as provided in the financial statements of the investees. The fair value of structured loans is estimated based on a discounted cash flow analysis using discount rates applicable to each structured loan, this is considered Level 3 in the fair value hierarchy. The fair value of the Company’s common stock investment in the FHLB is considered to be the carrying value and it is considered Level 2 in the fair value hierarchy. The fair value of the Company's cash collateral is considered to be the carrying value and considered to be Level 1 in the fair value hierarchy. The fair value of the Company’s equity release mortgage loan portfolio, considered Level 3 in the fair value hierarchy, is estimated by discounting cash flows, both principal and interest, using current interest rates and credit spread adjustments derived from benchmarking against similar loans, allowing also for United Kingdom house price inflation and actuarial analyses of borrower behavior, mortality and morbidity.

Accrued Investment Income – The carrying value for accrued investment income approximates fair value as there are no adjustments made to the carrying value. This is considered Level 2 in the fair value hierarchy.

Interest-Sensitive Contract Liabilities – The carrying and fair values of interest-sensitive contract liabilities reflected in the table above exclude contracts with significant mortality risk. The fair value of the Company’s interest-sensitive contract liabilities utilizes a market standard technique with both capital market inputs and policyholder behavior assumptions, as well as cash values adjusted for recapture fees. The capital market inputs to the model, such as interest rates, are generally observable. Policyholder behavior assumptions are generally not observable and may require use of significant management judgment. The valuation of interest-sensitive contract liabilities is considered Level 3 in the fair value hierarchy.

Short- and Long-term Debt/Collateral Finance and Securitization Notes – The fair value of the Company’s short- and long-term, debt and collateral finance and securitization notes is generally estimated by discounting future cash flows using market rates currently available for debt with similar remaining maturities and reflecting the credit risk of the Company, including inputs when available, from actively traded debt of the Company or other companies with similar credit quality. The valuation of short- and long-term debt, and collateral finance and securitization notes are generally obtained from brokers and is considered Level 3 in the fair value hierarchy. The Company's short-term debt represents the portion of long-term debt maturing within one year.

39

7. Segment Information

The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in Note 2 of the consolidated financial statements accompanying the 2015 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets. Investment income is allocated to the segments based upon average assets and related capital levels deemed appropriate to support the segment business volumes.

The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses.

The Company’s reportable segments are strategic business units that are primarily segregated by geographic region. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in thousands).

	Three months ended June 30,				Six months ended June 30,
Revenues:	2016		2015		2016		2015
U.S. and Latin America:
Traditional	$	1,494,003	$	1,342,248	$	2,894,820	$	2,597,538
Non-Traditional	305,077		191,775		343,982		384,448
Total	1,799,080		1,534,023		3,238,802		2,981,986
Canada:
Traditional	288,912		270,090		546,912		535,094
Non-Traditional	11,854		11,458		22,538		23,332
Total	300,766		281,548		569,450		558,426
Europe, Middle East and Africa:
Traditional	301,642		284,192		591,276		579,424
Non-Traditional	80,977		75,308		148,733		130,684
Total	382,619		359,500		740,009		710,108
Asia Pacific:
Traditional	477,571		411,314		871,770		805,189
Non-Traditional	17,045		7,076		37,116		26,646
Total	494,616		418,390		908,886		831,835
Corporate and Other	61,987		36,879		94,489		68,598
Total	$	3,039,068	$	2,630,340	$	5,551,636	$	5,150,953

	Three months ended June 30,						Six months ended June 30,
Income (loss) before income taxes:	2016			2015			2016			2015
U.S. and Latin America:
Traditional	$	111,430		$	82,793		$	162,528		$	100,636
Non-Traditional	108,854			70,393			93,958			124,898
Total	220,284			153,186			256,486			225,534
Canada:
Traditional	43,309			22,736			63,404			45,463
Non-Traditional	2,128			3,094			2,720			7,225
Total	45,437			25,830			66,124			52,688
Europe, Middle East and Africa:
Traditional	6,834			9,159			5,718			19,641
Non-Traditional	27,469			31,432			52,893			51,066
Total	34,303			40,591			58,611			70,707
Asia Pacific:
Traditional	34,482			4,315			75,642			56,963
Non-Traditional	(73		)	(1,405		)	8,480			8,740
Total	34,409			2,910			84,122			65,703
Corporate and Other	18,790			(8,727		)	(4,540		)	(16,717		)
Total	$	353,223		$	213,790		$	460,803		$	397,915

40

Assets:	June 30, 2016		December 31, 2015
U.S. and Latin America:
Traditional	$	17,806,550	$	16,554,509
Non-Traditional	13,935,486		13,405,878
Total	31,742,036		29,960,387
Canada:
Traditional	3,894,407		3,604,344
Non-Traditional	16,933		27,543
Total	3,911,340		3,631,887
Europe, Middle East and Africa:
Traditional	2,669,404		2,757,593
Non-Traditional	4,076,547		4,162,703
Total	6,745,951		6,920,296
Asia Pacific:
Traditional	3,757,131		3,227,530
Non-Traditional	742,063		742,528
Total	4,499,194		3,970,058
Corporate and Other	6,978,182		5,900,524
Total	$	53,876,703	$	50,383,152

8. Commitments, Contingencies and Guarantees

Commitments

Funding of Investments

The Company's commitments to fund investments as of June 30, 2016 and December 31, 2015 are presented in the following table (dollars in thousands):

	June 30, 2016		December 31, 2015
Limited partnerships and real estate joint ventures	$	252,864	$	263,163
Commercial mortgage loans	56,139		86,325
Bank loans	51,041		48,686
Equity release mortgages	40,091		8,504

The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Investments in limited partnerships and real estate joint ventures are carried at cost or reported using the equity method and included in other invested assets in the condensed consolidated balance sheets. Bank loans are carried at fair value and included in fixed maturity securities available-for-sale. Equity release mortgages are carried at unpaid principal balances, net of any amortized premium or discount and valuation allowance and included in other invested assets.

Contingencies

Litigation

The Company is subject to litigation in the normal course of its business. A legal reserve is established when the Company is notified of an arbitration demand or litigation or is notified that an arbitration demand or litigation is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.

Other Contingencies

The Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future.

Guarantees

Statutory Reserve Support

RGA, through wholly-owned subsidiaries, has committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). The third parties have recourse to RGA should the subsidiary fail to provide the required funding, however, as of June 30, 2016, the Company does not believe that it will be required to provide any funding under these commitments

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as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of June 30, 2016 (dollars in millions):

Commitment Period:	June 30, 2016
2023	$	500.0
2033	950.0
2034	3,000.0
2035	1,314.2
2036	1,432.0

Other Guarantees

RGA has issued guarantees to third parties on behalf of its subsidiaries for the payment of amounts due under certain securities borrowing arrangements, financing arrangements and office lease obligations, whereby, if a subsidiary fails to meet an obligation, RGA or one of its other subsidiaries will make a payment to fulfill the obligation. Additionally, in limited circumstances, treaty guarantees are granted to ceding companies in order to provide them additional security, particularly in cases where RGA’s subsidiary is relatively new, unrated, or not of a significant size, relative to the ceding company. Liabilities supported by the treaty guarantees, before consideration for any legally offsetting amounts due from the guaranteed party are reflected on the Company’s condensed consolidated balance sheets in future policy benefits. Potential guaranteed amounts of future payments will vary depending on production levels and underwriting results. Guarantees related to borrowed securities provide additional security to third parties should a subsidiary fail to return the borrowed securities when due. RGA’s guarantees issued as of June 30, 2016 and December 31, 2015 are reflected in the following table (dollars in thousands):

	June 30, 2016		December 31, 2015
Treaty guarantees	$	759,175	$	765,505
Treaty guarantees, net of assets in trust	631,267		634,909
Borrowed securities	269,740		259,540
Financing arrangements	121,369		100,000
Lease obligations	3,140		5,217

9. Income Tax

Provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 35% to pre-tax income as a result of the following for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Tax provision at U.S. statutory rate	$	123,628		$	74,826		$	161,281		$	139,270
Increase (decrease) in income taxes resulting from:
Foreign tax rate differing from U.S. tax rate	(8,398		)	(764		)	(12,282		)	(6,285		)
Differences in tax bases in foreign jurisdictions	(5,553		)	(6,931		)	(14,489		)	(13,601		)
Deferred tax valuation allowance	4,288			4,967			9,287			11,758
Amounts related to tax audit contingencies	3,288			952			3,889			1,905
Subpart F	738			11,452			1,433			17,886
Foreign tax credits	(427		)	(1,104		)	(721		)	(3,448		)
Return to provision adjustments	(442		)	(212		)	(316		)	(4,977		)
Other, net	(2		)	213			146			(98		)
Total provision for income taxes	$	117,120		$	83,399		$	148,228		$	142,410
Effective tax rate	33.2		%	39.0		%	32.2		%	35.8		%

The second quarter and first six months of 2016 effective tax rate was lower than the U.S. Statutory rate of 35.0% primarily as a result of income in non-U.S. jurisdictions with lower tax rates than the U.S. and differences in tax bases in foreign jurisdictions. The 2015 tax benefits from income in non-U.S. jurisdictions were partially offset by a tax accrual related to the Active Financing Exception business extender provision that the U.S. Congress did not pass prior to June 30, 2015.

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10.    Employee Benefit Plans

The components of net periodic benefit costs for the three and six months ended June 30, 2016 and 2015 were as follows (dollars in thousands):

	Pension Benefits						Other Benefits
	Three months ended June 30,						Three months ended June 30,
	2016			2015			2016		2015
Service cost	$	2,652		$	2,586		$	1,015	$	589
Interest cost	1,076			1,283			643		491
Expected return on plan assets	(1,345		)	(1,331		)	—		—
Amortization of prior service cost	75			80			—		—
Amortization of prior actuarial loss	1,224			833			617		265
Net periodic benefit cost	$	3,682		$	3,451		$	2,275	$	1,345

	Pension Benefits						Other Benefits
	Six months ended June 30,						Six months ended June 30,
	2016			2015			2016		2015
Service cost	$	4,958		$	4,616		$	2,031	$	1,178
Interest cost	2,335			2,526			1,286		982
Expected return on plan assets	(2,569		)	(2,449		)	—		—
Amortization of prior service cost	153			163			—		—
Amortization of prior actuarial loss	2,081			1,272			1,233		530
Net periodic benefit cost	$	6,958		$	6,128		$	4,550	$	2,690

The Company has made $4.0 million in pension contributions during the first six months of 2016 and expects to make total pension contributions of $8.0 million in 2016.

11. Equity Based Compensation

Equity compensation expense was $7.4 million and $3.1 million in the second quarter of 2016 and 2015, respectively. In the first quarter of 2016, the Company granted 0.3 million stock appreciation rights at $93.53 weighted average exercise price per share and 0.2 million performance contingent units to employees. Additionally, non-employee directors were granted a total of 8,908 shares of common stock. As of June 30, 2016, 1.8 million share options at a weighted average strike price per share of $56.13 were vested and exercisable, with a remaining weighted average exercise period of 4.7 years. As of June 30, 2016, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $40.7 million. It is estimated that these costs will vest over a weighted average period of 2.1 years.

12. Reinsurance

The Company generally reports retrocession activity on a gross basis. Amounts paid or deemed to have been paid for reinsurance are reflected in reinsurance ceded receivables. The cost of reinsurance related to long-duration contracts is recognized over the terms of the reinsured policies on a basis consistent with the reporting of those policies.

Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. At June 30, 2016 and December 31, 2015, no allowances were deemed necessary. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance.

Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of June 30, 2016 and December 31, 2015, all rated retrocession pool participants followed by the A.M. Best Company were rated “A- (excellent)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets has been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. In addition to its third party retrocessionaires, various RGA reinsurance subsidiaries retrocede amounts in excess of their retention to affiliated subsidiaries.

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The following table presents information for the Company's reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of June 30, 2016 and December 31, 2015 (dollars in thousands):

		June 30, 2016				December 31, 2015
Reinsurer	A.M. Best Rating	Amount		% of Total		Amount		% of Total
Reinsurer A	A+	$	233,016	34.2	%	$	199,479	31.3	%
Reinsurer B	A+	190,957		28.0		179,522		28.1
Reinsurer C	A+	68,727		10.1		72,836		11.4
Reinsurer D	A++	38,098		5.6		41,807		6.6
Reinsurer E	A	36,847		5.4		37,138		5.8
Other reinsurers		113,780		16.7		107,077		16.8
Total		$	681,425	100.0	%	$	637,859	100.0	%

Included in the total reinsurance ceded receivables balance were $246.2 million and $233.7 million of claims recoverable, of which $4.7 million and $2.0 million were in excess of 90 days past due, as of June 30, 2016 and December 31, 2015, respectively.

13.Financing Activities

On June 1, 2016, RGA issued 3.95% Senior Notes due September 15, 2026 with a face amount of $400.0 million and 5.75% Fixed-To-Floating Rate Subordinated Debentures due June 15, 2056 with a face amount of $400.0 million. These securities have been registered with the Securities and Exchange Commission. The net proceeds from these offerings were approximately $791.0 million and will be used in part to repay upon maturity the Company’s $300.0 million5.625% Senior Notes that mature in March 2017. The remainder will be used for general corporate purposes. Capitalized issue costs were approximately $9.0 million.

14. New Accounting Standards

Changes to the general accounting principles are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements.

Adoption of New Accounting Standards

Transfers and Servicing

In June 2014, the FASB amended the general accounting principles for Transfers and Servicing as it relates to the accounting for repurchase-to-maturity transactions, repurchase financings, and disclosures. This amendment requires entities to account for repurchase-to-maturity transactions as secured borrowings, eliminates guidance on linked repurchase financing transactions, and expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers accounted for as secured borrowings. These amendments are effective for annual years, and interim periods within those years, beginning after December 15, 2014. Certain interim period disclosures for repurchase agreements and securities lending transactions were not required until the second quarter of 2015. The adoption of this amendment did not have an impact on the Company's condensed consolidated financial statements other than the addition of the required disclosures. The Company adopted these amendments and the required disclosures are provided in Note 4 "Investments."

Business Combinations

In September 2015, the FASB amended the general accounting principles for Business Combinations as it relates to measurement period adjustments. This amendment requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount as if the accounting had been completed at the acquisition date. The adjustments related to previous reporting periods since the acquisition date must be disclosed by income statement line item either on the face of the income statement or in the notes. The Company adopted this amendment during the three months ended September 30, 2015. Accordingly, the Company applied the amendments in this update to the measurement period adjustments made during the three months ended September 30, 2015 with no material effect on previous-period or current-period earnings.

Debt Issuance Costs

In April 2015, the FASB issued accounting guidance, “Simplifying the Presentation of Debt Issuance Costs” which requires capitalized debt issuance costs related to a recognized debt liability be presented in the statement of financial position as a direct deduction from the carrying amount of that debt. This standard is effective for fiscal years, and for interim periods within those

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fiscal years, beginning after December 15, 2015, with early adoption permitted for financial statements not yet issued. The Company elected to adopt this standard as of December 31, 2015, with retrospective application to all balance sheets presented.

Fair Value Measurement

In May 2015, the FASB issued amended guidance on the disclosures for investments in certain entities that calculate NAV per share (or its equivalent). The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those years. Early application is permitted. The Company adopted the guidance for the year ended December 31, 2015 and applied the guidance retrospectively. Adoption of the guidance did not have a material impact on the Company’s condensed consolidated financial statements.

Future Adoption of New Accounting Standards

Financial Services - Insurance

In May 2015, the FASB amended the general accounting principle for Financial Services - Insurance which expanded the breadth of disclosures that an insurance entity must provide about its short-duration insurance contracts. This amendment requires insurance entities to disclose for annual reporting periods information about the liability for unpaid claims and claim adjustment expenses. The amendment also requires insurance entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including reasons for the change and the effects on the financial statements. In addition, the amendment requires insurance entities to disclose for annual and interim reporting periods a roll-forward of the liability for unpaid claims and claim adjustment expenses. This amendment focuses only on disclosure; it does not change the accounting model for short-duration contracts. The update is effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. The new guidance should be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. The adoption of this amendment is not expected to have an impact on the Company's condensed consolidated financial statements other than the addition of the required disclosures.

Financial Instruments

In January 2016, the FASB amended the general accounting principle for Financial Instruments, effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. The amendment revises the accounting related to (1) the classification and measurement of investments in equity securities, (2) the presentation of certain fair value changes for financial liabilities measured at fair value, (3) certain disclosure requirements associated with the fair value of financial instruments. The new guidance should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The Company is currently evaluating the impact of this amendment on its condensed consolidated financial statements.

In June, 2016, the FASB amended the existing impairment guidance of Financial Instruments. The amendment adds to U.S. GAAP an impairment model (known as current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. For traditional and other receivables, held-to-maturity debt securities, loans and other instruments entities will be required to use the new forward-looking "expected loss" model that generally will result in earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses similar to what they do today, except the losses will be recognized as allowances rather than reduction to the amortized cost of the securities. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019, with early adoption permitted. The guidance will be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is currently evaluating the impact of this amendment on its condensed consolidated financial statements.

Leases

In February 2016, the FASB issued guidance which will replace most existing lease accounting guidance. The new standard, based on the principle that entities should recognize assets and liabilities arising from leases, does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Leases are classified as finance or operating. The new standard's primary change is the requirement for entities to recognize a lease liability for payments and a right of use asset representing the right to use the leased asset during the term of operating lease arrangements. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. Lessors’ accounting is largely unchanged from the previous accounting standard. In addition, the new standard expands

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the disclosure requirements of lease arrangements. Lessees and lessors will use a modified retrospective transition approach, which includes a number of practical expedients. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of this amendment on its condensed consolidated financial statements.

Stock Compensation

In March 2016, the FASB updated the general accounting principal for Stock Compensation. This update was issued as part of the FASB’s simplification initiative and affects all entities that issue share-based payment awards to their employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This update is effective for annual and interim periods beginning after December 15, 2016. This guidance will be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on its condensed consolidated financial statements.

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ITEM 2.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking and Cautionary Statements

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements relating to projections of the strategies, earnings, revenues, income or loss, ratios, future financial performance, and growth potential of the Company. The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (2) the impairment of other financial institutions and its effect on the Company’s business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (4) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation or claims experience, (6) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (11) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (12) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to the Company’s initiatives, (18) the success of the Company’s clients, (19) successful execution of the Company’s entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) the Company’s ability to successfully integrate acquired blocks of business and entities, (22) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (23) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (25) interruption or failure of the Company's telecommunication, information technology or other operational systems, or the Company's failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data stored on such systems, (26) changes in laws, regulations, and accounting standards applicable to the Company, its subsidiaries, or its business, (27) the effect of the Company’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, and (28) other risks and uncertainties described in this document and in the Company’s other filings with the SEC.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and the cautionary statements described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligations to update these forward-looking statements, even though the Company’s situation may change in the future. The Company qualifies all of its forward-looking statements by these cautionary statements. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the 2015 Annual Report.

Overview

RGA is an insurance holding company that was formed on December 31, 1992. The condensed consolidated financial statements include the assets, liabilities and results of operations of RGA and its subsidiaries, all of which are wholly owned (collectively, the Company).

The Company provides traditional and non-traditional reinsurance to its clients. Traditional reinsurance includes individual and group life and health, disability and critical illness reinsurance. Non-traditional reinsurance includes longevity reinsurance, asset-intensive reinsurance and financial reinsurance.

The Company derives revenues primarily from renewal premiums from existing reinsurance treaties, new business premiums from existing or new reinsurance treaties, fee income from non-traditional reinsurance business and income earned on invested assets.

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Historically, the Company’s primary business has been traditional life reinsurance, which involves reinsuring life insurance policies that are often in force for the remaining lifetime of the underlying individuals insured, with premiums earned typically over a period of 10 to 30 years. Each year, however, a portion of the business under existing treaties terminates due to, among other things, lapses or voluntary surrenders of underlying policies, deaths of insureds, and the exercise of recapture options by ceding companies. The Company has expanded its non-traditional reinsurance business, including significant asset-intensive, or annuity, transactions, which allow its clients to take advantage of growth opportunities and manage their capital, longevity and investment risk.

As is customary in the reinsurance business, clients continually update, refine, and revise reinsurance information provided to the Company. Such revised information is used by the Company in preparation of its condensed consolidated financial statements and the financial effects resulting from the incorporation of revised data are reflected in the current period.

The Company’s long-term profitability primarily depends on the volume and amount of death and health-related claims incurred and the ability to adequately price the risks it assumes. While death claims are reasonably predictable over a period of many years, claims become less predictable over shorter periods and are subject to significant fluctuation from quarter to quarter and year to year. The Company believes its sources of liquidity are sufficient to cover potential claims payments on both a short-term and long-term basis.

The Company has geographic-based and business-based operational segments: U.S. and Latin America; Canada; Europe, Middle East and Africa; Asia Pacific; and Corporate and Other. Geographic-based operations are further segmented into traditional and non-traditional businesses. The Company’s segments primarily write reinsurance business that is wholly or partially retained in one or more of RGA’s reinsurance subsidiaries.

The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a consistent basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in RGA’s businesses. As a result of the economic capital allocation process, a portion of investment income is credited to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses.

Results of Operations

Consolidated

Consolidated income before income taxes increased $139.4 million, or 65.2%, and $62.9 million, or 15.8%, for the three and six months ended June 30, 2016, respectively, as compared to the same periods in 2015. The increase in income for the second quarter of 2016 was primarily due to improved mortality experience compared to the prior year, higher investment income and an increase in investment related gains. The increase in investment related gains for the second quarter was largely due to changes in the fair value of embedded derivatives on modco or funds withheld treaties within the U.S. segment. The effect of the change in fair value of these embedded derivatives on income is discussed below. Results in 2016 also benefited from a $15.4 million reduction in interest expense due to the effective settlement of uncertain tax positions. The increase in income for the first six months of 2016 was partially offset by an increase in impairments on fixed maturity and equity securities of $28.0 million, compared to the same period in 2015. Foreign currency fluctuations relative to the prior year unfavorably affected income before income taxes by approximately $5.7 million and $14.9 million for the second quarter and first six months of 2016, as compared to the same periods in 2015.

The Company recognizes in consolidated income, any changes in the fair value of embedded derivatives on modco or funds withheld treaties, equity-indexed annuity treaties (“EIAs”) and variable annuity products. The combined changes in these three types of embedded derivatives, after adjustment for deferred acquisition costs and retrocession, resulted in an increase in consolidated income before income taxes of approximately $53.9 million and $124.1 million in the second quarter and first six months of 2016, respectively, as compared to the same periods in 2015. This fluctuation does not affect current cash flows, crediting rates or spread performance on the underlying treaties. Therefore, management believes it is helpful to distinguish between the effects of changes in these embedded derivatives, net of related hedging activity and deferred acquisition costs, and the primary factors that drive profitability of the underlying treaties, namely investment income, fee income, and interest credited. The individual effect on income before income taxes for these three types of embedded derivatives is as follows:

• The change in the value of embedded derivatives related to reinsurance treaties written on a modco or funds withheld basis are subject to the general accounting principles for derivatives and hedging related to embedded derivatives. The unrealized gains and losses associated with these embedded derivatives, after adjustment for deferred acquisition costs, resulted in an increase in income before income taxes of $35.0 million in the second quarter of 2016 and a decrease of $2.3 million in the first six months of 2016, as compared to the same periods in 2015.

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• Changes in risk-free rates used in the fair value estimates of embedded derivatives associated with EIAs affect the amount of unrealized gains and losses the Company recognizes. The unrealized gains and losses associated with EIAs, after adjustment for deferred acquisition costs and retrocession, resulted in an increase in income before income taxes of $3.1 million in the second quarter of 2016 and a decrease of $4.6 million in the first six months of 2016, as compared to the same periods in 2015.

• The change in the Company’s liability for variable annuities associated with guaranteed minimum living benefits affects the amount of unrealized gains and losses the Company recognizes. The unrealized gains and losses associated with guaranteed minimum living benefits, after adjustment for deferred acquisition costs, decreased income before income taxes by $92.0 million and $117.2 million in the second quarter and first six months of 2016, respectively, as compared to the same periods in 2015.

Consolidated net premiums increased $217.9 million, or 10.2%, and $351.1 million, or 8.5%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015, primarily due to growth in life reinsurance in force and large in force block transactions entered into during the latter part of 2015. Foreign currency fluctuations unfavorably affected net premiums by approximately $45.7 million and $115.9 million for the second quarter and first six months of 2016, as compared to the same periods in 2015. Consolidated assumed life insurance in force increased to $3,090.3 billion as of June 30, 2016 from $2,925.3 billion as of June 30, 2015 due to new business production and in force transactions, partially offset by adverse foreign currency fluctuations. The Company added new business production, measured by face amount of insurance in force, of $107.3 billion and $71.7 billion during the second quarter of 2016 and 2015, respectively, and $215.1 billion and $177.5 billion during the first six months of 2016 and 2015, respectively. Adverse foreign currency fluctuations offset the increase in assumed life insurance in force from June 30, 2015 by $89.9 million. Management believes industry consolidation, regulatory changes and the established practice of reinsuring mortality and morbidity risks should continue to provide opportunities for growth, albeit at rates less than historically experienced in some markets.

Consolidated investment income, net of related expenses, increased $57.1 million, or 12.7%, and $47.5 million, or 5.4%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases are primarily attributable to strong variable investment income on alternative investments and investment prepayments and fees. Also contributing to the increase in investment income is a larger average invested asset base, excluding spread related business, partially offset by a decrease in the average investment yield. Average invested assets at amortized cost, excluding spread related business, for the six months ended June 30, 2016 totaled $22.7 billion, an 8.3% increase over June 30, 2015. The average yield earned on investments, excluding spread related business, was 4.71% and 4.88% for the second quarter of 2016 and 2015, respectively, and 4.59% and 4.83% for the six months ended June 30, 2016 and 2015, respectively. The average yield will vary from quarter to quarter and year to year depending on a number of variables, including the prevailing interest rate and credit spread environment, changes in the mix of the underlying investments and cash balances, prepayment fees recorded on the early payoff of certain investments and the timing of dividends and distributions on certain investments. A continued low interest rate environment is expected to put downward pressure on this yield in future reporting periods. A portion of investment income is allocated to the operating segments based upon average assets and related capital levels deemed appropriate to support the segment operations.

Total investment related gains (losses), net improved by $134.4 million and $6.0 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The improvement in the second quarter of 2016 was primarily due to a favorable change in the value of embedded derivatives related to reinsurance treaties written on a modco or funds withheld basis of $100.1 million, as compared to the same period in 2015. During the first six months of 2016, the favorable change in the value of these embedded derivatives was $10.1 million, as compared to the same period in 2015. In addition, impairments on fixed maturity and equity securities increased by $28.0 million in the first six months of 2016, as compared to the same period in 2015. See Note 4 - “Investments” and Note 5 - “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for additional information on the impairment losses and derivatives.

The effective tax rate on a consolidated basis was 33.2% and 39.0% for the second quarter of 2016 and 2015, respectively, and 32.2% and 35.8% for the first six months of 2016 and 2015, respectively. The second quarter and first six months of 2016 effective tax rates were lower than the U.S. Statutory rate of 35.0% primarily as a result of tax benefits from income in non-U.S. jurisdictions with lower tax rates than the U.S. and differences in tax bases in foreign jurisdictions. These benefits were partially offset by an accrual related to an uncertain tax position. The second quarter and first six months of 2015 effective tax rates were higher than the U.S. Statutory rate of 35.0% primarily as a result of a tax accrual related to the Active Financing Exception business extender provision that the U.S. Congress did not pass prior to the end of the quarter and a loss in Australia which has a lower tax rate than the U.S. The high tax rate was partially offset with income in other jurisdictions with rates lower than the U.S.

49

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the application of accounting policies that often involve a significant degree of judgment. Management, on an ongoing basis, reviews estimates and assumptions used in the preparation of financial statements. If management determines that modifications in assumptions and estimates are appropriate given current facts and circumstances, results of operations and financial position as reported in the condensed consolidated financial statements could change significantly.

Management believes the critical accounting policies relating to the following areas are most dependent on the application of estimates and assumptions:

Premiums receivable;

Deferred acquisition costs;

Liabilities for future policy benefits and incurred but not reported claims;

Valuation of investments and other-than-temporary impairments to specific investments;

Valuation of embedded derivatives; and

Income taxes.

A discussion of each of the critical accounting policies may be found in the Company’s 2015 Annual Report under “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies.”

Further discussion and analysis of the results for 2016 compared to 2015 are presented by segment.

50

U.S. and Latin America Operations

U.S. and Latin America operations consist of two major segments: Traditional and Non-Traditional. The Traditional segment primarily specializes in individual mortality-risk reinsurance and to a lesser extent, group, health and long-term care reinsurance. The Non-Traditional segment consists of Asset-Intensive and Financial Reinsurance. Asset-Intensive within the Non-Traditional segment provides coinsurance of annuities and corporate-owned life insurance policies and to a lesser extent also issues fee-based synthetic guaranteed investment contracts, which include investment-only, stable value contracts. Financial Reinsurance within the Non-Traditional segment primarily involves assisting ceding companies in meeting applicable regulatory requirements by enhancing the ceding companies’ financial strength and regulatory surplus position through relatively low risk reinsurance transactions. Typically these transactions do not qualify as reinsurance under GAAP, due to the low-risk nature of the transactions, so only the related net fees are reflected in other revenues on the condensed consolidated statements of income.

For the three months ended June 30, 2016:				Non-Traditional
(dollars in thousands)				Asset-Intensive			Financial Reinsurance		Total U.S. and Latin America
	Traditional
Revenues:
Net premiums	$	1,307,395		$	5,662		$	—	$	1,313,057
Investment income, net of related expenses	182,238			177,681			2,386		362,305
Investment related gains (losses), net	(882		)	76,830			—		75,948
Other revenues	5,252			24,555			17,963		47,770
Total revenues	1,494,003			284,728			20,349		1,799,080
Benefits and expenses:
Claims and other policy benefits	1,149,665			19,507			—		1,169,172
Interest credited	20,845			68,436			—		89,281
Policy acquisition costs and other insurance expenses	182,285			97,078			3,085		282,448
Other operating expenses	29,778			5,728			2,389		37,895
Total benefits and expenses	1,382,573			190,749			5,474		1,578,796
Income before income taxes	$	111,430		$	93,979		$	14,875	$	220,284
For the three months ended June 30, 2015:				Non-Traditional
(dollars in thousands)				Asset-Intensive			Financial Reinsurance		Total U.S. and Latin America
	Traditional
Revenues:
Net premiums	$	1,170,931		$	5,941		$	—	$	1,176,872
Investment income, net of related expenses	163,390			155,364			1,194		319,948
Investment related gains (losses), net	3,360			(15,075		)	—		(11,715		)
Other revenues	4,567			26,634			17,717		48,918
Total revenues	1,342,248			172,864			18,911		1,534,023
Benefits and expenses:
Claims and other policy benefits	1,041,390			19,983			—		1,061,373
Interest credited	21,875			59,042			—		80,917
Policy acquisition costs and other insurance expenses	169,035			32,976			2,522		204,533
Other operating expenses	27,155			5,113			1,746		34,014
Total benefits and expenses	1,259,455			117,114			4,268		1,380,837
Income before income taxes	$	82,793		$	55,750		$	14,643	$	153,186

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For the six months ended June 30, 2016:				Non-Traditional
(dollars in thousands)				Asset-Intensive			Financial Reinsurance		Total U.S. and Latin America
	Traditional
Revenues:
Net premiums	$	2,541,789		$	11,881		$	—	$	2,553,670
Investment income, net of related expenses	347,261			294,896			4,993		647,150
Investment related gains (losses), net	(2,982		)	(51,721		)	—		(54,703		)
Other revenues	8,752			47,389			36,544		92,685
Total revenues	2,894,820			302,445			41,537		3,238,802
Benefits and expenses:
Claims and other policy benefits	2,269,107			39,340			—		2,308,447
Interest credited	42,245			130,994			—		173,239
Policy acquisition costs and other insurance expenses	359,363			57,422			5,653		422,438
Other operating expenses	61,577			11,540			5,075		78,192
Total benefits and expenses	2,732,292			239,296			10,728		2,982,316
Income before income taxes	$	162,528		$	63,149		$	30,809	$	256,486
For the six months ended June 30, 2015:				Non-Traditional
(dollars in thousands)				Asset-Intensive			Financial Reinsurance		Total U.S. and Latin America
	Traditional
Revenues:
Net premiums	$	2,285,025		$	10,982		$	—	$	2,296,007
Investment income, net of related expenses	306,395			303,201			2,339		611,935
Investment related gains (losses), net	887			(18,274		)	—		(17,387		)
Other revenues	5,231			53,178			33,022		91,431
Total revenues	2,597,538			349,087			35,361		2,981,986
Benefits and expenses:
Claims and other policy benefits	2,080,797			26,709			—		2,107,506
Interest credited	34,819			154,027			—		188,846
Policy acquisition costs and other insurance expenses	327,602			61,030			4,938		393,570
Other operating expenses	53,684			9,431			3,415		66,530
Total benefits and expenses	2,496,902			251,197			8,353		2,756,452
Income before income taxes	$	100,636		$	97,890		$	27,008	$	225,534

Income before income taxes increased by $67.1 million, or 43.8%, and $31.0 million, or 13.7%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. For both the quarter and the year, as compared to same period prior year, the favorable increases were driven by changes in the value of the embedded derivatives associated with reinsurance treaties structured on a modco or funds withheld basis, improved claims experience in the Traditional segment, and a higher asset base, driven largely by acquisitions of in force blocks late in 2015. Year over year, the increase was somewhat offset by other than temporary impairments in the energy sector of the investment portfolio.

Traditional Reinsurance

The U.S. and Latin America Traditional segment provides life and health reinsurance to clients for a variety of products through yearly renewable term, coinsurance and modified coinsurance agreements. These reinsurance arrangements may involve either facultative or automatic agreements.

Income before income taxes for the U.S. and Latin America Traditional segment increased by $28.6 million, or 34.6%, and $61.9 million, or 61.5%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases were primarily due to improved claims experience and an increase in the overall asset base primarily associated with large in force block transactions executed in the fourth quarter of 2015.

Net premiums increased $136.5 million, or 11.7%, and $256.8 million, or 11.2%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases were primarily due to large in force block transactions executed during the latter part of 2015, significant individual health and group life transactions executed in the first six months of 2016, and expected organic premium growth. The segment added new individual life business production, measured by face amount of insurance in force of $32.0 billion and $15.7 billion for the second quarter and $73.3 billion and $35.4 billion for the first six months of 2016 and 2015, respectively.

52

Net investment income increased $18.8 million, or 11.5%, and $40.9 million, or 13.3%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases were primarily due to an increase in the average invested asset base primarily associated with the aforementioned in force block transactions along with strong variable investment income during the six months ended June 30, 2016. Investment related gains (losses), net decreased $4.2 million and $3.9 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. A portion of investment income is allocated to the various operating segments based on average assets and related capital levels deemed appropriate to support segment operations. Investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.

Claims and other policy benefits as a percentage of net premiums (“loss ratios”) were 87.9% and 88.9% for the second quarter and 89.3% and 91.1%, for the six months ended June 30, 2016 and 2015, respectively. The decreases in the loss ratios were primarily due to higher than normal adverse volatility in the total count of individual mortality claims during the three and six months ended June 30, 2015. Although reasonably predictable over a period of years, claims can be volatile over short-term periods.

Interest credited expense decreased $1.0 million, or 4.7%, and increased $7.4 million, or 21.3%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. Interest credited in this segment relates to amounts credited on cash value products which also have a significant mortality component. The increase in the first six months relates primarily to the interest sensitive whole life products acquired in the acquisition of Aurora National Life Assurance Company ("Aurora") in the second quarter of 2015. Income before income taxes is affected by the spread between the investment income and the interest credited on the underlying products.

Policy acquisition costs and other insurance expenses as a percentage of net premiums were 13.9% and 14.4% for the second quarter and 14.1% and 14.3% for the six months ended June 30, 2016 and 2015, respectively. Overall, while these ratios are expected to remain in a predictable range, they may fluctuate from period to period due to varying allowance levels within coinsurance-type arrangements. In addition, the amortization pattern of previously capitalized amounts, which are subject to the form of the reinsurance agreement and the underlying insurance policies, may vary. Also, the mix of first year coinsurance business versus yearly renewable term business can cause the percentage to fluctuate from period to period.

Other operating expenses increased $2.6 million, or 9.7%, and $7.9 million, or 14.7%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. Contributing to the increase was an expansion in underwriting personnel to support clients. Other operating expenses, as a percentage of net premiums were 2.3% and 2.3% for the second quarter and 2.4% and 2.3% for the six month periods ended June 30, 2016 and 2015, respectively. The expense ratio tends to fluctuate only slightly from period to period due to the maturity and scale of this segment.

Non-Traditional - Asset-Intensive Reinsurance

Asset-Intensive reinsurance within the U.S. and Latin America Non-Traditional segment primarily involves assuming investment risk within underlying annuities and corporate-owned life insurance policies. Most of these agreements are coinsurance, coinsurance with funds withheld or modco. The Company recognizes profits or losses primarily from the spread between the investment income earned and the interest credited on the underlying deposit liabilities, income associated with longevity risk, and fees associated with variable annuity account values and guaranteed investment contracts.

Impact of certain derivatives:

Income from the asset-intensive business tends to be volatile due to changes in the fair value of certain derivatives, including embedded derivatives associated with reinsurance treaties structured on a modco or funds withheld basis, as well as embedded derivatives associated with the Company’s reinsurance of equity-indexed annuities and variable annuities with guaranteed minimum benefit riders. Fluctuations occur period to period primarily due to changing investment conditions including, but not limited to, interest rate movements (including risk-free rates and credit spreads), implied volatility and equity market performance, all of which are factors in the calculations of fair value. Therefore, management believes it is helpful to distinguish between the effects of changes in these derivatives, net of related hedging activity, and the primary factors that drive profitability of the underlying treaties, namely investment income, fee income (included in other revenues), and interest credited. These fluctuations are considered unrealized by management and do not affect current cash flows, crediting rates or spread performance on the underlying treaties.

The following table summarizes the asset-intensive results and quantifies the impact of these embedded derivatives for the periods presented. Revenues before certain derivatives, benefits and expenses before certain derivatives, and income before income taxes and certain derivatives, should not be viewed as substitutes for GAAP revenues, GAAP benefits and expenses, and GAAP income before income taxes.

53

(dollars in thousands)	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Revenues:
Total revenues	$	284,728		$	172,864		$	302,445		$	349,087
Less:
Embedded derivatives – modco/funds withheld treaties	77,848			(26,456		)	(12,366		)	(26,309		)
Guaranteed minimum benefit riders and related free standing derivatives	2,923			10,619			(12,063		)	6,052
Revenues before certain derivatives	203,957			188,701			326,874			369,344
Benefits and expenses:
Total benefits and expenses	190,749			117,114			239,296			251,197
Less:
Embedded derivatives – modco/funds withheld treaties	48,033			(17,072		)	(3,021		)	(15,416		)
Guaranteed minimum benefit riders and related free standing derivatives	2,545			3,340			(304		)	2,190
Equity-indexed annuities	(7,359		)	(4,305		)	5,901			1,296
Benefits and expenses before certain derivatives	147,530			135,151			236,720			263,127
Income before income taxes:
Income before income taxes	93,979			55,750			63,149			97,890
Less:
Embedded derivatives – modco/funds withheld treaties	29,815			(9,384		)	(9,345		)	(10,893		)
Guaranteed minimum benefit riders and related free standing derivatives	378			7,279			(11,759		)	3,862
Equity-indexed annuities	7,359			4,305			(5,901		)	(1,296		)
Income before income taxes and certain derivatives	$	56,427		$	53,550		$	90,154		$	106,217

Embedded Derivatives - Modco/Funds Withheld Treaties - Represents the change in the fair value of embedded derivatives on funds withheld at interest associated with treaties written on a modco or funds withheld basis. The fair value changes of embedded derivatives on funds withheld at interest associated with treaties written on a modco or funds withheld basis are reflected in revenues, while the related impact on deferred acquisition expenses is reflected in benefits and expenses. The Company's utilization of a credit valuation adjustment did not have a material effect on the change in fair value of these embedded derivatives for the six months ended June 30, 2016 and 2015.

The change in fair value of the embedded derivatives - modco/funds withheld treaties increased (decreased) income before income taxes by $29.8 million and $(9.4) million for the second quarter and $(9.3) million and $(10.9) million for the six months ended June 30, 2016 and 2015, respectively. The increase in income for the three months ended June 30, 2016 was primarily due to tightening credit spreads, while the decrease in income for the three months ended June 30, 2015 was due to a combination of widening credit spreads and increased risk free rates. The decreases in income for the six months ended June 30, 2016 and 2015 were primarily due to widening credit spreads.

Guaranteed Minimum Benefit Riders - Represents the impact related to guaranteed minimum benefits associated with the Company’s reinsurance of variable annuities. The fair value changes of the guaranteed minimum benefits along with the changes in fair value of the free standing derivatives (interest rate swaps, financial futures and equity options), purchased by the Company to substantially hedge the liability are reflected in revenues, while the related impact on deferred acquisition expenses is reflected in benefits and expenses. The Company's utilization of a credit valuation adjustment did not have a material effect on the change in fair value of these embedded derivatives for the six months ended June 30, 2016 and 2015.

The change in fair value of the guaranteed minimum benefits, after allowing for changes in the associated free standing derivatives, increased (decreased) income before income taxes by $0.4 million and $7.3 million for the second quarter and $(11.8) million and $3.9 million for the six months ended June 30, 2016 and 2015, respectively. The increase in income for the three months ended June 30, 2016 was primarily due to rising equity markets, while the increase in income for the three months ended June 30, 2015 was due to rising equity markets and declining volatility. The decrease in income for the six months ended June 30, 2016 was primarily due to policyholder experience, while the increase in income for the six months ended June 30, 2015 was due to rising equity markets and declining volatility.

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Equity-Indexed Annuities - Represents changes in the liability for equity-indexed annuities in excess of changes in account value, after adjustments for related deferred acquisition expenses. The change in fair value of embedded derivative liabilities associated with equity-indexed annuities increased (decreased) income before income taxes by $7.4 million and $4.3 million for the second quarter and $(5.9) million and $(1.3) million for the six months ended June 30, 2016 and 2015, respectively.  The increase in income for the three months ended June 30, 2016 was primarily due to decreasing interest rates, while the increase in income for the three months ended June 30, 2015 was primarily due to increasing interest rates. The decrease in income for the three and six months ended June 30, 2016 and 2015 was primarily due increasing interest rates.

The changes in derivatives discussed above are considered unrealized by management and do not affect current cash flows, crediting rates or spread performance on the underlying treaties. Fluctuations occur period to period primarily due to changing investment conditions including, but not limited to, interest rate movements (including benchmark rates and credit spreads), credit valuation adjustments, implied volatility and equity market performance, all of which are factors in the calculations of fair value. Therefore, management believes it is helpful to distinguish between the effects of changes in these derivatives and the primary factors that drive profitability of the underlying treaties, namely investment income, fee income (included in other revenues) and interest credited.

Discussion and analysis before certain derivatives:

Income before income taxes and certain derivatives increased by $2.9 million and decreased by $16.1 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increase in the second quarter was primarily due to higher investment related gains (losses), net of the corresponding impact to deferred acquisition costs, associated with funds withheld portfolios. Funds withheld capital gains (losses) are reflected in investment income. The decrease in the first six months was primarily due to an increase of $21.4 million in other-than-temporary impairments on investments in the first quarter, partially offset by the inclusion of Aurora in the 2016 results.

Revenue before certain derivatives increased by $15.3 million and decreased by $42.5 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increase in the second quarter was primarily due to the change in fair value of equity options associated with the reinsurance of certain EIAs. The decrease in the first six months was primarily due to the decline in fair value of equity options associated with the reinsurance of certain EIAs and other-than-temporary impairments on investments, which offset the increase in investment income associated with the acquisition of Aurora. The effect on investment income related to equity options is substantially offset by a corresponding change in interest credited.

Benefits and expenses before certain derivatives increased by $12.4 million and decreased by $26.4 million for the three and six months ended June 30, 2016, as compared to the same period in 2015. The increase in the second quarter was primarily due to higher interest credited associated with the reinsurance of certain EIAs. The decrease in the first six months of 2016 was primarily due to lower interest credited associated with the reinsurance of EIAs which was partially offset by the benefits and expenses associated with the acquisition of Aurora. The effect on interest credited related to equity options is substantially offset by a corresponding change in investment income.

The invested asset base supporting this segment decreased to $13.1 billion as of June 30, 2016 from $14.1 billion as of June 30, 2015. The decrease in the asset base was due primarily to the expected run-off from closed block transactions. As of June 30, 2016, $4.0 billion of the invested assets were funds withheld at interest, of which greater than 90% is associated with one client.

Non-Traditional - Financial Reinsurance

Financial Reinsurance within the U.S. and Latin America Non-Traditional segment income before income taxes consists primarily of net fees earned on financial reinsurance transactions. Additionally, a portion of the business is brokered business in which the Company does not participate in the assumption of risk. The fees earned from financial reinsurance contracts and brokered business are reflected in other revenues, and the fees paid to retrocessionaires are reflected in policy acquisition costs and other insurance expenses.

Income before income taxes increased $0.2 million, or 1.6%, and $3.8 million, or 14.1%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increase was primarily due to growth in new transactions and organic growth on existing transactions which was partially offset by the termination of certain agreements.

At June 30, 2016 and 2015, the amount of reinsurance assumed from client companies, as measured by pre-tax statutory surplus, risk based capital and other financial structures was $7.7 billion and $6.4 billion, respectively. The increase was primarily due to a number of new transactions, as well as organic growth on existing transactions. Fees earned from this business can vary significantly depending on the size of the transactions and the timing of their completion and therefore can fluctuate from period to period.

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Canada Operations

The Company conducts reinsurance business in Canada primarily through RGA Canada, which assists clients with capital management activity, and mortality and morbidity risk management. The Canada operations are primarily engaged in Traditional reinsurance, which consists mainly of traditional individual life reinsurance, as well as creditor, group life and health and living benefits (disability and critical illness) reinsurance. Creditor insurance covers the outstanding balance on personal, mortgage or commercial loans in the event of death, disability or critical illness and is generally shorter in duration than traditional individual life insurance. The Canada operations are also engaged in Non-Traditional reinsurance which consists of longevity and financial reinsurance.

(dollars in thousands)	Three months ended June 30,
	2016							2015
Revenues:	Traditional			Non-Traditional		Total Canada		Traditional			Non-Traditional		Total Canada
Net premiums	$	240,107		$	10,192	$	250,299	$	224,960		$	9,725	$	234,685
Investment income, net of related expenses	46,859			228		47,087		45,751			328		46,079
Investment related gains (losses), net	2,285			—		2,285		(167		)	—		(167		)
Other revenues	(339		)	1,434		1,095		(454		)	1,405		951
Total revenues	288,912			11,854		300,766		270,090			11,458		281,548
Benefits and expenses:
Claims and other policy benefits	176,478			8,834		185,312		185,742			7,904		193,646
Interest credited	7			—		7		5			—		5
Policy acquisition costs and other insurance expenses	60,021			513		60,534		53,371			148		53,519
Other operating expenses	9,097			379		9,476		8,236			312		8,548
Total benefits and expenses	245,603			9,726		255,329		247,354			8,364		255,718
Income before income taxes	$	43,309		$	2,128	$	45,437	$	22,736		$	3,094	$	25,830

(dollars in thousands)	Six months ended June 30,
	2016							2015
Revenues:	Traditional			Non-Traditional		Total Canada		Traditional		Non-Traditional		Total Canada
Net premiums	$	455,570		$	19,143	$	474,713	$	437,510	$	19,692	$	457,202
Investment income, net of related expenses	88,882			612		89,494		95,191		878		96,069
Investment related gains (losses), net	3,925			—		3,925		1,291		—		1,291
Other revenues	(1,465		)	2,783		1,318		1,102		2,762		3,864
Total revenues	546,912			22,538		569,450		535,094		23,332		558,426
Benefits and expenses:
Claims and other policy benefits	348,879			18,438		367,317		369,276		15,203		384,479
Interest credited	9			—		9		9		—		9
Policy acquisition costs and other insurance expenses	117,159			717		117,876		102,922		255		103,177
Other operating expenses	17,461			663		18,124		17,424		649		18,073
Total benefits and expenses	483,508			19,818		503,326		489,631		16,107		505,738
Income before income taxes	$	63,404		$	2,720	$	66,124	$	45,463	$	7,225	$	52,688

Income before income taxes increased by $19.6 million, or 75.9%, and $13.4 million, or 25.5%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increase in income for the second quarter is primarily due to improved traditional individual life mortality experience, as compared to the same period in 2015. The increase in income for the first six months is primarily due to improved traditional individual life mortality experience partially offset by a decrease in investment income and unfavorable experience on longevity business, as compared to the same period in 2015. A weaker Canadian dollar resulted in a decrease in income before income taxes of $2.4 million and $6.1 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015.

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Traditional Reinsurance

Income before income taxes for the Canada Traditional segment increased by $20.6 million, or 90.5%, and $17.9 million, or 39.5%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increase in income before income taxes for the second quarter is primarily due to favorable traditional individual life mortality experience and a $2.5 million increase in investment related gains (losses), net. The increase in income before income taxes for the first six months, is primarily due to favorable traditional individual life mortality experience and a $2.6 million increase in investment related gains (losses), net, partially offset by a decrease in investment income. Additionally, a weaker Canadian dollar resulted in a decrease in income before income taxes of $2.2 million and $5.4 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015.

Net premiums increased $15.1 million, or 6.7%, and $18.1 million, or 4.1%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases in net premiums were primarily due to an increase from creditor business of $16.6 million and $32.1 million, as compared to the same periods in 2015. Also contributing to the increase in net premiums for the second quarter and first six months is the underlying yearly renewable term structure on a significant portion of the block of business, which generally increases over time. These increases were partially offset by foreign currency exchange fluctuation in the Canadian dollar resulted in a decrease in net premiums of approximately $11.6 million and $33.6 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. Premium levels can be significantly influenced by currency fluctuations, large transactions, mix of business and reporting practices of ceding companies and therefore may fluctuate from period to period.

Net investment income increased $1.1 million, or 2.4%, and decreased $6.3 million, or 6.6%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increase in the second quarter was primarily due to growth in the invested asset base partially offset by adverse currency fluctuations of approximately $2.3 million. The decrease in net investment income for the first six months ended June 30, 2016, was primarily due to adverse foreign currency fluctuations of approximately $6.7 million. A portion of investment income is allocated to the segments based upon average assets and related capital levels deemed appropriate to support the segment business volumes. Investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.

Other revenues increased by $0.1 million, or 25.3%, and decreased by $2.6 million, or 232.9%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The decrease in other revenues in the first six months of 2016 was due to unfavorable foreign currency exchange fluctuations.

Loss ratios for this segment were 73.5% and 82.6% for the second quarter and 76.6% and 84.4% for the six months ended June 30, 2016 and 2015, respectively. The decreases in the loss ratios for the second quarter and first six months of 2016, as compared to the same periods in 2015, are due to improved traditional life mortality experience. Loss ratios for the traditional individual life mortality business were 87.2% and 96.2% for the second quarter and 92.9% and 99.2% for the first six months ended June 30, 2016 and 2015, respectively. Excluding creditor business, claims as a percentage of net premiums for this segment were 67.6% and 73.4% for the second quarter and 72.7% and 78.8% for the six months ended June 30, 2016 and 2015, respectively. Historically, the loss ratio increased primarily as the result of several large permanent level premium in force blocks assumed in 1997 and 1998. These blocks are mature blocks of long-term permanent level premium business in which mortality as a percentage of net premiums is expected to be higher than historical ratios. The nature of permanent level premium policies requires the Company to set up actuarial liabilities and invest the amounts received in excess of early-year claims costs to fund claims in later years when premiums, by design, continue to be level as compared to expected increasing mortality or claim costs. Excluding creditor business, claims and other policy benefits, as a percentage of net premiums and investment income were 69.3% and 76.3% for the second quarter and 73.5% and 77.2% for the six months ended June 30, 2016 and 2015, respectively.

Policy acquisition costs and other insurance expenses as a percentage of net premiums were 25.0% and 23.7% for the second quarter and 25.7% and 23.5% for the six months ended June 30, 2016 and 2015, respectively. Overall, while these ratios are expected to remain in a predictable range, they may fluctuate from period to period due to varying allowance levels and product mix. In addition, the amortization patterns of previously capitalized amounts, which are subject to the form of the reinsurance agreement and the underlying insurance policies, may vary.

Other operating expenses increased by $0.9 million, or 10.5%, for the three months ended June 30, 2016, as compared to the same period in 2015. Other operating expenses were essentially flat for the comparable six month periods. Foreign currency exchange fluctuation in the Canadian dollar resulted in a decrease in operating expenses of approximately $0.4 million and $1.2 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. Other operating expenses as a percentage of net premiums were 3.8% and 3.7% for the second quarter and 3.8% and 4.0% for the first six months ended June 30, 2016 and 2015, respectively.

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Non-Traditional Reinsurance

Income before income taxes decreased by $1.0 million, or 31.2%, and $4.5 million, or 62.4%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The decrease in income for the three months ended June 30, 2016, as compared to the same period in 2015, is primarily due to favorable experience on longevity business for the three months ended June 30, 2015. The decrease in income for the six months ended June 30, 2016, as compared to the same period in 2015 was primarily due to unfavorable experience on longevity business. A weaker Canadian dollar resulted in a decrease in income before income taxes of $0.1 million and $0.7 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015.

Net premiums increased $0.5 million, or 4.8%, and decreased by $0.5 million, or 2.8%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. A weaker Canadian dollar resulted in a decrease in net premiums of approximately $0.5 million and $1.4 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. Premium levels can be significantly influenced by currency fluctuations, large transactions, mix of business and reporting practices of ceding companies and therefore may fluctuate from period to period.

Claims and other policy benefits increased $0.9 million, or 11.8%, and $3.2 million, or 21.3%, for the three and six months ended June 30, 2016 as compared to the same periods in 2015. The increase for the second quarter is commensurate with business growth. The increase for the first six months was a result of unfavorable experience on longevity business, in addition to growth of the underlying business. Although reasonably predictable over a period of years, claims can be volatile over shorter periods. Management views recent experience as normal short-term volatility that is inherent in the business.

Europe, Middle East and Africa Operations

The Europe, Middle East and Africa (“EMEA”) segment includes business generated by its offices principally in the United Kingdom (“UK”), South Africa, France, Germany, Ireland, Italy, the Netherlands, Poland, Spain and the United Arab Emirates. EMEA consists of two major segments: Traditional and Non-Traditional. The Traditional segment primarily provides reinsurance through yearly renewable term and coinsurance agreements on a variety of life, health and critical illness products. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks and, in some markets, group risks. The Non-Traditional segment consists of reinsurance and other transactions associated with longevity closed blocks, payout annuities, capital management solutions and financial reinsurance.

(dollars in thousands)	Three months ended June 30,
	2016						2015
Revenues:	Traditional		Non-Traditional		Total EMEA		Traditional			Non-Traditional		Total EMEA
Net premiums	$	286,861	$	43,484	$	330,345	$	275,745		$	50,234	$	325,979
Investment income, net of related expenses	13,321		33,417		46,738		13,092			15,782		28,874
Investment related gains (losses), net	—		1,468		1,468		(4,509		)	50		(4,459		)
Other revenues	1,460		2,608		4,068		(136		)	9,242		9,106
Total revenues	301,642		80,977		382,619		284,192			75,308		359,500
Benefits and expenses:
Claims and other policy benefits	252,336		44,004		296,340		240,942			39,849		280,791
Interest credited	—		2,966		2,966		(4,048		)	—		(4,048		)
Policy acquisition costs and other insurance expenses	17,550		723		18,273		14,183			266		14,449
Other operating expenses	24,922		5,815		30,737		23,956			3,761		27,717
Total benefits and expenses	294,808		53,508		348,316		275,033			43,876		318,909
Income before income taxes	$	6,834	$	27,469	$	34,303	$	9,159		$	31,432	$	40,591

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(dollars in thousands)	Six months ended June 30,
	2016						2015
Revenues:	Traditional		Non-Traditional		Total EMEA		Traditional		Non-Traditional			Total EMEA
Net premiums	$	563,296	$	79,090	$	642,386	$	545,491	$	80,094		$	625,585
Investment income, net of related expenses	25,489		62,101		87,590		25,181		32,659			57,840
Investment related gains (losses), net	5		464		469		7,748		901			8,649
Other revenues	2,486		7,078		9,564		1,004		17,030			18,034
Total revenues	591,276		148,733		740,009		579,424		130,684			710,108
Benefits and expenses:
Claims and other policy benefits	503,579		80,447		584,026		476,249		71,930			548,179
Interest credited	—		3,374		3,374		8,301		—			8,301
Policy acquisition costs and other insurance expenses	32,332		530		32,862		26,191		(264		)	25,927
Other operating expenses	49,647		11,489		61,136		49,042		7,952			56,994
Total benefits and expenses	585,558		95,840		681,398		559,783		79,618			639,401
Income before income taxes	$	5,718	$	52,893	$	58,611	$	19,641	$	51,066		$	70,707

Income before income taxes decreased by $6.3 million, or 15.5%, and $12.1 million, or 17.1%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The decreases in income before income taxes were primarily due to reduced fee income business and poor mortality and morbidity experience partially offset by increased payout annuity business. In addition, foreign currency exchange fluctuations resulted in a decrease in income before income taxes totaling $1.9 million and $4.1 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015, due primarily to weakness in the British pound.

Traditional Reinsurance

Income before income taxes decreased by $2.3 million, or 25.4%, and $13.9 million, or 70.9%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The decreases in income before income taxes were primarily due to unfavorable mortality and morbidity experience. Foreign currency exchange fluctuations resulted in an increase in income before income taxes totaling $0.1 million and a decrease in $0.1 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015.

Net premiums increased $11.1 million, or 4.0%, and $17.8 million, or 3.3%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases are primarily due to increased individual life and health premiums. Unfavorable foreign currency exchange fluctuations, primarily due to the British pound and the South African rand weakening against the U.S. dollar, decreased net premiums by approximately $20.2 million and $43.2 million for the three and six months of 2016, as compared to the same periods in 2015. Premiums from new business and growth in existing business offset the negative currency effect.

A portion of the net premiums for the segment, in each period presented, relates to reinsurance of critical illness coverage, primarily in the UK. This coverage provides a benefit in the event of the diagnosis of a pre-defined critical illness. Net premiums earned from this coverage totaled $53.8 million and $58.3 million for the second quarter and $107.5 million and $116.5 million for the first six months of 2016 and 2015, respectively. Premium levels can be significantly influenced by currency fluctuations, large transactions and reporting practices of ceding companies and therefore can fluctuate from period to period.

Net investment income increased $0.2 million, or 1.7%, and $0.3 million, or 1.2%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases were primarily due to an increase in the invested asset base related to increased business volumes. Foreign currency exchange fluctuations resulted in a decrease in net investment income of approximately $0.8 million and $1.9 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. A portion of investment income is allocated to the various operating segments based on average assets and related capital levels deemed appropriate to support the segment business volumes. Investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.

Loss ratios for this segment were 88.0% and 87.4% for the second quarter and 89.4% and 87.3% for the first six months ended June 30, 2016 and 2015, respectively. The increases in the loss ratios reflect unfavorable mortality and morbidity experience compared to the same periods in 2015. Although reasonably predictable over a period of years, claims can be volatile over shorter periods. Management views recent experience as normal short-term volatility that is inherent in the business.

Interest credited expense increased by $4.0 million, or 100.0%, and decreased by $8.3 million, or 100.0%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. Interest credited in 2015 relates to amounts credited to

59

the contractholders of unit-linked products. In 2016, interest credited related to unit-linked products and the related investment income is reflected in Non-Traditional Reinsurance.

Policy acquisition costs and other insurance expenses as a percentage of net premiums were 6.1% and 5.1% for the second quarter and 5.7% and 4.8% for the first six months ended June 30, 2016 and 2015, respectively. These percentages fluctuate due to timing of client company reporting, variations in the mixture of business and the relative maturity of the business.

Other operating expenses increased $1.0 million, or 4.0%, and $0.6 million, or 1.2%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases were in line with expected expense levels to support business growth. Foreign currency exchange fluctuations resulted in a decrease in operating expenses of approximately $1.6 million and $4.0 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. Other operating expenses as a percentage of net premiums totaled 8.7% and 8.7% for the second quarter and 8.8% and 9.0% for the first six months ended June 30, 2016 and 2015, respectively.

Non-Traditional Reinsurance

Income before income taxes decreased by $4.0 million, or 12.6%, and increased by $1.8 million, or 3.6%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The decrease in the second quarter is primarily due to decreased fee income business and strong closed block longevity experience in the prior period partially offset by increased payout annuity reinsurance (longevity) business. The increase in income before income taxes for the first six months was primarily related to a payout annuity reinsurance transaction executed after the third quarter of 2015 partially offset by a decrease in fee income. Unfavorable foreign currency exchange fluctuations resulted in a decrease in income before income taxes totaling $2.0 million and $3.9 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015.

Net premiums decreased $6.8 million, or 13.4%, and $1.0 million, or 1.3%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The decrease in the second quarter is primarily due to currency fluctuations and the recognition of premiums in the second quarter of 2015 related to a new closed block (longevity) transaction. The decrease in the first six months was primarily related to currency fluctuations largely offset by new closed block (longevity) business. Unfavorable foreign currency exchange fluctuations, primarily in the British pound, decreased net premiums by approximately $3.1 million and $5.1 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. Premium levels can be significantly influenced by currency fluctuations, large transactions and reporting practices of ceding companies and therefore can fluctuate from period to period.

Net investment income increased $17.6 million, or 111.7%, and $29.4 million, or 90.1%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. These increases were primarily due to an increase in the invested asset base related to closed block (longevity) transactions executed in the fourth quarter of 2015. A portion of investment income is allocated to the various operating segments based on average assets and related capital levels deemed appropriate to support the segment business volumes. Investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.

Other revenues decreased by $6.6 million, or 71.8%, and $10.0 million, or 58.4%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The decreases in other revenues relate to reduced fee income associated with treaties terminated at the end of 2015. Fees earned from this business can vary significantly depending on the size of the transactions and the timing of their completion and, therefore, can fluctuate from period to period.

Claims and other policy benefits increased $4.2 million, or 10.4%, and $8.5 million, or 11.8%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. Claims and other policy benefits increased due to increased benefits associated with payout annuity reinsurance transactions executed in the fourth quarter of 2015. Although reasonably predictable over a period of years, claims can vary over shorter periods and will vary with large transactions. Management views recent experience as normal.

Interest credited expense increased by $3.0 million and $3.4 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. Interest credited in 2016 relates to amounts credited to the contractholders of unit-linked products. In 2015, interest credited related to unit-linked products was reflected in Traditional Reinsurance.

Other operating expenses increased $2.1 million, or 54.6%, and $3.5 million, or 44.5%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases are primarily due to increased administration costs related to increased longevity business and an increase in expenses related to an acquisition in the Netherlands completed in the fourth quarter of 2015. Foreign currency exchange fluctuations resulted in a decrease in operating expenses of approximately $0.2 million and $0.4 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015.

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Asia Pacific Operations

The Asia Pacific operations include business generated by its offices principally in Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, South Korea and Taiwan. The principal types of reinsurance include life, critical illness, disability, superannuation, which are reported within the Traditional segment. Superannuation is the Australian government mandated compulsory retirement savings program. Superannuation funds accumulate retirement funds for employees, and, in addition, typically offer life and disability insurance coverage. The Non-Traditional segment includes financial reinsurance, asset-intensive and certain disability and life blocks sourced by the Global Financial Solutions unit. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks and in some markets, group risks.

(dollars in thousands)	Three months ended June 30,
	2016							2015
Revenues:	Traditional		Non-Traditional			Total Asia Pacific		Traditional		Non-Traditional			Total Asia Pacific
Net premiums	$	454,629	$	(1,493	)	$	453,136	$	390,456	$	898		$	391,354
Investment income, net of related expenses	20,461		5,885			26,346		20,043		3,888			23,931
Investment related gains (losses), net	—		6,527			6,527		—		(1,549		)	(1,549		)
Other revenues	2,481		6,126			8,607		815		3,839			4,654
Total revenues	477,571		17,045			494,616		411,314		7,076			418,390
Benefits and expenses:
Claims and other policy benefits	338,447		8,237			346,684		325,667		4,706			330,373
Interest credited	—		3,136			3,136		—		169			169
Policy acquisition costs and other insurance expenses	67,908		1,667			69,575		49,335		419			49,754
Other operating expenses	36,734		4,078			40,812		31,997		3,187			35,184
Total benefits and expenses	443,089		17,118			460,207		406,999		8,481			415,480
Income (loss) before income taxes	$	34,482	$	(73	)	$	34,409	$	4,315	$	(1,405	)	$	2,910

(dollars in thousands)	Six months ended June 30,
	2016						2015
Revenues:	Traditional		Non-Traditional		Total Asia Pacific		Traditional		Non-Traditional			Total Asia Pacific
Net premiums	$	828,771	$	4,193	$	832,964	$	762,601	$	11,180		$	773,781
Investment income, net of related expenses	40,328		12,259		52,587		40,647		7,537			48,184
Investment related gains (losses), net	14		8,214		8,228		—		(1,027		)	(1,027		)
Other revenues	2,657		12,450		15,107		1,941		8,956			10,897
Total revenues	871,770		37,116		908,886		805,189		26,646			831,835
Benefits and expenses:
Claims and other policy benefits	612,745		11,710		624,455		590,976		10,441			601,417
Interest credited	—		6,166		6,166		—		353			353
Policy acquisition costs and other insurance expenses	112,275		2,954		115,229		96,247		965			97,212
Other operating expenses	71,108		7,806		78,914		61,003		6,147			67,150
Total benefits and expenses	796,128		28,636		824,764		748,226		17,906			766,132
Income before income taxes	$	75,642	$	8,480	$	84,122	$	56,963	$	8,740		$	65,703

Income before income taxes increased by $31.5 million, or 1,082.4%, and $18.4 million, or 28.0%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases in income before income taxes are primarily attributable to improved mortality experience in Asia and an experience refund on an Australian treaty recognized in the second quarter of 2016. In addition, poor claims experience in Australia had an adverse effect on income before income taxes in the second quarter of 2015. Foreign currency exchange fluctuations resulted in an increase to income before income taxes totaling approximately $0.7 million and a decrease $1.2 million for the three and six months of 2016, as compared to the same periods in 2015.

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Traditional Reinsurance

Income before income taxes increased by $30.2 million, or 699.1%, and $18.7 million, or 32.8%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases in income before income taxes in 2016 were primarily driven by improved mortality experience in Asia and an experience refund on an Australian treaty. In addition, poor claims experience in Australia had an adverse effect on income before income taxes in the second quarter of 2015. Foreign currency exchange fluctuations resulted in an increase (decrease) to income before income taxes totaling approximately $0.5 million and $(2.2) million for the three and six months of 2016, as compared to the same periods in 2015.

Net premiums increased by $64.2 million, or 16.4%, and $66.2 million, or 8.7%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases were driven by both new and existing business written throughout the segment and an experience refund on an Australian treaty. Foreign currency exchange fluctuations resulted in a decrease in net premiums of approximately $7.7 million and $29.4 million for the three and six months of 2016, as compared to the same period in 2015.

A portion of the net premiums for the segment, in each period presented, relates to reinsurance of critical illness coverage. This coverage provides a benefit in the event of the diagnosis of a pre-defined critical illness. Reinsurance of critical illness in the segment is offered primarily in South Korea, Australia and Hong Kong. Net premiums earned from this coverage totaled $113.3 million and $75.1 million for the second quarter and $211.7 million and $145.0 million for the first six months ended June 30, 2016 and 2015, respectively. Premium levels can be significantly influenced by currency fluctuations, large transactions and reporting practices of ceding companies and can fluctuate from period to period.

Net investment income increased $0.4 million, or 2.1%, and decreased by $0.3 million, or 0.8%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increase in the second quarter was primarily due to higher invested asset base. The decrease for the first six months was primarily due to a decline in investment yield and an unfavorable change in currency fluctuations. Foreign currency exchange fluctuations resulted in a decrease in net investment income and approximately $0.5 million and $1.8 million for the three and six months ended June 30, 2016, as compared to the same periods in 2015. A portion of investment income is allocated to the various operating segments based on average assets and related capital levels deemed appropriate to support the segment business volumes. Investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.

Other revenues increased by $1.7 million, or 204.4%, and $0.7 million, or 36.9%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases in other revenues were due to foreign currency losses recognized in the prior period.

Loss ratios for this segment were 74.4% and 83.4% for the second quarter and 73.9% and 77.5% for the first six months endedJune 30, 2016 and 2015, respectively. The decreases in the loss ratios for 2016, compared to the same periods in 2015, were primarily due to improved mortality experience in Asia in 2016 and an experience refund on an Australian treaty. The experience refund helped to offset poor claims experience in Australia, primarily associated with group business. Although reasonably predictable over a period of years, claims can be volatile over shorter periods. Management views recent experience as normal short-term volatility that is inherent in the business.

Policy acquisition costs and other insurance expenses as a percentage of net premiums were 14.9% and 12.6% for the second quarter and 13.5% and 12.6% for the six months endedJune 30, 2016 and 2015, respectively. The ratio of policy acquisition costs and other insurance expenses as a percentage of net premiums should generally decline as the business matures; however, the percentage does fluctuate periodically due to timing of client company reporting and variations in the mixture of business.

Other operating expenses increased $4.7 million, or 14.8%, and $10.1 million, or 16.6%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015 mainly due to increased compensation costs relating to new positions filled during the second half of 2015, primarily in the growing Asian operations based in Hong Kong. Other operating expenses as a percentage of net premiums totaled 8.1% and 8.2% for the second quarter and 8.6% and 8.0% for the first six months endedJune 30, 2016 and 2015, respectively. The timing of premium flows and the level of costs associated with the entrance into and development of new markets within the segment may cause other operating expenses as a percentage of net premiums to fluctuate over periods of time.

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Non-Traditional Reinsurance

Income before income taxes increased by $1.3 million, or 94.8%, and decreased by $0.3 million, or 3.0%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increase in the second quarter is primarily due to gains on derivatives, partially offset by unfavorable lapse experience from a closed block of business associated with a treaty in Japan. The decrease in income before income taxes for the first six months of 2016 is primarily attributable to unfavorable lapse experience from the previously mentioned closed block of business. Foreign currency exchange fluctuations resulted in an increase to income before income taxes totaling approximately $0.2 million and $1.0 million for the three and six months of 2016, as compared to the same periods in 2015.

Net premiums decreased $2.4 million, or 266.3%, and $7.0 million, or 62.5%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The decreases were primarily due to the aforementioned policy lapses on a closed block in Japan. Foreign currency exchange fluctuations resulted in a decrease in net premiums of approximately $0.2 million and an increase of $0.1 million for the three and six months of 2016, as compared to the same periods in 2015. Premium levels can be significantly influenced by currency fluctuations, large transactions and reporting practices of ceding companies and can fluctuate from period to period.

Net investment income increased $2.0 million, or 51.4%, and $4.7 million, or 62.7%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015 mainly due to growth in the invested asset base. Foreign currency exchange fluctuations resulted in a decrease in net investment income of approximately $0.1 million and $0.5 million for the three and six months of 2016, as compared to the same periods in 2015. A portion of investment income is allocated to the various operating segments based on average assets and related capital levels deemed appropriate to support the segment business volumes. Investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.

Other revenues increased by $2.3 million, or 59.6%, and $3.5 million, or 39.0%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases in other revenues were primarily due to new non-traditional transactions entered into during the second half of 2015. At June 30, 2016 and 2015, the amount of reinsurance assumed from client companies, as measured by pre-tax statutory surplus, risk based capital and other financial reinsurance structures was $1.0 billion and $1.1 billion, respectively. Fees earned from this business can vary significantly depending on the size of the transactions and the timing of their completion and, therefore, can fluctuate from period to period.

Claims and other policy benefits increased by $3.5 million, or 75.0%, and $1.3 million, or 12.2%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. These increases are attributable to the aforementioned unfavorable lapse experience on a closed block of business associated with a treaty in Japan. Although reasonably predictable over a period of years, claims can be volatile over shorter periods. Management views recent experience as normal short-term volatility that is inherent in the business.

Other operating expenses increased $0.9 million, or 28.0%, and $1.7 million, or 27.0%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015, respectively. The timing of premium flows and the level of costs associated with the entrance into and development of new markets within the segment may cause other operating expenses to fluctuate over periods of time.

Corporate and Other

Corporate and Other revenues primarily include investment income from unallocated invested assets and investment related gains and losses. Corporate and Other benefits and expenses consist of the offset to capital charges allocated to the operating segments within the policy acquisition costs and other insurance income line item, unallocated overhead and executive costs, interest expense related to debt, and the investment income and expense associated with the Company’s collateral finance and securitization transactions. Additionally, Corporate and Other includes results from, among others, RGA Technology Partners, a wholly-owned subsidiary that develops and markets technology solutions for the insurance industry.

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(dollars in thousands)	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Revenues:
Net premiums	$	108		$	153		$	217		$	320
Investment income, net of related expenses	25,190			31,707			48,111			63,402
Investment related gains (losses), net	32,036			1,712			39,459			(121		)
Other revenues	4,653			3,307			6,702			4,997
Total revenues	61,987			36,879			94,489			68,598
Benefits and expenses:
Claims and other policy benefits	(6		)	—			21			53
Interest credited	459			203			966			415
Policy acquisition costs and other insurance income	(25,149		)	(21,843		)	(48,961		)	(42,431		)
Other operating expenses	40,975			26,137			80,953			44,471
Interest expense	20,331			35,851			53,138			71,478
Collateral finance and securitization expense	6,587			5,258			12,912			11,329
Total benefits and expenses	43,197			45,606			99,029			85,315
Income (loss) before income taxes	$	18,790		$	(8,727	)	$	(4,540	)	$	(16,717	)

Income (loss) before income taxes improved by $27.5 million, or 315.3%, and $12.2 million, or 72.8%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases were primarily due to improvement in investment related gains (losses), net and a reduction in interest expense related to a reduction in tax-related interest expense. These improvements to income before income taxes were partially offset by increased operating expenses and lower investment income, net of related expenses.

Total revenues increased by $25.1 million, or 68.1%, and $25.9 million, or 37.7%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The increases were primarily due to increases of $30.3 million and $39.6 million in investment related gains (losses), net, primarily from the sale of investment securities, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. These amounts include a reduction in impairments on fixed maturity and equity securities of $2.8 million in the second quarter and an increase of $7.2 million in the first six months of 2016, as compared to the same periods in 2015. Investment income, net of related expenses decreased by $6.5 million and $15.3 million in the second quarter and first six months of 2016, respectively, primarily due to a reduction in unallocated invested assets and the effect of lower investment yields.

Total benefits and expenses decreased by $2.4 million, or 5.3%, and increased by $13.7 million, or 16.1%, for the three and six months ended June 30, 2016, as compared to the same periods in 2015. The decrease in second quarter is primarily due to a reduction in interest expense largely offset by higher other operating expenses. The increase in the first six months is primarily due to higher other operating expenses partially offset by a reduction in interest expense. Other operating expenses increased by $14.8 million and $36.5 million, for the three and six months ended June 30, 2016, as compared to the same periods in 2015, mainly due to increases related to compensation, including incentive compensation accruals, and general expenses. The reduction in interest expense is attributable mainly to a reduction in tax-related interest expense resulting from the effective settlement of uncertain tax positions of $15.4 million.

Liquidity and Capital Resources

Overview

The Company believes that cash flows from the source of funds available to it will provide sufficient cash flows for the next twelve months to satisfy the current liquidity requirements of RGA, Inc. and its subsidiaries under various scenarios that include the potential risk of early recapture of reinsurance treaties, market events and higher than expected claims. The Company performs periodic liquidity stress testing to ensure its asset portfolio includes sufficient high quality liquid assets that could be utilized to bolster its liquidity position under stress scenarios. These assets could be utilized as collateral for secured borrowing transactions with various third parties or by selling the securities in the open market if needed. The Company’s liquidity requirements have been and will continue to be funded through net cash flows from operations. However, in the event of significant unanticipated cash requirements beyond normal liquidity needs, the Company has multiple liquidity alternatives available based on market conditions and the amount and timing of the liquidity need. These alternatives include borrowings under committed credit facilities, secured borrowings, the ability to issue long-term debt, preferred securities or common equity and, if necessary, the sale of invested assets subject to market conditions.

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Current Market Environment

The current interest rate environment in select markets, primarily the U.S. and Canada, continues to negatively affect the Company's earnings. The average investment yield, excluding spread business, decreased 24 basis points for the six months ended June 30, 2016 as compared to the same period in 2015. The Company’s insurance liabilities, in particular its annuity products, are sensitive to changing market factors. Lower interest rates for the first six months of 2016 have increased gross unrealized gains on fixed maturity and equity securities available-for-sale, which totaled $3,284.8 million and $1,947.0 million at June 30, 2016, and December 31, 2015, respectively. Similarly, gross unrealized losses decreased from $627.5 million at December 31, 2015 to $198.6 million at June 30, 2016.

The Company continues to be in a position to hold any investment security showing an unrealized loss until recovery, provided it remains comfortable with the credit of the issuer. As indicated above, gross unrealized gains on investment securities of $3,284.8 million remain well in excess of gross unrealized losses of $198.6 million as of June 30, 2016. Historically low interest rates continued to put pressure on the Company’s investment yield. The Company does not rely on short-term funding or commercial paper and to date it has experienced no liquidity pressure, nor does it anticipate such pressure in the foreseeable future.

As a result of the June 23, 2016 referendum by British voters to exit the European Union (“Brexit”), global markets and foreign currencies have been adversely affected. In particular, the value of the British pound has sharply declined as compared to the U.S. dollar and other currencies. It is possible this volatility in foreign currencies could continue as the UK negotiates and executes its exit from the European Union. It is also possible that there will be greater restrictions, requirements and regulatory complexities on reinsurance provided in the UK by entities located outside the UK. These changes may adversely affect the Company’s operations and financial results.

The Company projects its reserves to be sufficient, and it would not expect to write down deferred acquisition costs or be required to take any actions to augment capital, even if interest rates remain at current levels for the next five years, assuming all other factors remain constant. While the Company has felt the pressures of sustained low interest rates and volatile equity markets and may continue to do so, its business operations are not overly sensitive to these risks. Although management believes the Company’s current capital base is adequate to support its business at current operating levels, it continues to monitor new business opportunities and any associated new capital needs that could arise from the changing financial landscape.

The Holding Company

RGA is an insurance holding company whose primary uses of liquidity include, but are not limited to, the immediate capital needs of its operating companies, dividends paid to its shareholders, repurchase of common stock and interest payments on its indebtedness. The primary sources of RGA’s liquidity include proceeds from its capital-raising efforts, interest income on undeployed corporate investments, interest income received on surplus notes with RGA Reinsurance, RCM and Rockwood Re and dividends from operating subsidiaries. As the Company continues its expansion efforts, RGA will continue to be dependent upon these sources of liquidity. The following tables provide comparative information for RGA (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
Interest expense	$	28,351	$	44,230	$	68,874	$	88,252
Capital contributions to subsidiaries	41,000		2,504		41,000		2,504
Dividends to shareholders	23,727		21,850		47,746		44,519
Interest and dividend income	32,844		37,851		55,893		61,694
Issuance of unaffiliated debt	799,984		—		799,984		—

	June 30, 2016		December 31, 2015
Cash and invested assets	$	1,338,424	$	720,068

See Item 15, Schedule II - “Condensed Financial Information of the Registrant” in the 2015 Annual Report for additional financial information related to RGA.

RGA, through wholly-owned subsidiaries, has committed to provide statutory reserve support to third-parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). The third-parties have recourse to RGA should the subsidiary fail to provide the required funding, however, as of June 30, 2016, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. See Note 8 - "Commitments, Contingencies and Guarantees" in the Notes to Condensed Consolidated Financial Statements for a table that presents these commitments by period and maximum obligation.

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RGA established an intercompany revolving credit facility where certain subsidiaries can lend to or borrow from each other and from RGA in order to manage capital and liquidity more efficiently. The intercompany revolving credit facility, which is a series of demand loans among RGA and its affiliates, is permitted under applicable insurance laws. This facility reduces overall borrowing costs by allowing RGA and its operating companies to access internal cash resources instead of incurring third-party transaction costs. The statutory borrowing and lending limit for RGA’s Missouri-domiciled insurance subsidiaries is currently 3% of the insurance company’s admitted assets as of its most recent year-end. There were no amounts outstanding and $45.0 million outstanding under the intercompany revolving credit facility as of June 30, 2016 and December 31, 2015. In addition to loans associated with the intercompany revolving credit facility, RGA and its subsidiary, RGA Capital LLC, provided loans to RGA Australian Holdings Pty Limited, another RGA subsidiary, with a total outstanding balance of $44.7 million and $43.7 million as of June 30, 2016 and December 31, 2015, respectively.

During 2011, to enhance liquidity and capital efficiency within the group, various operating subsidiaries purchased $500.0 million of newly issued RGA subordinated debt. Similarly, RGA also purchased $475.0 million of surplus notes issued by its subsidiary Rockwood Re. These intercompany debt securities are eliminated for consolidated financial reporting.

The undistributed earnings of substantially all of the Company’s foreign subsidiaries have been reinvested indefinitely in such non-U.S. operations, as described in Note 9 - “Income Tax” of the Notes to Consolidated Financial Statements in the 2015 Annual Report. Under current tax laws, should the Company repatriate such earnings, it may be subject to additional U.S. income taxes and foreign withholding taxes.

RGA endeavors to maintain a capital structure that provides financial and operational flexibility to its subsidiaries, credit ratings that support its competitive position in the financial services marketplace, and shareholder returns. As part of the Company’s capital deployment strategy, is has in recent years repurchased shares of RGA common stock and paid dividends to RGA shareholders, as authorized by the board of directors. RGA’s current share repurchase program, which was approved by the board of directors in January 2016, authorizes the repurchase of up to $400.0 million of common stock. The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and RGA’s stock price.

Details underlying dividend and share repurchase program activity were as follows (in thousands, except share data):

	Six months ended June 30,
	2016		2015
Dividends to shareholders	$	47,746	$	44,519
Repurchases of treasury stock	116,088		253,604
Total amount paid to shareholders	$	163,834	$	298,123
Number of shares repurchased	1,352,211		2,791,360
Average price per share	$	85.85	$	90.85

In July 2016, the Company’s quarterly dividend was increased to $0.41 per share from $0.37 per share. All future payments of dividends are at the discretion of RGA’s board of directors and will depend on the Company’s earnings, capital requirements, insurance regulatory conditions, operating conditions, and other such factors as the board of directors may deem relevant. The amount of dividends that RGA can pay will depend in part on the operations of its reinsurance subsidiaries. See Note 3 - "Equity" in the Notes to Condensed Consolidated Financial Statements for information on the Company's share repurchase program.

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Debt

Certain of the Company’s debt agreements contain financial covenant restrictions related to, among others, liens, the issuance and disposition of stock of restricted subsidiaries, minimum requirements of consolidated net worth, maximum ratios of debt to capitalization and change of control provisions. The Company is required to maintain a minimum consolidated net worth, as defined in the debt agreements, of $3.5 billion, calculated as of the last day of each fiscal quarter. Also, consolidated indebtedness, calculated as of the last day of each fiscal quarter, cannot exceed 35% of the sum of the Company’s consolidated indebtedness plus adjusted consolidated stockholders' equity. A material ongoing covenant default could require immediate payment of the amount due, including principal, under the various agreements. Additionally, the Company’s debt agreements contain cross-default covenants, which would make outstanding borrowings immediately payable in the event of a material uncured covenant default under any of the agreements, including, but not limited to, non-payment of indebtedness when due for an amount in excess of $100.0 million, bankruptcy proceedings, or any other event which results in the acceleration of the maturity of indebtedness. As of June 30, 2016 and December 31, 2015, the Company had $3,111.7 million and $2,312.6 million, respectively, in outstanding borrowings under its debt agreements and was in compliance with all covenants under those agreements. The ability of the Company to make debt principal and interest payments depends on the earnings and surplus of subsidiaries, investment earnings on undeployed capital proceeds, available liquidity at the holding company, and the Company’s ability to raise additional funds.

The Company enters into derivative agreements with counterparties that reference either the Company’s debt rating or its financial strength rating. If either rating is downgraded in the future, it could trigger certain terms in the Company’s derivative agreements, which could negatively affect overall liquidity. For the majority of the Company’s derivative agreements, there is a termination event should the long-term senior debt ratings drop below either BBB+ (S&P) or Baa1 (Moody’s) or the financial strength ratings drop below either A- (S&P) or A3 (Moody’s).

On June 1, 2016, RGA issued 3.95% Senior Notes due September 15, 2026 with a face amount of $400.0 million and 5.75% Fixed-To-Floating Rate Subordinated Debentures due June 15, 2056 with a face amount of $400.0 million. These securities have been registered with the Securities and Exchange Commission. The net proceeds from these offerings were approximately $791.0 million and will be used in part to repay upon maturity the Company’s $300.0 million 5.625% senior notes that mature in March 2017. The remainder will be used for general corporate purposes. Capitalized issue costs were approximately $9.0 million.

The Company may borrow up to $850.0 million in cash and obtain letters of credit in multiple currencies on a revolving credit facility that expires in September 2019. As of June 30, 2016, the Company had no cash borrowings outstanding and $198.1 million in issued, but undrawn, letters of credit under this facility. As of June 30, 2016 and December 31, 2015, the average interest rate on short-term and long-term debt outstanding was 5.12% and 5.20%, respectively.

Based on the historic cash flows and the current financial results of the Company, management believes RGA’s cash flows will be sufficient to enable RGA to meet its obligations for at least the next 12 months.

Credit and Committed Facilities

At June 30, 2016, the Company maintained an $850.0 million syndicated revolving credit facility and certain committed letter of credit facilities aggregating $885.5 million. See note 13 - “Debt” in the Notes to Consolidated Financial Statements in the 2015 Annual Report for further information about these facilities.

The Company has obtained bank letters of credit in favor of various affiliated and unaffiliated insurance companies from which the Company assumes business. These letters of credit represent guarantees of performance under the reinsurance agreements and allow ceding companies to take statutory reserve credits. Certain of these letters of credit contain financial covenant restrictions similar to those described in the “Debt” discussion above. At June 30, 2016, there were approximately $218.6 million of outstanding bank letters of credit in favor of third parties. Additionally, in accordance with applicable regulations, the Company utilizes letters of credit to secure statutory reserve credits when it retrocedes business to its affiliated subsidiaries. The Company cedes business to its affiliates to help reduce the amount of regulatory capital required in certain jurisdictions, such as the U.S. and the UK. The Company believes the capital required to support the business in the affiliates reflects more realistic expectations than the original jurisdiction of the business, where capital requirements are often considered to be quite conservative. As of June 30, 2016, $923.2 million in letters of credit from various banks were outstanding, but undrawn, backing reinsurance between the various subsidiaries of the Company.

Statutory Reserve Funding, Collateral Finance and Securitization Notes

Statutory Reserve Funding

The Company uses various internal and third-party reinsurance arrangements and funding sources to manage statutory reserve strain, including reserves associated with Regulation XXX, and collateral requirements. Assets in trust and letters of credit are often used as collateral in these arrangements.

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Regulation XXX, implemented in the U.S. for various types of life insurance business beginning January 1, 2000, significantly increased the level of reserves that U.S. life insurance and life reinsurance companies must hold on their statutory financial statements for various types of life insurance business, primarily certain level premium term life products. The reserve levels required under Regulation XXX increase over time and are normally in excess of reserves required under GAAP. In situations where primary insurers have reinsured business to reinsurers that are unlicensed and unaccredited in the U.S., the reinsurer must provide collateral equal to its reinsurance reserves in order for the ceding company to receive statutory financial statement credit. In order to manage the effect of Regulation XXX on its statutory financial statements, RGA Reinsurance has retroceded a majority of Regulation XXX reserves to unaffiliated and affiliated reinsurers, both licensed and unlicensed.

RGA Reinsurance’s statutory capital may be significantly reduced if the unlicensed unaffiliated or affiliated reinsurer is unable to provide the required collateral to support RGA Reinsurance’s statutory reserve credits and RGA Reinsurance cannot find an alternative source for collateral.

Based on the growth of the Company’s business and the pattern of reserve levels under Regulation XXX associated with term life business and other statutory reserve requirements, the amount of ceded reserve credits is expected to grow, albeit at slower rates than in the immediate past. This growth will require the Company to obtain additional letters of credit, put additional assets in trust, or utilize other funding mechanisms to support reserve credits. If the Company is unable to support the reserve credits, the regulatory capital levels of several of its subsidiaries may be significantly reduced, while the regulatory capital requirements for these subsidiaries would not change. The reduction in regulatory capital would not directly affect the Company’s consolidated shareholders’ equity under GAAP; however, it could affect the Company’s ability to write new business and retain existing business.

Affiliated captives are commonly used in the insurance industry to help manage statutory reserve and collateral requirements and are often domiciled in the same state as the insurance company that sponsors the captive. The NAIC has analyzed the insurance industry’s use of affiliated captive reinsurers to satisfy certain reserve requirements and has adopted measures to promote uniformity in both the approval and supervision of such reinsurers. New standards have been introduced to address the extent that captives can be used to finance reserve growth related to new life insurance business subject to Regulation XXX. There is a commitment to allowing current captives to continue in accordance with their currently approved plans. State insurance regulators that regulate the Company’s domestic insurance companies have placed restrictions on the use of newly established captive reinsurers which pose to make them less effective as a means of helping to finance reserve growth related to business issued in the future. Depending upon how the new standards are ultimately applied and whether additional restrictions are introduced, the Company's ability to reinsure certain products, maintain risk based capital ratios and deploy excess capital could be adversely affected. As a result, the Company may need to alter the type and volume of business it reinsures, increase prices on those products, raise additional capital to support higher regulatory reserves or implement higher cost strategies, all of which could adversely affect the Company’s competitive position and its results of operations.

There may be more changes in the use and regulation of captives, but the Company cannot predict the extent of any changes that may be made. Accordingly, the Company has reevaluated and adjusted its strategy of using captives to enhance its capital efficiency and competitive position while it continues to monitor the regulations related to captives and any proposed changes in such regulations. The Company cannot estimate the impact of discontinuing or altering its captive strategy in response to potential regulatory changes due to many unknown variables such as the cost and availability of alternative capital, potential changes in regulatory reserving requirements under a principle-based reserving approach which would likely reduce required collateral, changes in acceptable collateral for statutory reserves, the introduction of the “certified reinsurer” laws and regulations in certain United States jurisdictions where the Company operates, the potential for increased pricing of products offered by the Company and the potential change in mix of products sold and/or offered by the Company and/or its clients.

In the United States, the introduction of the certified reinsurer has provided an alternative way to manage collateral requirements. In 2014, RGA Americas was designated as a certified reinsurer by the Missouri Department of Insurance, Financial Institutions and Professional Registration. This designation allows the Company to retrocede business to RGA Americas with reduced collateral requirements in lieu of using captives.

Collateral Finance Notes

In June 2006, RGA’s subsidiary, Timberlake Financial, issued $850.0 million of Series A Floating Rate Insured Notes, due June 2036, in a private placement. The notes were issued to fund the collateral requirements for statutory reserves required by the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX) on specified term life insurance policies reinsured by RGA Reinsurance and retroceded to Timberlake Re. Proceeds from the notes, along with a $112.8 million direct investment by the Company, were deposited into a series of accounts that collateralize the notes and are not available to satisfy the general obligations of the Company. Interest on the notes accrues at an annual rate of 1-month LIBOR plus a base rate margin, payable monthly.

In October 2015, RGA's subsidiary, RGA Americas, entered into a collateral financing transaction pursuant to which it issued a CAD$150.0 million note to a third party and, in return, obtained a CAD$150.0 million demand note issued by a designated series

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of a Delaware master trust. The demand note matures in October 2020 and is used to support collateral requirements for Canadian reinsurance transactions.

The demand note is secured by a portfolio of specified assets that have an aggregate market value at least equal to the principal amount of the demand note and a payment obligation pledged by a third party financial institution. The principal amount of the demand note is payable upon demand by the holder, which creates a corresponding payment under the note issued by RGA Americas. The note issued by RGA Americas bears interest at a rate equal to the rate on the corresponding demand note, plus an amount representing fees payable to the applicable third party financial institution. No principal payments have been received or are currently due on the demand note and, as a result, there was no payment obligation under the note issued by RGA Americas. Accordingly, the notes are not reflected in the Company’s condensed consolidated balance sheets.

In May 2015, RGA’s subsidiary, RGA Barbados obtained CAD$200.0 million of collateral financing from a third party through 2020, enabling RGA Barbados to support collateral requirements for Canadian reinsurance transactions. The obligation is reflected on the condensed consolidated balance sheets in collateral finance and securitization notes. Interest on the collateral financing is payable quarterly and accrues at 3-month Canadian Dealer Offered Rate plus a margin and is reflected on the condensed consolidated statements of income in collateral finance and securitization expense.

Securitization Notes

In December 2014, RGA's subsidiary, Chesterfield Financial, issued $300.0 million of asset-backed notes due December 2034 in a private placement. The notes were issued as part of an embedded value securitization transaction covering a closed block of policies assumed by RGA Reinsurance and retroceded to Chesterfield Re. Proceeds from the notes, along with a direct investment by the Company, were applied by Chesterfield Financial to (i) pay certain transaction-related expenses, (ii) establish a reserve account owned by Chesterfield Financial and pledged to the indenture trustee for the benefit of the holders of the notes (primarily to cover interest payments on the notes), and (iii) to fund an initial stock purchase from and capital contribution to Chesterfield Re to capitalize Chesterfield Re and to finance the payment of ceding commission by Chesterfield Re to RGA Reinsurance under the retrocession agreement. Interest on the notes accrues at an annual rate of 4.50%, payable quarterly. The notes represent senior, secured indebtedness of Chesterfield Financial. Limited support is provided by RGA for temporary potential liquidity events at Chesterfield Financial and for temporary potential statutory capital and surplus events at Chesterfield Re. Otherwise, there is no legal recourse to RGA or its other subsidiaries. The notes are not insured or guaranteed by any other person or entity.

Cash Flows

The Company’s principal cash inflows from its reinsurance operations include premiums and deposit funds received from ceding companies. The primary liquidity concerns with respect to these cash flows are early recapture of the reinsurance contract by the ceding company and lapses of annuity products reinsured by the Company. The Company’s principal cash inflows from its invested assets result from investment income and the maturity and sales of invested assets. The primary liquidity concern with respect to these cash inflows relates to the risk of default by debtors and interest rate volatility. The Company manages these risks very closely. See “Investments” and “Interest Rate Risk” below.

Additional sources of liquidity to meet unexpected cash outflows in excess of operating cash inflows and current cash and equivalents on hand include selling short-term investments or fixed maturity securities and drawing funds under a revolving credit facility, under which the Company had availability of $651.9 million as of June 30, 2016. The Company also has $1,008.9 million of funds available through collateralized borrowings from the FHLB as of June 30, 2016.

The Company’s principal cash outflows relate to the payment of claims liabilities, interest credited, operating expenses, income taxes, and principal and interest under debt and other financing obligations. The Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance enterprises or reinsurers under excess coverage and coinsurance contracts (See Note 2, “Summary of Significant Accounting Policies” of the Company's 2015 Annual Report). The Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. The Company has never experienced a material default in connection with retrocession arrangements, nor has it experienced any difficulty in collecting claims recoverable from retrocessionaires; however, no assurance can be given as to the future performance of such retrocessionaires nor to the recoverability of future claims. The Company’s management believes its current sources of liquidity are adequate to meet its cash requirements for the next 12 months.

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Summary of Primary Sources and Uses of Liquidity and Capital

The Company's primary sources and uses of liquidity and capital are summarized as follows:

		For the six months ended June 30,
		2016			2015
		(Dollars in thousands)
Sources:
	Net cash provided by operating activities	$	594,446		$	605,692
	Proceeds from issuance of collateral finance and securitization notes	—			160,060
	Proceeds from long-term debt issuance	799,984			—
	Exercise of stock options, net	5,219			12,641
	Change in cash collateral for derivative positions and other arrangements	57,055			—
	Cash provided by changes in universal life and other
	investment type policies and contracts	304,936			—
	Effect of exchange rate changes on cash	19,795			—
	Total sources	1,781,435			778,393
Uses:
	Net cash used in investing activities	2,058,207			473,037
	Dividends to stockholders	47,746			44,519
	Repayment of collateral finance and securitization notes	35,369			17,632
	Debt issuance costs	9,026			1,170
	Principal payments of long-term debt	1,227			1,178
	Purchases of treasury stock	120,806			262,515
	Change in cash collateral for derivatives and other arrangements	—			31,244
	Cash used for changes in universal life and other
	investment type policies and contracts	—			230,921
	Effect of exchange rate changes on cash	—			26,185
	Total uses	2,272,381			1,088,401
Net change in cash and cash equivalents		$	(490,946	)	$	(310,008	)

Cash Flows from Operations - The principal cash inflows from the Company’s reinsurance activities come from premiums, investment and fee income, annuity considerations, deposit funds and income tax refunds. The principal cash outflows relate to the liabilities associated with various life and health insurance, annuity and disability products, operating expenses, income tax payments and interest on outstanding debt obligations. The primary liquidity concern with respect to these cash flows is the risk of shortfalls in premiums and investment income, particularly in periods with abnormally high claims levels.

Cash Flows from Investments - The principal cash inflows from the Company’s investment activities come from repayments of principal on invested assets, proceeds from maturities of invested assets, sales of invested assets and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. The Company typically has a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with its asset/liability management discipline to fund insurance liabilities. The Company closely monitors and manages these risks through its credit risk management process. The primary liquidity concerns with respect to these cash flows are the risk of default by debtors and market disruption.

Financing Cash Flows - The principal cash inflows from the Company’s financing activities come from issuances of RGA debt and equity securities, and deposit funds associated with universal life and other investment type policies and contracts. The principal cash outflows come from repayments of debt, payments of dividends to stockholders, purchases of treasury stock, and withdrawals associated with universal life and other investment type policies and contracts. A primary liquidity concern with respect to these cash flows is the risk of early contractholder and policyholder withdrawal.

Contractual Obligations

The Company’s obligation for long-term debt, including interest, increased by $1,816.1 million since December 31, 2015 primarily related to the June 2016 issuance of senior notes and subordinated debentures as previously discussed. There were no other material changes in the Company’s contractual obligations from those reported in the 2015 Annual Report.

Asset / Liability Management

The Company actively manages its cash and invested assets using an approach that is intended to balance quality, diversification, asset/liability matching, liquidity and investment return. The goals of the investment process are to optimize after-tax, risk-adjusted investment income and after-tax, risk-adjusted total return while managing the assets and liabilities on a cash flow and duration basis.

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The Company has established target asset portfolios for each major insurance product, which represent the investment strategies intended to profitably fund its liabilities within acceptable risk parameters. These strategies include objectives and limits for effective duration, yield curve sensitivity and convexity, liquidity, asset sector concentration and credit quality.

The Company’s asset-intensive products are primarily supported by investments in fixed maturity securities reflected on the Company’s balance sheet and under funds withheld arrangements with the ceding company. Investment guidelines are established to structure the investment portfolio based upon the type, duration and behavior of products in the liability portfolio so as to achieve targeted levels of profitability. The Company manages the asset-intensive business to provide a targeted spread between the interest rate earned on investments and the interest rate credited to the underlying interest-sensitive contract liabilities. The Company periodically reviews models projecting different interest rate scenarios and their effect on profitability. Certain of these asset-intensive agreements, primarily in the U.S. and Latin America Non-Traditional operating segment, are generally funded by fixed maturity securities that are withheld by the ceding company.

The Company’s liquidity position (cash and cash equivalents and short-term investments) was $1,230.3 million and $2,083.6 million at June 30, 2016 and December 31, 2015, respectively. Cash and cash equivalents includes cash collateral received from derivative counterparties of $298.5 million and $245.0 million as of June 30, 2016 and December 31, 2015, respectively. This unrestricted cash collateral is included in cash and cash equivalents and the obligation to return it is included in other liabilities in the Company’s condensed consolidated balance sheets. Liquidity needs are determined from valuation analyses conducted by operational units and are driven by product portfolios. Periodic evaluations of demand liabilities and short-term liquid assets are designed to adjust specific portfolios, as well as their durations and maturities, in response to anticipated liquidity needs.

See “Securities Borrowing and Other” in Note 4 - “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities borrowing and repurchase/reverse repurchase programs. In addition to its security agreements with third parties, certain RGA’s subsidiaries have entered into intercompany securities lending agreements to more efficiently source securities for lending to third parties and to provide for more efficient regulatory capital management.

RGA Reinsurance is a member of the FHLB and holds $36.2 million of FHLB common stock, which is included in other invested assets on the Company's condensed consolidated balance sheets. Membership provides RGA Reinsurance access to borrowing arrangements (“advances”) and funding agreements, discussed below, with the FHLB. RGA Reinsurance did not have any advances from the FHLB at June 30, 2016 and December 31, 2015. RGA Reinsurance’s average outstanding balance of advances was $52.8 million and $44.2 million during the second quarter and the first six months of 2016, respectively, and was $24.8 million and $12.5 million during the second quarter and the first six months of 2015, respectively. Interest on advances is reflected in interest expense on the Company's condensed consolidated statements of income.

In addition, RGA Reinsurance has also entered into funding agreements with the FHLB under guaranteed investment contracts whereby RGA Reinsurance has issued the funding agreements in exchange for cash and for which the FHLB has been granted a blanket lien on RGA Reinsurance's commercial and residential mortgage-backed securities and commercial mortgage loans used to collateralize RGA Reinsurance's obligations under the funding agreements. RGA Reinsurance maintains control over these pledged assets, and may use, commingle, encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. The funding agreements and the related security agreements represented by this blanket lien provide that upon any event of default by RGA Reinsurance, the FHLB's recovery is limited to the amount of RGA Reinsurance's liability under the outstanding funding agreements. The amount of the RGA Reinsurance's liability for the funding agreements with the FHLB under guaranteed investment contracts was $653.8 million and $622.1 million at June 30, 2016 and December 31, 2015, respectively, which is included in interest sensitive contract liabilities on the Company's condensed consolidated balance sheets. The advances on these agreements are collateralized primarily by commercial and residential mortgage-backed securities and commercial mortgage loans. The amount of collateral exceeds the liability and is dependent on the type of assets collateralizing the guaranteed investment contracts.

Investments

Management of Investments

The Company’s investment and derivative strategies involve matching the characteristics of its reinsurance products and other obligations and to seek to closely approximate the interest rate sensitivity of the assets with estimated interest rate sensitivity of the reinsurance liabilities. The Company achieves its income objectives through strategic and tactical asset allocations, security and derivative strategies within an asset/liability management and disciplined risk management framework. Derivative strategies are employed within the Company’s risk management framework to help manage duration, currency, and other risks in assets and/or liabilities and to replicate the credit characteristics of certain assets. For a discussion of the Company’s risk management process see “Market Risk” in the “Enterprise Risk Management” section below.

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The Company’s portfolio management groups work with the Enterprise Risk Management function to develop the investment policies for the assets of the Company’s domestic and international investment portfolios. All investments held by the Company, directly or in a funds withheld at interest reinsurance arrangement, are monitored for conformance with the Company’s stated investment policy limits as well as any limits prescribed by the applicable jurisdiction’s insurance laws and regulations. See Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for additional information regarding the Company’s investments.

Portfolio Composition

The Company had total cash and invested assets of $46.8 billion and $43.5 billion at June 30, 2016 and December 31, 2015, respectively, as illustrated below (dollars in thousands):

	June 30, 2016		% of Total		December 31, 2015		% of Total
Fixed maturity securities, available-for-sale	$	33,160,976	70.9	%	$	29,642,905	68.1	%
Mortgage loans on real estate	3,377,039		7.2		3,129,951		7.2
Policy loans	1,445,410		3.1		1,468,796		3.4
Funds withheld at interest	5,899,289		12.6		5,880,203		13.5
Short-term investments	195,979		0.4		558,284		1.3
Other invested assets	1,682,143		3.6		1,298,120		3.0
Cash and cash equivalents	1,034,329		2.2		1,525,275		3.5
Total cash and invested assets	$	46,795,165	100.0	%	$	43,503,534	100.0	%

Investment Yield

The following table presents consolidated average invested assets at amortized cost, net investment income and investment yield, excluding spread related business. Spread related business is primarily associated with contracts on which the Company earns an interest rate spread between assets and liabilities. To varying degrees, fluctuations in the yield on other spread related business is generally subject to corresponding adjustments to the interest credited on the liabilities (dollars in thousands).

	Three months ended June 30,								Six months ended June 30,
	2016			2015			Increase/     (Decrease)		2016			2015			Increase/     (Decrease)
Average invested assets at amortized cost	$	23,216,459		$	21,029,197		10.4	%	$	22,669,219		$	20,926,385		8.3	%
Net investment income	268,747			252,131			6.6	%	514,046			499,369			2.9	%
Investment yield (ratio of net investment income to average invested assets)	4.71		%	4.88		%	(17) bps		4.59		%	4.83		%	(24) bps

Investment yield decreased for the three and six months ended June 30, 2016 in comparison to the same period in the prior year due to the effect of low interest rate environment.

Fixed Maturity and Equity Securities Available-for-Sale

See “Fixed Maturity and Equity Securities Available-for-Sale” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that provide the amortized cost, unrealized gains and losses, estimated fair value of fixed maturity and equity securities, and the other-than-temporary impairments in AOCI by sector as of June 30, 2016 and December 31, 2015.

The Company’s fixed maturity securities are invested primarily in corporate bonds, mortgage- and asset-backed securities, and U.S. and foreign government securities. As of June 30, 2016 and December 31, 2015, approximately 95.0% and 94.6%, respectively, of the Company’s consolidated investment portfolio of fixed maturity securities were investment grade.

Important factors in the selection of investments include diversification, quality, yield, call protection and total rate of return potential. The relative importance of these factors is determined by market conditions and the underlying reinsurance liability and existing portfolio characteristics. The largest asset class in which fixed maturity securities were invested was corporate securities, which represented approximately 58.9% and 59.7% of total fixed maturity securities as of June 30, 2016 and December 31, 2015, respectively. See “Corporate Fixed Maturity Securities” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables showing the major industry types, which comprise the corporate fixed maturity holdings at June 30, 2016 and December 31, 2015.

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As of June 30, 2016, the Company’s investments in Canadian and Canadian provincial government securities represented 12.4% of the fair value of total fixed maturity securities compared to 12.1% of the fair value of total fixed maturity securities at December 31, 2015. These assets are primarily high quality, long duration provincial strips, the valuation of which is closely linked to the interest rate curve. These assets are longer in duration and held primarily for asset/liability management to meet Canadian regulatory requirements. See “Fixed Maturity and Equity Securities Available-for-Sale” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables showing the various sectors as of June 30, 2016 and December 31, 2015.

The Company references rating agency designations in some of its investments disclosures. These designations are based on the ratings from nationally recognized statistical rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available the Company references the rating provided by Moody’s and in the absence of both the Company will assign equivalent ratings based on information from the NAIC. The NAIC assigns securities quality ratings and uniform valuations called “NAIC Designations” which are used by insurers when preparing their U.S. statutory filings. Structured securities (mortgage-backed and asset-backed securities) held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology. The NAIC assigns designations to publicly traded as well as privately placed securities. The designations assigned by the NAIC range from class 1 to class 6, with designations in classes 1 and 2 generally considered investment grade (BBB or higher rating agency designation). NAIC designations in classes 3 through 6 are generally considered below investment grade (BB or lower rating agency designation).

The quality of the Company’s available-for-sale fixed maturity securities portfolio, as measured at fair value and by the percentage of fixed maturity securities invested in various ratings categories, relative to the entire available-for-sale fixed maturity security portfolio, at June 30, 2016 and December 31, 2015 was as follows (dollars in thousands):

		June 30, 2016						December 31, 2015
NAIC   Designation	Rating Agency Designation	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated      Fair  Value		% of Total
1	AAA/AA/A	$	19,755,011	$	22,392,311	67.5	%	$	17,801,017	$	19,231,535	64.8	%
2	BBB	8,679,819		9,130,971		27.5		8,838,444		8,830,172		29.8
3	BB	1,012,092		1,018,629		3.1		1,054,449		1,001,614		3.4
4	B	456,457		431,649		1.3		399,417		359,591		1.2
5	CCC and lower	143,675		135,927		0.4		207,351		197,498		0.7
6	In or near default	29,830		51,489		0.2		22,299		22,495		0.1
	Total	$	30,076,884	$	33,160,976	100.0	%	$	28,322,977	$	29,642,905	100.0	%

The Company’s fixed maturity portfolio includes structured securities. The following table shows the types of structured securities the Company held at June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016				December 31, 2015
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Residential mortgage-backed securities:
Agency	$	601,728	$	659,526	$	602,524	$	634,077
Non-agency	623,990		633,252		675,474		677,400
Total residential mortgage-backed securities	1,225,718		1,292,778		1,277,998		1,311,477
Commercial mortgage-backed securities	1,441,091		1,507,693		1,456,848		1,483,087
Asset-backed securities	1,377,736		1,356,677		1,219,000		1,212,676
Total	$	4,044,545	$	4,157,148	$	3,953,846	$	4,007,240

The residential mortgage-backed securities include agency-issued pass-through securities and collateralized mortgage obligations. A majority of the agency-issued pass-through securities are guaranteed or otherwise supported by the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, or the Government National Mortgage Association. The principal risks inherent in holding mortgage-backed securities are prepayment and extension risks, which will affect the timing of when cash will be received and are dependent on the level of mortgage interest rates. Prepayment risk is the unexpected increase in principal payments from the expected, primarily as a result of owner refinancing. Extension risk relates to the unexpected slowdown in principal payments from the expected. In addition, non-agency mortgage-backed securities face credit risk should the borrower be unable to pay the contractual interest or principal on their obligation. The Company monitors its mortgage-backed securities to mitigate exposure to the cash flow uncertainties associated with these risks.

Asset-backed securities include credit card and automobile receivables, student loans, home equity loans and collateralized debt obligations (primarily collateralized loan obligations). The Company owns floating rate securities that represent approximately

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11.8% and 12.4% of the total fixed maturity securities at June 30, 2016 and December 31, 2015, respectively. These investments have a higher degree of income variability than the other fixed income holdings in the portfolio due to the floating rate nature of the interest payments. The Company holds these investments to match specific floating rate liabilities primarily reflected in the condensed consolidated balance sheets as collateral finance notes, as well as to enhance asset management strategies. In addition to the risks associated with floating rate securities, principal risks in holding asset-backed securities are structural, credit and capital market risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. Credit risks are mitigated by credit enhancements which include excess spread, over-collateralization and subordination. Capital market risks include general level of interest rates and the liquidity for these securities in the marketplace.

The Company monitors its fixed maturity and equity securities to determine impairments in value and evaluates factors such as financial condition of the issuer, payment performance, the length of time and the extent to which the market value has been below amortized cost, compliance with covenants, general market and industry sector conditions, current intent and ability to hold securities, and various other subjective factors. Based on management's judgment, securities determined to have an other-than-temporary impairment in value are written down to fair value. For the three and six months ended June 30, 2016, other-than-temporary impairments on corporate and other fixed maturity securities related primarily to emerging market and high-yield debt exposures. See “Investments – Other-than-Temporary Impairment” in Note 2 – “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements in the 2015 Annual Report for additional information. The table below summarizes other-than-temporary impairments and changes in the mortgage loan provision for the three and six months ended June 30, 2016 and 2015 (dollars in thousands).

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Impairment losses on fixed maturity securities	$	846		$	4,137		$	34,663		$	6,664
Other impairment losses	114			45			2,163			4,554
Change in mortgage loan provision	(325		)	(188		)	(314		)	(529		)
Total	$	635		$	3,994		$	36,512		$	10,689

The fixed maturity impairments for the three and six months ended June 30, 2016 and 2015 were largely related to high-yield energy and emerging market corporate securities. In addition, other impairment losses for the three and six months ended June 30, 2016 and the six months ended June 30, 2015 are due to impairments on limited partnerships.

There has been increased focus on the energy sector spurred by lower prices for oil. The Company’s exposure to lower oil prices includes fixed maturity and equity securities, funds withheld at interest, credit default swaps and other investments. The fixed maturity and equity securities, and funds withheld at interest consist of corporate bonds, foreign agency bonds and non-redeemable preferred stock. The following table presents information regarding the Company's exposure to these investments as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016			December 31, 2015
Total energy sector investments, estimated fair value	$	2,598,512		$	2,342,803
Fixed maturity and equity securities:
Amortized cost	$	2,404,565		$	2,378,775
Net unrealized gains (losses)	84,519			(157,813		)
Estimated fair value	$	2,489,084		$	2,220,962
Percentage investment grade	87.6		%	89.0		%
Net written credit default swaps, notional amount	$	98,908		$	110,608

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At June 30, 2016 and December 31, 2015, the Company had $198.6 million and $627.5 million, respectively, of gross unrealized losses related to its fixed maturity and equity securities. The distribution of the gross unrealized losses related to these securities is shown below.

	June 30, 2016		December 31, 2015
Sector:
Corporate securities	71.9	%	75.8	%
Canadian and Canada provincial governments	—		0.4
Residential mortgage-backed securities	2.9		1.9
Asset-backed securities	16.1		2.9
Commercial mortgage-backed securities	0.6		1.8
State and political subdivisions	3.1		9.2
U.S. government and agencies	—		1.4
Other foreign government, supranational and foreign government-sponsored enterprises	5.4		6.6
Total	100.0	%	100.0	%
Industry:
Finance	14.1	%	8.8	%
Asset-backed	16.1		2.9
Industrial	55.0		62.1
Mortgage-backed	3.5		3.7
Government	8.5		17.6
Utility	2.8		4.9
Total	100.0	%	100.0	%

See “Unrealized Losses for Fixed Maturity and Equity Securities Available-for-Sale” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the total gross unrealized losses for fixed maturity and equity securities at June 30, 2016 and December 31, 2015, respectively, where the estimated fair value had declined and remained below amortized cost by less than 20% or more than 20%.

The Company’s determination of whether a decline in value is other-than-temporary includes analysis of the underlying credit and the extent and duration of a decline in value. The Company’s credit analysis of an investment includes determining whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. In the Company’s impairment review process, the duration and severity of an unrealized loss position for equity securities are given greater weight and consideration given the lack of contractual cash flows and the deferability features of these securities.

See “Unrealized Losses for Fixed Maturity and Equity Securities Available-for-Sale” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for fixed maturity and equity securities that have estimated fair values below amortized cost, by class and grade security, as well as the length of time the related market value has remained below amortized cost as of June 30, 2016 and December 31, 2015.

As of June 30, 2016 and December 31, 2015, the Company classified approximately 7.3% and 8.2%, respectively, of its fixed maturity securities in the Level 3 category (refer to Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Condensed Consolidated Financial Statements for additional information). These securities primarily consist of private placement corporate securities, bank loans, below investment grade commercial and residential mortgage-backed securities, collateralized loan obligations and subprime asset-backed securities with inactive trading markets.

See “Securities Borrowing and Other” in Note 4 - “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities borrowing, repurchase and repurchase/reverse repurchase programs.

Mortgage Loans on Real Estate

Mortgage loans represented approximately 7.2% of the Company’s cash and invested assets as of June 30, 2016 and December 31, 2015. The Company’s mortgage loan portfolio consists of U.S. and Canada based investments primarily in commercial offices, light industrial properties and retail locations. The mortgage loan portfolio is diversified by geographic region and property type. Additional information on geographic concentration and property type can be found under "Mortgage Loans on Real Estate" in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements.

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As of June 30, 2016 and December 31, 2015, the Company’s mortgage loans, gross of valuation allowances, were distributed geographically as follows (dollars in thousands):

	June 30, 2016				December 31, 2015
	Recorded Investment		% of Total		Recorded Investment		% of Total
Pacific	$	1,047,145	30.9	%	$	894,411	28.5	%
South Atlantic	691,074		20.4		663,528		21.2
Mountain	519,620		15.4		486,699		15.5
East North Central	362,421		10.7		337,002		10.7
West North Central	293,288		8.7		274,760		8.8
West South Central	269,326		8.0		237,549		7.6
Middle Atlantic	102,390		3.0		151,084		4.8
East South Central	67,251		2.0		59,630		1.9
New England	13,913		0.4		32,101		1.0
Subtotal - U.S.	3,366,428		99.5		3,136,764		100.0
Canada	17,110		0.5		—		—
Total	$	3,383,538	100.0	%	$	3,136,764	100.0	%

Valuation allowances on mortgage loans are established based upon inherent losses expected by management to be realized in connection with future dispositions or settlement of mortgage loans, including foreclosures. The valuation allowances are established after management considers, among other things, the value of underlying collateral and payment capabilities of debtors. Any subsequent adjustments to the valuation allowances will be treated as investment gains or losses. See “Mortgage Loans on Real Estate” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information regarding valuation allowances and impairments.

Policy Loans

Policy loans comprised approximately 3.1% and 3.4% of the Company’s cash and invested assets as of June 30, 2016 and December 31, 2015, respectively, the majority of which are associated with one client. These policy loans present no credit risk because the amount of the loan cannot exceed the obligation due the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.

Funds Withheld at Interest

Funds withheld at interest comprised approximately 12.6% and 13.5% of the Company’s cash and invested assets as of June 30, 2016 and December 31, 2015, respectively. For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company, and are reflected as funds withheld at interest on the Company’s condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed by the ceding company. Interest accrues to the total funds withheld at interest assets at rates defined by the treaty terms. Additionally, under certain treaties the Company is subject to the investment performance on the withheld assets, although it does not directly control them. These assets are primarily fixed maturity investment securities and pose risks similar to the fixed maturity securities the Company owns. To mitigate this risk, the Company helps set the investment guidelines followed by the ceding company and monitors compliance. Ceding companies with funds withheld at interest had an average financial strength rating of “A” at June 30, 2016 and December 31, 2015. Certain ceding companies maintain segregated portfolios for the benefit of the Company.

Other Invested Assets

Other invested assets include equity securities, limited partnership interests, joint ventures (other than operating joint ventures), structured loans, derivative contracts, FVO contractholder-directed unit-linked investments, FHLB common stock, real estate held-for-investment and equity release mortgages. Other invested assets represented approximately 3.6% and 3.0% of the Company’s cash and invested assets as of June 30, 2016 and December 31, 2015, respectively. See “Other Invested Assets” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the carrying value of the Company’s other invested assets by type as of June 30, 2016 and December 31, 2015.

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The Company has utilized derivative financial instruments to protect the Company against possible changes in the fair value of its investment portfolio as a result of interest rate changes, to hedge against risk of changes in the purchase price of securities, to hedge liabilities associated with the reinsurance of variable annuities with guaranteed living benefits and to manage the portfolio’s effective yield, maturity and duration. In addition, the Company has used derivative financial instruments to reduce the risk associated with fluctuations in foreign currency exchange rates. The Company uses both exchange-traded, centrally cleared, and customized over-the-counter derivative financial instruments.

See Note 5 - “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the notional amounts and fair value of investment related derivative instruments held at June 30, 2016 and December 31, 2015.

The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value at the reporting date plus or minus any collateral posted or held by the Company. The Company had no credit exposure related to its derivative contracts, excluding futures and mortality swaps, at June 30, 2016, as the net amount of collateral pledged to the Company from counterparties exceeded the fair value of the derivative contracts. The Company had credit exposure related to its derivative contracts, excluding futures and mortality swaps, of $7.8 million at December 31, 2015.

The Company manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. Certain of the Company's OTC derivatives are cleared derivatives, which are bilateral transactions between the Company and a counterparty where the transactions are cleared through a clearinghouse, such that each derivative counterparty is only exposed to the default of the clearinghouse. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties. See Note 5 - “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for more information regarding the Company’s derivative instruments.

Enterprise Risk Management

RGA maintains a dedicated Enterprise Risk Management (“ERM”) function that is responsible for analyzing and reporting the Company’s risks on an aggregated basis; facilitating monitoring to ensure the Company’s risks remain within its appetites, limits and tolerances; and ensuring, on an ongoing basis, that RGA’s ERM objectives are met. This includes ensuring proper risk controls are in place; risks are effectively identified, assessed, and managed; and key risks to which the Company is exposed are disclosed to appropriate stakeholders. The ERM function plays an important role in fostering the Company’s risk management culture and practices.

Enterprise Risk Management Structure and Governance

The Board of Directors (“the Board”) oversees enterprise risk through its standing committees. The Finance, Investments, and Risk Management (FIRM) Committee of the Board oversees the management of the Company’s ERM program and policies. The FIRM receives regular reports and assessments which describe the Company’s key risk exposures and include quantitative and qualitative assessments and information about breaches, exceptions, and waivers.

The Company’s Global Chief Risk Officer (“CRO”) leads the dedicated ERM function. The CRO reports to the Chief Operating Officer (“COO”) and has direct access to the Board through the FIRM Committee with formal reporting occurring quarterly. The CRO is supported by a network of Business Unit Chief Risk Officers and Risk Management Officers throughout the business who are responsible for the analysis and management of risks within their scope. A Lead Risk Management Officer is assigned to each risk to take overall responsibility to monitor and assess the risk consistently across all markets.

In addition to leading the ERM function, the CRO also chairs the Company’s Risk Management Steering Committee (“RMSC”), which is made up of senior management executives, including the Chief Executive Officer ("CEO"), the President, the Chief Financial Officer ("CFO"), and the COO, among others. The RMSC approves targets and limits for each material risk at the consolidated level and reviews these limits at least annually. Exposure to these risks is calculated and presented to the RMSC at least quarterly. Any waiver or exception to established risk limits needs to be approved by the RMSC. The Company also has risk-focused committees such as the Business Continuity and Information Governance Steering Committee, Consolidated Investment Committee, Derivatives Risk Oversight Committee, Asset Liability Management Committee, Actuarial Standards Group, Collateral and Liquidity Committee, and the Currency Risk Management Committee. These committees are comprised of various risk and technical experts and have overlapping membership, enabling consistent and holistic management of risks. These committees report directly or indirectly to the RMSC. In addition to the risk committees at a consolidated level, some of RGA’s operating entities have risk management committees that oversee relevant risks relative to segment-level risk targets and limits.

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Enterprise Risk Management Framework

RGA’s ERM framework provides a platform to assess the risk / return profiles of risks throughout the organization to enable enhanced decision making by business leaders. The ERM framework also guides the development and implementation of mitigation strategies to reduce exposures to these risks to acceptable levels.

RGA’s ERM framework includes the following elements:

1. Risk Culture: Risk management is an integral part of the Company’s culture and is embedded in RGA’s business processes in accordance with RGA’s risk philosophy. As the cornerstone of the ERM framework, a culture of prudent risk management reinforced by senior management plays a preeminent role in the effective management of risks assumed by RGA.

2. Risk Tolerance Statements: Describes the amount of risk the Company is willing to accept, which take into account the interactions and aggregation of risks across multiple risk areas. These statements provide a framework for managing the Company from an overall risk point of view.

3. Risk Targets and Limits: Risk Targets are established and managed in conjunction with strategic planning and set the desired range of risk that the Company seeks to assume. Risk Limits establish the maximum amount of each risk that the Company is willing to assume to remain within the Company’s risk tolerance.

4. Risk Assessment Process: RGA uses qualitative and quantitative methods to assess key risks through a portfolio approach, which analyzes established and emerging risks in conjunction with other risks.

5. Business Specific Limits/Controls: These limits/controls provide additional safeguards against undesired risk exposures and are embedded in business processes. Examples include: maximum retention limits, pricing and underwriting reviews, per issuer limits, concentration limits, and standard treaty language.

Proactive risk monitoring and reporting enable early detection and mitigation of emerging risks. The RMSC monitors adherence to risk targets and limits through the ERM function, which reports regularly to the RMSC and FIRM Committee. The frequency of monitoring is tailored to the volatility of each risk. Risk escalation channels coupled with open communication lines enhance the mitigants explained above. The Company has devoted significant resources to developing its ERM program and expects to continue to do so in the future. Nonetheless, the Company’s policies and procedures to identify, manage, and monitor risks may not be fully effective. Many of the Company’s methods for managing risk are based on historical information, which may not be a good predictor of future risk exposures, such as the risk of a pandemic causing a large number of deaths. Management of operational, legal, and regulatory risk relies on policies and procedures which may not be fully effective under all scenarios.

Risk Categories

The Company categorizes its main risks as insurance risk, market risk, credit risk and operational risk. Specific risk assessments and descriptions can be found below and in Item 1A – “Risk Factors” of the 2015 Annual Report.

Insurance Risk

Insurance risk is the risk of loss due to experience deviating adversely from expectations for mortality, morbidity, longevity and policyholder behavior or lost future profits due to treaty recapture by clients. The Company uses multiple approaches to managing insurance risk: active insurance risk assessment and pricing appropriately for the risks assumed, transferring undesired risks, and managing the retained exposure prudently. These strategies are explained below.

Insurance Risk Assessment and Pricing

The Company has developed extensive expertise in assessing insurance risks which ultimately forms an integral part of ensuring that it is compensated commensurately for the risks it assumes and that it does not overpay for the risks it transfers to third parties. This expertise includes a vast array of market and product knowledge supported by a large information database of historical experience which is closely monitored. Analysis and experience studies derived from this database help form the basis for the Company’s pricing assumptions which are used in developing rates for new risks. If actual mortality or morbidity experience is materially adverse, some reinsurance treaties allow for increases to future premium rates.

Misestimation of any key risk can threaten the long term viability of the enterprise. Further, the pricing process is a key operational risk and significant effort is applied to ensuring the appropriateness of pricing assumptions. Some of the safeguards the Company uses to ensure proper pricing are: experience studies, strict underwriting, sensitivity and scenario testing, pricing guidelines and controls, authority limits and internal and external pricing reviews. In addition, the ERM function provides pricing oversight which includes periodic pricing audits.

Specific stress scenarios and reverse stress tests are analyzed to better understand how the solvency and rating of the Company may be affected by specific events and to better understand the kind of events the Company's capital position can sustain.

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Risk Transfer

To minimize volatility in financial results and reduce the impact of large losses, the Company transfers some of its insurance risk to third parties using vehicles such as retrocession and catastrophe coverage.

Individual Exposure Retrocession

In the normal course of business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of claims paid by ceding reinsurance to other insurance enterprises (or retrocessionaires) under excess coverage and coinsurance contracts. In individual life markets, the Company retains a maximum of $8.0 million of coverage per individual life. In certain limited situations the Company has retained more than $8.0 million per individual life. The Company enters into agreements with other reinsurers to mitigate the residual risk related to the over-retained policies. Additionally, due to some lower face amount reinsurance coverages provided by the Company in addition to individual life, such as group life, disability and health, under certain circumstances, the Company could potentially incur claims totaling more than $8.0 million per individual life.

Catastrophic Excess Loss Retrocession

The Company seeks to limit its exposure to loss on its assumed catastrophic excess of loss reinsurance agreements by ceding a portion of its exposure to multiple retrocessionaires through retrocession line slips or directly to retrocession markets. The Company retains a maximum of $20.0 million of catastrophic loss exposure per agreement and retrocedes up to $50.0 million additional loss exposures to the retrocession markets. The Company limits its exposure on a country-by-country (and state-by-state in the U.S.) basis by managing its total exposure to all catastrophic excess of loss agreements bound within a given country to established maximum aggregate exposures. The maximum exposures are established and managed both on gross amounts issued prior to including retrocession and for amounts net of exposures retroceded.

Catastrophe Coverage

The Company accesses the markets each year for annual catastrophic coverages and reviews current coverage and pricing of current and alternate designs. Purchases vary from year to year based on the Company’s perceived value of such coverages. The current policy covers events involving 8 or more insured deaths from a single occurrence and covers $100.0 million of claims in excess of the Company’s $25.0 million deductible.

Managing Retained Exposure

The Company retains most of the inbound insurance risk. The Company manages the retained exposure proactively using various mitigating factors such as diversification and limits. Diversification is the primary mitigating factor of short term volatility risk, but it also mitigates adverse impacts of changes in long term trends and catastrophic events. The Company’s insured populations are dispersed globally, diversifying the insurance exposure because factors that cause actual experience to deviate materially from expectations do not affect all areas uniformly and synchronously or in close sequence. A variety of limits mitigate retained insurance risk. Examples of these limits include geographic exposure limits, which set the maximum amount of business that can be written in a given locale, and jumbo limits, which prevent excessive coverage on a given individual.

In the event that mortality or morbidity experience develops in excess of expectations, some reinsurance treaties allow for increases to future premium rates. Other treaties include experience refund provisions, which may also help reduce RGA’s mortality risk.

RGA has various methods to manage its insurance risks, including access to the capital and reinsurance markets.

Market Risk

Market risk is the risk that net asset and liability values or results of operations will be affected adversely by changes in market conditions such as market prices, exchange rates, and nominal interest rates. The Company is primarily exposed to interest rate, foreign currency, inflation, real estate and equity risks.

Interest Rate Risk

Interest rate risk is the potential for loss, on a net asset and liability basis, due to changes in interest rates, including both risk-free rate changes and credit spread changes. This risk arises from many of the Company’s primary activities, as the Company invests substantial funds in interest-sensitive assets, primarily fixed maturity securities, and also has certain interest-sensitive contract liabilities. A prolonged period where market yields are significantly below the book yields of the Company's asset portfolio puts downward pressure on portfolio book yields. The Company has been proactive in its investment strategies, reinsurance structures and overall asset-liability practices to reduce the risk of unfavorable consequences in this type of environment.

The Company manages interest rate risk to optimize the return on the Company’s capital and to preserve the value created by its business operations within certain constraints. For example, certain management and monitoring processes are designed to minimize

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the effect of sudden and/or sustained changes in interest rates on fair value, cash flows, and net interest income. The Company manages its exposure to interest rates principally by managing the relative matching of the cash flows of its liabilities and assets.

The Company’s exposure to interest rate price risk and interest rate cash flow risk is reviewed on a quarterly basis. Interest rate price risk exposure is measured using interest rate sensitivity analysis to determine the change in fair value of the Company’s financial instruments in the event of a hypothetical change in interest rates. Interest rate cash flow risk exposure is measured using interest rate sensitivity analysis to determine the Company’s variability in cash flows in the event of a hypothetical change in interest rates.

In order to reduce the exposure to changes in fair values from interest rate fluctuations, the Company has developed strategies to manage the net interest rate sensitivity of its assets and liabilities. In addition, from time to time, the Company has utilized the swap market to manage the sensitivity of fair values to interest rate fluctuations.

Foreign Currency Risk

The Company is subject to foreign currency translation, transaction, and net income exposure. The Company manages its exposure to currency principally by currency matching invested assets with the underlying liabilities to the extent possible. The Company has in place net investment hedges for a portion of its investments in its Canadian operations to reduce excess exposure to these currencies. Translation differences resulting from translating foreign subsidiary balances to U.S. dollars are reflected in stockholders’ equity on the condensed consolidated balance sheets.

The Company generally does not hedge the foreign currency exposure of its subsidiaries transacting business in currencies other than their functional currency (transaction exposure). However, the Company has entered into cross currency swaps to manage exposure to specific currencies. The majority of the Company’s foreign currency transactions are denominated in Australian dollars, British pounds, Canadian dollars, Euros, Japanese yen, Korean won, and the South African rand. The maximum amount of assets held in a specific currency (with the exception of the U.S. dollar) is measured relative to risk targets and is monitored regularly.

Inflation Risk

The primary direct effect on the Company of inflation is the increase in operating expenses. A large portion of the Company’s operating expenses consists of salaries, which are subject to wage increases at least partly affected by the rate of inflation. The rate of inflation also has an indirect effect on the Company. To the extent that a government’s policies to control the level of inflation result in changes in interest rates, the Company’s investment income is affected.

The Company reinsures annuities with benefits indexed to the cost of living. Some of these benefits are hedged with a combination of CPI swaps and indexed bonds when material.

Long Term Care products have an inflation component linked to the future cost of such services. If health care costs increase at a much larger rate than what is prevalent in the nominal interest rates available in the markets, the Company may not earn enough yield to pay future claims on such products.

Real Estate Risk

The Company has investments in direct real estate equity and debt instruments collateralized by real estate (“real estate loans”). Real estate equity risks include significant reduction in valuations, which could be caused by downturns in the broad economy or in specific geographic regions or sectors. In addition, real estate loan risks include defaults, natural disasters, borrower or tenant bankruptcy and reduced liquidity. Real estate loan risks are partially mitigated by the excess of the value of the property over the loan principle, which provides a buffer should the value of the real estate decrease. The Company manages its real estate loan risk by diversifying by property type and geography and through exposure limits.

Equity Risk

Equity risk is the risk that net asset and liability (e.g. variable annuities or other equity linked exposures) values or revenues will be affected adversely by changes in equity markets. The Company assumes equity risk from alternative investments, fixed indexed annuities and variable annuities. The Company uses derivatives to hedge its exposure to movements in equity markets that have a direct correlation with certain of its reinsurance products.

Alternative Investments

Alternative investments are investments in non-traditional asset classes that are most commonly backing capital and surplus. The Company generally restricts the alternative investments portfolio to non-liability supporting assets: that is, free surplus. For (re)insurance companies, alternative investments generally encompass: hedge funds, owned commercial real estate, emerging markets debt, distressed debt, commodities, infrastructure, tax credits, and equities, both public and private. The Company mitigates its exposure to alternative investments by limiting the size of the alternative investments holding.

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Fixed Indexed Annuities

The Company reinsures fixed indexed annuities ("FIAs"). Credits for FIAs are affected by changes in equity markets. Thus the fair value of the benefit is a function of primarily index returns and volatility. The Company hedges most of the underlying FIA equity exposure.

Variable Annuities

The Company reinsures variable annuities including those with guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”) and guaranteed minimum withdrawal benefits (“GMWB”). Strong equity markets, increases in interest rates and decreases in equity market volatility will generally decrease the fair value of the liabilities underlying the benefits. Conversely, a decrease in the equity markets along with a decrease in interest rates and an increase in equity market volatility will generally result in an increase in the fair value of the liabilities underlying the benefits, which has the effect of increasing reserves and lowering earnings. The Company maintains a customized dynamic hedging program that is designed to substantially mitigate the risks associated with income volatility around the change in reserves on guaranteed benefits, ignoring the Company’s own credit risk assessment. However, the hedge positions may not fully offset the changes in the carrying value of the guarantees due to, among other things, time lags, high levels of volatility in the equity and derivative markets, extreme swings in interest rates, unexpected contract holder behavior, and divergence between the performance of the underlying funds and hedging indices. These factors, individually or collectively, may have a material adverse effect on the Company’s net income, financial condition or liquidity. The table below provides a summary of variable annuity account values and the fair value of the guaranteed benefits as of June 30, 2016 and December 31, 2015.

(dollars in millions)	June 30, 2016		December 31, 2015
No guarantee minimum benefits	$	732	$	782
GMDB only	58		62
GMIB only	5		5
GMAB only	29		33
GMWB only	1,367		1,425
GMDB / WB	341		359
Other	20		22
Total variable annuity account values	$	2,552	$	2,688
Fair value of liabilities associated with living benefit riders	$	284	$	192

Credit Risk

Credit risk is the risk of loss due to counterparty (obligor, client, retrocessionaire, or partner) credit deterioration or unwillingness to meet its obligations. Credit risk has two forms: investment credit risk (asset default and credit migration) and insurance counterparty risk.

Investment Credit Risk

Investment credit risk, which includes default risk, is risk of loss due to credit quality deterioration of an individual financial investment, derivative or non-derivative contract or instrument. Credit quality deterioration may or may not be accompanied by a ratings downgrade. Generally, the investment credit exposure for fixed maturity securities is limited to the fair value, net of any collateral received, at the reporting date.

The Company manages investment credit risk using per-issuer investment limits. In addition to per-issuer limits, the Company also limits the total amounts of investments per rating category. An automated compliance system checks for compliance for all investment positions and sends warning messages when there is a breach. The Company manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. Because futures are transacted through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivative instruments.

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The Company enters into various collateral arrangements, which require both the posting and accepting of collateral in connection with its derivative instruments. Collateral agreements contain attachment thresholds that vary depending on the posting party’s financial strength ratings. Additionally, a decrease in the Company’s financial strength rating to a specified level results in potential settlement of the derivative positions under the Company’s agreements with its counterparties. A committee is responsible for setting rules and approving and overseeing all transactions requiring collateral. See “Credit Risk” in Note 5 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for additional information on credit risk related to derivatives.

Insurance Counterparty Risk

Insurance counterparty risk is the potential for the Company to incur losses due to a client, retrocessionaire, or partner becoming distressed or insolvent. This includes run-on-the-bank risk and collection risk.

Run-on-the-Bank

The risk that a client’s in force block incurs substantial surrenders and/or lapses due to credit impairment, reputation damage or other market changes affecting the counterparty. Substantially higher than expected surrenders and/or lapses could result in inadequate in force business to recover cash paid out for acquisition costs.

Collection Risk

For clients and retrocessionaires, this includes their inability to satisfy a reinsurance agreement because the right of offset is disallowed by the receivership court; the reinsurance contract is rejected by the receiver, resulting in a premature termination of the contract; and/or the security supporting the transaction becomes unavailable to RGA.

The Company manages insurance counterparty risk by limiting the total exposure to a single counterparty and by only initiating contracts with creditworthy counterparties. In addition, some of the counterparties have set up trusts and letters of credit, reducing the Company’s exposure to these counterparties.

Generally, RGA’s insurance subsidiaries retrocede amounts in excess of their retention to RGA Reinsurance, Parkway Re, RGA Barbados, RGA Americas, Rockwood Re, Manor Re, RGA Worldwide or RGA Atlantic. External retrocessions are arranged through the Company’s retrocession pools for amounts in excess of its retention. As of June 30, 2016, all retrocession pool members in this excess retention pool rated by the A.M. Best Company were rated “A-” or better. A rating of “A-” is the fourth highest rating out of fifteen possible ratings. For a majority of the retrocessionaires that were not rated, letters of credit or trust assets have been given as additional security. In addition, the Company performs annual financial and in force reviews of its retrocessionaires to evaluate financial stability and performance.

The Company has never experienced a material default in connection with retrocession arrangements, nor has it experienced any material difficulty in collecting claims recoverable from retrocessionaires; however, no assurance can be given as to the future performance of such retrocessionaires or as to the recoverability of any such claims.

Aggregate Counterparty Limits

In addition to investment credit limits and insurance counterparty limits, there are aggregate counterparty risk limits which include counterparty exposures from reinsurance, financing and investment activities at an aggregated level to control total exposure to a single counterparty. Counterparty risk aggregation is important because it enables the Company to capture risk exposures at a comprehensive level and under more extreme circumstances compared to analyzing the components individually.

All counterparty exposures are calculated on a quarterly basis, reviewed by management and monitored by the ERM function.

Operational Risks

Operational risks represent the risk of loss, or lost business opportunities, due to inadequate or failed internal processes, people, or systems or due to external events. These risks are sometimes residual risks after insurance, market, and credit risks have been identified. Identified operational risks are divided into four areas and are evaluated through a quarterly qualitative assessment involving Risk Management Officers across RGA’s business units. The four areas include the following:

Process Risks

Process risks include known factors within the Company’s key operational processes (such as administration, claims, underwriting, investment operations, retrocession, pricing process, disruption of operations, information security, and financial reporting) that could have potential effects on the Company’s ability to meet business objectives.

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Legal/Regulatory Risks

Legal and regulatory risks include the various legal, compliance, sovereign, and regulatory obligations and concerns faced by the Company. This risk area often intersects with the Company's core operational process risk areas. Given the scope of the Company’s business and the number of countries in which it operates, this set of risks has the potential to affect the business locally, regionally, or globally.

Financial Risks

Financial risks take into account known factors related to fraud, collateral, expenses, financing, liquidity, tax, and valuation. There are many aspects to this set of risks that are important to the operations of the Company and its ability to meet obligations with its clients, shareholders, and regulators.

Intangibles Risks

Intangibles risks include human capital, ratings, reputation, and strategy. These risks are core to managing the Company’s brand and market confidence as well as maintaining its ability to acquire and retain the appropriate expertise to execute and operate the business.

New Accounting Standards

See Note 13 — “New Accounting Standards” in the Notes to Condensed Consolidated Financial Statements.

ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk

There has been no significant change in the Company’s quantitative or qualitative aspects of market risk during the quarter ended June 30, 2016 from that disclosed in the 2015 Annual Report. See “Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Market Risk”, which is included herein, for additional information.

ITEM 4.  Controls and Procedures

The Chief Executive Officer and the Chief Financial Officer have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective.

There was no change in the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended June 30, 2016, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1.  Legal Proceedings

The Company is subject to litigation in the normal course of its business. A legal reserve is established when the Company is notified of an arbitration demand or litigation or is notified that an arbitration demand or litigation is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.

ITEM 1A.  Risk Factors

In the risk factor below, we refer to the Company as “we,” “us,” or “our”. Other than the risk factor listed below, there have been no material changes from the risk factors previously disclosed in the Company’s 2015 Annual Report.

Our international operations involve inherent risks.

A significant portion of our net premiums come from our operations outside of the United States. One of our strategies is to grow these international operations. International operations subject us to various inherent risks. In addition to the regulatory and foreign currency risks identified above, other risks include the following:

• managing the growth of these operations effectively, particularly given the recent rates of growth;

• changes in mortality and morbidity experience and the supply and demand for our products that are specific to these markets and that may be difficult to anticipate;

• political and economic instability in the regions of the world where we operate;

• uncertainty arising out of foreign government sovereignty over our international operations; and

• potentially uncertain or adverse tax consequences, including the repatriation of earnings from our non-U.S. subsidiaries.

Some of our international operations are in emerging markets where these risks are heightened and we anticipate that we will continue to do business in such markets. Our pricing assumptions may be less predictable in emerging markets, and deviations in actual experience from these assumptions could impact our profitability in these markets. Additionally, lack of legal certainty and stability in the emerging markets exposes us to increased risk of disruption and adverse or unpredictable actions by regulators and may make it more difficult for us to enforce our contracts, which may negatively impact our business.

On June 23, 2016, the United Kingdom (“UK”) held a referendum in which voters approved an exit from the European Union (“EU”), commonly referred to as “Brexit”. As a result of this referendum, it is expected that the British government will negotiate with the EU the terms under which it would ultimately leave participation in the EU and the nature of the future relationship between the UK and the EU. Although it is unknown what those terms might be, it is possible that there will be greater restrictions, requirements and regulatory complexities on reinsurance provided in the UK by entities located outside of the UK. These changes may adversely affect our operations and financial results.

We cannot assure you that we will be able to manage these risks effectively or that they will not have an adverse effect on our business, financial condition or results of operations.

ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table summarizes RGA’s repurchase activity of its common stock during the quarter ended June 30, 2016:

	Total Number of Shares Purchased (1)	Average Price Paid per    Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Program
April 1, 2016 - April 30, 2016	—	$	—	—	$	294,855,892
May 1, 2016 - May 31, 2016	42,193	$	96.48	—	$	294,855,892
June 1, 2016 - June 30, 2016	119,796	$	91.58	119,527	$	283,911,502

(1) RGA repurchased 119,527 shares of common stock under its share repurchase program for $10.9 million during June 2016. The Company net settled - issuing 121,354 and 3,462 shares from treasury and repurchasing from recipients 42,193 and 269 shares in May and June, respectively, in settlement of income tax withholding requirements incurred by the recipients of an equity incentive award.

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On January 21, 2016, RGA’s board of directors authorized a share repurchase program, with no expiration date, for up to $400.0 million of the RGA’s outstanding common stock. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2015.

ITEM 6.  Exhibits

See index to exhibits.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Reinsurance Group of America, Incorporated
Date: August 3, 2016	By:	/s/ A. Greig Woodring
		A. Greig Woodring
		Chief Executive Officer
		(Principal Executive Officer)
Date: August 3, 2016	By:	/s/ Todd C. Larson
		Todd C. Larson
		Senior Executive Vice President & Chief Financial Officer
		(Principal Financial and Accounting Officer)

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INDEX TO EXHIBITS

Exhibit Number	Description
3.1	Amended and Restated Articles of Incorporation, incorporated by reference to Exhibit 3.1 of Current Report on Form 8-K filed November 25, 2008.
3.2	Amended and Restated Bylaws, incorporated by reference to Exhibit 3.1 of Current Report on Form 8-K filed July 18, 2014.
4.1	Third Supplemental Indenture, dated as of June 8, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed June 8, 2016.
4.2	Fourth Supplemental Indenture, dated as of June 8, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed June 8, 2016.
4.3	Form of 3.95% Senior Note due 2026, incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K filed June 8, 2016.
4.4	Form of 5.75% Fixed-to-Floating Rate Subordinated Debenture due 2056, incorporated by reference to Exhibit 4.5 to the Current Report on Form 8-K filed June 8, 2016.
31.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

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EX-31.1

Exhibit 31.1

CEO CERTIFICATION

I, A. Greig Woodring, certify that:

1.      I have reviewed this quarterly report on Form 10-Q of Reinsurance Group of America, Incorporated;

2.      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.      The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 3, 2016	/s/ A. Greig Woodring
	A. Greig Woodring
	Chief Executive Officer

EX-31.2

Exhibit 31.2

CFO CERTIFICATION

I, Todd C. Larson, certify that:

1.      I have reviewed this quarterly report on Form 10-Q of Reinsurance Group of America, Incorporated;

2.      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.      The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 3, 2016	/s/ Todd C. Larson
	Todd C. Larson
	Senior Executive Vice President & Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Reinsurance Group of America, Incorporated and subsidiaries, (the “Company”), for the quarterly period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), A. Greig Woodring, Chief Executive Officer of the Company, certifies, to his best knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 3, 2016	/s/ A. Greig Woodring
	A. Greig Woodring
	Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Reinsurance Group of America, Incorporated and subsidiaries, (the “Company”), for the quarterly period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Todd C. Larson, Chief Financial Officer of the Company, certifies, to his best knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 3, 2016	/s/ Todd C. Larson
	Todd C. Larson
	Chief Financial Officer
	& Senior Executive Vice President

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 31, 2016
Document And Entitiy Information [Abstract]
Document Type	10-Q
Document period end date	Jun. 30, 2016
Amendment flag	false
Entity registrant name	REINSURANCE GROUP OF AMERICA INC
Entity central index key	0000898174
Entity current reporting status	Yes
Entity voluntary filers	No
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Entity well-known seasoned issuer	Yes
Common Shares Outstanding		64,065,779
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fixed maturity securities:
Available-for-sale at fair value (amortized cost of $30,076,884 and $28,322,977)	$ 33,160,976	$ 29,642,905
Mortgage loans on real estate (net of allowances of $6,499 and $6,813)	3,377,039	3,129,951
Policy loans	1,445,410	1,468,796
Funds withheld at interest	5,899,289	5,880,203
Short-term investments	195,979	558,284
Other invested assets	1,682,143	1,298,120
Total investments	45,760,836	41,978,259
Cash and cash equivalents	1,034,329	1,525,275
Accrued investment income	368,926	339,452
Premiums receivable and other reinsurance balances	1,917,844	1,797,504
Reinsurance ceded receivables	681,425	637,859
Deferred policy acquisition costs	3,401,935	3,392,437
Other assets	711,408	712,366
Total assets	53,876,703	50,383,152
Liabilities and Stockholders’ Equity
Future policy benefits	19,605,021	19,612,251
Interest-sensitive contract liabilities	14,024,012	13,663,873
Other policy claims and benefits	4,305,219	4,094,640
Other reinsurance balances	344,527	296,899
Deferred income taxes	2,901,264	2,218,328
Other liabilities	1,157,252	1,165,071
Short-term Debt	299,807	0
Long-term debt	2,788,473	2,297,548
Collateral finance and securitization notes	870,482	899,161
Total liabilities	46,296,057	44,247,771
Commitments and contingent liabilities (See Note 8)
Stockholders’ Equity:
Preferred stock - par value $.01 per share, 10,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock - par value $.01 per share, 140,000,000 shares authorized, 79,137,758 shares issued at June 30, 2016 and December 31, 2015	791	791
Additional paid-in capital	1,834,995	1,816,142
Retained earnings	4,870,711	4,620,303
Treasury stock, at cost - 15,068,009 and 13,933,232 shares	(1,111,225)	(1,010,139)
Accumulated other comprehensive income	1,985,374	708,284
Total stockholders’ equity	7,580,646	6,135,381
Total liabilities and stockholders’ equity	$ 53,876,703	$ 50,383,152

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CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Available for Sale at Fair value - Amortized cost	$ 30,076,884	$ 28,322,977
Preferred stock par value (per share)	$ 0.01	$ 0.01
Preferred stock shares authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock par value (per share)	$ 0.01	$ 0.01
Common stock shares authorized	140,000,000	140,000,000
Common Stock, Shares, Issued	79,137,758	79,137,758
Common stock shares outstanding	64,069,749	65,204,526
Treasury stock, shares	15,068,009	13,933,232
Allowances for Loan and Lease Losses, Real Estate	$ 6,499	$ 6,813

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Net premiums	$ 2,346,945	$ 2,129,043	$ 4,503,950	$ 4,152,895
Investment income, net of related expenses	507,666	450,539	924,932	877,430
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities	(846)	(4,137)	(34,663)	(6,664)
Other investment related gains (losses), net	119,110	(12,041)	32,041	(1,931)
Total investment related gains (losses), net	118,264	(16,178)	(2,622)	(8,595)
Other revenues	66,193	66,936	125,376	129,223
Total revenues	3,039,068	2,630,340	5,551,636	5,150,953
Benefits and Expenses:
Claims and other policy benefits	1,997,502	1,866,183	3,884,266	3,641,634
Interest credited	95,849	77,246	183,754	197,924
Policy acquisition costs and other insurance expenses	405,681	300,412	639,444	577,455
Other operating expenses	159,895	131,600	317,319	253,218
Interest expense	20,331	35,851	53,138	71,478
Collateral finance and securitization expense	6,587	5,258	12,912	11,329
Total benefits and expenses	2,685,845	2,416,550	5,090,833	4,753,038
Income before income taxes	353,223	213,790	460,803	397,915
Provision for income taxes	117,120	83,399	148,228	142,410
Net income	$ 236,103	$ 130,391	$ 312,575	$ 255,505
Earnings per share:
Basic earnings per share	$ 3.68	$ 1.97	$ 4.86	$ 3.80
Diluted earnings per share	3.64	1.94	4.81	3.76
Dividends declared per share	$ 0.37	$ 0.33	$ 0.74	$ 0.66

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Comprehensive income (loss)
Net income	$ 236,103	$ 130,391	$ 312,575	$ 255,505
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	9,942	21,935	87,675	(95,836)
Net unrealized investment gains	643,893	(757,641)	1,191,118	(413,717)
Defined benefit pension and postretirement plan adjustments	1,156	834	(1,703)	1,788
Total other comprehensive income (loss), net of tax	654,991	(734,872)	1,277,090	(507,765)
Total comprehensive income (loss)	$ 891,094	$ (604,481)	$ 1,589,665	$ (252,260)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities:
Net income	$ 312,575	$ 255,505
Change in operating assets and liabilities:
Accrued investment income	(34,705)	(26,656)
Premiums receivable and other reinsurance balances	(98,610)	(19,683)
Deferred policy acquisition costs	(5,435)	5,136
Reinsurance ceded receivable balances	(60,465)	(115,355)
Future policy benefits, other policy claims and benefits, and other reinsurance balances	380,297	353,946
Deferred income taxes	101,163	77,047
Other assets and other liabilities, net	(43,708)	42,363
Amortization of net investment premiums, discounts and other	(42,843)	(39,021)
Investment related (gains) losses, net	2,622	8,595
Other, net	83,555	63,815
Net cash provided by operating activities	594,446	605,692
Cash Flows from Investing Activities:
Sales of fixed maturity securities available-for-sale	2,271,414	2,742,814
Maturities of fixed maturity securities available-for-sale	273,552	232,712
Proceeds from Sale of Available-for-sale Securities, Equity	132,932	50,083
Payments to Acquire Mortgage Notes Receivable	(294,843)	(166,583)
Payments to Fund Policy Loans	(25,065)	(441)
Payments to Acquire Available-for-sale Securities, Debt	4,416,290	2,806,351
Payments to Acquire Available-for-sale Securities, Equity	408,684	68,116
Proceeds from Sale and Collection of Mortgage Notes Receivable	(543,454)	(531,317)
Payments for (Proceeds from) Policy Loans	1,679	686
Increase (Decrease) in Funds Held under Reinsurance Agreements	27,868	57,708
Payments to Acquire Businesses, Net of Cash Acquired	0	191,450
Payments to Acquire Property, Plant, and Equipment	0	(22,944)
Increase (Decrease) in Payables under Repurchase Agreements	0	(101,203)
Change in short-term investments	350,062	22,543
Change in other invested assets	(8,100)	91,562
Net cash used in investing activities	(2,058,207)	(473,037)
Cash Flows from Financing Activities:
Dividends to stockholders	(47,746)	(44,519)
Proceeds from (Repayments of) Secured Debt	(35,369)	(17,632)
Proceeds from Issuance of Secured Debt	0	160,060
Proceeds from Issuance of Long-term Debt	799,984	0
Payments of Debt Issuance Costs	(9,026)	(1,170)
Repayments of Long-term Debt	(1,227)	(1,178)
Purchases of treasury stock	(120,806)	(262,515)
Exercise of stock options, net	5,219	12,641
Change in cash collateral for derivative positions and other arrangements	57,055	(31,244)
Deposits on universal life and other investment type policies and contracts	513,679	132,679
Withdrawals on universal life and other investment type policies and contracts	(208,743)	(363,600)
Net cash provided by (used in) financing activities	953,020	(416,478)
Effect of exchange rate changes on cash	19,795	(26,185)
Change in cash and cash equivalents	(490,946)	(310,008)
Cash and cash equivalents, beginning of period	1,525,275	1,645,669
Cash and cash equivalents, end of period	1,034,329	1,335,661
Supplemental disclosures of cash flow information:
Interest Paid, Net	68,445	74,637
Income Taxes Paid, Net	43,838	(19,307)
Transfer to Investments	1,730	118
Capital Expenditures Incurred but Not yet Paid	0	2,121
Noncash or Part Noncash Acquisition, Value of Assets Acquired	0	3,681,699
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed	0	(3,490,249)
Payments to Acquire Businesses, Net of Cash Acquired	$ 0	$ 191,450

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS PARENTHETICAL $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
Statement of Cash Flows [Abstract]
Cash Acquired from Acquisition	$ 19,377

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Business and Basis of Presentation

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

Business and Basis of Presentation

Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. The accompanying unaudited condensed consolidated financial statements of RGA and its subsidiaries (collectively, the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation have been included. Results for the six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries, and all intercompany accounts and transactions have been eliminated. These condensed consolidated statements should be read in conjunction with the Company’s 2015 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 29, 2016 (the "2015 Annual Report").

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Earnings Per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information):

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
Earnings:
Net income (numerator for basic and diluted calculations)	$	236,103	$	130,391	$	312,575	$	255,505
Shares:
Weighted average outstanding shares (denominator for basic calculation)	64,126		66,351		64,348		67,246
Equivalent shares from outstanding stock options	670		769		660		785
Denominator for diluted calculation	64,796		67,120		65,008		68,031
Earnings per share:
Basic	$	3.68	$	1.97	$	4.86	$	3.80
Diluted	$	3.64	$	1.94	$	4.81	$	3.76

The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. For the three months ended June 30, 2016, no stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. For the three months ended June 30, 2015, no stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. Year-to-date amounts for equivalent shares from outstanding stock options and performance contingent shares are the weighted average of the individual quarterly amounts.

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Equity

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Equity

Common Stock

The changes in number of common stock shares, issued, held in treasury and outstanding are as follows for the periods indicated:

	Issued	Held In Treasury		Outstanding
Balance, December 31, 2015	79,137,758	13,933,232		65,204,526
Common stock acquired	—	1,352,211		(1,352,211	)
Stock-based compensation (1)	—	(217,434	)	217,434
Balance, June 30, 2016	79,137,758	15,068,009		64,069,749

	Issued	Held In Treasury		Outstanding
Balance, December 31, 2014	79,137,758	10,364,797		68,772,961
Common stock acquired	—	2,791,360		(2,791,360	)
Stock-based compensation (1)	—	(440,059	)	440,059
Balance, June 30, 2015	79,137,758	12,716,098		66,421,660

(1) Represents net shares issued from treasury pursuant to the Company's equity-based compensation programs.

Common Stock Held in Treasury

Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings.

On January 21, 2016, RGA's board of directors authorized a share repurchase program for up to $400.0 million of RGA's outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this new authorization, the board of directors terminated the stock repurchase authority granted in 2015. During the first six months of 2016, RGA repurchased 1.4 million shares of common stock under this program for $116.1 million.

Accumulated Other Comprehensive Income (Loss)

The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the six months ended June 30, 2016 and 2015 are as follows (dollars in thousands):

	AOCI, Net of Income Tax
	Accumulated Currency Translation Adjustments			Unrealized Appreciation (Depreciation) of Investments(1)			Pension and Postretirement Benefits			Total
Balance, December 31, 2015	$	(181,151	)	$	935,697		$	(46,262	)	$	708,284
Other comprehensive income before reclassifications	99,374			1,759,753			(6,083		)	1,853,044
Amounts reclassified to (from) AOCI	—			(24,366		)	3,467			(20,899		)
Deferred income tax benefit (expense)	(11,699		)	(544,269		)	913			(555,055		)
Balance, June 30, 2016	$	(93,476	)	$	2,126,815		$	(47,965	)	$	1,985,374

	AOCI, Net of Income Tax
	Accumulated Currency Translation Adjustments			Unrealized Appreciation (Depreciation) of Investments(1)			Pension and Postretirement Benefits			Total
Balance, December 31, 2014	$	81,847		$	1,624,773		$	(49,491	)	$	1,657,129
Other comprehensive income before reclassifications	(89,220		)	(612,314		)	733			(700,801		)
Amounts reclassified to (from) AOCI	—			(6,192		)	1,965			(4,227		)
Deferred income tax benefit (expense)	(6,616		)	204,789			(910		)	197,263
Balance, June 30, 2015	$	(13,989	)	$	1,211,056		$	(47,703	)	$	1,149,364

(1) Includes cash flow hedges of $(41,192) and $(29,397) as of June 30, 2016 and December 31, 2015, respectively, and $(23,901) and $(31,591) as of June 30, 2015 and December 31, 2014, respectively. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.

The following table presents the amounts of AOCI reclassifications for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Amount Reclassified from AOCI
	Three months ended June 30,						Six months ended June 30,
Details about AOCI Components	2016			2015			2016			2015			Affected Line Item in  Statements of Income
Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities	$	30,190		$	1,829		$	11,899		$	4,908		Investment related gains (losses), net
Cash flow hedges - Interest rate swaps	93			231			253			291			(1)
Cash flow hedges - Forward bond purchase commitments	(1,045		)	1,807			(257		)	967			(1)
Deferred policy acquisition costs attributed to unrealized gains and losses	5,365			(4,307		)	12,471			26			(2)
Total	34,603			(440		)	24,366			6,192
Provision for income taxes	(9,646		)	(245		)	(4,996		)	(537		)
Net unrealized gains (losses), net of tax	$	24,957		$	(685	)	$	19,370		$	5,655
Amortization of defined benefit plan items:
Prior service cost	$	(75	)	$	(80	)	$	(153	)	$	(163	)	(3)
Actuarial gains (losses)	(1,841		)	(1,098		)	(3,314		)	(1,802		)	(3)
Total	(1,916		)	(1,178		)	(3,467		)	(1,965		)
Provision for income taxes	670			413			1,213			688
Amortization of defined benefit plans, net of tax	$	(1,246	)	$	(765	)	$	(2,254	)	$	(1,277	)
Total reclassifications for the period	$	23,711		$	(1,450	)	$	17,116		$	4,378

(1) See Note 5 - "Derivative Instruments" for additional information on cash flow hedges.

(2) This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2015 Annual Report for additional details.

(3) This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional deta

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Investments

6 Months Ended

Jun. 30, 2016

Investments [Abstract]

Investments

Investments

Fixed Maturity and Equity Securities Available-for-Sale

The following tables provide information relating to investments in fixed maturity and equity securities by sector as of June 30, 2016 and December 31, 2015 (dollars in thousands):

June 30, 2016:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	18,417,375	$	1,260,330	$	134,468	$	19,543,237	58.9	%	$	—
Canadian and Canadian provincial governments	2,607,276		1,497,998		—		4,105,274		12.4		—
Residential mortgage-backed securities	1,225,718		72,733		5,673		1,292,778		3.9		(300		)
Asset-backed securities	1,377,736		11,054		32,113		1,356,677		4.1		275
Commercial mortgage-backed securities	1,441,091		67,727		1,125		1,507,693		4.5		(1,609		)
U.S. government and agencies	1,907,648		99,690		—		2,007,338		6.1		—
State and political subdivisions	538,037		74,042		6,137		605,942		1.8		—
Other foreign government, supranational and foreign government-sponsored enterprises	2,562,003		190,688		10,654		2,742,037		8.3		—
Total fixed maturity securities	$	30,076,884	$	3,274,262	$	190,170	$	33,160,976	100.0	%	$	(1,634	)
Non-redeemable preferred stock	$	66,464	$	2,575	$	7,936	$	61,103	14.6	%
Other equity securities	349,577		7,952		446		357,083		85.4
Total equity securities	$	416,041	$	10,527	$	8,382	$	418,186	100.0	%

December 31, 2015:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	17,575,507	$	599,718	$	467,069	$	17,708,156	59.7	%	$	—
Canadian and Canadian provincial governments	2,469,009		1,110,282		2,532		3,576,759		12.1		—
Residential mortgage-backed securities	1,277,998		45,152		11,673		1,311,477		4.4		(300		)
Asset-backed securities	1,219,000		12,052		18,376		1,212,676		4.1		354
Commercial mortgage-backed securities	1,456,848		37,407		11,168		1,483,087		5.0		(1,609		)
U.S. government and agencies	1,423,791		15,586		57,718		1,381,659		4.7		—
State and political subdivisions	480,067		40,014		9,067		511,014		1.7		—
Other foreign government, supranational and foreign government-sponsored enterprises	2,420,757		78,964		41,644		2,458,077		8.3		—
Total fixed maturity securities	$	28,322,977	$	1,939,175	$	619,247	$	29,642,905	100.0	%	$	(1,555	)
Non-redeemable preferred stock	$	85,645	$	7,837	$	5,962	$	87,520	69.5	%
Other equity securities	40,584		—		2,242		38,342		30.5
Total equity securities	$	126,229	$	7,837	$	8,204	$	125,862	100.0	%

The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of fixed maturity securities as collateral. Pledged fixed maturity securities are included in fixed maturity securities, available-for-sale in the condensed consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of June 30, 2016 and December 31, 2015, none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under certain third-party reinsurance treaties as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016				December 31, 2015
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities pledged as collateral	$	189,370	$	202,763	$	169,678	$	176,782
Fixed maturity securities received as collateral	n/a		261,461		n/a		242,914
Assets in trust held to satisfy collateral requirements	12,318,432		13,375,925		10,535,729		10,928,393

The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and its agencies as well as the securities disclosed below as of June 30, 2016 and December 31, 2015 (dollars in thousands).

	June 30, 2016				December 31, 2015
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Canadian province of Ontario	$	853,014	$	1,257,954	$	864,444	$	1,199,080
Canadian province of Quebec	1,026,507		1,854,422		943,484		1,525,903

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale at June 30, 2016 are shown by contractual maturity in the table below (dollars in thousands). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset and mortgage-backed securities are shown separately in the table below, as they are not due at a single maturity date.

	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	776,005	$	783,582
Due after one year through five years	6,682,598		7,007,050
Due after five years through ten years	8,706,784		9,309,939
Due after ten years	9,866,952		11,903,257
Asset and mortgage-backed securities	4,044,545		4,157,148
Total	$	30,076,884	$	33,160,976

Corporate Fixed Maturity Securities

The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of June 30, 2016 and December 31, 2015 (dollars in thousands):

June 30, 2016:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	6,268,530	$	6,577,989	33.8	%
Industrial	10,192,465		10,811,758		55.2
Utility	1,956,380		2,153,490		11.0
Total	$	18,417,375	$	19,543,237	100.0	%
December 31, 2015:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	5,408,791	$	5,555,044	31.4	%
Industrial	10,211,426		10,129,917		57.2
Utility	1,955,290		2,023,195		11.4
Total	$	17,575,507	$	17,708,156	100.0	%

Other-Than-Temporary Impairments - Fixed Maturity and Equity Securities

As discussed in Note 2 – “Summary of Significant Accounting Policies” of the 2015 Annual Report, a portion of certain other-than-temporary impairment (“OTTI”) losses on fixed maturity securities is recognized in AOCI. For these securities, the net amount recognized in the condensed consolidated statements of income (“credit loss impairments”) represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. Any remaining difference between the fair value and amortized cost is recognized in AOCI. The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts (dollars in thousands):

	Three months ended June 30,					Six months ended June 30,
	2016			2015		2016			2015
Balance, beginning of period	$	7,284		$	7,284	$	7,284		$	7,284
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period	(310		)	—		(310		)	—
Balance, end of period	$	6,974		$	7,284	$	6,974		$	7,284

Unrealized Losses for Fixed Maturity and Equity Securities Available-for-Sale

The following table presents the total gross unrealized losses for the 908 and 2,080 fixed maturity and equity securities as of June 30, 2016 and December 31, 2015, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands):

	June 30, 2016				December 31, 2015
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	150,638	75.8	%	$	463,109	73.8	%
20% or more for less than six months	8,933		4.5		142,495		22.7
20% or more for six months or greater	38,981		19.7		21,847		3.5
Total	$	198,552	100.0	%	$	627,451	100.0	%

The Company’s determination of whether a decline in value is other-than-temporary includes analysis of the underlying credit and the extent and duration of a decline in value. The Company’s credit analysis of an investment includes determining whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. In the Company’s impairment review process, the duration and severity of an unrealized loss position for equity securities are given greater weight and consideration given the lack of contractual cash flows or deferability features.

The following tables present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 908 and 2,080 fixed maturity and equity securities that have estimated fair values below amortized cost as of June 30, 2016 and December 31, 2015, respectively (dollars in thousands). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost.

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
June 30, 2016:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	649,275	$	15,424	$	1,208,939	$	59,206	$	1,858,214	$	74,630
Residential mortgage-backed securities	67,472		1,672		120,431		3,990		187,903		5,662
Asset-backed securities	534,180		18,943		258,828		10,507		793,008		29,450
Commercial mortgage-backed securities	78,002		423		41,399		702		119,401		1,125
State and political subdivisions	9,697		443		56,930		5,694		66,627		6,137
Other foreign government, supranational and foreign government-sponsored enterprises	99,330		1,135		79,592		3,677		178,922		4,812
Total investment grade securities	1,437,956		38,040		1,766,119		83,776		3,204,075		121,816
Below investment grade securities:
Corporate securities	282,830		14,077		335,351		45,761		618,181		59,838
Residential mortgage-backed securities	—		—		379		11		379		11
Asset-backed securities	5,858		1,118		8,623		1,545		14,481		2,663
Other foreign government, supranational and foreign government-sponsored enterprises	2,328		23		59,437		5,819		61,765		5,842
Total below investment grade securities	291,016		15,218		403,790		53,136		694,806		68,354
Total fixed maturity securities	$	1,728,972	$	53,258	$	2,169,909	$	136,912	$	3,898,881	$	190,170
Non-redeemable preferred stock	$	3,248	$	261	$	24,247	$	7,675	$	27,495	$	7,936
Other equity securities	—		—		6,606		446		6,606		446
Total equity securities	$	3,248	$	261	$	30,853	$	8,121	$	34,101	$	8,382

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
December 31, 2015:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	6,388,148	$	323,961	$	294,755	$	40,861	$	6,682,903	$	364,822
Canadian and Canadian provincial governments	122,746		2,532		—		—		122,746		2,532
Residential mortgage-backed securities	452,297		7,036		82,314		4,057		534,611		11,093
Asset-backed securities	581,701		9,825		199,298		7,100		780,999		16,925
Commercial mortgage-backed securities	514,877		9,806		31,177		997		546,054		10,803
U.S. government and agencies	1,010,387		57,718		—		—		1,010,387		57,718
State and political subdivisions	157,837		5,349		13,016		3,718		170,853		9,067
Other foreign government, supranational and foreign government-sponsored enterprises	702,962		18,279		38,379		4,206		741,341		22,485
Total investment grade securities	9,930,955		434,506		658,939		60,939		10,589,894		495,445
Below investment grade securities:
Corporate securities	554,688		71,171		114,427		31,076		669,115		102,247
Residential mortgage-backed securities	22,646		282		7,679		298		30,325		580
Asset-backed securities	6,772		201		9,335		1,250		16,107		1,451
Commercial mortgage-backed securities	3,253		248		767		117		4,020		365
Other foreign government, supranational and foreign government-sponsored enterprises	60,668		7,356		31,693		11,803		92,361		19,159
Total below investment grade securities	648,027		79,258		163,901		44,544		811,928		123,802
Total fixed maturity securities	$	10,578,982	$	513,764	$	822,840	$	105,483	$	11,401,822	$	619,247
Non-redeemable preferred stock	$	12,331	$	2,175	$	12,191	$	3,787	$	24,522	$	5,962
Other equity securities	38,327		2,242		—		—		38,327		2,242
Total equity securities	$	50,658	$	4,417	$	12,191	$	3,787	$	62,849	$	8,204

The Company has no intention to sell, nor does it expect to be required to sell, the securities outlined in the table above, as of the dates indicated. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity and equity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines.

Unrealized losses on below investment grade securities as of June 30, 2016 are primarily related to high-yield corporate and other foreign government, supranational and foreign government-sponsored enterprise securities. Unrealized losses decreased across most security types as treasury rates decreased during the first six months of 2016.

Investment Income, Net of Related Expenses

Major categories of investment income, net of related expenses, consist of the following (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Fixed maturity securities available-for-sale	$	323,592		$	303,792		$	636,007		$	573,560
Mortgage loans on real estate	41,900			37,121			81,692			71,893
Policy loans	16,372			16,248			32,506			30,288
Funds withheld at interest	112,893			87,325			168,873			199,585
Short-term investments	985			814			1,960			1,509
Other invested assets	29,487			22,418			39,311			34,445
Investment income	525,229			467,718			960,349			911,280
Investment expense	(17,563		)	(17,179		)	(35,417		)	(33,850		)
Investment income, net of related expenses	$	507,666		$	450,539		$	924,932		$	877,430

Investment Related Gains (Losses), Net

Investment related gains (losses), net consist of the following (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Fixed maturity and equity securities available for sale:
Other-than-temporary impairment losses on fixed maturity securities recognized in earnings	$	(846	)	$	(4,137	)	$	(34,663	)	$	(6,664	)
Gain on investment activity	53,615			20,009			80,807			39,210
Loss on investment activity	(22,556		)	(14,475		)	(34,343		)	(28,071		)
Other impairment losses and change in mortgage loan provision	211			143			(1,849		)	(4,025		)
Derivatives and other, net	87,840			(17,718		)	(12,574		)	(9,045		)
Total investment related gains (losses), net	$	118,264		$	(16,178	)	$	(2,622	)	$	(8,595	)

The fixed maturity impairments for the three and six months ended June 30, 2016 and 2015 were largely related to high-yield energy and emerging market corporate securities. The fluctuations in investment related gains (losses) for derivatives and other for the six months ended June 30, 2016, compared to the same period in 2015, are primarily due to changes in the fair value of interest rate swaps.

During the three months ended June 30, 2016 and 2015, the Company sold fixed maturity and equity securities with fair values of $343.3 million and $651.3 million at losses of $22.6 million and $14.5 million, respectively. During the six months ended June 30, 2016 and 2015, the Company sold fixed maturity and equity securities with fair values of $585.8 million and $850.9 million at losses of $34.3 million and $28.1 million, respectively. The Company generally does not buy and sell securities on a short-term basis.

Securities Borrowing and Other

The Company participates in securities borrowing programs whereby securities, which are not reflected on the Company’s condensed consolidated balance sheets, are borrowed from third parties. The borrowed securities are used to provide collateral under affiliated reinsurance transactions. The Company is required to maintain a minimum of 100% of the fair value, or par value, under certain programs, of the borrowed securities as collateral. The collateral consists of rights to reinsurance treaty cash flows. If cash flows from the reinsurance treaties are insufficient to maintain the minimum collateral requirement, the Company may substitute cash or securities to meet the requirement. No cash or securities have been pledged by the Company for this purpose.

The Company also participates in a repurchase/reverse repurchase program in which securities, reflected as investments on the Company’s condensed consolidated balance sheets, are pledged to a third party. In return, the Company receives securities from the third party with an estimated fair value equal to a minimum of 100% of the securities pledged. The securities received are not reflected on the Company’s condensed consolidated balance sheets.

The following table includes the amount of borrowed securities, repurchased securities pledged and repurchased/reverse repurchased securities pledged and received as of June 30, 2016 and December 31, 2015 (dollars in thousands).

	June 30, 2016				December 31, 2015
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Borrowed securities	$	269,740	$	289,454	$	259,540	$	266,297
Repurchase program/reverse repurchase program:
Securities pledged	448,615		480,618		443,435		465,889
Securities received	n/a		485,826		n/a		481,197

The following table presents information on the securities pledged as collateral by the Company related to its repurchase/reverse repurchase program as of June 30, 2016 and December 31, 2015 (dollars in thousands). Collateral associated with certain borrowed securities is not included within the table, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows.

	June 30, 2016
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Collateral on repurchase program:
Corporate securities	$	—	$	5,329	$	4,031	$	137,505	$	146,865
Residential mortgage-backed securities	—		—		—		101,715		101,715
U.S. government and agencies	—		—		—		212,918		212,918
Foreign government	—		—		—		14,524		14,524
Other	4,596		—		—		—		4,596
Total borrowings	$	4,596	$	5,329	$	4,031	$	466,662	$	480,618
Gross amount of recognized liabilities for repurchase agreement in preceding table									$	485,826
Amounts related to agreements not included in offsetting disclosure									$	5,208

	December 31, 2015
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Collateral on repurchase program:
Corporate securities	$	—	$	2,951	$	—	$	147,324	$	150,275
Residential mortgage-backed securities	—		—		—		97,639		97,639
U.S. government and agencies	—		—		—		199,431		199,431
Foreign government	—		—		—		3,358		3,358
Other	15,186		—		—		—		15,186
Total borrowings	$	15,186	$	2,951	$	—	$	447,752	$	465,889
Gross amount of recognized liabilities for repurchase agreement in preceding table									$	481,197
Amounts related to agreements not included in offsetting disclosure									$	15,308

Mortgage Loans on Real Estate

Mortgage loans represented approximately 7.4% and 7.5% of the Company’s total investments as of June 30, 2016 and December 31, 2015. The Company makes mortgage loans on income producing properties that are geographically diversified, with the largest concentration being in the state of California, which represented 24.1% and 22.3% of mortgage loans on real estate as of June 30, 2016 and December 31, 2015, respectively. Loan-to-value ratios at the time of loan approval are 75% or less. The distribution of mortgage loans by property type, gross of valuation allowances, is as follows as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016				December 31, 2015
Property type:	Recorded Investment		% of Total		Recorded Investment		% of Total
Office building	$	1,057,245	31.3	%	$	980,858	31.3	%
Retail	1,033,538		30.5		1,026,018		32.7
Industrial	708,764		20.9		527,485		16.8
Apartment	397,719		11.8		420,014		13.4
Other commercial	186,272		5.5		182,389		5.8
Total	$	3,383,538	100.0	%	$	3,136,764	100.0	%

The maturities of the mortgage loans, gross of valuation allowances, as of June 30, 2016 and December 31, 2015 are as follows (dollars in thousands):

	June 30, 2016				December 31, 2015
	Recorded Investment		% of Total		Recorded Investment		% of Total
Due within five years	$	768,747	22.7	%	$	873,280	27.8	%
Due after five years through ten years	1,800,601		53.2		1,561,535		49.8
Due after ten years	814,190		24.1		701,949		22.4
Total	$	3,383,538	100.0	%	$	3,136,764	100.0	%

Information regarding the Company’s credit quality indicators, as determined by the Company's internal evaluation methodology for its recorded investment in mortgage loans, gross of valuation allowances, as of June 30, 2016 and December 31, 2015 is as follows (dollars in thousands):

	June 30, 2016				December 31, 2015
Internal credit quality grade:	Recorded Investment		% of Total		Recorded Investment		% of Total
High investment grade	$	1,904,494	56.3	%	$	1,621,601	51.7	%
Investment grade	1,396,572		41.3		1,397,996		44.6
Average	39,444		1.2		87,196		2.8
Watch list	36,035		1.0		13,550		0.4
In or near default	6,993		0.2		16,421		0.5
Total	$	3,383,538	100.0	%	$	3,136,764	100.0	%

None of the payments due to the Company on its recorded investment in mortgage loans were delinquent as of June 30, 2016 and December 31, 2015.

The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016		December 31, 2015
Mortgage loans:
Individually measured for impairment	$	6,993	$	16,421
Collectively measured for impairment	3,376,545		3,120,343
Mortgage loans, gross of valuation allowances	3,383,538		3,136,764
Valuation allowances:
Individually measured for impairment	—		588
Collectively measured for impairment	6,499		6,225
Total valuation allowances	6,499		6,813
Mortgage loans, net of valuation allowances	$	3,377,039	$	3,129,951

Information regarding the Company’s loan valuation allowances for mortgage loans for the six months ended June 30, 2016 and 2015 is as follows (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Balance, beginning of period	$	6,824		$	6,130		$	6,813		$	6,471
Provision (release)	(325		)	(188		)	(314		)	(529		)
Balance, end of period	$	6,499		$	5,942		$	6,499		$	5,942

Information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2016 and December 31, 2015 is as follows (dollars in thousands):

	Unpaid Principal Balance		Recorded Investment		Related Allowance		Carrying Value
June 30, 2016:
Impaired mortgage loans with no valuation allowance recorded	$	7,495	$	6,993	$	—	$	6,993
Impaired mortgage loans with valuation allowance recorded	—		—		—		—
Total impaired mortgage loans	$	7,495	$	6,993	$	—	$	6,993
December 31, 2015:
Impaired mortgage loans with no valuation allowance recorded	$	4,033	$	4,033	$	—	$	4,033
Impaired mortgage loans with valuation allowance recorded	12,898		12,388		588		11,800
Total impaired mortgage loans	$	16,931	$	16,421	$	588	$	15,833
The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands):
	Three months ended June 30,
	2016				2015
	Average Recorded Investment(1)		Interest Income		Average Recorded   Investment(1)		Interest Income
Impaired mortgage loans with no valuation allowance recorded	$	3,901	$	107	$	5,524	$	35
Impaired mortgage loans with valuation allowance recorded	4,724		—		11,397		229
Total impaired mortgage loans	$	8,625	$	107	$	16,921	$	264
	Six months ended June 30,
	2016				2015
	Average Recorded Investment(1)		Interest Income		Average Recorded Investment(1)		Interest Income
Impaired mortgage loans with no valuation allowance recorded	$	3,945	$	216	$	5,920	$	141
Impaired mortgage loans with valuation allowance recorded	7,279		—		11,036		384
Total impaired mortgage loans	$	11,224	$	216	$	16,956	$	525

(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances.

The Company did not acquire any impaired mortgage loans during the six months ended June 30, 2016 and 2015. The Company had no mortgage loans that were on a nonaccrual status at June 30, 2016 and December 31, 2015.

Policy Loans

Policy loans comprised approximately 3.2% and 3.5% of the Company’s total investments as of June 30, 2016 and December 31, 2015, respectively, the majority of which are associated with one client. These policy loans present no credit risk because the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.

Funds Withheld at Interest

Funds withheld at interest comprised approximately 12.9% and 14.0% of the Company’s total investments as of June 30, 2016 and December 31, 2015, respectively. Of the $5.9 billion funds withheld at interest balance, net of embedded derivatives, as of June 30, 2016, $4.0 billion of the balance is associated with one client. For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest on the Company’s condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company.

Other Invested Assets

Other invested assets include equity securities, limited partnership interests, joint ventures (other than operating joint ventures), derivative contracts and fair value option ("FVO") contractholder-directed unit-linked investments. Other invested assets also include Federal Home Loan Bank of Des Moines ("FHLB") common stock, real estate held-for-investment, equity release mortgages and structured loans, all of which are included in other in the table below. The fair value option was elected for contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation and reporting as separate accounts. Other invested assets represented approximately 3.7% and 3.1% of the Company’s total investments as of June 30, 2016 and December 31, 2015, respectively. Carrying values of these assets as of June 30, 2016 and December 31, 2015 are as follows (dollars in thousands):

	June 30, 2016		December 31, 2015
Equity securities	$	418,186	$	125,862
Limited partnership interests and real estate joint ventures	635,574		567,697
Derivatives	310,796		256,178
FVO contractholder-directed unit-linked investments	195,842		197,547
Other	121,745		150,836
Total other invested assets	$	1,682,143	$	1,298,120

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Derivative Instruments

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

Derivatives, except for embedded derivatives and longevity and mortality swaps, are carried on the Company’s condensed consolidated balance sheets in other invested assets or other liabilities, at fair value. Longevity and mortality swaps are included on the condensed consolidated balance sheets in other assets or other liabilities, at fair value. Embedded derivative liabilities on modified coinsurance or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. 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 June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016						December 31, 2015
	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	$	1,118,523	$	175,987	$	970	$	1,123,057	$	85,075	$	4,196
Financial futures	508,310		—		—		420,665		—		—
Foreign currency forwards	43,000		1,703		2,732		45,000		44		6,768
Consumer price index swaps	29,208		—		613		28,561		—		292
Credit default swaps	865,000		8,635		5,300		897,000		8,230		11,053
Equity options	541,749		54,322		—		453,435		46,653		—
Longevity swaps	888,480		17,781		—		868,960		15,003		7
Mortality swaps	50,000		—		1,997		50,000		—		2,619
Synthetic guaranteed investment contracts	8,235,734		—		—		7,098,825		—		—
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	—		—		91,981		—		—		76,698
Indexed annuity products	—		—		841,832		—		—		878,114
Variable annuity products	—		—		283,548		—		—		192,470
Total non-hedging derivatives	12,280,004		258,428		1,228,973		10,985,503		155,005		1,172,217
Derivatives designated as hedging instruments:
Interest rate swaps	435,000		—		42,038		120,000		—		29,986
Foreign currency swaps	909,524		102,406		3,383		823,486		146,265		—
Total hedging derivatives	1,344,524		102,406		45,421		943,486		146,265		29,986
Total derivatives	$	13,624,528	$	360,834	$	1,274,394	$	11,928,989	$	301,270	$	1,202,203

Netting Arrangements

Certain of the Company’s derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements.

The Company has elected to include all derivatives, except embedded derivatives, in the tables below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 4 – "Investments" for information regarding the Company’s securities borrowing, repurchase and repurchase/reverse repurchase programs. See “Embedded Derivatives” below for information regarding the Company’s bifurcated embedded derivatives.

The following table provides information relating to the Company’s derivative instruments as of June 30, 2016 and December 31, 2015 (dollars in thousands):

								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 (1)			Cash Collateral    Pledged/ Received			Net Amount
June 30, 2016:
Derivative assets	$	360,834	$	(32,257	)	$	328,577	$	(40,876	)	$	(298,459	)	$	(10,758	)
Derivative liabilities	57,033		(32,257		)	24,776		(74,538		)	(16,822		)	(66,584		)
December 31, 2015:
Derivative assets	$	301,270	$	(30,096	)	$	271,174	$	(20,888	)	$	(245,038	)	$	5,248
Derivative liabilities	54,921		(30,096		)	24,825		(47,149		)	(12,540		)	(34,864		)

(1) Includes initial margin posted to a central clearing partner.

Accounting for Derivative Instruments and Hedging Activities

The Company does not enter into derivative instruments for speculative purposes. As discussed below under “Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging,” the Company uses various derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. As of June 30, 2016 and December 31, 2015, the Company held interest rate swaps that were designated and qualified as cash flow hedges of interest rate risk for variable rate liabilities and foreign currency assets, foreign currency swaps that were designated and qualified as hedges of a portion of its net investment in its foreign operations, foreign currency swaps that were designated and qualified as fair value hedges of foreign currency risk, and derivative instruments that were not designated as hedging instruments. See Note 2 – “Summary of Significant Accounting Policies” of the Company’s 2015 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. Derivative instruments are carried at fair value and generally require an insignificant amount of cash at inception of the contracts.

Fair Value Hedges

The Company designates and reports certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of June 30, 2016, were (dollars in thousands):

Type of Fair Value Hedge	Hedged Item	Gains (Losses) Recognized for Derivatives			Gains (Losses) Recognized for Hedged Items			Ineffectiveness Recognized in Investment Related Gains (Losses), net
For the three months ended June 30, 2016:
Foreign currency swaps	Foreign-denominated fixed maturity securities	$	(3,755	)	$	3,755		$	—
For the six months ended June 30, 2016:
Foreign currency swaps	Foreign-denominated fixed maturity securities	$	2,112		$	(2,112	)	$	—

A regression analysis was used, both at inception of the hedge and on an ongoing basis, to determine whether each derivative used in a hedged transaction is highly effective in offsetting changes in the hedged item. For the foreign currency swaps, the change in fair value related to changes in the benchmark interest rate and credit spreads are excluded from the hedge effectiveness. For the three and six months ended June 30, 2016, $2.4 million and $7.0 million, respectively, of the change in the estimated fair value of derivatives, was excluded from hedge effectiveness. There were no fair value hedges as of June 30, 2015.

Cash Flow Hedges

Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The Company designates and accounts for the following as cash flow hedges: (i) certain interest rate swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps; (ii) certain interest rate swaps, in which the cash flows of liabilities are variable based on a benchmark rate (LIBOR); and (iii) forward bond purchase commitments.

The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Three months ended June 30,
	2016			2015
Balance beginning of period	$	(21,794	)	$	(30,598	)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges	(20,350		)	8,735
Amounts reclassified to investment related gains (losses), net	1,010			(1,495		)
Amounts reclassified to investment income	(58		)	(543		)
Balance end of period	$	(41,192	)	$	(23,901	)
	Six months ended June 30,
	2016			2015
Balance beginning of period	$	(29,397	)	$	(31,591	)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges	(11,799		)	8,948
Amounts reclassified to investment related (gains) losses, net	169			(655		)
Amounts reclassified to investment income	(165		)	(603		)
Balance end of period	$	(41,192	)	$	(23,901	)

As of June 30, 2016, the before-tax deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are approximately $0.5 million. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to investment income over the term of the inve stment cash flows.

The following table presents the effective portion of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Effective Portion
Derivative Type	Gain (Loss) Recognized in OCI			Gain (Loss) Reclassified into Income from OCI
				Investment Related Gains (Losses), net			Investment Income
For the three months ended June 30, 2016:
Interest rate swaps	$	(20,350	)	$	—		$	93
Forward bond purchase commitments	—			(1,010		)	(35		)
Total	$	(20,350	)	$	(1,010	)	$	58
For the three months ended June 30, 2015:
Interest rate swaps	$	2,417		$	—		$	231
Forward bond purchase commitments	6,318			1,495			312
Total	$	8,735		$	1,495		$	543
For the six months ended June 30, 2016:
Interest rate swaps	$	(11,799	)	$	—		$	253
Forward bond purchase commitments	—			(169		)	(88		)
Total	$	(11,799	)	$	(169	)	$	165
For the six months ended June 30, 2015:
Interest rate swaps	$	(5,150	)	$	—		$	291
Forward bond purchase commitments	14,098			655			312
Total	$	8,948		$	655		$	603

All components of each derivative's gain or loss were included in the assessment of hedge effectiveness. For the three and six months ended June 30, 2016 and 2015, the ineffective portion of derivatives reported as cash flow hedges was not material to the Company's results of operations. Also, there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.

Hedges of Net Investments in Foreign Operations

The Company uses foreign currency swaps to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Derivative Gains (Losses) Deferred in AOCI
	For the three months ended June 30,					For the six months ended June 30,
Type of NIFO Hedge (1) (2)	2016		2015			2016			2015
Foreign currency swaps	$	302	$	(12,945	)	$	(31,493	)	$	37,021

(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.

The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $140.4 million and $171.9 million at June 30, 2016 and December 31, 2015, respectively. If a foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a foreign operation.

Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging

The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), net in the condensed consolidated statements of income, except where otherwise noted.

A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2016 and 2015 is as follows (dollars in thousands):

		Gain (Loss) for the three months ended         June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2016			2015
Interest rate swaps	Investment related gains (losses), net	$	41,500		$	(41,729	)
Financial futures	Investment related gains (losses), net	(7,557		)	(2,183		)
Foreign currency forwards	Investment related gains (losses), net	3,577			(1,433		)
CPI swaps	Investment related gains (losses), net	(520		)	168
Credit default swaps	Investment related gains (losses), net	3,518			(187		)
Equity options	Investment related gains (losses), net	(3,225		)	(2,606		)
Longevity swaps	Other revenues	2,394			1,911
Mortality swaps	Other revenues	1,046			(478		)
Subtotal		40,733			(46,537		)
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	Investment related gains (losses), net	76,966			(23,098		)
Indexed annuity products	Interest credited	(2,019		)	8,080
Variable annuity products	Investment related gains (losses), net	(28,137		)	50,878
Total non-hedging derivatives		$	87,543		$	(10,677	)
		Gain (Loss) for the six months ended         June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2016			2015
Interest rate swaps	Investment related gains (losses), net	$	104,027		$	(12,385	)
Interest rate options	Investment related gains (losses), net	—			3,275
Financial futures	Investment related gains (losses), net	(18,608		)	(9,514		)
Foreign currency forwards	Investment related gains (losses), net	6,077			(1,653		)
CPI swaps	Investment related gains (losses), net	(700		)	97
Credit default swaps	Investment related gains (losses), net	6,864			2,471
Equity options	Investment related gains (losses), net	(5,928		)	(10,672		)
Longevity swaps	Other revenues	2,481			3,731
Mortality swaps	Other revenues	622			(957		)
Subtotal		94,835			(25,607		)
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	Investment related gains (losses), net	(15,283		)	(25,423		)
Indexed annuity products	Interest credited	(626		)	(21,246		)
Variable annuity products	Investment related gains (losses), net	(91,077		)	25,745
Total non-hedging derivatives		$	(12,151	)	$	(46,531	)

Types of Derivatives Used by the Company

Interest Rate Swaps

Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates, to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches) and to manage the risk of cash flows of liabilities that are variable based on a benchmark rate (LIBOR). With an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between two rates, which can be either fixed-rate or floating-rate interest amounts, tied to an agreed-upon notional principal amount. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments at each due date. The Company utilizes interest rate swaps in cash flow and non-qualifying hedging relationships.

Interest Rate Options

Interest rate options, commonly referred to as swaptions, have been used by the Company primarily to hedge living benefit guarantees embedded in certain variable annuity products. A swaption, used to hedge against adverse changes in interest rates, is an option to enter into a swap with a forward starting effective date. The Company pays an upfront premium for the right to exercise this option in the future.

Financial Futures

Exchange-traded futures are used primarily to economically hedge liabilities embedded in certain variable annuity products. With exchange-traded futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the relevant indices, and to post variation margin on a daily basis in an amount equal to the difference between the daily estimated fair values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange.

Equity Options

Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products. To hedge against adverse changes in equity indices volatility, the Company buys put options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price.

Consumer Price Index Swaps

Consumer price index (“CPI”) swaps are used by the Company primarily to economically hedge liabilities embedded in certain insurance products where value is directly affected by changes in a designated benchmark consumer price index. With a CPI swap transaction, the Company agrees with another party to exchange the actual amount of inflation realized over a specified period of time for a fixed amount of inflation determined at inception. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments to be made by the counterparty at each due date. Most of these swaps will require a single payment to be made by one counterparty at the maturity date of the swap.

Foreign Currency Swaps

Foreign currency swaps are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon principal amount. The principal amount of each currency is exchanged at the termination of the currency swap by each party. The Company uses foreign currency swaps to hedge a portion of its net investment in certain foreign operations and foreign currency securities against adverse movements in exchange rates. The Company also uses foreign currency swaps to hedge its exposure to market risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company either holds or intends to acquire or sell.

Foreign Currency Forwards

Foreign currency forwards are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a different currency at the specified future date.

Forward Bond Purchase Commitments

Forward bond purchase commitments have been used by the Company to hedge against the variability in the anticipated cash flows required to purchase securities. With forward bond purchase commitments, the forward price is agreed upon at the time of the contract and payment for such contract is made at the future specified settlement date of the securities.

Credit Default Swaps

The Company sells protection under single name credit default swaps and credit default swap index tranches to diversify its credit risk exposure in certain portfolios and, in combination with purchasing securities, to replicate characteristics of similar investments based on the credit quality and term of the credit default swap. Credit default triggers for indexed reference entities and single name reference entities are defined in the contracts. The Company’s maximum exposure to credit loss equals the notional value for credit default swaps. In the event of default of a referencing entity, the Company is typically required to pay the protection holder the full notional value less a recovery amount determined at auction.

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 June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016						December 31, 2015
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)
AA/AA-/A+/A/A-
Single name credit default swaps	$	851		$	151,500	4.2	$	1,689		$	152,500	3.9
Credit default swaps referencing indices	—			—		—	—			—		—
Subtotal	851			151,500		4.2	1,689			152,500		3.9
BBB+/BBB/BBB-
Single name credit default swaps	(2,451		)	289,200		4.2	(5,066		)	315,200		4.2
Credit default swaps referencing indices	4,554			416,000		5.0	2,274			416,000		5.0
Subtotal	2,103			705,200		4.7	(2,792		)	731,200		4.6
BB+/BB
Single name credit default swaps	(134		)	5,000		3.2	(2,900		)	10,000		4.1
Credit default swaps referencing indices	—			—		—	—			—		—
Subtotal	(134		)	5,000		3.2	(2,900		)	10,000		4.1
Total	$	2,820		$	861,700	4.6	$	(4,003	)	$	893,700	4.5

(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.

The Company also purchases credit default swaps to reduce its risk against a drop in bond prices due to credit concerns of certain bond issuers. If a credit event, as defined by the contract, occurs, the Company is able to put the bond back to the counterparty at par.

Longevity Swaps

The Company enters into longevity swaps in the form of out-of-the-money options, which provide protection against changes in mortality improvement to retirement plans and insurers of such plans. With a longevity swap transaction, the Company agrees with another party to exchange a proportion of a notional value. The proportion is determined by the difference between a predefined benefit, and the realized benefit plus the future expected benefit, calculated by reference to a population index for a fixed premium.

Mortality Swaps

Mortality swaps are used by the Company to hedge risk from changes in mortality experience associated with its reinsurance of life insurance risk. The Company agrees with another party to exchange, at specified intervals, a proportion of a notional value determined by the difference between a predefined expected and realized claim amount on a designated index of reinsured lives, for a fixed percentage (premium) each term.

Synthetic Guaranteed Investment Contracts

The Company sells fee-based synthetic guaranteed investment contracts to retirement plans which include investment-only, stable value contracts. The assets are owned by the trustees of such plans, who invest the assets under the terms of investment guidelines to which the Company agrees. The contracts contain a guarantee of a minimum rate of return on participant balances supported by the underlying assets, and a guarantee of liquidity to meet certain participant-initiated plan cash flow requirements. These contracts are reported as derivatives, recorded at fair value and classified as interest rate derivatives.

Embedded Derivatives

The Company has certain embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance treaties structured on a modified coinsurance ("modco") or funds withheld basis. Additionally, the Company reinsures equity-indexed annuity and variable annuity contracts with benefits that are considered embedded derivatives, including guaranteed minimum withdrawal benefits, guaranteed minimum accumulation benefits, and guaranteed minimum income benefits. The changes in fair values of embedded derivatives on equity-indexed annuities described below relate to changes in the fair value associated with capital market and other related assumptions. The Company’s utilization of a credit valuation adjustment ("CVA") did not have a material effect on the change in fair value of its embedded derivatives for the three and six months ended June 30, 2016 and 2015.

The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three and six months ended June 30, 2016 and 2015 are reflected in the following table (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Embedded derivatives in modco or funds withheld arrangements included in investment related gains	$	76,966		$	(23,098	)	$	(15,283	)	$	(25,423	)
After the associated amortization of DAC and taxes, the related amounts included in net income	18,807			(3,917		)	(7,970		)	(6,504		)
Embedded derivatives in variable annuity contracts included in investment related gains	(28,137		)	50,878			(91,077		)	25,745
After the associated amortization of DAC and taxes, the related amounts included in net income	(40,167		)	19,608			(66,010		)	10,198
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses	(2,019		)	8,080			(626		)	(21,246		)
After the associated amortization of DAC and taxes, the related amounts included in net income	(7,816		)	1,233			3,418			(14,766		)

Credit Risk

The Company manages its credit risk related to over-the-counter ("OTC") derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination.

The credit exposure of the Company's OTC derivative transactions is represented by the contracts with a positive fair value (market value) at the reporting date. To reduce credit exposures, the Company seeks to (i) enter into OTC derivative transactions pursuant to master netting agreements that provide for a netting of payments and receipts with a single counterparty, and (ii) enter into agreements that allow the use of credit support annexes, which are bilateral rating-sensitive agreements that require collateral postings at established threshold levels. Certain of the Company's OTC derivatives are cleared derivatives, which are bilateral transactions between the Company and a counterparty where the transactions are cleared through a clearinghouse, such that each derivative counterparty is only exposed to the default of the clearinghouse. These cleared transactions require initial and daily variation margin collateral postings and include certain interest rate swaps and credit default swaps entered into on or after June 10, 2013, related to guidelines implemented under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Also, the Company enters into exchange-traded futures through regulated exchanges and these transactions are settled on a daily basis, thereby reducing credit risk exposure in the event of non-performance by counterparties to such financial instruments.

The Company enters into various collateral arrangements, which require both the posting and accepting of collateral in connection with its derivative instruments. Collateral agreements contain attachment thresholds that may vary depending on the posting party’s ratings. Additionally, a decline in the Company’s or the counterparty’s credit ratings to specified levels could result in potential settlement of the derivative positions under the Company’s agreements with its counterparties. The Company also has exchange-traded futures, which require the maintenance of a margin account. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties.

The Company’s credit exposure related to derivative contracts is generally limited to the fair value at the reporting date plus or minus any collateral posted or held by the Company. The Company’s credit exposure to mortality swaps is minimal, as they are fully collateralized by a counterparty. 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 mortality swaps, at June 30, 2016 and December 31, 2015 are reflected in the following table (dollars in thousands):

	June 30, 2016			December 31, 2015
Estimated fair value of derivatives in net asset position	$	305,798		$	248,968
Cash provided as collateral(1)	16,822			12,540
Securities pledged to counterparties as collateral(2)	74,538			47,149
Cash pledged from counterparties as collateral(3)	(298,459		)	(245,038		)
Securities pledged from counterparties as collateral(4)	(40,876		)	(20,888		)
Initial margin for cleared derivatives(2)	(62,577		)	(34,898		)
Net amount after application of master netting agreements and collateral	$	(4,754	)	$	7,833
Margin account related to exchange-traded futures(5)	$	10,503		$	11,004

(1) Consists of receivable from counterparty, included in other assets.

(2) Included in available-for-sale securities, primarily consists of U.S. Treasury and government agency securities.

(3) Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities.

(4) Consists of U.S. Treasury and government securities.

(5) Included in other assets.

XML

Fair Value of Assets and Liabilities

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value of Assets and Liabilities

Fair Value Measurement

General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. The Company’s Level 1 assets include assets and liabilities that are traded in active exchange markets.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions that use significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques that require management’s judgment or estimation in developing inputs that are consistent with those other market participants would use when pricing similar assets and liabilities. Additionally, the Company’s embedded derivatives, all of which are associated with reinsurance treaties and longevity and mortality swaps, are classified in Level 3 since their values include significant unobservable inputs.

When inputs used to measure the fair value of an asset or liability fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety, except for fair value measurements using net asset value. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains and losses for such assets and liabilities categorized within Level 3 may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

Assets and Liabilities by Hierarchy Level

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 are summarized below (dollars in thousands):

June 30, 2016:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	19,543,237		$	252,082	$	17,993,773		$	1,297,382
Canadian and Canadian provincial governments	4,105,274			—		3,551,082			554,192
Residential mortgage-backed securities	1,292,778			—		1,126,799			165,979
Asset-backed securities	1,356,677			—		1,057,861			298,816
Commercial mortgage-backed securities	1,507,693			—		1,469,758			37,935
U.S. government and agencies	2,007,338			1,874,944		106,139			26,255
State and political subdivisions	605,942			—		570,696			35,246
Other foreign government supranational and foreign government-sponsored enterprises	2,742,037			289,633		2,438,698			13,706
Total fixed maturity securities – available-for-sale	33,160,976			2,416,659		28,314,806			2,429,511
Funds withheld at interest – embedded derivatives	(91,981		)	—		—			(91,981		)
Cash equivalents	213,556			213,556		—			—
Short-term investments	160,901			133,716		27,185			—
Other invested assets:
Non-redeemable preferred stock	61,103			48,030		13,073			—
Other equity securities	357,083			357,083		—			—
Derivatives:
Interest rate swaps	159,611			—		159,611			—
Foreign currency forwards	1,498			—		1,498			—
CPI swaps	(613		)	—		(613		)	—
Credit default swaps	5,625			—		5,625			—
Equity options	43,543			—		43,543			—
Foreign currency swaps	101,132			—		101,132			—
FVO contractholder-directed unit-linked investments	195,842			194,604		1,238			—
Other	934			934		—			—
Total other invested assets	925,758			600,651		325,107			—
Other assets - longevity swaps	17,781			—		—			17,781
Total	$	34,386,991		$	3,364,582	$	28,667,098		$	2,355,311
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,125,380		$	—	$	—		$	1,125,380
Other liabilities:
Derivatives:
Interest rate swaps	26,632			—		26,632			—
Foreign currency forwards	2,527			—		2,527			—
Credit default swaps	2,290			—		2,290			—
Equity options	(10,779		)	—		(10,779		)	—
Foreign currency swaps	2,109			—		2,109			—
Mortality swaps	1,997			—		—			1,997
Total	$	1,150,156		$	—	$	22,779		$	1,127,377

December 31, 2015:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	17,708,156		$	269,039	$	16,212,147		$	1,226,970
Canadian and Canadian provincial governments	3,576,759			—		3,160,683			416,076
Residential mortgage-backed securities	1,311,477			—		980,828			330,649
Asset-backed securities	1,212,676			—		908,840			303,836
Commercial mortgage-backed securities	1,483,087			—		1,414,524			68,563
U.S. government and agencies	1,381,659			1,227,858		127,536			26,265
State and political subdivisions	511,014			—		472,672			38,342
Other foreign government, supranational and foreign government-sponsored enterprises	2,458,077			260,552		2,183,460			14,065
Total fixed maturity securities – available-for-sale	29,642,905			1,757,449		25,460,690			2,424,766
Funds withheld at interest – embedded derivatives	(76,698		)	—		—			(76,698		)
Cash equivalents	406,521			406,521		—			—
Short-term investments	530,773			524,946		5,827			—
Other invested assets:
Non-redeemable preferred stock	87,520			81,809		5,711			—
Other equity securities	38,342			38,342		—			—
Derivatives:
Interest rate swaps	71,882			—		71,882			—
Foreign currency forwards	20			—		20			—
CPI swaps	(292		)	—		(292		)	—
Credit default swaps	2,567			—		2,567			—
Equity options	40,644			—		40,644			—
Foreign currency swaps	141,357			—		141,357			—
FVO contractholder-directed unit-linked investments	197,547			195,317		2,230			—
Other	8,170			8,170		—			—
Total other invested assets	587,757			323,638		264,119			—
Other assets - longevity swaps	14,996			—		—			14,996
Total	$	31,106,254		$	3,012,554	$	25,730,636		$	2,363,064
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,070,584		$	—	$	—		$	1,070,584
Other liabilities:
Derivatives:
Interest rate swaps	20,989			—		20,989			—
Foreign currency forwards	6,744			—		6,744			—
Credit default swaps	5,390			—		5,390			—
Equity options	(6,009		)	—		(6,009		)	—
Foreign currency swaps	(4,908		)	—		(4,908		)	—
Mortality swaps	2,619			—		—			2,619
Total	$	1,095,409		$	—	$	22,206		$	1,073,203

The Company may utilize information from third parties, such as pricing services and brokers, to assist in determining the fair value for certain assets and liabilities; however, management is ultimately responsible for all fair values presented in the Company’s condensed consolidated financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of assets and liabilities, and approving changes to valuation methodologies and pricing sources. The selection of the valuation technique(s) to apply considers the definition of an exit price and the nature of the asset or liability being valued and significant expertise and judgment is required.

The Company performs initial and ongoing analysis and review of the various techniques utilized in determining fair value to ensure that they are appropriate and consistently applied, and that the various assumptions are reasonable. The Company analyzes and reviews the information and prices received from third parties to ensure that the prices represent a reasonable estimate of the fair value and to monitor controls around pricing, which includes quantitative and qualitative analysis and is overseen by the Company’s investment and accounting personnel. Examples of procedures performed include, but are not limited to, review of pricing trends, comparison of a sample of executed prices of securities sold to the fair value estimates, comparison of fair value estimates to management’s knowledge of the current market, and ongoing confirmation that third party pricing services use, wherever possible, market-based parameters for valuation. In addition, the Company utilizes both internal and external cash flow models to analyze the reasonableness of fair values utilizing credit spread and other market assumptions, where appropriate. As a result of the analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly. The Company also determines if the inputs used in estimated fair values received from pricing services are observable by assessing whether these inputs can be corroborated by observable market data.

For assets and liabilities reported at fair value, the Company utilizes, when available, fair values based on quoted prices in active markets that are regularly and readily obtainable. Generally, these are very liquid investments and the valuation does not require management judgment. When quoted prices in active markets are not available, fair value is based on market valuation techniques, market comparable pricing and the income approach. The use of different techniques, assumptions and inputs may have a material effect on the estimated fair values of the Company’s securities holdings. For the periods presented, the application of market standard valuation techniques applied to similar assets and liabilities has been consistent.

The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below.

Fixed Maturity Securities – The fair values of the Company’s publicly-traded fixed maturity securities are generally based on prices obtained from independent pricing services. Prices from pricing services are sourced from multiple vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company generally receives prices from multiple pricing services for each security, but ultimately uses the price from the vendor that is highest in the hierarchy for the respective asset type. To validate reasonableness, prices are periodically reviewed as explained above. Consistent with the fair value hierarchy described above, securities with quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. If the pricing information received from third party pricing services is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service.

If the Company ultimately concludes that pricing information received from the independent pricing service is not reflective of fair value, non-binding broker quotes are used, if available. If the Company concludes that the values from both pricing services and brokers are not reflective of fair value, an internally developed valuation may be prepared; however, this occurs infrequently. Internally developed valuations or non-binding broker quotes are also used to determine fair value in circumstances where vendor pricing is not available. These valuations may use significant unobservable inputs, which reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset. Observable market data may not be available in certain circumstances, such as market illiquidity and credit events related to the security. Pricing service overrides, internally developed valuations and non-binding broker quotes are generally based on significant unobservable inputs and are reflected as Level 3 in the valuation hierarchy.

The inputs used in the valuation of corporate and government securities include, but are not limited to standard market observable inputs which are derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer. For structured securities, valuation is based primarily on matrix pricing or other similar techniques using standard market inputs including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information including, but not limited to: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans.

The fair values of private placement securities are primarily determined using a discounted cash flow model. In certain cases these models primarily use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 3. For certain private fixed maturities, the discounted cash flow model may also incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the security. To the extent management determines that such unobservable inputs are not significant to the price of a security, a Level 2 classification is made. Otherwise, a Level 3 classification is used.

Embedded Derivatives – The fair value of embedded derivative liabilities, including those calculated by third parties, are monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatilities, from period to period. Actuarial assumptions are based on experience studies performed internally in combination with available industry information and are reviewed on a periodic basis, at least annually.

For embedded derivative liabilities associated with the underlying products in reinsurance treaties, primarily equity-indexed and variable annuity treaties, the Company utilizes a discounted cash flow model, which includes an estimate of future equity option purchases and an adjustment for a CVA. The variable annuity embedded derivative calculations are performed by third parties based on methodology and input assumptions provided by the Company. To validate the reasonableness of the resulting fair value, the Company’s internal actuaries perform reviews and analytical procedures on the results. The capital market inputs to the model, such as equity indexes, short-term equity volatility and interest rates, are generally observable. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy, see “Level 3 Measurements and Transfers” below for a description.

The fair value of embedded derivatives associated with funds withheld reinsurance treaties is determined based upon a total return swap technique with reference to the fair value of the investments held by the ceding company that support the Company’s funds withheld at interest asset with an adjustment for a CVA. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy, see “Level 3 Measurements and Transfers” below for a description.

Credit Valuation Adjustment – The Company uses a structural default risk model to estimate a CVA. The input assumptions are a combination of externally derived and published values (default threshold and uncertainty), market inputs (interest rate, equity price per share, debt per share, equity price volatility) and insurance industry data (Loss Given Default), adjusted for market recoverability.

Cash Equivalents and Short-Term Investments – Cash equivalents and short-term investments include money market instruments, commercial paper and other highly liquid debt instruments. Money market instruments are generally valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The fair value of certain other short-term investments, such as floating rate notes and bonds with original maturities less than twelve months, are based upon other market observable data and are typically classified as Level 2. However, certain short-term investments may incorporate significant unobservable inputs resulting in a Level 3 classification. Various time deposits carried as cash equivalents or short-term investments are not measured at estimated fair value and therefore are excluded from the tables presented.

Equity Securities – Equity securities consist principally of exchange-traded funds and preferred stock of publicly and privately traded companies. The fair values of publicly traded equity securities are primarily based on quoted market prices in active markets and are classified within Level 1 in the fair value hierarchy. The fair values of preferred equity securities, for which quoted market prices are not readily available, are based on prices obtained from independent pricing services and these securities are generally classified within Level 2 in the fair value hierarchy. Non-binding broker quotes for equity securities are generally based on significant unobservable inputs and are reflected as Level 3 in the fair value hierarchy.

FVO Contractholder-Directed Unit-Linked Investments – FVO contractholder-directed investments supporting unit-linked variable annuity type liabilities primarily consist of exchange-traded funds and, to a lesser extent, fixed maturity securities and cash and cash equivalents. The fair values of the exchange-traded securities are primarily based on quoted market prices in active markets and are classified within Level 1 of the hierarchy. The fair value of the fixed maturity contractholder-directed securities is determined on a basis consistent with the methodologies described above for fixed maturity securities and are classified within Level 2 of the hierarchy.

Derivative Assets and Derivative Liabilities – All of the derivative instruments utilized by the Company, except for longevity and mortality swaps, are classified within Level 2 on the fair value hierarchy. These derivatives are principally valued using an income approach. Valuations of interest rate contracts are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, and repurchase rates. Valuations of foreign currency contracts, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, currency spot rates, and cross currency basis curves. Valuations of credit contracts are based on present value techniques, which utilize significant inputs that may include the swap yield curve, credit curves, and recovery rates. Valuations of equity market contracts, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, spot equity index levels, and dividend yield curves. Valuations of equity market contracts, option-based, are based on option pricing models, which utilize significant inputs that may include the swap yield curve, spot equity index levels, dividend yield curves, and equity volatility. The Company does not currently have derivatives, except for longevity and mortality swaps, included in Level 3 measurement.

Longevity and Mortality Swaps – The Company utilizes a discounted cash flow model to estimate the fair value of longevity and mortality swaps. The fair value of these swaps includes an accrual for premiums payable and receivable. Some inputs to the valuation model are generally observable, such as interest rates and actual population mortality experience. The valuation also requires significant inputs that are generally not observable and, accordingly, the valuation is considered Level 3 in the fair value hierarchy.

Level 3 Measurements and Transfers

As of June 30, 2016 and December 31, 2015, the Company classified approximately 7.3% and 8.2%, respectively, of its fixed maturity securities in the Level 3 category. These securities primarily consist of private placement corporate securities and bank loans with inactive trading markets. Additionally, the Company has included asset-backed securities with subprime exposure and mortgage-backed securities with below investment grade ratings in the Level 3 category due to market uncertainty associated with these securities and the Company’s utilization of unobservable information from third parties for the valuation of these securities.

The significant unobservable inputs used in the fair value measurement of the Company’s corporate, sovereign, government-backed, and other political subdivision investments are probability of default, liquidity premium and subordination premium. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumptions used for the liquidity premium and subordination premium. For securities with a fair value derived using the market comparable pricing valuation technique, liquidity premium is the only significant unobservable input.

The significant unobservable inputs used in the fair value measurement of the Company’s asset and mortgage-backed securities are prepayment rates, probability of default, liquidity premium and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the liquidity premium and loss severity and a directionally opposite change in the assumption used for prepayment rates.

The actuarial assumptions used in the fair value of embedded derivatives which include assumptions related to lapses, withdrawals, and mortality, are based on experience studies performed by the Company in combination with available industry information and are reviewed on a periodic basis, at least annually. The significant unobservable inputs used in the fair value measurement of embedded derivatives are assumptions associated with policyholder experience and selected capital market assumptions for equity-indexed and variable annuities. The selected capital market assumptions, which include long-term implied volatilities, are projections based on short-term historical information. Changes in interest rates, equity indices, equity volatility, CVA, and actuarial assumptions regarding policyholder experience may result in significant fluctuations in the value of embedded derivatives.

Fair value measurements associated with funds withheld reinsurance treaties are generally not materially sensitive to changes in unobservable inputs associated with policyholder experience. The primary drivers of change in these fair values are related to movements of credit spreads, which are generally observable. Increases (decreases) in market credit spreads tend to decrease (increase) the fair value of embedded derivatives. Increases (decreases) in the CVA assumption tend to decrease (increase) the magnitude of the fair value of embedded derivatives.

Fair value measurements associated with variable annuity treaties are sensitive to both capital markets inputs and policyholder experience inputs. Increases (decreases) in lapse rates tend to decrease (increase) the value of the embedded derivatives associated with variable annuity treaties. Increases (decreases) in the long-term volatility assumption tend to increase (decrease) the fair value of embedded derivatives. Increases (decreases) in the CVA assumption tend to decrease (increase) the magnitude of the fair value of embedded derivatives.

The actuarial assumptions used in the fair value of longevity and mortality swaps include assumptions related to the level and volatility of mortality. The assumptions are based on studies performed by the Company in combination with available industry information and are reviewed on a periodic basis, at least annually.

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	Estimated Fair Value				Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	June 30, 2016		December 31, 2015				June 30, 2016		December 31, 2015
Assets:
Corporate securities	$167,602		$195,557		Market comparable securities	Liquidity premium	0-2% (1%)		0-2%  (1%)
U.S. government and agencies	26,255		26,265		Market comparable securities	Liquidity premium	0-1% (1%)		0-1%  (1%)
State and political subdivisions	4,941		4,770		Market comparable securities	Liquidity premium	1	%	1	%
Funds withheld at interest- embedded derivatives	(91,981	)	(76,698	)	Total return swap	Mortality	0-100%  (2%)		0-100%  (2%)
						Lapse	0-35%  (8%)		0-35%  (7%)
						Withdrawal	0-5%  (3%)		0-5%  (3%)
						CVA	0-5%  (1%)		0-5%  (1%)
						Crediting rate	2-4%  (2%)		2-4%  (3%)
Longevity swaps	17,781		14,996		Discounted cash flow	Mortality	0-100%  (2%)		0-100%  (2%)
						Mortality improvement	(10%)-10%  (3%)		(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	841,832		878,114		Discounted cash flow	Mortality	0-100%  (2%)		0-100% (2%)
						Lapse	0-35%  (8%)		0-35% (7%)
						Withdrawal	0-5%  (3%)		0-5% (3%)
						Option budget projection	2-4%  (2%)		2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	283,548		192,470		Discounted cash  flow	Mortality	0-100% (2%)		0-100% (2%)
						Lapse	0-25% (7%)		0-25% (7%)
						Withdrawal	0-7% (3%)		0-7% (3%)
						CVA	0-5% (1%)		0-5% (1%)
						Long-term volatility	0-27% (14%)		0-27% (14%)
Mortality swaps	1,997		2,619		Discounted cash flow	Mortality	0-100%  (1%)		0-100%  (1%)

The Company recognizes transfers of assets and liabilities into and out of levels within the fair value hierarchy at the beginning of the quarter in which the actual event or change in circumstances that caused the transfer occurs. Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Assets and liabilities are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data. This may be due to a significant increase in market activity for the asset or liability, a specific event, one or more significant input(s) becoming observable. Transfers out of Level 3 were primarily the result of the Company obtaining observable pricing information or a third party pricing quotation that appropriately reflects the fair value of those assets and liabilities. In addition, certain transfers out of Level 3 were also due to ratings upgrades on mortgage-backed securities that had previously had below investment-grade ratings.

Transfers from Level 1 to Level 2 are due to the lack of observable market data when pricing these securities, while transfers from Level 2 to Level 1 are due to an increase in the availability of market observable data in an active market. The following tables present the transfers between Level 1 and Level 2 during the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	2016				2015
	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 June 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	—	$	—	$	31,896
Six months ended June 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	—	$	625	$	36,996

The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and six months ended June 30, 2016, as well as the portion of gains or losses included in income for the three and six months ended June 30, 2016 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2016 (dollars in thousands):

For the three months ended June 30, 2016:	Fixed maturity securities - available-for-sale
	Corporate securities			Canadian and Canadian provincial governments		Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies
Fair value, beginning of period	$	1,243,660		$	487,383	$	333,253		$	285,220		$	63,574		$	25,880
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(592		)	3,049		116			252			490			(122		)
Investment related gains (losses), net	12			—		(1,891		)	823			(2,669		)	—
Interest credited	—			—		—			—			—			—
Included in other comprehensive income	30,391			63,760		3,839			2,793			453			461
Other revenues	—			—		—			—			—			—
Purchases(1)	72,982			—		42,913			59,779			—			144
Sales(1)	(901		)	—		(167,236		)	(30,181		)	(22,338		)	—
Settlements(1)	(47,461		)	—		(13,464		)	(4,196		)	(68		)	(108		)
Transfers into Level 3	5,023			—		—			18,398			—			—
Transfers out of Level 3	(5,732		)	—		(31,551		)	(34,072		)	(1,507		)	—
Fair value, end of period	$	1,297,382		$	554,192	$	165,979		$	298,816		$	37,935		$	26,255
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	$	(608	)	$	3,049	$	530		$	187		$	485		$	(122	)
Investment related gains (losses), net	—			—		—			—			—			—
Interest credited	—			—		—			—			—			—

For the three months ended June 30, 2016 (continued):	Fixed maturity securities available-for-sale
	State and political subdivisions			Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivatives			Other assets - longevity swaps			Interest sensitive contract liabilities embedded derivatives			Other liabilities - mortality swaps
Fair value, beginning of period	$	34,624		$	13,936		$	(168,948	)	$	15,806		$	(1,118,069	)	$	(3,043	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	12			—			—			—			—			—
Investment related gains (losses), net	—			—			76,967			—			(28,137		)	—
Interest credited	—			—			—			—			(2,019		)	—
Included in other comprehensive income	837			95			—			(419		)	—			—
Other revenues	—			—			—			2,394			—			1,046
Purchases(1)	—			—			—			—			4,703			—
Sales(1)	—			—			—			—			—			—
Settlements(1)	(227		)	(325		)	—			—			18,142			—
Transfers into Level 3	—			—			—			—			—			—
Transfers out of Level 3	—			—			—			—			—			—
Fair value, end of period	$	35,246		$	13,706		$	(91,981	)	$	17,781		$	(1,125,380	)	$	(1,997	)
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	$	12		$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net	—			—			76,967			—			(31,333		)	—
Other revenues	—			—			—			2,394			—			1,046
Interest credited	—			—			—			—			(20,162		)	—

For the six months ended June 30, 2016:	Fixed maturity securities - available-for-sale
	Corporate securities			Canadian and Canadian provincial governments		Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies
Fair value, beginning of period	$	1,226,970		$	416,076	$	330,649		$	303,836		$	68,563		$	26,265
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,419		)	6,051		(371		)	426			1,133			(245		)
Investment related gains (losses), net	(21,856		)	—		(1,922		)	1,101			(3,289		)	—
Interest credited	—			—		—			—			—			—
Included in other comprehensive income	56,073			132,065		(493		)	(7,734		)	(2,359		)	1,057
Other revenues	—			—		—			—			—			—
Purchases(1)	140,578			—		72,228			97,050			1,545			257
Sales(1)	(10,483		)	—		(167,684		)	(38,681		)	(25,976		)	—
Settlements(1)	(96,955		)	—		(24,904		)	(7,921		)	(137		)	(1,079		)
Transfers into Level 3	10,206			—		—			24,796			—			—
Transfers out of Level 3	(5,732		)	—		(41,524		)	(74,057		)	(1,545		)	—
Fair value, end of period	$	1,297,382		$	554,192	$	165,979		$	298,816		$	37,935		$	26,255
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	$	(1,428	)	$	6,051	$	42		$	350		$	1,031		$	(245	)
Investment related gains (losses), net	(21,726		)	—		—			—			—			—
Interest credited	—			—		—			—			—			—

For the six months ended June 30, 2016 (continued):	Fixed maturity securities available-for-sale
	State and political subdivisions			Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivatives			Other assets - longevity swaps		Interest sensitive contract liabilities embedded derivatives			Other liabilities - mortality swaps
Fair value, beginning of period	$	38,342		$	14,065		$	(76,698	)	$	14,996	$	(1,070,584	)	$	(2,619	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	195			—			—			—		—			—
Investment related gains (losses), net	—			—			(15,283		)	—		(91,077		)	—
Interest credited	—			—			—			—		(626		)	—
Included in other comprehensive income	1,171			288			—			304		—			—
Other revenues	—			—			—			2,481		—			622
Purchases(1)	—			—			—			—		2,035			—
Sales(1)	—			—			—			—		—			—
Settlements(1)	(258		)	(647		)	—			—		34,872			—
Transfers into Level 3	—			—			—			—		—			—
Transfers out of Level 3	(4,204		)	—			—			—		—			—
Fair value, end of period	$	35,246		$	13,706		$	(91,981	)	$	17,781	$	(1,125,380	)	$	(1,997	)
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	$	195		$	—		$	—		$	—	$	—		$	—
Investment related gains (losses), net	—			—			(15,283		)	—		(96,811		)	—
Other revenues	—			—			—			2,481		—			622
Interest credited	—			—			—			—		(35,497		)	—

(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 six months ended June 30, 2015, as well as the portion of gains or losses included in income for the three and six months ended June 30, 2015 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2015 (dollars in thousands):

For the three months ended June 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	$	1,286,979		$	192,579		$	609,436		$	93,869		$	27,756		$	41,875
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,051		)	(156		)	1,511			677			112			8
Investment related gains (losses), net	(166		)	17			283			(770		)	(10		)	(5		)
Interest credited	—			—			—			—			—			—
Included in other comprehensive income	(16,902		)	(1,291		)	(301		)	(386		)	(559		)	(1,480		)
Purchases(1)	76,982			118,868			44,181			42			154			—
Sales(1)	(3,949		)	—			(1,615		)	(2,000		)	—			—
Settlements(1)	(103,696		)	(8,617		)	(63,751		)	(893		)	(94		)	(212		)
Transfers into Level 3	413			1,800			—			—			—			—
Transfers out of Level 3	(1,293		)	(4,824		)	(9,234		)	(12,720		)	—			—
Fair value, end of period	$	1,237,317		$	298,376		$	580,510		$	77,819		$	27,359		$	40,186
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	$	(997	)	$	(156	)	$	706		$	640		$	112		$	8
Investment related gains (losses), net	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—

For the three months ended June 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	$	15,202		$	19,769		$	7,992		$	8,602	$	(1,132,271	)	$	(1,276	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—		—			—
Investment related gains (losses), net	—			(23,098		)	—			—		50,878			—
Interest credited	—			—			—			—		8,080			—
Included in other comprehensive income	(232		)	—			(104		)	340		—			—
Other revenues	—			—			—			1,911		—			(478		)
Purchases(1)	—			—			4,500			—		(13,924		)	—
Sales(1)	—			—			—			—		—			—
Settlements(1)	(313		)	—			—			—		18,083			—
Transfers into Level 3	—			—			—			—		—			—
Transfers out of Level 3	—			—			—			—		—			—
Fair value, end of period	$	14,657		$	(3,329	)	$	12,388		$	10,853	$	(1,069,154	)	$	(1,754	)
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	—			(23,098		)	—			—		48,603			—
Other revenues	—			—			—			1,911		—			(478		)
Interest credited	—			—			—			—		(10,003		)	—

For the six months ended June 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	(1,854		)	(296		)	2,930			1,271			93			15
Investment related gains (losses), net	(571		)	(65		)	356			(683		)	(117		)	(9		)
Interest credited	—			—			—			—			—			—
Included in other comprehensive income	(10,833		)	(768		)	3,331			(696		)	(383		)	(1,455		)
Purchases(1)	113,882			130,307			85,172			42			275			—
Sales(1)	(3,949		)	(714		)	(8,971		)	(2,956		)	—			—
Settlements(1)	(163,296		)	(14,336		)	(67,873		)	(6,013		)	(1,038		)	(241		)
Transfers into Level 3	413			2,400			9,055			12,828			—			—
Transfers out of Level 3	(6,902		)	(6,246		)	(16,450		)	(12,720		)	—			(835		)
Fair value, end of period	$	1,237,317		$	298,376		$	580,510		$	77,819		$	27,359		$	40,186
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	$	(1,800	)	$	(297	)	$	2,105		$	1,229		$	93		$	15
Investment related gains (losses), net	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—

For the six months ended June 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	—			(25,423		)	—			—			25,745			—
Policy acquisition costs and other insurance expenses	—			—			—			—			(21,246		)	—
Included in other comprehensive income	(50		)	—			(16		)	(605		)	—			—
Other revenues	—			—			—			3,731			—			(957		)
Purchases(1)	—			—			4,529			—			(25,568		)	—
Sales(1)	—			—			—			—			—			—
Settlements(1)	(623		)	—			—			—			—			—
Transfers into Level 3	—			—			—			—			37,081			—
Transfers out of Level 3	(4,333		)	—			(29		)	—			—			—
Fair value, end of period	$	14,657		$	(3,329	)	$	12,388		$	10,853		$	(1,069,154	)	$	(1,754	)
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	—			(25,423		)	—			—			20,358			—
Other revenues	—			—			—			3,731			—			(957		)
Interest credited	—			—			—			—			(58,327		)	—

(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.

Nonrecurring Fair Value Measurements

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 June 30,				Three months ended June 30,						Six months ended June 30,
(dollars in thousands)	2016		2015		2016			2015			2016			2015
Mortgage loans(1)	$	6,993	$	5,850	$	(400	)	$	(11	)	$	(702	)	$	39
Limited partnership interests(2)	4,460		13,667		(112		)	—			(2,039		)	(4,509		)

(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.

Fair Value of Financial Instruments

The Company is required by general accounting principles for Fair Value Measurements and Disclosures to disclose the fair value of certain financial instruments including those that are not carried at fair value. 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 June 30, 2016 and December 31, 2015 (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.

June 30, 2016:	Carrying Value		Estimated  Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	3,377,039	$	3,502,098	$	—	$	—	$	3,502,098	$	—
Policy loans	1,445,410		1,445,410		—		1,445,410		—		—
Funds withheld at interest(1)	5,987,794		6,368,471		—		—		6,368,471		—
Cash and cash equivalents(2)	820,773		820,773		820,773		—		—		—
Short-term investments(2)	35,078		35,078		35,078		—		—		—
Other invested assets(2)	383,295		409,054		4,297		36,151		86,092		282,514
Accrued investment income	368,926		368,926		—		368,926		—		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	10,058,118	$	10,650,840	$	—	$	—	$	10,650,840	$	—
Short-term debt	299,807		308,457		—		—		308,457		—
Long-term debt	2,788,473		2,954,981		—		—		2,954,981		—
Collateral finance and securitization notes	870,482		790,304		—		—		790,304		—
December 31, 2015:	Carrying Value		Estimated Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	3,129,951	$	3,197,808	$	—	$	—	$	3,197,808	$	—
Policy loans	1,468,796		1,468,796		—		1,468,796		—		—
Funds withheld at interest(1)	5,956,380		6,311,780		—		—		6,311,780		—
Cash and cash equivalents(2)	1,118,754		1,118,754		1,118,754		—		—		—
Short-term investments(2)	27,511		27,511		27,511		—		—		—
Other invested assets(2)	399,799		444,342		4,445		34,886		111,412		293,599
Accrued investment income	339,452		339,452		—		339,452		—		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	9,746,870	$	9,841,576	$	—	$	—	$	9,841,576	$	—
Long-term debt	2,297,548		2,415,119		—		—		2,415,119		—
Collateral finance and securitization notes	899,161		791,275		—		—		791,275		—

(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.

Mortgage Loans on Real Estate – The fair value of mortgage loans on real estate is estimated by discounting cash flows, both principal and interest, using current interest rates for mortgage loans with similar credit ratings and similar remaining maturities. As such, inputs include current treasury yields and spreads, which are based on the credit rating and average life of the loan, corresponding to the market spreads. The valuation of mortgage loans on real estate is considered Level 3 in the fair value hierarchy.

Policy Loans – Policy loans typically carry an interest rate that is adjusted annually based on an observable market index and therefore carrying value approximates fair value. The valuation of policy loans is considered Level 2 in the fair value hierarchy.

Funds Withheld at Interest – The carrying value of funds withheld at interest approximates fair value except where the funds withheld are specifically identified in the agreement. When funds withheld are specifically identified in the agreement, the fair value is based on the fair value of the underlying assets which are held by the ceding company. Ceding companies use a variety of sources and pricing methodologies, which are not transparent to the Company and may include significant unobservable inputs, to value the securities that are held in distinct portfolios, therefore the valuation of these funds withheld assets are considered Level 3 in the fair value hierarchy.

Cash and Cash Equivalents and Short-term Investments – The carrying values of cash and cash equivalents and short-term investments approximates fair values due to the short-term maturities of these instruments and are considered Level 1 in the fair value hierarchy.

Other Invested Assets – This primarily includes limited partnership interests accounted for using the cost method, structured loans, FHLB common stock, cash collateral and equity release mortgages. The fair value of limited partnership interests and other investments accounted for using the cost method is determined using the net asset values ("NAV") of the Company’s ownership interest as provided in the financial statements of the investees. The fair value of structured loans is estimated based on a discounted cash flow analysis using discount rates applicable to each structured loan, this is considered Level 3 in the fair value hierarchy. The fair value of the Company’s common stock investment in the FHLB is considered to be the carrying value and it is considered Level 2 in the fair value hierarchy. The fair value of the Company's cash collateral is considered to be the carrying value and considered to be Level 1 in the fair value hierarchy. The fair value of the Company’s equity release mortgage loan portfolio, considered Level 3 in the fair value hierarchy, is estimated by discounting cash flows, both principal and interest, using current interest rates and credit spread adjustments derived from benchmarking against similar loans, allowing also for United Kingdom house price inflation and actuarial analyses of borrower behavior, mortality and morbidity.

Accrued Investment Income – The carrying value for accrued investment income approximates fair value as there are no adjustments made to the carrying value. This is considered Level 2 in the fair value hierarchy.

Interest-Sensitive Contract Liabilities – The carrying and fair values of interest-sensitive contract liabilities reflected in the table above exclude contracts with significant mortality risk. The fair value of the Company’s interest-sensitive contract liabilities utilizes a market standard technique with both capital market inputs and policyholder behavior assumptions, as well as cash values adjusted for recapture fees. The capital market inputs to the model, such as interest rates, are generally observable. Policyholder behavior assumptions are generally not observable and may require use of significant management judgment. The valuation of interest-sensitive contract liabilities is considered Level 3 in the fair value hierarchy.

Short- and Long-term Debt/Collateral Finance and Securitization Notes – The fair value of the Company’s short- and long-term, debt and collateral finance and securitization notes is generally estimated by discounting future cash flows using market rates currently available for debt with similar remaining maturities and reflecting the credit risk of the Company, including inputs when available, from actively traded debt of the Company or other companies with similar credit quality. The valuation of short- and long-term debt, and collateral finance and securitization notes are generally obtained from brokers and is considered Level 3 in the fair value hierarchy. The Company's short-term debt represents the portion of long-term debt maturing within one year.

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Segment Information

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Information

Segment Information

The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in Note 2 of the consolidated financial statements accompanying the 2015 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets. Investment income is allocated to the segments based upon average assets and related capital levels deemed appropriate to support the segment business volumes.

The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses.

The Company’s reportable segments are strategic business units that are primarily segregated by geographic region. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in thousands).

	Three months ended June 30,				Six months ended June 30,
Revenues:	2016		2015		2016		2015
U.S. and Latin America:
Traditional	$	1,494,003	$	1,342,248	$	2,894,820	$	2,597,538
Non-Traditional	305,077		191,775		343,982		384,448
Total	1,799,080		1,534,023		3,238,802		2,981,986
Canada:
Traditional	288,912		270,090		546,912		535,094
Non-Traditional	11,854		11,458		22,538		23,332
Total	300,766		281,548		569,450		558,426
Europe, Middle East and Africa:
Traditional	301,642		284,192		591,276		579,424
Non-Traditional	80,977		75,308		148,733		130,684
Total	382,619		359,500		740,009		710,108
Asia Pacific:
Traditional	477,571		411,314		871,770		805,189
Non-Traditional	17,045		7,076		37,116		26,646
Total	494,616		418,390		908,886		831,835
Corporate and Other	61,987		36,879		94,489		68,598
Total	$	3,039,068	$	2,630,340	$	5,551,636	$	5,150,953

	Three months ended June 30,						Six months ended June 30,
Income (loss) before income taxes:	2016			2015			2016			2015
U.S. and Latin America:
Traditional	$	111,430		$	82,793		$	162,528		$	100,636
Non-Traditional	108,854			70,393			93,958			124,898
Total	220,284			153,186			256,486			225,534
Canada:
Traditional	43,309			22,736			63,404			45,463
Non-Traditional	2,128			3,094			2,720			7,225
Total	45,437			25,830			66,124			52,688
Europe, Middle East and Africa:
Traditional	6,834			9,159			5,718			19,641
Non-Traditional	27,469			31,432			52,893			51,066
Total	34,303			40,591			58,611			70,707
Asia Pacific:
Traditional	34,482			4,315			75,642			56,963
Non-Traditional	(73		)	(1,405		)	8,480			8,740
Total	34,409			2,910			84,122			65,703
Corporate and Other	18,790			(8,727		)	(4,540		)	(16,717		)
Total	$	353,223		$	213,790		$	460,803		$	397,915

Assets:	June 30, 2016		December 31, 2015
U.S. and Latin America:
Traditional	$	17,806,550	$	16,554,509
Non-Traditional	13,935,486		13,405,878
Total	31,742,036		29,960,387
Canada:
Traditional	3,894,407		3,604,344
Non-Traditional	16,933		27,543
Total	3,911,340		3,631,887
Europe, Middle East and Africa:
Traditional	2,669,404		2,757,593
Non-Traditional	4,076,547		4,162,703
Total	6,745,951		6,920,296
Asia Pacific:
Traditional	3,757,131		3,227,530
Non-Traditional	742,063		742,528
Total	4,499,194		3,970,058
Corporate and Other	6,978,182		5,900,524
Total	$	53,876,703	$	50,383,152

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Commitments, Contingencies and Guarantees

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Commitments, Contingencies and Guarantees

Commitments

Funding of Investments

The Company's commitments to fund investments as of June 30, 2016 and December 31, 2015 are presented in the following table (dollars in thousands):

	June 30, 2016		December 31, 2015
Limited partnerships and real estate joint ventures	$	252,864	$	263,163
Commercial mortgage loans	56,139		86,325
Bank loans	51,041		48,686
Equity release mortgages	40,091		8,504

The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Investments in limited partnerships and real estate joint ventures are carried at cost or reported using the equity method and included in other invested assets in the condensed consolidated balance sheets. Bank loans are carried at fair value and included in fixed maturity securities available-for-sale. Equity release mortgages are carried at unpaid principal balances, net of any amortized premium or discount and valuation allowance and included in other invested assets.

Contingencies

Litigation

The Company is subject to litigation in the normal course of its business. A legal reserve is established when the Company is notified of an arbitration demand or litigation or is notified that an arbitration demand or litigation is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.

Other Contingencies

The Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future.

Guarantees

Statutory Reserve Support

RGA, through wholly-owned subsidiaries, has committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). The third parties have recourse to RGA should the subsidiary fail to provide the required funding, however, as of June 30, 2016, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of June 30, 2016 (dollars in millions):

Commitment Period:	June 30, 2016
2023	$	500.0
2033	950.0
2034	3,000.0
2035	1,314.2
2036	1,432.0

Other Guarantees

RGA has issued guarantees to third parties on behalf of its subsidiaries for the payment of amounts due under certain securities borrowing arrangements, financing arrangements and office lease obligations, whereby, if a subsidiary fails to meet an obligation, RGA or one of its other subsidiaries will make a payment to fulfill the obligation. Additionally, in limited circumstances, treaty guarantees are granted to ceding companies in order to provide them additional security, particularly in cases where RGA’s subsidiary is relatively new, unrated, or not of a significant size, relative to the ceding company. Liabilities supported by the treaty guarantees, before consideration for any legally offsetting amounts due from the guaranteed party are reflected on the Company’s condensed consolidated balance sheets in future policy benefits. Potential guaranteed amounts of future payments will vary depending on production levels and underwriting results. Guarantees related to borrowed securities provide additional security to third parties should a subsidiary fail to return the borrowed securities when due. RGA’s guarantees issued as of June 30, 2016 and December 31, 2015 are reflected in the following table (dollars in thousands):

	June 30, 2016		December 31, 2015
Treaty guarantees	$	759,175	$	765,505
Treaty guarantees, net of assets in trust	631,267		634,909
Borrowed securities	269,740		259,540
Financing arrangements	121,369		100,000
Lease obligations	3,140		5,217

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Income Tax Income Tax

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Income Tax

Provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 35% to pre-tax income as a result of the following for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Tax provision at U.S. statutory rate	$	123,628		$	74,826		$	161,281		$	139,270
Increase (decrease) in income taxes resulting from:
Foreign tax rate differing from U.S. tax rate	(8,398		)	(764		)	(12,282		)	(6,285		)
Differences in tax bases in foreign jurisdictions	(5,553		)	(6,931		)	(14,489		)	(13,601		)
Deferred tax valuation allowance	4,288			4,967			9,287			11,758
Amounts related to tax audit contingencies	3,288			952			3,889			1,905
Subpart F	738			11,452			1,433			17,886
Foreign tax credits	(427		)	(1,104		)	(721		)	(3,448		)
Return to provision adjustments	(442		)	(212		)	(316		)	(4,977		)
Other, net	(2		)	213			146			(98		)
Total provision for income taxes	$	117,120		$	83,399		$	148,228		$	142,410
Effective tax rate	33.2		%	39.0		%	32.2		%	35.8		%

The second quarter and first six months of 2016 effective tax rate was lower than the U.S. Statutory rate of 35.0% primarily as a result of income in non-U.S. jurisdictions with lower tax rates than the U.S. and differences in tax bases in foreign jurisdictions. The 2015 tax benefits from income in non-U.S. jurisdictions were partially offset by a tax accrual related to the Active Financing Exception business extender provision that the U.S. Congress did not pass prior to June 30, 2015.

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Employee Benefit Plans

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The components of net periodic benefit costs for the three and six months ended June 30, 2016 and 2015 were as follows (dollars in thousands):

	Pension Benefits						Other Benefits
	Three months ended June 30,						Three months ended June 30,
	2016			2015			2016		2015
Service cost	$	2,652		$	2,586		$	1,015	$	589
Interest cost	1,076			1,283			643		491
Expected return on plan assets	(1,345		)	(1,331		)	—		—
Amortization of prior service cost	75			80			—		—
Amortization of prior actuarial loss	1,224			833			617		265
Net periodic benefit cost	$	3,682		$	3,451		$	2,275	$	1,345

	Pension Benefits						Other Benefits
	Six months ended June 30,						Six months ended June 30,
	2016			2015			2016		2015
Service cost	$	4,958		$	4,616		$	2,031	$	1,178
Interest cost	2,335			2,526			1,286		982
Expected return on plan assets	(2,569		)	(2,449		)	—		—
Amortization of prior service cost	153			163			—		—
Amortization of prior actuarial loss	2,081			1,272			1,233		530
Net periodic benefit cost	$	6,958		$	6,128		$	4,550	$	2,690

The Company has made $4.0 million in pension contributions during the first six months of 2016 and expects to make total pension contributions of $8.0 million in 2016.

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Equity Based Compensation

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity Based Compensation

Equity Based Compensation

Equity compensation expense was $7.4 million and $3.1 million in the second quarter of 2016 and 2015, respectively. In the first quarter of 2016, the Company granted 0.3 million stock appreciation rights at $93.53 weighted average exercise price per share and 0.2 million performance contingent units to employees. Additionally, non-employee directors were granted a total of 8,908 shares of common stock. As of June 30, 2016, 1.8 million share options at a weighted average strike price per share of $56.13 were vested and exercisable, with a remaining weighted average exercise period of 4.7 years. As of June 30, 2016, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $40.7 million. It is estimated that these costs will vest over a weighted average period of 2.1 years.

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Reinsurance

6 Months Ended

Jun. 30, 2016

Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract]

Retrocession Arrangements and Reinsurance Ceded Receivables

Reinsurance

The Company generally reports retrocession activity on a gross basis. Amounts paid or deemed to have been paid for reinsurance are reflected in reinsurance ceded receivables. The cost of reinsurance related to long-duration contracts is recognized over the terms of the reinsured policies on a basis consistent with the reporting of those policies.

Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. At June 30, 2016 and December 31, 2015, no allowances were deemed necessary. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance.

Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of June 30, 2016 and December 31, 2015, all rated retrocession pool participants followed by the A.M. Best Company were rated “A- (excellent)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets has been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. In addition to its third party retrocessionaires, various RGA reinsurance subsidiaries retrocede amounts in excess of their retention to affiliated subsidiaries.

The following table presents information for the Company's reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of June 30, 2016 and December 31, 2015 (dollars in thousands):

		June 30, 2016				December 31, 2015
Reinsurer	A.M. Best Rating	Amount		% of Total		Amount		% of Total
Reinsurer A	A+	$	233,016	34.2	%	$	199,479	31.3	%
Reinsurer B	A+	190,957		28.0		179,522		28.1
Reinsurer C	A+	68,727		10.1		72,836		11.4
Reinsurer D	A++	38,098		5.6		41,807		6.6
Reinsurer E	A	36,847		5.4		37,138		5.8
Other reinsurers		113,780		16.7		107,077		16.8
Total		$	681,425	100.0	%	$	637,859	100.0	%

Included in the total reinsurance ceded receivables balance were $246.2 million and $233.7 million of claims recoverable, of which $4.7 million and $2.0 million were in excess of 90 days past due, as of June 30, 2016 and December 31, 2015, respectively.

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Financing Activities

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Financing Activities

On June 1, 2016, RGA issued 3.95% Senior Notes due September 15, 2026 with a face amount of $400.0 million and 5.75% Fixed-To-Floating Rate Subordinated Debentures due June 15, 2056 with a face amount of $400.0 million. These securities have been registered with the Securities and Exchange Commission. The net proceeds from these offerings were approximately $791.0 million and will be used in part to repay upon maturity the Company’s $300.0 million5.625% Senior Notes that mature in March 2017. The remainder will be used for general corporate purposes. Capitalized issue costs were approximately $9.0 million.

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New Accounting Standards

6 Months Ended

Jun. 30, 2016

Accounting Changes and Error Corrections [Abstract]

New Accounting Standards

New Accounting Standards

Changes to the general accounting principles are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements.

Adoption of New Accounting Standards

Transfers and Servicing

In June 2014, the FASB amended the general accounting principles for Transfers and Servicing as it relates to the accounting for repurchase-to-maturity transactions, repurchase financings, and disclosures. This amendment requires entities to account for repurchase-to-maturity transactions as secured borrowings, eliminates guidance on linked repurchase financing transactions, and expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers accounted for as secured borrowings. These amendments are effective for annual years, and interim periods within those years, beginning after December 15, 2014. Certain interim period disclosures for repurchase agreements and securities lending transactions were not required until the second quarter of 2015. The adoption of this amendment did not have an impact on the Company's condensed consolidated financial statements other than the addition of the required disclosures. The Company adopted these amendments and the required disclosures are provided in Note 4 "Investments."

Business Combinations

In September 2015, the FASB amended the general accounting principles for Business Combinations as it relates to measurement period adjustments. This amendment requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount as if the accounting had been completed at the acquisition date. The adjustments related to previous reporting periods since the acquisition date must be disclosed by income statement line item either on the face of the income statement or in the notes. The Company adopted this amendment during the three months ended September 30, 2015. Accordingly, the Company applied the amendments in this update to the measurement period adjustments made during the three months ended September 30, 2015 with no material effect on previous-period or current-period earnings.

Debt Issuance Costs

In April 2015, the FASB issued accounting guidance, “Simplifying the Presentation of Debt Issuance Costs” which requires capitalized debt issuance costs related to a recognized debt liability be presented in the statement of financial position as a direct deduction from the carrying amount of that debt. This standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted for financial statements not yet issued. The Company elected to adopt this standard as of December 31, 2015, with retrospective application to all balance sheets presented.

Fair Value Measurement

In May 2015, the FASB issued amended guidance on the disclosures for investments in certain entities that calculate NAV per share (or its equivalent). The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those years. Early application is permitted. The Company adopted the guidance for the year ended December 31, 2015 and applied the guidance retrospectively. Adoption of the guidance did not have a material impact on the Company’s condensed consolidated financial statements.

Future Adoption of New Accounting Standards

Financial Services - Insurance

In May 2015, the FASB amended the general accounting principle for Financial Services - Insurance which expanded the breadth of disclosures that an insurance entity must provide about its short-duration insurance contracts. This amendment requires insurance entities to disclose for annual reporting periods information about the liability for unpaid claims and claim adjustment expenses. The amendment also requires insurance entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including reasons for the change and the effects on the financial statements. In addition, the amendment requires insurance entities to disclose for annual and interim reporting periods a roll-forward of the liability for unpaid claims and claim adjustment expenses. This amendment focuses only on disclosure; it does not change the accounting model for short-duration contracts. The update is effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. The new guidance should be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. The adoption of this amendment is not expected to have an impact on the Company's condensed consolidated financial statements other than the addition of the required disclosures.

Financial Instruments

In January 2016, the FASB amended the general accounting principle for Financial Instruments, effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. The amendment revises the accounting related to (1) the classification and measurement of investments in equity securities, (2) the presentation of certain fair value changes for financial liabilities measured at fair value, (3) certain disclosure requirements associated with the fair value of financial instruments. The new guidance should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The Company is currently evaluating the impact of this amendment on its condensed consolidated financial statements.

In June, 2016, the FASB amended the existing impairment guidance of Financial Instruments. The amendment adds to U.S. GAAP an impairment model (known as current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. For traditional and other receivables, held-to-maturity debt securities, loans and other instruments entities will be required to use the new forward-looking "expected loss" model that generally will result in earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses similar to what they do today, except the losses will be recognized as allowances rather than reduction to the amortized cost of the securities. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019, with early adoption permitted. The guidance will be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is currently evaluating the impact of this amendment on its condensed consolidated financial statements.

Leases

In February 2016, the FASB issued guidance which will replace most existing lease accounting guidance. The new standard, based on the principle that entities should recognize assets and liabilities arising from leases, does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Leases are classified as finance or operating. The new standard's primary change is the requirement for entities to recognize a lease liability for payments and a right of use asset representing the right to use the leased asset during the term of operating lease arrangements. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. Lessors’ accounting is largely unchanged from the previous accounting standard. In addition, the new standard expands the disclosure requirements of lease arrangements. Lessees and lessors will use a modified retrospective transition approach, which includes a number of practical expedients. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of this amendment on its condensed consolidated financial statements.

Stock Compensation

In March 2016, the FASB updated the general accounting principal for Stock Compensation. This update was issued as part of the FASB’s simplification initiative and affects all entities that issue share-based payment awards to their employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This update is effective for annual and interim periods beginning after December 15, 2016. This guidance will be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on its condensed consolidated financial statements.

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block]

The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information):

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
Earnings:
Net income (numerator for basic and diluted calculations)	$	236,103	$	130,391	$	312,575	$	255,505
Shares:
Weighted average outstanding shares (denominator for basic calculation)	64,126		66,351		64,348		67,246
Equivalent shares from outstanding stock options	670		769		660		785
Denominator for diluted calculation	64,796		67,120		65,008		68,031
Earnings per share:
Basic	$	3.68	$	1.97	$	4.86	$	3.80
Diluted	$	3.64	$	1.94	$	4.81	$	3.76

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Equity (Tables)

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Schedule of Stock by Class [Table Text Block]

The changes in number of common stock shares, issued, held in treasury and outstanding are as follows for the periods indicated:

	Issued	Held In Treasury		Outstanding
Balance, December 31, 2015	79,137,758	13,933,232		65,204,526
Common stock acquired	—	1,352,211		(1,352,211	)
Stock-based compensation (1)	—	(217,434	)	217,434
Balance, June 30, 2016	79,137,758	15,068,009		64,069,749

	Issued	Held In Treasury		Outstanding
Balance, December 31, 2014	79,137,758	10,364,797		68,772,961
Common stock acquired	—	2,791,360		(2,791,360	)
Stock-based compensation (1)	—	(440,059	)	440,059
Balance, June 30, 2015	79,137,758	12,716,098		66,421,660

(1) Represents net shares issued from treasury pursuant to the Company's equity-based compensation programs.

Components of Accumulated Other Comprehensive Income

The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the six months ended June 30, 2016 and 2015 are as follows (dollars in thousands):

	AOCI, Net of Income Tax
	Accumulated Currency Translation Adjustments			Unrealized Appreciation (Depreciation) of Investments(1)			Pension and Postretirement Benefits			Total
Balance, December 31, 2015	$	(181,151	)	$	935,697		$	(46,262	)	$	708,284
Other comprehensive income before reclassifications	99,374			1,759,753			(6,083		)	1,853,044
Amounts reclassified to (from) AOCI	—			(24,366		)	3,467			(20,899		)
Deferred income tax benefit (expense)	(11,699		)	(544,269		)	913			(555,055		)
Balance, June 30, 2016	$	(93,476	)	$	2,126,815		$	(47,965	)	$	1,985,374

	AOCI, Net of Income Tax
	Accumulated Currency Translation Adjustments			Unrealized Appreciation (Depreciation) of Investments(1)			Pension and Postretirement Benefits			Total
Balance, December 31, 2014	$	81,847		$	1,624,773		$	(49,491	)	$	1,657,129
Other comprehensive income before reclassifications	(89,220		)	(612,314		)	733			(700,801		)
Amounts reclassified to (from) AOCI	—			(6,192		)	1,965			(4,227		)
Deferred income tax benefit (expense)	(6,616		)	204,789			(910		)	197,263
Balance, June 30, 2015	$	(13,989	)	$	1,211,056		$	(47,703	)	$	1,149,364

(1) Includes cash flow hedges of $(41,192) and $(29,397) as of June 30, 2016 and December 31, 2015, respectively, and $(23,901) and $(31,591) as of June 30, 2015 and December 31, 2014, respectively. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.

Reclassification Out Of Accumulated Other Comprehensive Income

The following table presents the amounts of AOCI reclassifications for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Amount Reclassified from AOCI
	Three months ended June 30,						Six months ended June 30,
Details about AOCI Components	2016			2015			2016			2015			Affected Line Item in  Statements of Income
Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities	$	30,190		$	1,829		$	11,899		$	4,908		Investment related gains (losses), net
Cash flow hedges - Interest rate swaps	93			231			253			291			(1)
Cash flow hedges - Forward bond purchase commitments	(1,045		)	1,807			(257		)	967			(1)
Deferred policy acquisition costs attributed to unrealized gains and losses	5,365			(4,307		)	12,471			26			(2)
Total	34,603			(440		)	24,366			6,192
Provision for income taxes	(9,646		)	(245		)	(4,996		)	(537		)
Net unrealized gains (losses), net of tax	$	24,957		$	(685	)	$	19,370		$	5,655
Amortization of defined benefit plan items:
Prior service cost	$	(75	)	$	(80	)	$	(153	)	$	(163	)	(3)
Actuarial gains (losses)	(1,841		)	(1,098		)	(3,314		)	(1,802		)	(3)
Total	(1,916		)	(1,178		)	(3,467		)	(1,965		)
Provision for income taxes	670			413			1,213			688
Amortization of defined benefit plans, net of tax	$	(1,246	)	$	(765	)	$	(2,254	)	$	(1,277	)
Total reclassifications for the period	$	23,711		$	(1,450	)	$	17,116		$	4,378

(1) See Note 5 - "Derivative Instruments" for additional information on cash flow hedges.

(2) This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2015 Annual Report for additional details.

(3) This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional detai

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Investments (Tables)

6 Months Ended

Jun. 30, 2016

Investments [Abstract]

Available For Sale Securities

The following tables provide information relating to investments in fixed maturity and equity securities by sector as of June 30, 2016 and December 31, 2015 (dollars in thousands):

June 30, 2016:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	18,417,375	$	1,260,330	$	134,468	$	19,543,237	58.9	%	$	—
Canadian and Canadian provincial governments	2,607,276		1,497,998		—		4,105,274		12.4		—
Residential mortgage-backed securities	1,225,718		72,733		5,673		1,292,778		3.9		(300		)
Asset-backed securities	1,377,736		11,054		32,113		1,356,677		4.1		275
Commercial mortgage-backed securities	1,441,091		67,727		1,125		1,507,693		4.5		(1,609		)
U.S. government and agencies	1,907,648		99,690		—		2,007,338		6.1		—
State and political subdivisions	538,037		74,042		6,137		605,942		1.8		—
Other foreign government, supranational and foreign government-sponsored enterprises	2,562,003		190,688		10,654		2,742,037		8.3		—
Total fixed maturity securities	$	30,076,884	$	3,274,262	$	190,170	$	33,160,976	100.0	%	$	(1,634	)
Non-redeemable preferred stock	$	66,464	$	2,575	$	7,936	$	61,103	14.6	%
Other equity securities	349,577		7,952		446		357,083		85.4
Total equity securities	$	416,041	$	10,527	$	8,382	$	418,186	100.0	%

December 31, 2015:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	17,575,507	$	599,718	$	467,069	$	17,708,156	59.7	%	$	—
Canadian and Canadian provincial governments	2,469,009		1,110,282		2,532		3,576,759		12.1		—
Residential mortgage-backed securities	1,277,998		45,152		11,673		1,311,477		4.4		(300		)
Asset-backed securities	1,219,000		12,052		18,376		1,212,676		4.1		354
Commercial mortgage-backed securities	1,456,848		37,407		11,168		1,483,087		5.0		(1,609		)
U.S. government and agencies	1,423,791		15,586		57,718		1,381,659		4.7		—
State and political subdivisions	480,067		40,014		9,067		511,014		1.7		—
Other foreign government, supranational and foreign government-sponsored enterprises	2,420,757		78,964		41,644		2,458,077		8.3		—
Total fixed maturity securities	$	28,322,977	$	1,939,175	$	619,247	$	29,642,905	100.0	%	$	(1,555	)
Non-redeemable preferred stock	$	85,645	$	7,837	$	5,962	$	87,520	69.5	%
Other equity securities	40,584		—		2,242		38,342		30.5
Total equity securities	$	126,229	$	7,837	$	8,204	$	125,862	100.0	%

Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]

The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under certain third-party reinsurance treaties as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016				December 31, 2015
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities pledged as collateral	$	189,370	$	202,763	$	169,678	$	176,782
Fixed maturity securities received as collateral	n/a		261,461		n/a		242,914
Assets in trust held to satisfy collateral requirements	12,318,432		13,375,925		10,535,729		10,928,393

Concentration Risk Disclosure [Text Block]

The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and its agencies as well as the securities disclosed below as of June 30, 2016 and December 31, 2015 (dollars in thousands).

	June 30, 2016				December 31, 2015
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Canadian province of Ontario	$	853,014	$	1,257,954	$	864,444	$	1,199,080
Canadian province of Quebec	1,026,507		1,854,422		943,484		1,525,903

Investments Classified By Contractual Maturity Date

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale at June 30, 2016 are shown by contractual maturity in the table below (dollars in thousands). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset and mortgage-backed securities are shown separately in the table below, as they are not due at a single maturity date.

	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	776,005	$	783,582
Due after one year through five years	6,682,598		7,007,050
Due after five years through ten years	8,706,784		9,309,939
Due after ten years	9,866,952		11,903,257
Asset and mortgage-backed securities	4,044,545		4,157,148
Total	$	30,076,884	$	33,160,976

Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block]

The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of June 30, 2016 and December 31, 2015 (dollars in thousands):

June 30, 2016:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	6,268,530	$	6,577,989	33.8	%
Industrial	10,192,465		10,811,758		55.2
Utility	1,956,380		2,153,490		11.0
Total	$	18,417,375	$	19,543,237	100.0	%
December 31, 2015:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	5,408,791	$	5,555,044	31.4	%
Industrial	10,211,426		10,129,917		57.2
Utility	1,955,290		2,023,195		11.4
Total	$	17,575,507	$	17,708,156	100.0	%

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]

The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts (dollars in thousands):

	Three months ended June 30,					Six months ended June 30,
	2016			2015		2016			2015
Balance, beginning of period	$	7,284		$	7,284	$	7,284		$	7,284
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period	(310		)	—		(310		)	—
Balance, end of period	$	6,974		$	7,284	$	6,974		$	7,284

Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures

The following table presents the total gross unrealized losses for the 908 and 2,080 fixed maturity and equity securities as of June 30, 2016 and December 31, 2015, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands):

	June 30, 2016				December 31, 2015
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	150,638	75.8	%	$	463,109	73.8	%
20% or more for less than six months	8,933		4.5		142,495		22.7
20% or more for six months or greater	38,981		19.7		21,847		3.5
Total	$	198,552	100.0	%	$	627,451	100.0	%

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

The following tables present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 908 and 2,080 fixed maturity and equity securities that have estimated fair values below amortized cost as of June 30, 2016 and December 31, 2015, respectively (dollars in thousands). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost.

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
June 30, 2016:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	649,275	$	15,424	$	1,208,939	$	59,206	$	1,858,214	$	74,630
Residential mortgage-backed securities	67,472		1,672		120,431		3,990		187,903		5,662
Asset-backed securities	534,180		18,943		258,828		10,507		793,008		29,450
Commercial mortgage-backed securities	78,002		423		41,399		702		119,401		1,125
State and political subdivisions	9,697		443		56,930		5,694		66,627		6,137
Other foreign government, supranational and foreign government-sponsored enterprises	99,330		1,135		79,592		3,677		178,922		4,812
Total investment grade securities	1,437,956		38,040		1,766,119		83,776		3,204,075		121,816
Below investment grade securities:
Corporate securities	282,830		14,077		335,351		45,761		618,181		59,838
Residential mortgage-backed securities	—		—		379		11		379		11
Asset-backed securities	5,858		1,118		8,623		1,545		14,481		2,663
Other foreign government, supranational and foreign government-sponsored enterprises	2,328		23		59,437		5,819		61,765		5,842
Total below investment grade securities	291,016		15,218		403,790		53,136		694,806		68,354
Total fixed maturity securities	$	1,728,972	$	53,258	$	2,169,909	$	136,912	$	3,898,881	$	190,170
Non-redeemable preferred stock	$	3,248	$	261	$	24,247	$	7,675	$	27,495	$	7,936
Other equity securities	—		—		6,606		446		6,606		446
Total equity securities	$	3,248	$	261	$	30,853	$	8,121	$	34,101	$	8,382

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
December 31, 2015:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	6,388,148	$	323,961	$	294,755	$	40,861	$	6,682,903	$	364,822
Canadian and Canadian provincial governments	122,746		2,532		—		—		122,746		2,532
Residential mortgage-backed securities	452,297		7,036		82,314		4,057		534,611		11,093
Asset-backed securities	581,701		9,825		199,298		7,100		780,999		16,925
Commercial mortgage-backed securities	514,877		9,806		31,177		997		546,054		10,803
U.S. government and agencies	1,010,387		57,718		—		—		1,010,387		57,718
State and political subdivisions	157,837		5,349		13,016		3,718		170,853		9,067
Other foreign government, supranational and foreign government-sponsored enterprises	702,962		18,279		38,379		4,206		741,341		22,485
Total investment grade securities	9,930,955		434,506		658,939		60,939		10,589,894		495,445
Below investment grade securities:
Corporate securities	554,688		71,171		114,427		31,076		669,115		102,247
Residential mortgage-backed securities	22,646		282		7,679		298		30,325		580
Asset-backed securities	6,772		201		9,335		1,250		16,107		1,451
Commercial mortgage-backed securities	3,253		248		767		117		4,020		365
Other foreign government, supranational and foreign government-sponsored enterprises	60,668		7,356		31,693		11,803		92,361		19,159
Total below investment grade securities	648,027		79,258		163,901		44,544		811,928		123,802
Total fixed maturity securities	$	10,578,982	$	513,764	$	822,840	$	105,483	$	11,401,822	$	619,247
Non-redeemable preferred stock	$	12,331	$	2,175	$	12,191	$	3,787	$	24,522	$	5,962
Other equity securities	38,327		2,242		—		—		38,327		2,242
Total equity securities	$	50,658	$	4,417	$	12,191	$	3,787	$	62,849	$	8,204

Investment Income

Major categories of investment income, net of related expenses, consist of the following (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Fixed maturity securities available-for-sale	$	323,592		$	303,792		$	636,007		$	573,560
Mortgage loans on real estate	41,900			37,121			81,692			71,893
Policy loans	16,372			16,248			32,506			30,288
Funds withheld at interest	112,893			87,325			168,873			199,585
Short-term investments	985			814			1,960			1,509
Other invested assets	29,487			22,418			39,311			34,445
Investment income	525,229			467,718			960,349			911,280
Investment expense	(17,563		)	(17,179		)	(35,417		)	(33,850		)
Investment income, net of related expenses	$	507,666		$	450,539		$	924,932		$	877,430

Gain Loss On Investments

Investment related gains (losses), net consist of the following (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Fixed maturity and equity securities available for sale:
Other-than-temporary impairment losses on fixed maturity securities recognized in earnings	$	(846	)	$	(4,137	)	$	(34,663	)	$	(6,664	)
Gain on investment activity	53,615			20,009			80,807			39,210
Loss on investment activity	(22,556		)	(14,475		)	(34,343		)	(28,071		)
Other impairment losses and change in mortgage loan provision	211			143			(1,849		)	(4,025		)
Derivatives and other, net	87,840			(17,718		)	(12,574		)	(9,045		)
Total investment related gains (losses), net	$	118,264		$	(16,178	)	$	(2,622	)	$	(8,595	)

Schedule of Repurchase Agreements [Table Text Block]

The following table includes the amount of borrowed securities, repurchased securities pledged and repurchased/reverse repurchased securities pledged and received as of June 30, 2016 and December 31, 2015 (dollars in thousands).

	June 30, 2016				December 31, 2015
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Borrowed securities	$	269,740	$	289,454	$	259,540	$	266,297
Repurchase program/reverse repurchase program:
Securities pledged	448,615		480,618		443,435		465,889
Securities received	n/a		485,826		n/a		481,197

Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]

The following table presents information on the securities pledged as collateral by the Company related to its repurchase/reverse repurchase program as of June 30, 2016 and December 31, 2015 (dollars in thousands). Collateral associated with certain borrowed securities is not included within the table, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows.

	June 30, 2016
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Collateral on repurchase program:
Corporate securities	$	—	$	5,329	$	4,031	$	137,505	$	146,865
Residential mortgage-backed securities	—		—		—		101,715		101,715
U.S. government and agencies	—		—		—		212,918		212,918
Foreign government	—		—		—		14,524		14,524
Other	4,596		—		—		—		4,596
Total borrowings	$	4,596	$	5,329	$	4,031	$	466,662	$	480,618
Gross amount of recognized liabilities for repurchase agreement in preceding table									$	485,826
Amounts related to agreements not included in offsetting disclosure									$	5,208

	December 31, 2015
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Collateral on repurchase program:
Corporate securities	$	—	$	2,951	$	—	$	147,324	$	150,275
Residential mortgage-backed securities	—		—		—		97,639		97,639
U.S. government and agencies	—		—		—		199,431		199,431
Foreign government	—		—		—		3,358		3,358
Other	15,186		—		—		—		15,186
Total borrowings	$	15,186	$	2,951	$	—	$	447,752	$	465,889
Gross amount of recognized liabilities for repurchase agreement in preceding table									$	481,197
Amounts related to agreements not included in offsetting disclosure									$	15,308

Disclosure Of Real Estate Holdings By Property Type [Table Text Block]

The distribution of mortgage loans by property type, gross of valuation allowances, is as follows as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016				December 31, 2015
Property type:	Recorded Investment		% of Total		Recorded Investment		% of Total
Office building	$	1,057,245	31.3	%	$	980,858	31.3	%
Retail	1,033,538		30.5		1,026,018		32.7
Industrial	708,764		20.9		527,485		16.8
Apartment	397,719		11.8		420,014		13.4
Other commercial	186,272		5.5		182,389		5.8
Total	$	3,383,538	100.0	%	$	3,136,764	100.0	%

Mortgage Loans Classified By Contractual Maturity Date [Table Text Block]

The maturities of the mortgage loans, gross of valuation allowances, as of June 30, 2016 and December 31, 2015 are as follows (dollars in thousands):

	June 30, 2016				December 31, 2015
	Recorded Investment		% of Total		Recorded Investment		% of Total
Due within five years	$	768,747	22.7	%	$	873,280	27.8	%
Due after five years through ten years	1,800,601		53.2		1,561,535		49.8
Due after ten years	814,190		24.1		701,949		22.4
Total	$	3,383,538	100.0	%	$	3,136,764	100.0	%

Mortgage Loan Internal Credit Risk Grade [Table Text Block]

Information regarding the Company’s credit quality indicators, as determined by the Company's internal evaluation methodology for its recorded investment in mortgage loans, gross of valuation allowances, as of June 30, 2016 and December 31, 2015 is as follows (dollars in thousands):

	June 30, 2016				December 31, 2015
Internal credit quality grade:	Recorded Investment		% of Total		Recorded Investment		% of Total
High investment grade	$	1,904,494	56.3	%	$	1,621,601	51.7	%
Investment grade	1,396,572		41.3		1,397,996		44.6
Average	39,444		1.2		87,196		2.8
Watch list	36,035		1.0		13,550		0.4
In or near default	6,993		0.2		16,421		0.5
Total	$	3,383,538	100.0	%	$	3,136,764	100.0	%

Recorded Investment And Allowance For Credit Losses

The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016		December 31, 2015
Mortgage loans:
Individually measured for impairment	$	6,993	$	16,421
Collectively measured for impairment	3,376,545		3,120,343
Mortgage loans, gross of valuation allowances	3,383,538		3,136,764
Valuation allowances:
Individually measured for impairment	—		588
Collectively measured for impairment	6,499		6,225
Total valuation allowances	6,499		6,813
Mortgage loans, net of valuation allowances	$	3,377,039	$	3,129,951

Allowance For Mortgage Loan And Lease Losses Provision For Loss Net

Information regarding the Company’s loan valuation allowances for mortgage loans for the six months ended June 30, 2016 and 2015 is as follows (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Balance, beginning of period	$	6,824		$	6,130		$	6,813		$	6,471
Provision (release)	(325		)	(188		)	(314		)	(529		)
Balance, end of period	$	6,499		$	5,942		$	6,499		$	5,942

Impaired Financing Receivables Table

Information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2016 and December 31, 2015 is as follows (dollars in thousands):

	Unpaid Principal Balance		Recorded Investment		Related Allowance		Carrying Value
June 30, 2016:
Impaired mortgage loans with no valuation allowance recorded	$	7,495	$	6,993	$	—	$	6,993
Impaired mortgage loans with valuation allowance recorded	—		—		—		—
Total impaired mortgage loans	$	7,495	$	6,993	$	—	$	6,993
December 31, 2015:
Impaired mortgage loans with no valuation allowance recorded	$	4,033	$	4,033	$	—	$	4,033
Impaired mortgage loans with valuation allowance recorded	12,898		12,388		588		11,800
Total impaired mortgage loans	$	16,931	$	16,421	$	588	$	15,833
The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands):
	Three months ended June 30,
	2016				2015
	Average Recorded Investment(1)		Interest Income		Average Recorded   Investment(1)		Interest Income
Impaired mortgage loans with no valuation allowance recorded	$	3,901	$	107	$	5,524	$	35
Impaired mortgage loans with valuation allowance recorded	4,724		—		11,397		229
Total impaired mortgage loans	$	8,625	$	107	$	16,921	$	264
	Six months ended June 30,
	2016				2015
	Average Recorded Investment(1)		Interest Income		Average Recorded Investment(1)		Interest Income
Impaired mortgage loans with no valuation allowance recorded	$	3,945	$	216	$	5,920	$	141
Impaired mortgage loans with valuation allowance recorded	7,279		—		11,036		384
Total impaired mortgage loans	$	11,224	$	216	$	16,956	$	525

(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances.

Schedule Of Other Invested Assets [Table Text Block]

Carrying values of these assets as of June 30, 2016 and December 31, 2015 are as follows (dollars in thousands):

	June 30, 2016		December 31, 2015
Equity securities	$	418,186	$	125,862
Limited partnership interests and real estate joint ventures	635,574		567,697
Derivatives	310,796		256,178
FVO contractholder-directed unit-linked investments	195,842		197,547
Other	121,745		150,836
Total other invested assets	$	1,682,143	$	1,298,120

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value

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 June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016						December 31, 2015
	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	$	1,118,523	$	175,987	$	970	$	1,123,057	$	85,075	$	4,196
Financial futures	508,310		—		—		420,665		—		—
Foreign currency forwards	43,000		1,703		2,732		45,000		44		6,768
Consumer price index swaps	29,208		—		613		28,561		—		292
Credit default swaps	865,000		8,635		5,300		897,000		8,230		11,053
Equity options	541,749		54,322		—		453,435		46,653		—
Longevity swaps	888,480		17,781		—		868,960		15,003		7
Mortality swaps	50,000		—		1,997		50,000		—		2,619
Synthetic guaranteed investment contracts	8,235,734		—		—		7,098,825		—		—
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	—		—		91,981		—		—		76,698
Indexed annuity products	—		—		841,832		—		—		878,114
Variable annuity products	—		—		283,548		—		—		192,470
Total non-hedging derivatives	12,280,004		258,428		1,228,973		10,985,503		155,005		1,172,217
Derivatives designated as hedging instruments:
Interest rate swaps	435,000		—		42,038		120,000		—		29,986
Foreign currency swaps	909,524		102,406		3,383		823,486		146,265		—
Total hedging derivatives	1,344,524		102,406		45,421		943,486		146,265		29,986
Total derivatives	$	13,624,528	$	360,834	$	1,274,394	$	11,928,989	$	301,270	$	1,202,203

Offsetting Assets [Table Text Block]

The following table provides information relating to the Company’s derivative instruments as of June 30, 2016 and December 31, 2015 (dollars in thousands):

								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 (1)			Cash Collateral    Pledged/ Received			Net Amount
June 30, 2016:
Derivative assets	$	360,834	$	(32,257	)	$	328,577	$	(40,876	)	$	(298,459	)	$	(10,758	)
Derivative liabilities	57,033		(32,257		)	24,776		(74,538		)	(16,822		)	(66,584		)
December 31, 2015:
Derivative assets	$	301,270	$	(30,096	)	$	271,174	$	(20,888	)	$	(245,038	)	$	5,248
Derivative liabilities	54,921		(30,096		)	24,825		(47,149		)	(12,540		)	(34,864		)

Offsetting Liabilities [Table Text Block]

The following table provides information relating to the Company’s derivative instruments as of June 30, 2016 and December 31, 2015 (dollars in thousands):

								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 (1)			Cash Collateral    Pledged/ Received			Net Amount
June 30, 2016:
Derivative assets	$	360,834	$	(32,257	)	$	328,577	$	(40,876	)	$	(298,459	)	$	(10,758	)
Derivative liabilities	57,033		(32,257		)	24,776		(74,538		)	(16,822		)	(66,584		)
December 31, 2015:
Derivative assets	$	301,270	$	(30,096	)	$	271,174	$	(20,888	)	$	(245,038	)	$	5,248
Derivative liabilities	54,921		(30,096		)	24,825		(47,149		)	(12,540		)	(34,864		)

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of June 30, 2016, were (dollars in thousands):

Type of Fair Value Hedge	Hedged Item	Gains (Losses) Recognized for Derivatives			Gains (Losses) Recognized for Hedged Items			Ineffectiveness Recognized in Investment Related Gains (Losses), net
For the three months ended June 30, 2016:
Foreign currency swaps	Foreign-denominated fixed maturity securities	$	(3,755	)	$	3,755		$	—
For the six months ended June 30, 2016:
Foreign currency swaps	Foreign-denominated fixed maturity securities	$	2,112		$	(2,112	)	$	—

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 condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Three months ended June 30,
	2016			2015
Balance beginning of period	$	(21,794	)	$	(30,598	)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges	(20,350		)	8,735
Amounts reclassified to investment related gains (losses), net	1,010			(1,495		)
Amounts reclassified to investment income	(58		)	(543		)
Balance end of period	$	(41,192	)	$	(23,901	)
	Six months ended June 30,
	2016			2015
Balance beginning of period	$	(29,397	)	$	(31,591	)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges	(11,799		)	8,948
Amounts reclassified to investment related (gains) losses, net	169			(655		)
Amounts reclassified to investment income	(165		)	(603		)
Balance end of period	$	(41,192	)	$	(23,901	)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table presents the effective portion of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Effective Portion
Derivative Type	Gain (Loss) Recognized in OCI			Gain (Loss) Reclassified into Income from OCI
				Investment Related Gains (Losses), net			Investment Income
For the three months ended June 30, 2016:
Interest rate swaps	$	(20,350	)	$	—		$	93
Forward bond purchase commitments	—			(1,010		)	(35		)
Total	$	(20,350	)	$	(1,010	)	$	58
For the three months ended June 30, 2015:
Interest rate swaps	$	2,417		$	—		$	231
Forward bond purchase commitments	6,318			1,495			312
Total	$	8,735		$	1,495		$	543
For the six months ended June 30, 2016:
Interest rate swaps	$	(11,799	)	$	—		$	253
Forward bond purchase commitments	—			(169		)	(88		)
Total	$	(11,799	)	$	(169	)	$	165
For the six months ended June 30, 2015:
Interest rate swaps	$	(5,150	)	$	—		$	291
Forward bond purchase commitments	14,098			655			312
Total	$	8,948		$	655		$	603

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Derivative Gains (Losses) Deferred in AOCI
	For the three months ended June 30,					For the six months ended June 30,
Type of NIFO Hedge (1) (2)	2016		2015			2016			2015
Foreign currency swaps	$	302	$	(12,945	)	$	(31,493	)	$	37,021

(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.

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2016 and 2015 is as follows (dollars in thousands):

		Gain (Loss) for the three months ended         June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2016			2015
Interest rate swaps	Investment related gains (losses), net	$	41,500		$	(41,729	)
Financial futures	Investment related gains (losses), net	(7,557		)	(2,183		)
Foreign currency forwards	Investment related gains (losses), net	3,577			(1,433		)
CPI swaps	Investment related gains (losses), net	(520		)	168
Credit default swaps	Investment related gains (losses), net	3,518			(187		)
Equity options	Investment related gains (losses), net	(3,225		)	(2,606		)
Longevity swaps	Other revenues	2,394			1,911
Mortality swaps	Other revenues	1,046			(478		)
Subtotal		40,733			(46,537		)
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	Investment related gains (losses), net	76,966			(23,098		)
Indexed annuity products	Interest credited	(2,019		)	8,080
Variable annuity products	Investment related gains (losses), net	(28,137		)	50,878
Total non-hedging derivatives		$	87,543		$	(10,677	)
		Gain (Loss) for the six months ended         June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2016			2015
Interest rate swaps	Investment related gains (losses), net	$	104,027		$	(12,385	)
Interest rate options	Investment related gains (losses), net	—			3,275
Financial futures	Investment related gains (losses), net	(18,608		)	(9,514		)
Foreign currency forwards	Investment related gains (losses), net	6,077			(1,653		)
CPI swaps	Investment related gains (losses), net	(700		)	97
Credit default swaps	Investment related gains (losses), net	6,864			2,471
Equity options	Investment related gains (losses), net	(5,928		)	(10,672		)
Longevity swaps	Other revenues	2,481			3,731
Mortality swaps	Other revenues	622			(957		)
Subtotal		94,835			(25,607		)
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	Investment related gains (losses), net	(15,283		)	(25,423		)
Indexed annuity products	Interest credited	(626		)	(21,246		)
Variable annuity products	Investment related gains (losses), net	(91,077		)	25,745
Total non-hedging derivatives		$	(12,151	)	$	(46,531	)

Disclosure Of Credit Derivatives

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 June 30, 2016 and December 31, 2015 (dollars in thousands):

	June 30, 2016						December 31, 2015
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)
AA/AA-/A+/A/A-
Single name credit default swaps	$	851		$	151,500	4.2	$	1,689		$	152,500	3.9
Credit default swaps referencing indices	—			—		—	—			—		—
Subtotal	851			151,500		4.2	1,689			152,500		3.9
BBB+/BBB/BBB-
Single name credit default swaps	(2,451		)	289,200		4.2	(5,066		)	315,200		4.2
Credit default swaps referencing indices	4,554			416,000		5.0	2,274			416,000		5.0
Subtotal	2,103			705,200		4.7	(2,792		)	731,200		4.6
BB+/BB
Single name credit default swaps	(134		)	5,000		3.2	(2,900		)	10,000		4.1
Credit default swaps referencing indices	—			—		—	—			—		—
Subtotal	(134		)	5,000		3.2	(2,900		)	10,000		4.1
Total	$	2,820		$	861,700	4.6	$	(4,003	)	$	893,700	4.5

(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

The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three and six months ended June 30, 2016 and 2015 are reflected in the following table (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Embedded derivatives in modco or funds withheld arrangements included in investment related gains	$	76,966		$	(23,098	)	$	(15,283	)	$	(25,423	)
After the associated amortization of DAC and taxes, the related amounts included in net income	18,807			(3,917		)	(7,970		)	(6,504		)
Embedded derivatives in variable annuity contracts included in investment related gains	(28,137		)	50,878			(91,077		)	25,745
After the associated amortization of DAC and taxes, the related amounts included in net income	(40,167		)	19,608			(66,010		)	10,198
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses	(2,019		)	8,080			(626		)	(21,246		)
After the associated amortization of DAC and taxes, the related amounts included in net income	(7,816		)	1,233			3,418			(14,766		)

Credit Risk

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 mortality swaps, at June 30, 2016 and December 31, 2015 are reflected in the following table (dollars in thousands):

	June 30, 2016			December 31, 2015
Estimated fair value of derivatives in net asset position	$	305,798		$	248,968
Cash provided as collateral(1)	16,822			12,540
Securities pledged to counterparties as collateral(2)	74,538			47,149
Cash pledged from counterparties as collateral(3)	(298,459		)	(245,038		)
Securities pledged from counterparties as collateral(4)	(40,876		)	(20,888		)
Initial margin for cleared derivatives(2)	(62,577		)	(34,898		)
Net amount after application of master netting agreements and collateral	$	(4,754	)	$	7,833
Margin account related to exchange-traded futures(5)	$	10,503		$	11,004

(1) Consists of receivable from counterparty, included in other assets.

(2) Included in available-for-sale securities, primarily consists of U.S. Treasury and government agency securities.

(3) Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities.

(4) Consists of U.S. Treasury and government securities.

(5) Included in other assets.

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

6 Months Ended

Jun. 30, 2016

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 June 30, 2016 and December 31, 2015 are summarized below (dollars in thousands):

June 30, 2016:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	19,543,237		$	252,082	$	17,993,773		$	1,297,382
Canadian and Canadian provincial governments	4,105,274			—		3,551,082			554,192
Residential mortgage-backed securities	1,292,778			—		1,126,799			165,979
Asset-backed securities	1,356,677			—		1,057,861			298,816
Commercial mortgage-backed securities	1,507,693			—		1,469,758			37,935
U.S. government and agencies	2,007,338			1,874,944		106,139			26,255
State and political subdivisions	605,942			—		570,696			35,246
Other foreign government supranational and foreign government-sponsored enterprises	2,742,037			289,633		2,438,698			13,706
Total fixed maturity securities – available-for-sale	33,160,976			2,416,659		28,314,806			2,429,511
Funds withheld at interest – embedded derivatives	(91,981		)	—		—			(91,981		)
Cash equivalents	213,556			213,556		—			—
Short-term investments	160,901			133,716		27,185			—
Other invested assets:
Non-redeemable preferred stock	61,103			48,030		13,073			—
Other equity securities	357,083			357,083		—			—
Derivatives:
Interest rate swaps	159,611			—		159,611			—
Foreign currency forwards	1,498			—		1,498			—
CPI swaps	(613		)	—		(613		)	—
Credit default swaps	5,625			—		5,625			—
Equity options	43,543			—		43,543			—
Foreign currency swaps	101,132			—		101,132			—
FVO contractholder-directed unit-linked investments	195,842			194,604		1,238			—
Other	934			934		—			—
Total other invested assets	925,758			600,651		325,107			—
Other assets - longevity swaps	17,781			—		—			17,781
Total	$	34,386,991		$	3,364,582	$	28,667,098		$	2,355,311
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,125,380		$	—	$	—		$	1,125,380
Other liabilities:
Derivatives:
Interest rate swaps	26,632			—		26,632			—
Foreign currency forwards	2,527			—		2,527			—
Credit default swaps	2,290			—		2,290			—
Equity options	(10,779		)	—		(10,779		)	—
Foreign currency swaps	2,109			—		2,109			—
Mortality swaps	1,997			—		—			1,997
Total	$	1,150,156		$	—	$	22,779		$	1,127,377

December 31, 2015:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	17,708,156		$	269,039	$	16,212,147		$	1,226,970
Canadian and Canadian provincial governments	3,576,759			—		3,160,683			416,076
Residential mortgage-backed securities	1,311,477			—		980,828			330,649
Asset-backed securities	1,212,676			—		908,840			303,836
Commercial mortgage-backed securities	1,483,087			—		1,414,524			68,563
U.S. government and agencies	1,381,659			1,227,858		127,536			26,265
State and political subdivisions	511,014			—		472,672			38,342
Other foreign government, supranational and foreign government-sponsored enterprises	2,458,077			260,552		2,183,460			14,065
Total fixed maturity securities – available-for-sale	29,642,905			1,757,449		25,460,690			2,424,766
Funds withheld at interest – embedded derivatives	(76,698		)	—		—			(76,698		)
Cash equivalents	406,521			406,521		—			—
Short-term investments	530,773			524,946		5,827			—
Other invested assets:
Non-redeemable preferred stock	87,520			81,809		5,711			—
Other equity securities	38,342			38,342		—			—
Derivatives:
Interest rate swaps	71,882			—		71,882			—
Foreign currency forwards	20			—		20			—
CPI swaps	(292		)	—		(292		)	—
Credit default swaps	2,567			—		2,567			—
Equity options	40,644			—		40,644			—
Foreign currency swaps	141,357			—		141,357			—
FVO contractholder-directed unit-linked investments	197,547			195,317		2,230			—
Other	8,170			8,170		—			—
Total other invested assets	587,757			323,638		264,119			—
Other assets - longevity swaps	14,996			—		—			14,996
Total	$	31,106,254		$	3,012,554	$	25,730,636		$	2,363,064
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,070,584		$	—	$	—		$	1,070,584
Other liabilities:
Derivatives:
Interest rate swaps	20,989			—		20,989			—
Foreign currency forwards	6,744			—		6,744			—
Credit default swaps	5,390			—		5,390			—
Equity options	(6,009		)	—		(6,009		)	—
Foreign currency swaps	(4,908		)	—		(4,908		)	—
Mortality swaps	2,619			—		—			2,619
Total	$	1,095,409		$	—	$	22,206		$	1,073,203

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 internally by the Company as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	Estimated Fair Value				Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	June 30, 2016		December 31, 2015				June 30, 2016		December 31, 2015
Assets:
Corporate securities	$167,602		$195,557		Market comparable securities	Liquidity premium	0-2% (1%)		0-2%  (1%)
U.S. government and agencies	26,255		26,265		Market comparable securities	Liquidity premium	0-1% (1%)		0-1%  (1%)
State and political subdivisions	4,941		4,770		Market comparable securities	Liquidity premium	1	%	1	%
Funds withheld at interest- embedded derivatives	(91,981	)	(76,698	)	Total return swap	Mortality	0-100%  (2%)		0-100%  (2%)
						Lapse	0-35%  (8%)		0-35%  (7%)
						Withdrawal	0-5%  (3%)		0-5%  (3%)
						CVA	0-5%  (1%)		0-5%  (1%)
						Crediting rate	2-4%  (2%)		2-4%  (3%)
Longevity swaps	17,781		14,996		Discounted cash flow	Mortality	0-100%  (2%)		0-100%  (2%)
						Mortality improvement	(10%)-10%  (3%)		(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	841,832		878,114		Discounted cash flow	Mortality	0-100%  (2%)		0-100% (2%)
						Lapse	0-35%  (8%)		0-35% (7%)
						Withdrawal	0-5%  (3%)		0-5% (3%)
						Option budget projection	2-4%  (2%)		2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	283,548		192,470		Discounted cash  flow	Mortality	0-100% (2%)		0-100% (2%)
						Lapse	0-25% (7%)		0-25% (7%)
						Withdrawal	0-7% (3%)		0-7% (3%)
						CVA	0-5% (1%)		0-5% (1%)
						Long-term volatility	0-27% (14%)		0-27% (14%)
Mortality swaps	1,997		2,619		Discounted cash flow	Mortality	0-100%  (1%)		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 internally by the Company as of June 30, 2016 and December 31, 2015 (dollars in thousands):

	Estimated Fair Value				Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	June 30, 2016		December 31, 2015				June 30, 2016		December 31, 2015
Assets:
Corporate securities	$167,602		$195,557		Market comparable securities	Liquidity premium	0-2% (1%)		0-2%  (1%)
U.S. government and agencies	26,255		26,265		Market comparable securities	Liquidity premium	0-1% (1%)		0-1%  (1%)
State and political subdivisions	4,941		4,770		Market comparable securities	Liquidity premium	1	%	1	%
Funds withheld at interest- embedded derivatives	(91,981	)	(76,698	)	Total return swap	Mortality	0-100%  (2%)		0-100%  (2%)
						Lapse	0-35%  (8%)		0-35%  (7%)
						Withdrawal	0-5%  (3%)		0-5%  (3%)
						CVA	0-5%  (1%)		0-5%  (1%)
						Crediting rate	2-4%  (2%)		2-4%  (3%)
Longevity swaps	17,781		14,996		Discounted cash flow	Mortality	0-100%  (2%)		0-100%  (2%)
						Mortality improvement	(10%)-10%  (3%)		(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	841,832		878,114		Discounted cash flow	Mortality	0-100%  (2%)		0-100% (2%)
						Lapse	0-35%  (8%)		0-35% (7%)
						Withdrawal	0-5%  (3%)		0-5% (3%)
						Option budget projection	2-4%  (2%)		2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	283,548		192,470		Discounted cash  flow	Mortality	0-100% (2%)		0-100% (2%)
						Lapse	0-25% (7%)		0-25% (7%)
						Withdrawal	0-7% (3%)		0-7% (3%)
						CVA	0-5% (1%)		0-5% (1%)
						Long-term volatility	0-27% (14%)		0-27% (14%)
Mortality swaps	1,997		2,619		Discounted cash flow	Mortality	0-100%  (1%)		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 six months ended June 30, 2016 and 2015 (dollars in thousands):

	2016				2015
	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 June 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	—	$	—	$	31,896
Six months ended June 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	—	$	625	$	36,996

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 six months ended June 30, 2016, as well as the portion of gains or losses included in income for the three and six months ended June 30, 2016 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2016 (dollars in thousands):

For the three months ended June 30, 2016:	Fixed maturity securities - available-for-sale
	Corporate securities			Canadian and Canadian provincial governments		Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies
Fair value, beginning of period	$	1,243,660		$	487,383	$	333,253		$	285,220		$	63,574		$	25,880
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(592		)	3,049		116			252			490			(122		)
Investment related gains (losses), net	12			—		(1,891		)	823			(2,669		)	—
Interest credited	—			—		—			—			—			—
Included in other comprehensive income	30,391			63,760		3,839			2,793			453			461
Other revenues	—			—		—			—			—			—
Purchases(1)	72,982			—		42,913			59,779			—			144
Sales(1)	(901		)	—		(167,236		)	(30,181		)	(22,338		)	—
Settlements(1)	(47,461		)	—		(13,464		)	(4,196		)	(68		)	(108		)
Transfers into Level 3	5,023			—		—			18,398			—			—
Transfers out of Level 3	(5,732		)	—		(31,551		)	(34,072		)	(1,507		)	—
Fair value, end of period	$	1,297,382		$	554,192	$	165,979		$	298,816		$	37,935		$	26,255
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	$	(608	)	$	3,049	$	530		$	187		$	485		$	(122	)
Investment related gains (losses), net	—			—		—			—			—			—
Interest credited	—			—		—			—			—			—

For the three months ended June 30, 2016 (continued):	Fixed maturity securities available-for-sale
	State and political subdivisions			Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivatives			Other assets - longevity swaps			Interest sensitive contract liabilities embedded derivatives			Other liabilities - mortality swaps
Fair value, beginning of period	$	34,624		$	13,936		$	(168,948	)	$	15,806		$	(1,118,069	)	$	(3,043	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	12			—			—			—			—			—
Investment related gains (losses), net	—			—			76,967			—			(28,137		)	—
Interest credited	—			—			—			—			(2,019		)	—
Included in other comprehensive income	837			95			—			(419		)	—			—
Other revenues	—			—			—			2,394			—			1,046
Purchases(1)	—			—			—			—			4,703			—
Sales(1)	—			—			—			—			—			—
Settlements(1)	(227		)	(325		)	—			—			18,142			—
Transfers into Level 3	—			—			—			—			—			—
Transfers out of Level 3	—			—			—			—			—			—
Fair value, end of period	$	35,246		$	13,706		$	(91,981	)	$	17,781		$	(1,125,380	)	$	(1,997	)
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	$	12		$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net	—			—			76,967			—			(31,333		)	—
Other revenues	—			—			—			2,394			—			1,046
Interest credited	—			—			—			—			(20,162		)	—

For the six months ended June 30, 2016:	Fixed maturity securities - available-for-sale
	Corporate securities			Canadian and Canadian provincial governments		Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies
Fair value, beginning of period	$	1,226,970		$	416,076	$	330,649		$	303,836		$	68,563		$	26,265
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,419		)	6,051		(371		)	426			1,133			(245		)
Investment related gains (losses), net	(21,856		)	—		(1,922		)	1,101			(3,289		)	—
Interest credited	—			—		—			—			—			—
Included in other comprehensive income	56,073			132,065		(493		)	(7,734		)	(2,359		)	1,057
Other revenues	—			—		—			—			—			—
Purchases(1)	140,578			—		72,228			97,050			1,545			257
Sales(1)	(10,483		)	—		(167,684		)	(38,681		)	(25,976		)	—
Settlements(1)	(96,955		)	—		(24,904		)	(7,921		)	(137		)	(1,079		)
Transfers into Level 3	10,206			—		—			24,796			—			—
Transfers out of Level 3	(5,732		)	—		(41,524		)	(74,057		)	(1,545		)	—
Fair value, end of period	$	1,297,382		$	554,192	$	165,979		$	298,816		$	37,935		$	26,255
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	$	(1,428	)	$	6,051	$	42		$	350		$	1,031		$	(245	)
Investment related gains (losses), net	(21,726		)	—		—			—			—			—
Interest credited	—			—		—			—			—			—

For the six months ended June 30, 2016 (continued):	Fixed maturity securities available-for-sale
	State and political subdivisions			Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivatives			Other assets - longevity swaps		Interest sensitive contract liabilities embedded derivatives			Other liabilities - mortality swaps
Fair value, beginning of period	$	38,342		$	14,065		$	(76,698	)	$	14,996	$	(1,070,584	)	$	(2,619	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	195			—			—			—		—			—
Investment related gains (losses), net	—			—			(15,283		)	—		(91,077		)	—
Interest credited	—			—			—			—		(626		)	—
Included in other comprehensive income	1,171			288			—			304		—			—
Other revenues	—			—			—			2,481		—			622
Purchases(1)	—			—			—			—		2,035			—
Sales(1)	—			—			—			—		—			—
Settlements(1)	(258		)	(647		)	—			—		34,872			—
Transfers into Level 3	—			—			—			—		—			—
Transfers out of Level 3	(4,204		)	—			—			—		—			—
Fair value, end of period	$	35,246		$	13,706		$	(91,981	)	$	17,781	$	(1,125,380	)	$	(1,997	)
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	$	195		$	—		$	—		$	—	$	—		$	—
Investment related gains (losses), net	—			—			(15,283		)	—		(96,811		)	—
Other revenues	—			—			—			2,481		—			622
Interest credited	—			—			—			—		(35,497		)	—

(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 six months ended June 30, 2015, as well as the portion of gains or losses included in income for the three and six months ended June 30, 2015 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2015 (dollars in thousands):

For the three months ended June 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	$	1,286,979		$	192,579		$	609,436		$	93,869		$	27,756		$	41,875
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,051		)	(156		)	1,511			677			112			8
Investment related gains (losses), net	(166		)	17			283			(770		)	(10		)	(5		)
Interest credited	—			—			—			—			—			—
Included in other comprehensive income	(16,902		)	(1,291		)	(301		)	(386		)	(559		)	(1,480		)
Purchases(1)	76,982			118,868			44,181			42			154			—
Sales(1)	(3,949		)	—			(1,615		)	(2,000		)	—			—
Settlements(1)	(103,696		)	(8,617		)	(63,751		)	(893		)	(94		)	(212		)
Transfers into Level 3	413			1,800			—			—			—			—
Transfers out of Level 3	(1,293		)	(4,824		)	(9,234		)	(12,720		)	—			—
Fair value, end of period	$	1,237,317		$	298,376		$	580,510		$	77,819		$	27,359		$	40,186
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	$	(997	)	$	(156	)	$	706		$	640		$	112		$	8
Investment related gains (losses), net	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—

For the three months ended June 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	$	15,202		$	19,769		$	7,992		$	8,602	$	(1,132,271	)	$	(1,276	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—		—			—
Investment related gains (losses), net	—			(23,098		)	—			—		50,878			—
Interest credited	—			—			—			—		8,080			—
Included in other comprehensive income	(232		)	—			(104		)	340		—			—
Other revenues	—			—			—			1,911		—			(478		)
Purchases(1)	—			—			4,500			—		(13,924		)	—
Sales(1)	—			—			—			—		—			—
Settlements(1)	(313		)	—			—			—		18,083			—
Transfers into Level 3	—			—			—			—		—			—
Transfers out of Level 3	—			—			—			—		—			—
Fair value, end of period	$	14,657		$	(3,329	)	$	12,388		$	10,853	$	(1,069,154	)	$	(1,754	)
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	—			(23,098		)	—			—		48,603			—
Other revenues	—			—			—			1,911		—			(478		)
Interest credited	—			—			—			—		(10,003		)	—

For the six months ended June 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	(1,854		)	(296		)	2,930			1,271			93			15
Investment related gains (losses), net	(571		)	(65		)	356			(683		)	(117		)	(9		)
Interest credited	—			—			—			—			—			—
Included in other comprehensive income	(10,833		)	(768		)	3,331			(696		)	(383		)	(1,455		)
Purchases(1)	113,882			130,307			85,172			42			275			—
Sales(1)	(3,949		)	(714		)	(8,971		)	(2,956		)	—			—
Settlements(1)	(163,296		)	(14,336		)	(67,873		)	(6,013		)	(1,038		)	(241		)
Transfers into Level 3	413			2,400			9,055			12,828			—			—
Transfers out of Level 3	(6,902		)	(6,246		)	(16,450		)	(12,720		)	—			(835		)
Fair value, end of period	$	1,237,317		$	298,376		$	580,510		$	77,819		$	27,359		$	40,186
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	$	(1,800	)	$	(297	)	$	2,105		$	1,229		$	93		$	15
Investment related gains (losses), net	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—

For the six months ended June 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	—			(25,423		)	—			—			25,745			—
Policy acquisition costs and other insurance expenses	—			—			—			—			(21,246		)	—
Included in other comprehensive income	(50		)	—			(16		)	(605		)	—			—
Other revenues	—			—			—			3,731			—			(957		)
Purchases(1)	—			—			4,529			—			(25,568		)	—
Sales(1)	—			—			—			—			—			—
Settlements(1)	(623		)	—			—			—			—			—
Transfers into Level 3	—			—			—			—			37,081			—
Transfers out of Level 3	(4,333		)	—			(29		)	—			—			—
Fair value, end of period	$	14,657		$	(3,329	)	$	12,388		$	10,853		$	(1,069,154	)	$	(1,754	)
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	—			(25,423		)	—			—			20,358			—
Other revenues	—			—			—			3,731			—			(957		)
Interest credited	—			—			—			—			(58,327		)	—

(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 June 30,				Three months ended June 30,						Six months ended June 30,
(dollars in thousands)	2016		2015		2016			2015			2016			2015
Mortgage loans(1)	$	6,993	$	5,850	$	(400	)	$	(11	)	$	(702	)	$	39
Limited partnership interests(2)	4,460		13,667		(112		)	—			(2,039		)	(4,509		)

(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 June 30, 2016 and December 31, 2015 (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.

June 30, 2016:	Carrying Value		Estimated  Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	3,377,039	$	3,502,098	$	—	$	—	$	3,502,098	$	—
Policy loans	1,445,410		1,445,410		—		1,445,410		—		—
Funds withheld at interest(1)	5,987,794		6,368,471		—		—		6,368,471		—
Cash and cash equivalents(2)	820,773		820,773		820,773		—		—		—
Short-term investments(2)	35,078		35,078		35,078		—		—		—
Other invested assets(2)	383,295		409,054		4,297		36,151		86,092		282,514
Accrued investment income	368,926		368,926		—		368,926		—		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	10,058,118	$	10,650,840	$	—	$	—	$	10,650,840	$	—
Short-term debt	299,807		308,457		—		—		308,457		—
Long-term debt	2,788,473		2,954,981		—		—		2,954,981		—
Collateral finance and securitization notes	870,482		790,304		—		—		790,304		—
December 31, 2015:	Carrying Value		Estimated Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	3,129,951	$	3,197,808	$	—	$	—	$	3,197,808	$	—
Policy loans	1,468,796		1,468,796		—		1,468,796		—		—
Funds withheld at interest(1)	5,956,380		6,311,780		—		—		6,311,780		—
Cash and cash equivalents(2)	1,118,754		1,118,754		1,118,754		—		—		—
Short-term investments(2)	27,511		27,511		27,511		—		—		—
Other invested assets(2)	399,799		444,342		4,445		34,886		111,412		293,599
Accrued investment income	339,452		339,452		—		339,452		—		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	9,746,870	$	9,841,576	$	—	$	—	$	9,841,576	$	—
Long-term debt	2,297,548		2,415,119		—		—		2,415,119		—
Collateral finance and securitization notes	899,161		791,275		—		—		791,275		—

(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.

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Reconciliation Of Revenue From Segments To Consolidated Text Block

The Company’s reportable segments are strategic business units that are primarily segregated by geographic region. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in thousands).

	Three months ended June 30,				Six months ended June 30,
Revenues:	2016		2015		2016		2015
U.S. and Latin America:
Traditional	$	1,494,003	$	1,342,248	$	2,894,820	$	2,597,538
Non-Traditional	305,077		191,775		343,982		384,448
Total	1,799,080		1,534,023		3,238,802		2,981,986
Canada:
Traditional	288,912		270,090		546,912		535,094
Non-Traditional	11,854		11,458		22,538		23,332
Total	300,766		281,548		569,450		558,426
Europe, Middle East and Africa:
Traditional	301,642		284,192		591,276		579,424
Non-Traditional	80,977		75,308		148,733		130,684
Total	382,619		359,500		740,009		710,108
Asia Pacific:
Traditional	477,571		411,314		871,770		805,189
Non-Traditional	17,045		7,076		37,116		26,646
Total	494,616		418,390		908,886		831,835
Corporate and Other	61,987		36,879		94,489		68,598
Total	$	3,039,068	$	2,630,340	$	5,551,636	$	5,150,953

Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block

	Three months ended June 30,						Six months ended June 30,
Income (loss) before income taxes:	2016			2015			2016			2015
U.S. and Latin America:
Traditional	$	111,430		$	82,793		$	162,528		$	100,636
Non-Traditional	108,854			70,393			93,958			124,898
Total	220,284			153,186			256,486			225,534
Canada:
Traditional	43,309			22,736			63,404			45,463
Non-Traditional	2,128			3,094			2,720			7,225
Total	45,437			25,830			66,124			52,688
Europe, Middle East and Africa:
Traditional	6,834			9,159			5,718			19,641
Non-Traditional	27,469			31,432			52,893			51,066
Total	34,303			40,591			58,611			70,707
Asia Pacific:
Traditional	34,482			4,315			75,642			56,963
Non-Traditional	(73		)	(1,405		)	8,480			8,740
Total	34,409			2,910			84,122			65,703
Corporate and Other	18,790			(8,727		)	(4,540		)	(16,717		)
Total	$	353,223		$	213,790		$	460,803		$	397,915

Reconciliation Of Assets From Segment To Consolidated Text Block

Assets:	June 30, 2016		December 31, 2015
U.S. and Latin America:
Traditional	$	17,806,550	$	16,554,509
Non-Traditional	13,935,486		13,405,878
Total	31,742,036		29,960,387
Canada:
Traditional	3,894,407		3,604,344
Non-Traditional	16,933		27,543
Total	3,911,340		3,631,887
Europe, Middle East and Africa:
Traditional	2,669,404		2,757,593
Non-Traditional	4,076,547		4,162,703
Total	6,745,951		6,920,296
Asia Pacific:
Traditional	3,757,131		3,227,530
Non-Traditional	742,063		742,528
Total	4,499,194		3,970,058
Corporate and Other	6,978,182		5,900,524
Total	$	53,876,703	$	50,383,152

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Commitments, Contingencies and Guarantees (Tables)

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block]

The Company's commitments to fund investments as of June 30, 2016 and December 31, 2015 are presented in the following table (dollars in thousands):

	June 30, 2016		December 31, 2015
Limited partnerships and real estate joint ventures	$	252,864	$	263,163
Commercial mortgage loans	56,139		86,325
Bank loans	51,041		48,686
Equity release mortgages	40,091		8,504

Other Commitments [Table Text Block]

The following table presents the maximum potential obligation for these commitments as of June 30, 2016 (dollars in millions):

Commitment Period:	June 30, 2016
2023	$	500.0
2033	950.0
2034	3,000.0
2035	1,314.2
2036	1,432.0

Schedule of Guarantor Obligations [Table Text Block]

RGA’s guarantees issued as of June 30, 2016 and December 31, 2015 are reflected in the following table (dollars in thousands):

	June 30, 2016		December 31, 2015
Treaty guarantees	$	759,175	$	765,505
Treaty guarantees, net of assets in trust	631,267		634,909
Borrowed securities	269,740		259,540
Financing arrangements	121,369		100,000
Lease obligations	3,140		5,217

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Income Tax (Tables)

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 35% to pre-tax income as a result of the following for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Tax provision at U.S. statutory rate	$	123,628		$	74,826		$	161,281		$	139,270
Increase (decrease) in income taxes resulting from:
Foreign tax rate differing from U.S. tax rate	(8,398		)	(764		)	(12,282		)	(6,285		)
Differences in tax bases in foreign jurisdictions	(5,553		)	(6,931		)	(14,489		)	(13,601		)
Deferred tax valuation allowance	4,288			4,967			9,287			11,758
Amounts related to tax audit contingencies	3,288			952			3,889			1,905
Subpart F	738			11,452			1,433			17,886
Foreign tax credits	(427		)	(1,104		)	(721		)	(3,448		)
Return to provision adjustments	(442		)	(212		)	(316		)	(4,977		)
Other, net	(2		)	213			146			(98		)
Total provision for income taxes	$	117,120		$	83,399		$	148,228		$	142,410
Effective tax rate	33.2		%	39.0		%	32.2		%	35.8		%

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Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule Of Defined Benefit Plans Disclosures Text Block

The components of net periodic benefit costs for the three and six months ended June 30, 2016 and 2015 were as follows (dollars in thousands):

	Pension Benefits						Other Benefits
	Three months ended June 30,						Three months ended June 30,
	2016			2015			2016		2015
Service cost	$	2,652		$	2,586		$	1,015	$	589
Interest cost	1,076			1,283			643		491
Expected return on plan assets	(1,345		)	(1,331		)	—		—
Amortization of prior service cost	75			80			—		—
Amortization of prior actuarial loss	1,224			833			617		265
Net periodic benefit cost	$	3,682		$	3,451		$	2,275	$	1,345

	Pension Benefits						Other Benefits
	Six months ended June 30,						Six months ended June 30,
	2016			2015			2016		2015
Service cost	$	4,958		$	4,616		$	2,031	$	1,178
Interest cost	2,335			2,526			1,286		982
Expected return on plan assets	(2,569		)	(2,449		)	—		—
Amortization of prior service cost	153			163			—		—
Amortization of prior actuarial loss	2,081			1,272			1,233		530
Net periodic benefit cost	$	6,958		$	6,128		$	4,550	$	2,690

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Reinsurance (Tables)

6 Months Ended

Jun. 30, 2016

Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract]

Ceded Credit Risk [Table Text Block]

The following table presents information for the Company's reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of June 30, 2016 and December 31, 2015 (dollars in thousands):

		June 30, 2016				December 31, 2015
Reinsurer	A.M. Best Rating	Amount		% of Total		Amount		% of Total
Reinsurer A	A+	$	233,016	34.2	%	$	199,479	31.3	%
Reinsurer B	A+	190,957		28.0		179,522		28.1
Reinsurer C	A+	68,727		10.1		72,836		11.4
Reinsurer D	A++	38,098		5.6		41,807		6.6
Reinsurer E	A	36,847		5.4		37,138		5.8
Other reinsurers		113,780		16.7		107,077		16.8
Total		$	681,425	100.0	%	$	637,859	100.0	%

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Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Net income (numerator for basic and diluted calculations)	$ 236,103	$ 130,391	$ 312,575	$ 255,505
Shares:
Weighted average outstanding shares (denominator for basic calculation)	64,126	66,351	64,348	67,246
Equivalent shares from outstanding stock options	670	769	660	785
Denominator for diluted calculation	64,796	67,120	65,008	68,031
Earnings Per Share:
Basic earnings per share	$ 3.68	$ 1.97	$ 4.86	$ 3.80
Diluted earnings per share	$ 3.64	$ 1.94	$ 4.81	$ 3.76

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Earnings Per Share (Narrative) (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Stock Compensation Plan [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	700	700
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	0	0

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Equity (Common Stock Changes In Number of Shares Issued, Held In Treasury and Outstanding) (Details) - shares		3 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common Stock, Shares, Issued		79,137,758		79,137,758
Treasury Stock, Shares, Acquired		1,400,000
Common Stock Issuable [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued		79,137,758	79,137,758	79,137,758	79,137,758
Treasury Stock, Shares, Acquired		0	0
Stock Based Compensation Shares	[1]	0	0
Common Stock Held In Treasury [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued		15,068,009	12,716,098	13,933,232	10,364,797
Treasury Stock, Shares, Acquired		1,352,211	2,791,360
Stock Based Compensation Shares	[1]	(217,434)	(440,059)
Common Stock Outstanding [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued		64,069,749	66,421,660	65,204,526	68,772,961
Treasury Stock, Shares, Acquired		(1,352,211)	(2,791,360)
Stock Based Compensation Shares	[1]	217,434	440,059

[1] Represents net shares issued from treasury pursuant to the Company's equity-based compensation programs.

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Equity (Balance of and Changes in Each Component of AOCI) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Accumulated other comprehensive income		$ 1,985,374	$ 1,149,364	$ 708,284	$ 1,657,129
Other Comprehensive Income (Loss), before Reclassifications, before Tax		1,853,044	(700,801)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		(20,899)	(4,227)
Other Comprehensive Income (Loss), Tax		555,055	(197,263)
Accumulated Translation Adjustment [Member]
Accumulated other comprehensive income		(93,476)	(13,989)	(181,151)	81,847
Other Comprehensive Income (Loss), before Reclassifications, before Tax		99,374	(89,220)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		0	0
Other Comprehensive Income (Loss), Tax		(11,699)	(6,616)
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated other comprehensive income	[1]	2,126,815	1,211,056	935,697	1,624,773
Other Comprehensive Income (Loss), before Reclassifications, before Tax	[1]	1,759,753	(612,314)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	(24,366)	(6,192)
Other Comprehensive Income (Loss), Tax	[1]	544,269	(204,789)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated other comprehensive income		(47,965)	(47,703)	$ (46,262)	$ (49,491)
Other Comprehensive Income (Loss), before Reclassifications, before Tax		(6,083)	733
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		3,467	1,965
Other Comprehensive Income (Loss), Tax		$ (913)	$ 910

[1] Includes cash flow hedges of $(41,192) and $(29,397) as of June 30, 2016 and December 31, 2015, respectively, and $(23,901) and $(31,591) as of June 30, 2015 and December 31, 2014, respectively. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.

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Equity (Balance of and Changes in Each Component of AOCI) (Footnote) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (41,192)	$ (21,794)	$ (23,901)	$ (30,598)	$ (41,192)	$ (23,901)	$ (29,397)	$ (31,591)

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Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Investment related gains (losses), net		$ 119,110		$ (12,041)		$ 32,041		$ (1,931)
Investment income		507,666		450,539		924,932		877,430
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest		353,223		213,790		460,803		397,915
Income Tax Expense (Benefit)		(117,120)		(83,399)		(148,228)		(142,410)
Net income		236,103		130,391		312,575		255,505
Unrealized Appreciation Depreciation Of Investments [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest		34,603		(440)		24,366		6,192
Income Tax Expense (Benefit)		(9,646)		(245)		(4,996)		(537)
Net income		24,957		(685)		19,370		5,655
Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Investment related gains (losses), net		30,190		1,829		11,899		4,908
Unrealized Appreciation Depreciation Of Investments [Member] | Interest Rate Swap [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	[1]	93		231		253		291
Unrealized Appreciation Depreciation Of Investments [Member] | Forward Contracts [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	[1]	(1,045)		1,807		(257)		967
Unrealized Appreciation Depreciation Of Investments [Member] | DAC Attributed To Unrealized Gains Losses [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Deferred policy acquisition costs attributed to unrealized gains and losses		5,365	[1]	(4,307)	[1]	(12,471)	[2]	26	[2]
Amortization Of Unrealized Pension And Postretirement Benefits [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest		(1,916)		(1,178)		(3,467)		(1,965)
Income Tax Expense (Benefit)		670		413		1,213		688
Net income		(1,246)		(765)		(2,254)		(1,277)
Amounts Reclassified From AOCI [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net income		23,711		(1,450)		17,116		4,378
Prior Service Cost [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Prior service cost		(75)	[2]	(80)	[2]	(153)	[3]	(163)	[3]
Actuarial Gains Losses [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Actuarial gains/(losses)		$ (1,841)	[2]	$ (1,098)	[2]	$ 3,314	[3]	$ (1,802)	[3]

[1] See Note 5 - "Derivative Instruments" for additional information on cash flow hedges.

[2] This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2015 Annual Report for additional details.

[3] This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details.

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Equity (Narrative) (Details) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2016 USD ($) shares
Equity [Abstract]
Stock Repurchase Program, Authorized Amount	$ 400.0
Treasury Stock, Shares, Acquired | shares	1.4
Treasury Stock Value Acquired Cost Method Repurchase Agreement	$ 116.1

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Investments (Investments in Fixed Maturity and Equity Securities Available-for-Sale by Sector) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 18,417,375	$ 17,575,507
Estimated Fair Value	$ 19,543,237	$ 17,708,156
% of Total	100.00%	100.00%
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 30,076,884	$ 28,322,977
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	3,274,262	1,939,175
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	190,170	619,247
Estimated Fair Value	$ 33,160,976	$ 29,642,905
% of Total	100.00%	100.00%
Other-than-temporary impairments in AOCI	$ (1,634)	$ (1,555)
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	416,041	126,229
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	10,527	7,837
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	8,382	8,204
Estimated Fair Value	$ 418,186	$ 125,862
% of Total	100.00%	100.00%
Corporate Debt Securities [Member] | Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 18,417,375	$ 17,575,507
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	1,260,330	599,718
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	134,468	467,069
Estimated Fair Value	$ 19,543,237	$ 17,708,156
% of Total	58.90%	59.70%
Other-than-temporary impairments in AOCI	$ 0	$ 0
Canadian and Canadian provincial governments | Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,607,276	2,469,009
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	1,497,998	1,110,282
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	2,532
Estimated Fair Value	$ 4,105,274	$ 3,576,759
% of Total	12.40%	12.10%
Other-than-temporary impairments in AOCI	$ 0	$ 0
Residential mortgage-backed securities | Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,225,718	1,277,998
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	72,733	45,152
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	5,673	11,673
Estimated Fair Value	$ 1,292,778	$ 1,311,477
% of Total	3.90%	4.40%
Other-than-temporary impairments in AOCI	$ (300)	$ (300)
Asset-backed securities | Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,377,736	1,219,000
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	11,054	12,052
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	32,113	18,376
Estimated Fair Value	$ 1,356,677	$ 1,212,676
% of Total	4.10%	4.10%
Other-than-temporary impairments in AOCI	$ (275)	$ (354)
Commercial Mortgage Backed Securities [Member] | Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,441,091	1,456,848
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	67,727	37,407
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	1,125	11,168
Estimated Fair Value	$ 1,507,693	$ 1,483,087
% of Total	4.50%	5.00%
Other-than-temporary impairments in AOCI	$ (1,609)	$ (1,609)
US Treasury and Government [Member] | Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,907,648	1,423,791
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	99,690	15,586
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	57,718
Estimated Fair Value	$ 2,007,338	$ 1,381,659
% of Total	6.10%	4.70%
Other-than-temporary impairments in AOCI	$ 0	$ 0
US States and Political Subdivisions Debt Securities [Member] | Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	538,037	480,067
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	74,042	40,014
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	6,137	9,067
Estimated Fair Value	$ 605,942	$ 511,014
% of Total	1.80%	1.70%
Other-than-temporary impairments in AOCI	$ 0	$ 0
Foreign Government Debt Securities [Member] | Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,562,003	2,420,757
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	190,688	78,964
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	10,654	41,644
Estimated Fair Value	$ 2,742,037	$ 2,458,077
% of Total	8.30%	8.30%
Other-than-temporary impairments in AOCI	$ 0	$ 0
Nonredeemable Preferred Stock [Member] | Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	66,464	85,645
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	2,575	7,837
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	7,936	5,962
Estimated Fair Value	$ 61,103	$ 87,520
% of Total	14.60%	69.50%
Other equity securities | Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 349,577	$ 40,584
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	7,952	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	446	2,242
Estimated Fair Value	$ 357,083	$ 38,342
% of Total	85.40%	30.50%

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Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 18,417,375	$ 17,575,507
Available-for-sale Securities	19,543,237	17,708,156
Collateral Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	189,370	169,678
Available-for-sale Securities	202,763	176,782
Collateral Received Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	261,461	242,914
Reported Value Measurement [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets Held-in-trust	12,318,432	10,535,729
Estimate of Fair Value Measurement [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets Held-in-trust	$ 13,375,925	$ 10,928,393

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Investments (Exposure To Concentrations Of Credit Risk) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 18,417,375	$ 17,575,507
Available-for-sale Securities	19,543,237	17,708,156
Canadian Province Of Quebec Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	1,026,507	943,484
Available-for-sale Securities	1,854,422	1,525,903
Canadian Province Of Ontario Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	853,014	864,444
Available-for-sale Securities	$ 1,257,954	$ 1,199,080

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Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Available For Sale Securities Debt Maturities Amortized Cost
Due in one year or less	$ 776,005
Due after one year through five years	6,682,598
Due after five year through ten years	8,706,784
Due after ten years	9,866,952
Asset and mortgage-backed securities	4,044,545
Total	30,076,884	$ 28,322,977
Available For Sale Securities Debt Maturities Fair Value
Due in one year or less	783,582
Due after one year through five years	7,007,050
Due after five year through ten years	9,309,939
Due after ten years	11,903,257
Asset and mortgage-backed securities	4,157,148
Total	$ 33,160,976	$ 29,642,905

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Investments (Amortized Cost and Fair Value of Fixed Maturity Holdings by Industry Type) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Corporate Securities by Investment Sector And Credit Rating [Line Items]
Amortized Cost	$ 18,417,375	$ 17,575,507
Estimated Fair Value	$ 19,543,237	$ 17,708,156
% of Total	100.00%	100.00%
Financial Services Sector [Member]
Corporate Securities by Investment Sector And Credit Rating [Line Items]
Amortized Cost	$ 6,268,530	$ 5,408,791
Estimated Fair Value	$ 6,577,989	$ 5,555,044
% of Total	33.80%	31.40%
Commercial and Industrial Sector [Member]
Corporate Securities by Investment Sector And Credit Rating [Line Items]
Amortized Cost	$ 10,192,465	$ 10,211,426
Estimated Fair Value	$ 10,811,758	$ 10,129,917
% of Total	55.20%	57.20%
Utility Sector [Member]
Corporate Securities by Investment Sector And Credit Rating [Line Items]
Amortized Cost	$ 1,956,380	$ 1,955,290
Estimated Fair Value	$ 2,153,490	$ 2,023,195
% of Total	11.00%	11.40%

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Investments (Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance, beginning of period	$ 7,284	$ 7,284	$ 7,284	$ 7,284
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status	(310)	0	(310)	0
Balance, end of period	$ 6,974	$ 7,284	$ 6,974	$ 7,284

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Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity and Equity Securities) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Gross unrealized losses with number of securities [Line Items]
Gross Unrealized Losses	$ 198,552	$ 627,451
% of Total	100.00%	100.00%
Less than 20%
Gross unrealized losses with number of securities [Line Items]
Gross Unrealized Losses	$ 150,638	$ 463,109
% of Total	75.80%	73.80%
20% or more for less than six months
Gross unrealized losses with number of securities [Line Items]
Gross Unrealized Losses	$ 8,933	$ 142,495
% of Total	4.50%	22.70%
20% or more for six months or greater
Gross unrealized losses with number of securities [Line Items]
Gross Unrealized Losses	$ 38,981	$ 21,847
% of Total	19.70%	3.50%

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Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	$ 1,728,972	$ 10,578,982
Gross Unrealized Losses - Less than 12 months	53,258	513,764
Estimated Fair Value - 12 months or greater	2,169,909	822,840
Gross Unrealized Losses - 12 months or greater	136,912	105,483
Estimated Fair Value	3,898,881	11,401,822
Gross Unrealized Losses	190,170	619,247
Equity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	3,248	50,658
Gross Unrealized Losses - Less than 12 months	261	4,417
Estimated Fair Value - 12 months or greater	30,853	12,191
Gross Unrealized Losses - 12 months or greater	8,121	3,787
Estimated Fair Value	34,101	62,849
Gross Unrealized Losses	8,382	8,204
Non-investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	291,016	648,027
Gross Unrealized Losses - Less than 12 months	15,218	79,258
Estimated Fair Value - 12 months or greater	403,790	163,901
Gross Unrealized Losses - 12 months or greater	53,136	44,544
Estimated Fair Value	694,806	811,928
Gross Unrealized Losses	68,354	123,802
Investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	1,437,956	9,930,955
Gross Unrealized Losses - Less than 12 months	38,040	434,506
Estimated Fair Value - 12 months or greater	1,766,119	658,939
Gross Unrealized Losses - 12 months or greater	83,776	60,939
Estimated Fair Value	3,204,075	10,589,894
Gross Unrealized Losses	121,816	495,445
Corporate Debt Securities [Member] | Non-investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	282,830	554,688
Gross Unrealized Losses - Less than 12 months	14,077	71,171
Estimated Fair Value - 12 months or greater	335,351	114,427
Gross Unrealized Losses - 12 months or greater	45,761	31,076
Estimated Fair Value	618,181	669,115
Gross Unrealized Losses	59,838	102,247
Corporate Debt Securities [Member] | Investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	649,275	6,388,148
Gross Unrealized Losses - Less than 12 months	15,424	323,961
Estimated Fair Value - 12 months or greater	1,208,939	294,755
Gross Unrealized Losses - 12 months or greater	59,206	40,861
Estimated Fair Value	1,858,214	6,682,903
Gross Unrealized Losses	74,630	364,822
Canadian and Canadian provincial governments | Investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months		122,746
Gross Unrealized Losses - Less than 12 months		2,532
Estimated Fair Value - 12 months or greater		0
Gross Unrealized Losses - 12 months or greater		0
Estimated Fair Value		122,746
Gross Unrealized Losses		2,532
Residential mortgage-backed securities | Non-investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	0	22,646
Gross Unrealized Losses - Less than 12 months	0	282
Estimated Fair Value - 12 months or greater	379	7,679
Gross Unrealized Losses - 12 months or greater	11	298
Estimated Fair Value	379	30,325
Gross Unrealized Losses	11	580
Residential mortgage-backed securities | Investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	67,472	452,297
Gross Unrealized Losses - Less than 12 months	1,672	7,036
Estimated Fair Value - 12 months or greater	120,431	82,314
Gross Unrealized Losses - 12 months or greater	3,990	4,057
Estimated Fair Value	187,903	534,611
Gross Unrealized Losses	5,662	11,093
Asset-backed securities | Non-investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	5,858	6,772
Gross Unrealized Losses - Less than 12 months	1,118	201
Estimated Fair Value - 12 months or greater	8,623	9,335
Gross Unrealized Losses - 12 months or greater	1,545	1,250
Estimated Fair Value	14,481	16,107
Gross Unrealized Losses	2,663	1,451
Asset-backed securities | Investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	534,180	581,701
Gross Unrealized Losses - Less than 12 months	18,943	9,825
Estimated Fair Value - 12 months or greater	258,828	199,298
Gross Unrealized Losses - 12 months or greater	10,507	7,100
Estimated Fair Value	793,008	780,999
Gross Unrealized Losses	29,450	16,925
Commercial mortgage-backed securities | Non-investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months		3,253
Gross Unrealized Losses - Less than 12 months		248
Estimated Fair Value - 12 months or greater		767
Gross Unrealized Losses - 12 months or greater		117
Estimated Fair Value		4,020
Gross Unrealized Losses		365
Commercial mortgage-backed securities | Investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	78,002	514,877
Gross Unrealized Losses - Less than 12 months	423	9,806
Estimated Fair Value - 12 months or greater	41,399	31,177
Gross Unrealized Losses - 12 months or greater	702	997
Estimated Fair Value	119,401	546,054
Gross Unrealized Losses	1,125	10,803
US Government Agencies Debt Securities [Member] | Investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months		1,010,387
Gross Unrealized Losses - Less than 12 months		57,718
Estimated Fair Value - 12 months or greater		0
Gross Unrealized Losses - 12 months or greater		0
Estimated Fair Value		1,010,387
Gross Unrealized Losses		57,718
US States and Political Subdivisions Debt Securities [Member] | Investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	9,697	157,837
Gross Unrealized Losses - Less than 12 months	443	5,349
Estimated Fair Value - 12 months or greater	56,930	13,016
Gross Unrealized Losses - 12 months or greater	5,694	3,718
Estimated Fair Value	66,627	170,853
Gross Unrealized Losses	6,137	9,067
Foreign Government Debt Securities [Member] | Non-investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	2,328	60,668
Gross Unrealized Losses - Less than 12 months	23	7,356
Estimated Fair Value - 12 months or greater	59,437	31,693
Gross Unrealized Losses - 12 months or greater	5,819	11,803
Estimated Fair Value	61,765	92,361
Gross Unrealized Losses	5,842	19,159
Foreign Government Debt Securities [Member] | Investment grade securities | Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	99,330	702,962
Gross Unrealized Losses - Less than 12 months	1,135	18,279
Estimated Fair Value - 12 months or greater	79,592	38,379
Gross Unrealized Losses - 12 months or greater	3,677	4,206
Estimated Fair Value	178,922	741,341
Gross Unrealized Losses	4,812	22,485
Nonredeemable Preferred Stock [Member] | Equity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	3,248	12,331
Gross Unrealized Losses - Less than 12 months	261	2,175
Estimated Fair Value - 12 months or greater	24,247	12,191
Gross Unrealized Losses - 12 months or greater	7,675	3,787
Estimated Fair Value	27,495	24,522
Gross Unrealized Losses	7,936	5,962
Other equity securities | Equity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	0	38,327
Gross Unrealized Losses - Less than 12 months	0	2,242
Estimated Fair Value - 12 months or greater	6,606	0
Gross Unrealized Losses - 12 months or greater	446	0
Estimated Fair Value	6,606	38,327
Gross Unrealized Losses	$ 446	$ 2,242

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Investments (Investment Income Net of Related Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	$ 525,229	$ 467,718	$ 960,349	$ 911,280
Investment expense	(17,563)	(17,179)	(35,417)	(33,850)
Investment income, net of related expenses	507,666	450,539	924,932	877,430
Available-for-sale Securities [Member]
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	323,592	303,792	636,007	573,560
Mortgage Loans on Real Estate [Member]
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	41,900	37,121	81,692	71,893
Policy loans
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	16,372	16,248	32,506	30,288
Funds withheld at interest
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	112,893	87,325	168,873	199,585
Short-term Investments [Member]
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	985	814	1,960	1,509
Other invested assets
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	$ 29,487	$ 22,418	$ 39,311	$ 34,445

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Investments (Investment Related Gains (Losses) Net) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Investment Gains And Losses [Abstract]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ 846	$ 4,137	$ 34,663	$ 6,664
Gain on investment activity	(53,615)	(20,009)	(80,807)	(39,210)
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments	(22,556)	(14,475)	(34,343)	(28,071)
Other impairment losses and change in mortgage loan provision	211	143	(1,849)	(4,025)
Derivatives and other, net	87,840	(17,718)	(12,574)	(9,045)
Total investment related gains (losses), net	$ 118,264	$ (16,178)	$ (2,622)	$ (8,595)

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Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Securities for Reverse Repurchase Agreements	$ 448,615	$ 443,435
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	485,826	481,197
Reported Value Measurement [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities Borrowed	269,740	259,540
Estimate of Fair Value Measurement [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities Borrowed	289,454	266,297
Securities for Reverse Repurchase Agreements	$ 480,618	$ 465,889

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Investments (Securities Pledged as Collateral Related to Repurchase Reverse Repurchase Program) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	$ 480,618	$ 465,889
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	485,826	481,197
SecuredBorrowingsGrossDifferenceAmount	5,208	15,308
Corporate Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	146,865	150,275
Residential Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	101,715	97,639
US Treasury and Government [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	212,918	199,431
Foreign Government Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	14,524	3,358
Other Debt Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	4,596	15,186
Maturity Overnight [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	4,596	15,186
Maturity Overnight [Member] | Corporate Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity Overnight [Member] | Residential Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity Overnight [Member] | US Treasury and Government [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity Overnight [Member] | Foreign Government Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity Overnight [Member] | Other Debt Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	4,596	15,186
Maturity up to 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	5,329	2,951
Maturity up to 30 days [Member] | Corporate Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	5,329	2,951
Maturity up to 30 days [Member] | Residential Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity up to 30 days [Member] | US Treasury and Government [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity up to 30 days [Member] | Foreign Government Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity up to 30 days [Member] | Other Debt Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity 30 to 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	4,031	0
Maturity 30 to 90 Days [Member] | Corporate Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	4,031	0
Maturity 30 to 90 Days [Member] | Residential Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity 30 to 90 Days [Member] | US Treasury and Government [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity 30 to 90 Days [Member] | Foreign Government Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity 30 to 90 Days [Member] | Other Debt Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	0	0
Maturity over 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	466,662	447,752
Maturity over 90 days [Member] | Corporate Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	137,505	147,324
Maturity over 90 days [Member] | Residential Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	101,715	97,639
Maturity over 90 days [Member] | US Treasury and Government [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	212,918	199,431
Maturity over 90 days [Member] | Foreign Government Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	14,524	3,358
Maturity over 90 days [Member] | Other Debt Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement	$ 0	$ 0

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Investments (Mortgage Loans by Property Type) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Recorded investment	$ 3,383,538	$ 3,136,764
Percentage of total	100.00%	100.00%
Apartment
Mortgage Loans on Real Estate [Line Items]
Recorded investment	$ 397,719	$ 420,014
Percentage of total	11.80%	13.40%
Retail
Mortgage Loans on Real Estate [Line Items]
Recorded investment	$ 1,033,538	$ 1,026,018
Percentage of total	30.50%	32.70%
Office building
Mortgage Loans on Real Estate [Line Items]
Recorded investment	$ 1,057,245	$ 980,858
Percentage of total	31.30%	31.30%
Industrial
Mortgage Loans on Real Estate [Line Items]
Recorded investment	$ 708,764	$ 527,485
Percentage of total	20.90%	16.80%
Other commercial
Mortgage Loans on Real Estate [Line Items]
Recorded investment	$ 186,272	$ 182,389
Percentage of total	5.50%	5.80%

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Investments (Mortgage Loans by Maturity Date) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 3,383,538	$ 3,136,764
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	100.00%	100.00%
Due within five years
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 768,747	$ 873,280
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	22.70%	27.80%
Due after five years through ten years
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 1,800,601	$ 1,561,535
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	53.20%	49.80%
Due after ten years
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 814,190	$ 701,949
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	24.10%	22.40%

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Investments (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 3,383,538	$ 3,136,764
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	100.00%	100.00%
High investment grade
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 1,904,494	$ 1,621,601
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	56.30%	51.70%
Investment grade
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 1,396,572	$ 1,397,996
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	41.30%	44.60%
Average
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 39,444	$ 87,196
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	1.20%	2.80%
Watch list
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 36,035	$ 13,550
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	1.00%	0.40%
In or near default
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 6,993	$ 16,421
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	0.20%	0.50%

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Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Mortgage Loans:
Total mortgage loans	$ 3,383,538	$ 3,136,764
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]
Mortgage loans on real estate (net of valuation allowances)	3,377,039	3,129,951
Commercial Real Estate Portfolio Segment [Member]
Mortgage Loans:
Evaluated individually for credit losses	6,993	16,421
Evaluated collectively for credit losses	3,376,545	3,120,343
Total mortgage loans	3,383,538	3,136,764
Valuation Allowances:
Specific for credit losses	0	588
Non-specifically identified credit losses	6,499	6,225
Total valuation allowances	$ 6,499	$ 6,813

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Investments (Loan Valuation Allowance for Mortgage Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Allowance For Loan And Lease Losses Roll Forward
Balance, Beginning of Period	$ 6,824	$ 6,130	$ 6,813	$ 6,471
Provision (release)	(325)	(188)	(314)	(529)
Balance, End of Period	$ 6,499	$ 5,942	$ 6,499	$ 5,942

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Investments (Impaired Mortgage Loans) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Financing Receivable Impaired [Line Items]
Unpaid Principal Balance		$ 7,495		$ 7,495		$ 16,931
Recorded Investment		6,993		6,993		16,421
Related Allowance		0		0		588
Carrying Value		6,993		6,993		15,833
Average Investment	[1]	8,625	$ 16,921	11,224	$ 16,956
Interest Income		107	264	216	525
Impaired mortgage loans with valuation allowance recorded
Financing Receivable Impaired [Line Items]
Unpaid Principal Balance		0		0		12,898
Recorded Investment		0		0		12,388
Related Allowance		0		0		588
Carrying Value		0		0		11,800
Average Investment	[1]	4,724	11,397	7,279	11,036
Interest Income		0	229	0	384
Impaired mortgage loans with no valuation allowance recorded
Financing Receivable Impaired [Line Items]
Unpaid Principal Balance		7,495		7,495		4,033
Recorded Investment		6,993		6,993		4,033
Related Allowance		0		0		0
Carrying Value		6,993		6,993		$ 4,033
Average Investment	[1]	3,901	5,524	3,945	5,920
Interest Income		$ 107	$ 35	$ 216	$ 141

[1] Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances.

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Investments (Other Invested Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other invested assets	$ 1,682,143	$ 1,298,120
Equity securities
Other invested assets	418,186	125,862
Limited Partner [Member]
Other invested assets	635,574	567,697
Derivatives
Other invested assets	310,796	256,178
Fair Value Option Contractholder Directed Unit Linked Investments [Member]
Other invested assets	195,842	197,547
Other
Other invested assets	$ 121,745	$ 150,836

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Investments (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016 USD ($) securities	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) securities	Jun. 30, 2015 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) securities	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Investment Narrative [Line Items]
Proceeds From Sale Of Available For Sale Securities Sold At Loss	$ 343,300	$ 651,300	$ 585,800	$ 850,900
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments	22,556	14,475	34,343	28,071
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held	6,974	7,284	6,974	7,284	$ 7,284	$ 7,284	$ 7,284	$ 7,284
Financing Receivable, Recorded Investment, Past Due	$ 0		$ 0			$ 0
Policy Loans Percent Of Total Investments	3.20%		3.20%			3.50%
Mortgage Loan To Value Ratio on Approval			75.00%
Mortgage Loan Percent Of Cash And Invested Assets	7.40%		7.40%			7.50%
Available-for-sale Securities, Gross Realized Gains	$ 53,615	$ 20,009	$ 80,807	$ 39,210
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities	908		908			2,080
Securities As Percentage Of Consolidated Stockholder Equity	10.00%		10.00%
Securities Borrowed Or Pledged, Minimum Fair Value Percentage			100.00%
Collateral Obtained Percent Of Fair Value Reverse Repurchase Agreements			100.00%
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	100.00%		100.00%			100.00%
Funds Withheld At Interest Percent Of Total Investments	12.90%		12.90%			14.00%
Funds withheld at interest	$ 5,899,289		$ 5,899,289			$ 5,880,203
Funds Held Under Reinsurance Agreements Asset Specific Client	$ 4,000,000		$ 4,000,000
Other Invested Assets Percent Of Cash And Invested Assets	3.70%		3.70%			3.10%
CALIFORNIA
Investment Narrative [Line Items]
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	24.10%		24.10%			22.30%

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Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Notional Amount	$ 13,624,528	$ 11,928,989
Carrying Value / Fair Value of Assets	360,834	301,270
Derivative Liability, Fair Value, Gross Liability	1,274,394	1,202,203
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	12,280,004	10,985,503
Carrying Value / Fair Value of Assets	258,428	155,005
Derivative Liability, Fair Value, Gross Liability	1,228,973	1,172,217
Not Designated as Hedging Instrument | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	1,118,523	1,123,057
Carrying Value / Fair Value of Assets	175,987	85,075
Derivative Liability, Fair Value, Gross Liability	970	4,196
Not Designated as Hedging Instrument | Financial Futures
Derivative [Line Items]
Notional Amount	508,310	420,665
Carrying Value / Fair Value of Assets	0	0
Derivative Liability, Fair Value, Gross Liability	0	0
Not Designated as Hedging Instrument | Foreign Currency Forwards
Derivative [Line Items]
Notional Amount	43,000	45,000
Carrying Value / Fair Value of Assets	1,703	44
Derivative Liability, Fair Value, Gross Liability	2,732	6,768
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member]
Derivative [Line Items]
Notional Amount	29,208	28,561
Carrying Value / Fair Value of Assets	0	0
Derivative Liability, Fair Value, Gross Liability	613	292
Not Designated as Hedging Instrument | Credit Default Swaps
Derivative [Line Items]
Notional Amount	865,000	897,000
Carrying Value / Fair Value of Assets	8,635	8,230
Derivative Liability, Fair Value, Gross Liability	5,300	11,053
Not Designated as Hedging Instrument | Equity Options
Derivative [Line Items]
Notional Amount	541,749	453,435
Carrying Value / Fair Value of Assets	54,322	46,653
Derivative Liability, Fair Value, Gross Liability	0	0
Not Designated as Hedging Instrument | Longevity Swap [Member]
Derivative [Line Items]
Notional Amount	888,480	868,960
Carrying Value / Fair Value of Assets	17,781	15,003
Derivative Liability, Fair Value, Gross Liability	0	7
Not Designated as Hedging Instrument | Mortality Swap [Member]
Derivative [Line Items]
Notional Amount	50,000	50,000
Carrying Value / Fair Value of Assets	0	0
Derivative Liability, Fair Value, Gross Liability	1,997	2,619
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements
Derivative [Line Items]
Notional Amount	0	0
Carrying Value / Fair Value of Assets	0	0
Derivative Liability, Fair Value, Gross Liability	91,981	76,698
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member]
Derivative [Line Items]
Notional Amount	0	0
Carrying Value / Fair Value of Assets	0	0
Derivative Liability, Fair Value, Gross Liability	841,832	878,114
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity [Member]
Derivative [Line Items]
Notional Amount	0	0
Carrying Value / Fair Value of Assets	0	0
Derivative Liability, Fair Value, Gross Liability	283,548	192,470
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts
Derivative [Line Items]
Notional Amount	8,235,734	7,098,825
Carrying Value / Fair Value of Assets	0	0
Derivative Liability, Fair Value, Gross Liability	0	0
Designated As Hedging Instrument
Derivative [Line Items]
Notional Amount	1,344,524	943,486
Carrying Value / Fair Value of Assets	102,406	146,265
Derivative Liability, Fair Value, Gross Liability	45,421	29,986
Designated As Hedging Instrument | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	435,000	120,000
Carrying Value / Fair Value of Assets	0	0
Derivative Liability, Fair Value, Gross Liability	42,038	29,986
Designated As Hedging Instrument | Currency Swap [Member]
Derivative [Line Items]
Notional Amount	909,524	823,486
Carrying Value / Fair Value of Assets	102,406	146,265
Derivative Liability, Fair Value, Gross Liability	$ 3,383	$ 0

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Derivative Instruments (Derivative Instruments Offsetting Balance Sheet) (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Derivative Assets [Abstract]
Derivative Fair Value Of Free Standing Derivative Asset		$ 360,834	$ 301,270
Gross Amounts Offset in the Balance Sheet		(32,257)	(30,096)
Net Amounts Presented in the Balance Sheet		328,577	271,174
Derivative Asset, Fair Value of Collateral	[1]	(40,876)	(20,888)
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received	[2]	(298,459)	(245,038)
Net Amount		(10,758)	5,248
Derivative Liabilities [Abstract]
Derivative Fair Value Of Free Standing Derivative Liability		57,033	54,921
Gross Amounts Offset in the Balance Sheet		(32,257)	(30,096)
Net Amounts Presented in the Balance Sheet		24,776	24,825
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments	[3]	(74,538)	(47,149)
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received	[4]	(16,822)	(12,540)
Net Amount		$ (66,584)	$ (34,864)

[1] Consists of U.S. Treasury and government securities.

[2] Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities.

[3] Included in available-for-sale securities, primarily consists of U.S. Treasury and government agency securities.

[4] Consists of receivable from counterparty, included in other assets.

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Derivative Instruments Derivative Instruments (Fair Value Hedge Attributable to Foreign Currency) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	$ (3,755)	$ 2,112
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	3,755	(2,112)
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	$ 0	$ 0

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Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 41,192	$ 21,794	$ 23,901	$ 30,598	$ 41,192	$ 23,901	$ 29,397	$ 31,591
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(20,350)		8,735		(11,799)	8,948
Investment Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(58)		(543)		(165)	(603)
Gain (Loss) on Investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 1,010		$ (1,495)		$ 169	$ (655)

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Derivative Instruments (Cash Flow Hedges) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (20,350)		$ 8,735		$ (11,799)	$ 8,948
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(41,192)	$ (21,794)	(23,901)	$ (30,598)	(41,192)	(23,901)	$ (29,397)	$ (31,591)
Gain (Loss) on Investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(1,010)		1,495		(169)	655
Investment Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	58		543		165	603
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(20,350)		2,417		(11,799)	(5,150)
Interest Rate Swap [Member] | Gain (Loss) on Investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0		0		0	0
Interest Rate Swap [Member] | Investment Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	93		231		253	291
Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	0		6,318		0	14,098
Forward Contracts [Member] | Gain (Loss) on Investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(1,010)		1,495		(169)	655
Forward Contracts [Member] | Investment Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (35)		$ 312		$ (88)	$ 312

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Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Currency Swap [Member]
Derivatives, Fair Value [Line Items]
Net Derivatives Gains (Losses) Deferred in AOCI	[1],[2]	$ 302	$ (12,945)	$ (31,493)	$ 37,021

[1] There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations.

[2] 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.

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Derivative Instruments (Non Hedging Derivatives and Embedded Derivatives Effect on Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	$ 118,264	$ (16,178)	$ (2,622)	$ (8,595)
Policy acquisition costs and other insurance expenses	(405,681)	(300,412)	(639,444)	(577,455)
Interest credited	(95,849)	(77,246)	(183,754)	(197,924)
Other revenues	66,193	66,936	125,376	129,223
Not Designated as Hedging Instrument
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	87,543	(10,677)	(12,151)	(46,531)
Not Designated as Hedging Instrument | Interest Rate Swap [Member]
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	41,500	(41,729)	104,027	(12,385)
Not Designated as Hedging Instrument | Interest Rate Options
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net			0	3,275
Not Designated as Hedging Instrument | Financial Futures
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	(7,557)	(2,183)	(18,608)	(9,514)
Not Designated as Hedging Instrument | Foreign Currency Forwards
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	3,577	(1,433)	6,077	(1,653)
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member]
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	(520)	168	(700)	97
Not Designated as Hedging Instrument | Credit Default Swaps
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	3,518	(187)	6,864	2,471
Not Designated as Hedging Instrument | Equity Options
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	(3,225)	(2,606)	(5,928)	(10,672)
Not Designated as Hedging Instrument | Longevity Swap [Member]
Income Affect Of Non Hedging Derivatives [Line Items]
Other revenues	2,394	1,911	2,481	3,731
Not Designated as Hedging Instrument | Mortality Swap [Member]
Income Affect Of Non Hedging Derivatives [Line Items]
Other revenues	1,046	(478)	622	(957)
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	76,966	(23,098)	(15,283)	(25,423)
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member]
Income Affect Of Non Hedging Derivatives [Line Items]
Interest credited	2,019	8,080	(626)	(21,246)
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity [Member]
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	$ (28,137)	$ 50,878	$ (91,077)	$ 25,745

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Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Credit Derivatives [Line Items]
Credit Derivative Current Fair Value	[1]	$ 2,820	$ (4,003)
Maximum Potential Future Exposure on Credit Risk Derivatives	[1],[2]	$ 861,700	$ 893,700
Derivative Average Remaining Maturity	[1],[3]	4 years 7 months	4 years 6 months
Standard Poors AAA To A Minus Ratings [Member] | Single Name Credit Default Swaps [Member]
Credit Derivatives [Line Items]
Credit Derivative Current Fair Value	[1]	$ 851	$ 1,689
Maximum Potential Future Exposure on Credit Risk Derivatives	[1],[2]	$ 151,500	$ 152,500
Derivative Average Remaining Maturity	[1],[3]	4 years 2 months	3 years 11 months
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Swaps Referencing Indices [Member]
Credit Derivatives [Line Items]
Credit Derivative Current Fair Value	[1]	$ 0	$ 0
Maximum Potential Future Exposure on Credit Risk Derivatives	[1],[2]	0	0
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member]
Credit Derivatives [Line Items]
Credit Derivative Current Fair Value	[1]	851	1,689
Maximum Potential Future Exposure on Credit Risk Derivatives	[1],[2]	$ 151,500	$ 152,500
Derivative Average Remaining Maturity	[1],[3]	4 years 2 months	3 years 11 months
Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member]
Credit Derivatives [Line Items]
Credit Derivative Current Fair Value	[1]	$ (2,451)	$ (5,066)
Maximum Potential Future Exposure on Credit Risk Derivatives	[1],[2]	$ 289,200	$ 315,200
Derivative Average Remaining Maturity	[1],[3]	4 years 2 months	4 years 2 months
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member]
Credit Derivatives [Line Items]
Credit Derivative Current Fair Value	[1]	$ 4,554	$ 2,274
Maximum Potential Future Exposure on Credit Risk Derivatives	[1],[2]	$ 416,000	$ 416,000
Derivative Average Remaining Maturity	[1],[3]	5 years	5 years
Standard Poors BBB Rating [Member] | Credit Default Subtotal [Member]
Credit Derivatives [Line Items]
Credit Derivative Current Fair Value	[1]	$ 2,103	$ (2,792)
Maximum Potential Future Exposure on Credit Risk Derivatives	[1],[2]	$ 705,200	$ 731,200
Derivative Average Remaining Maturity	[1],[3]	4 years 8 months	4 years 7 months
Standard & Poor's, BB Rating [Member]
Credit Derivatives [Line Items]
Derivative Average Remaining Maturity	[1],[2]	3 years 2 months	4 years 1 month
Standard & Poor's, BB Rating [Member] | Single Name Credit Default Swaps [Member]
Credit Derivatives [Line Items]
Credit Derivative Current Fair Value	[1]	$ (134)	$ (2,900)
Maximum Potential Future Exposure on Credit Risk Derivatives	[1],[2]	5,000	10,000
Standard & Poor's, BB Rating [Member] | Credit Default Swaps Referencing Indices [Member]
Credit Derivatives [Line Items]
Credit Derivative Current Fair Value	[1]	0	0
Maximum Potential Future Exposure on Credit Risk Derivatives	[1],[2]	0	0
Standard & Poor's, BB Rating [Member] | Credit Default Subtotal [Member]
Credit Derivatives [Line Items]
Credit Derivative Current Fair Value	[1]	(134)	(2,900)
Maximum Potential Future Exposure on Credit Risk Derivatives	[1],[2]	$ 5,000	$ 10,000

[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.

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Derivative Instruments (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items]
Total investment related gains (losses), net	$ 118,264	$ (16,178)	$ (2,622)	$ (8,595)
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives	40,733	(46,537)	94,835	(25,607)
Total benefits and expenses	2,685,845	2,416,550	5,090,833	4,753,038
Net income	236,103	130,391	312,575	255,505
Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items]
Total investment related gains (losses), net	76,966	(23,098)	(15,283)	(25,423)
Net income	18,807	(3,917)	(7,970)	(6,504)
Embedded Derivatives In Equity Indexed Annuities [Member]
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items]
Total benefits and expenses	(2,019)	8,080	(626)	(21,246)
Net income	(7,816)	1,233	3,418	(14,766)
Embedded Derivatives In Variable Annuity Contracts [Member]
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items]
Total investment related gains (losses), net	(28,137)	50,878	(91,077)	25,745
Net income	$ (40,167)	$ 19,608	$ (66,010)	$ 10,198

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Derivative Instruments (Credit Exposure of Derivative Contracts) (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Credit Exposure of Derivative Contracts
Estimated fair value of derivatives in net asset (liability) position		$ 305,798	$ 248,968
Derivative, Collateral, Right to Reclaim Cash	[1]	16,822	12,540
Derivative Liability, Fair Value of Collateral	[2]	74,538	47,149
Derivative, Collateral, Obligation to Return Cash	[3]	(298,459)	(245,038)
Derivative Asset, Fair Value of Collateral	[4]	(40,876)	(20,888)
Deposits with Clearing Organizations and Others, Securities	[2]	(62,577)	(34,898)
Net credit exposure		(4,754)	7,833
Margin account related to exchange-traded futures	[5]	$ 10,503	$ 11,004

[1] Consists of receivable from counterparty, included in other assets.

[2] Included in available-for-sale securities, primarily consists of U.S. Treasury and government agency securities.

[3] Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities.

[4] Consists of U.S. Treasury and government securities.

[5] Included in other assets.

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Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing	$ 2.4	$ 7.0
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	0.5	0.5
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges	$ 140.4	$ 140.4	$ 171.9

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Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	$ 33,160,976	$ 29,642,905
Funds withheld at interest embedded derivatives	(91,981)	(76,698)
Cash and cash equivalents	213,556	406,521
Short-term investments	160,901	530,773
Investments, Fair Value Disclosure	925,758	587,757
Other Assets, Fair Value Disclosure	17,781	14,996
Assets, Fair Value Disclosure, Recurring	34,386,991	31,106,254
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives	1,125,380	1,070,584
Liabilities Fair Value Disclosure
Liabilities, Fair Value Disclosure, Recurring	1,150,156	1,095,409
Nonredeemable Preferred Stock [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	61,103	87,520
Other equity securities
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	357,083	38,342
Other
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	934	8,170
Interest Rate Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	159,611	71,882
Liabilities Fair Value Disclosure
Other liabilities	26,632	20,989
Foreign Currency Forwards
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	1,498
Other Assets, Fair Value Disclosure		20
Liabilities Fair Value Disclosure
Other liabilities	2,527	6,744
Consumer Price Index Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	(613)	(292)
Fair Value Option Contractholder Directed Unit Linked Investments [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	195,842	197,547
Credit Default Swaps
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	5,625	2,567
Liabilities Fair Value Disclosure
Other liabilities	2,290	5,390
Equity Option [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	43,543	40,644
Liabilities Fair Value Disclosure
Other liabilities	(10,779)	(6,009)
Currency Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	101,132	141,357
Liabilities Fair Value Disclosure
Other liabilities	2,109	(4,908)
Mortality Swap [Member]
Liabilities Fair Value Disclosure
Other liabilities	1,997	2,619
Corporate Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	19,543,237	17,708,156
Canadian and Canadian provincial governments
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	4,105,274	3,576,759
Residential mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,292,778	1,311,477
Asset-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,356,677	1,212,676
Commercial Mortgage Backed Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,507,693	1,483,087
US Treasury and Government [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	2,007,338	1,381,659
US States and Political Subdivisions Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	605,942	511,014
Foreign Government Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	2,742,037	2,458,077
Fair Value Inputs Level 1 Member
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	2,416,659	1,757,449
Funds withheld at interest embedded derivatives	0	0
Cash and cash equivalents	213,556	406,521
Short-term investments	133,716	524,946
Investments, Fair Value Disclosure	600,651	323,638
Other Assets, Fair Value Disclosure	0	0
Assets, Fair Value Disclosure, Recurring	3,364,582	3,012,554
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives	0	0
Liabilities Fair Value Disclosure
Liabilities, Fair Value Disclosure, Recurring	0	0
Fair Value Inputs Level 1 Member | Nonredeemable Preferred Stock [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	48,030	81,809
Fair Value Inputs Level 1 Member | Other equity securities
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	357,083	38,342
Fair Value Inputs Level 1 Member | Other
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	934	8,170
Fair Value Inputs Level 1 Member | Interest Rate Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 1 Member | Foreign Currency Forwards
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0
Other Assets, Fair Value Disclosure		0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 1 Member | Consumer Price Index Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Fair Value Inputs Level 1 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	194,604	195,317
Fair Value Inputs Level 1 Member | Credit Default Swaps
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 1 Member | Equity Option [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 1 Member | Currency Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 1 Member | Mortality Swap [Member]
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 1 Member | Corporate Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	252,082	269,039
Fair Value Inputs Level 1 Member | Canadian and Canadian provincial governments
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	0
Fair Value Inputs Level 1 Member | Residential mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	0
Fair Value Inputs Level 1 Member | Asset-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	0
Fair Value Inputs Level 1 Member | Commercial Mortgage Backed Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	0
Fair Value Inputs Level 1 Member | US Treasury and Government [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,874,944	1,227,858
Fair Value Inputs Level 1 Member | US States and Political Subdivisions Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	0
Fair Value Inputs Level 1 Member | Foreign Government Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	289,633	260,552
Fair Value Inputs Level 2 Member
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	28,314,806	25,460,690
Funds withheld at interest embedded derivatives	0	0
Cash and cash equivalents	0	0
Short-term investments	27,185	5,827
Investments, Fair Value Disclosure	325,107	264,119
Other Assets, Fair Value Disclosure	0	0
Assets, Fair Value Disclosure, Recurring	28,667,098	25,730,636
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives	0	0
Liabilities Fair Value Disclosure
Liabilities, Fair Value Disclosure, Recurring	22,779	22,206
Fair Value Inputs Level 2 Member | Nonredeemable Preferred Stock [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	13,073	5,711
Fair Value Inputs Level 2 Member | Other equity securities
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Fair Value Inputs Level 2 Member | Other
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Fair Value Inputs Level 2 Member | Interest Rate Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	159,611	71,882
Liabilities Fair Value Disclosure
Other liabilities	26,632	20,989
Fair Value Inputs Level 2 Member | Foreign Currency Forwards
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	1,498
Other Assets, Fair Value Disclosure		20
Liabilities Fair Value Disclosure
Other liabilities	2,527	6,744
Fair Value Inputs Level 2 Member | Consumer Price Index Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	(613)	(292)
Fair Value Inputs Level 2 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	1,238	2,230
Fair Value Inputs Level 2 Member | Credit Default Swaps
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	5,625	2,567
Liabilities Fair Value Disclosure
Other liabilities	2,290	5,390
Fair Value Inputs Level 2 Member | Equity Option [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	43,543	40,644
Liabilities Fair Value Disclosure
Other liabilities	(10,779)	(6,009)
Fair Value Inputs Level 2 Member | Currency Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	101,132	141,357
Liabilities Fair Value Disclosure
Other liabilities	2,109	(4,908)
Fair Value Inputs Level 2 Member | Mortality Swap [Member]
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 2 Member | Corporate Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	17,993,773	16,212,147
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	3,551,082	3,160,683
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,126,799	980,828
Fair Value Inputs Level 2 Member | Asset-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,057,861	908,840
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,469,758	1,414,524
Fair Value Inputs Level 2 Member | US Treasury and Government [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	106,139	127,536
Fair Value Inputs Level 2 Member | US States and Political Subdivisions Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	570,696	472,672
Fair Value Inputs Level 2 Member | Foreign Government Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	2,438,698	2,183,460
Fair Value Inputs Level 3 Member
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	2,429,511	2,424,766
Funds withheld at interest embedded derivatives	(91,981)	(76,698)
Cash and cash equivalents	0	0
Short-term investments	0	0
Investments, Fair Value Disclosure	0	0
Other Assets, Fair Value Disclosure	17,781	14,996
Assets, Fair Value Disclosure, Recurring	2,355,311	2,363,064
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives	1,125,380	1,070,584
Liabilities Fair Value Disclosure
Liabilities, Fair Value Disclosure, Recurring	1,127,377	1,073,203
Fair Value Inputs Level 3 Member | Nonredeemable Preferred Stock [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Fair Value Inputs Level 3 Member | Other equity securities
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Fair Value Inputs Level 3 Member | Other
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Fair Value Inputs Level 3 Member | Interest Rate Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 3 Member | Foreign Currency Forwards
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0
Other Assets, Fair Value Disclosure		0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 3 Member | Consumer Price Index Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Fair Value Inputs Level 3 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Fair Value Inputs Level 3 Member | Credit Default Swaps
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 3 Member | Equity Option [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 3 Member | Currency Swap [Member]
Assets Fair Value Disclosure
Investments, Fair Value Disclosure	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 3 Member | Mortality Swap [Member]
Liabilities Fair Value Disclosure
Other liabilities	1,997	2,619
Fair Value Inputs Level 3 Member | Corporate Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,297,382	1,226,970
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	554,192	416,076
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	165,979	330,649
Fair Value Inputs Level 3 Member | Asset-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	298,816	303,836
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	37,935	68,563
Fair Value Inputs Level 3 Member | US Treasury and Government [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	26,255	26,265
Fair Value Inputs Level 3 Member | US States and Political Subdivisions Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	35,246	38,342
Fair Value Inputs Level 3 Member | Foreign Government Debt Securities [Member]
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	$ 13,706	$ 14,065

XML

Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Percentage Of Fixed Maturity Securities Classified As Level 3	7.30%	8.20%
Corporate Debt Securities [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets, Fair Value Disclosure	$ 167,602	$ 195,557
Corporate Debt Securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount for Lack of Marketability	1.00%	1.00%
Corporate Debt Securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount for Lack of Marketability	2.00%	2.00%
Corporate Debt Securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount for Lack of Marketability	0.00%	0.00%
Longevity Swap [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets, Fair Value Disclosure	$ 17,781	$ 14,996
Longevity Swap [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	2.00%	2.00%
Fair Value Inputs Mortality Improvement	3.00%	3.00%
Longevity Swap [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	100.00%	100.00%
Fair Value Inputs Mortality Improvement	10.00%	10.00%
Longevity Swap [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	0.00%	0.00%
Fair Value Inputs Mortality Improvement	(10.00%)	(10.00%)
US Government Agencies Debt Securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount for Lack of Marketability	1.00%	1.00%
US Government Agencies Debt Securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount for Lack of Marketability	1.00%	1.00%
US Government Agencies Debt Securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount for Lack of Marketability	0.00%	0.00%
US States and Political Subdivisions Debt Securities [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets, Fair Value Disclosure	$ 4,941	$ 4,770
US States and Political Subdivisions Debt Securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount for Lack of Marketability	1.00%	1.00%
US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount for Lack of Marketability	1.00%	1.00%
US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount for Lack of Marketability	1.00%	1.00%
Embedded Derivatives In Indexed Annuity [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 841,832	$ 878,114
Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End	8.00%	7.00%
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	2.00%	2.00%
Fair Value Inputs Withdrawal	3.00%	3.00%
Fair Value Inputs Option Budget Projection	2.00%	3.00%
Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End	35.00%	35.00%
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	100.00%	100.00%
Fair Value Inputs Withdrawal	5.00%	5.00%
Fair Value Inputs Option Budget Projection	4.00%	4.00%
Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End	0.00%	0.00%
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	0.00%	0.00%
Fair Value Inputs Withdrawal	0.00%	0.00%
Fair Value Inputs Option Budget Projection	2.00%	2.00%
Embedded Derivatives In Variable Annuity [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 283,548	$ 192,470
Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End	7.00%	7.00%
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	2.00%	2.00%
Fair Value Inputs Withdrawal	3.00%	3.00%
Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End	25.00%	25.00%
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	100.00%	100.00%
Fair Value Inputs Withdrawal	7.00%	7.00%
Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End	0.00%	0.00%
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	0.00%	0.00%
Fair Value Inputs Withdrawal	0.00%	0.00%
Embedded Derivatives In Variable Annuity Contracts [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Entity Credit Risk	1.00%	1.00%
Fair Value Assumptions, Expected Volatility Rate	14.00%	14.00%
Embedded Derivatives In Variable Annuity Contracts [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Entity Credit Risk	5.00%	5.00%
Fair Value Assumptions, Expected Volatility Rate	27.00%	27.00%
Embedded Derivatives In Variable Annuity Contracts [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Entity Credit Risk	0.00%	0.00%
Fair Value Assumptions, Expected Volatility Rate	0.00%	0.00%
Mortality Swap [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 1,997	$ 2,619
Mortality Swap [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	1.00%	1.00%
Mortality Swap [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	100.00%	100.00%
Mortality Swap [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	0.00%	0.00%
Total Return Swap [Member] | Funds Withheld At Interest Embedded Derivatives [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets, Fair Value Disclosure	$ 91,981	$ 76,698
Total Return Swap [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End	8.00%	7.00%
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	2.00%	2.00%
Fair Value Inputs Withdrawal	3.00%	3.00%
Fair Value Inputs, Entity Credit Risk	1.00%	1.00%
Fair Value Inputs Credit Rate	2.00%	3.00%
Total Return Swap [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End	35.00%	35.00%
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	100.00%	100.00%
Fair Value Inputs Withdrawal	5.00%	5.00%
Fair Value Inputs, Entity Credit Risk	5.00%	5.00%
Fair Value Inputs Credit Rate	4.00%	4.00%
Total Return Swap [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate, Low End	0.00%	0.00%
Long-Duration Contracts, Assumptions by Product and Guarantee, Mortality Rate, Low End	0.00%	0.00%
Fair Value Inputs Withdrawal	0.00%	0.00%
Fair Value Inputs, Entity Credit Risk	0.00%	0.00%
Fair Value Inputs Credit Rate	2.00%	2.00%
Total Return Swap [Member] | US Government Agencies Debt Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets, Fair Value Disclosure	$ 26,255	$ 26,265

XML

Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Fair Value Assets Transfers between Level 1 and Level 2) (Details) - Corporate Debt Securities [Member] - Available-for-sale Securities [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Equity, Level 1 to Level 2 Transfers, Description	0	0	0	625
Fair Value, Equity, Level 2 to Level 1 Transfers, Description	0	31896	0	36996

XML

Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Foreign Government Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, end of period		$ 13,706	$ 14,657	$ 13,706	$ 14,657
Foreign Government Debt Securities [Member] | Other Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Funds Withheld At Interest Embedded Derivatives [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		(168,948)	19,769	(76,698)	22,094
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)		0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		0	0	0	0
Fair Value, end of period		(91,981)	(3,329)	(91,981)	(3,329)
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Funds Withheld At Interest Embedded Derivatives [Member] | Gain (Loss) on Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		76,967	(23,098)	(15,283)	(25,423)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		76,967	(23,098)	(15,283)	(25,423)
Funds Withheld At Interest Embedded Derivatives [Member] | Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Funds Withheld At Interest Embedded Derivatives [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings					0
Funds Withheld At Interest Embedded Derivatives [Member] | Other Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Nonredeemable Preferred Stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period			7,992		7,904
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)			(104)		(16)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]		(4,500)		(4,529)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[1]		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3			0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3			0		(29)
Fair Value, end of period			12,388		12,388
Nonredeemable Preferred Stock [Member] | Investment Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings			0		0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)			0		0
Nonredeemable Preferred Stock [Member] | Gain (Loss) on Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings			0		0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)			0		0
Nonredeemable Preferred Stock [Member] | Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings			0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)			0		0
Nonredeemable Preferred Stock [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings					0
Nonredeemable Preferred Stock [Member] | Other Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings			0		0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)			0		0
Longevity Swap [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		15,806	8,602	14,996	7,727
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)		(419)	340	304	(605)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		0	0	0	0
Fair Value, end of period		17,781	10,853	17,781	10,853
Longevity Swap [Member] | Investment Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Longevity Swap [Member] | Gain (Loss) on Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Longevity Swap [Member] | Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Longevity Swap [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings					0
Longevity Swap [Member] | Other Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		2,394	1,911	2,481	3,731
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		2,394	1,911	2,481	3,731
Interest Sensitive Contract Liabilities Embedded Derivatives [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		(1,118,069)	(1,132,271)	(1,070,584)	(1,085,166)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss)		0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases	[1]	4,703	13,924	2,035	25,568
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	[1]	18,142	18,083	34,872	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3		0	0	0	37,081
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3		0	0	0	0
Fair Value, end of period		(1,125,380)	(1,069,154)	(1,125,380)	(1,069,154)
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Income [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Gain (Loss) on Investments [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings		(28,137)	50,878	(91,077)	25,745
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(31,333)	48,603	(96,811)	20,358
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Interest Income [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings		2,019	(8,080)	626
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)		20,162	10,003	35,497	58,327
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings					21,246
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Other Income [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Mortality Swap [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		3,043	1,276	2,619	797
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss)		0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3		0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3		0	0	0	0
Fair Value, end of period		(1,997)	(1,754)	(1,997)	(1,754)
Mortality Swap [Member] | Investment Income [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Mortality Swap [Member] | Gain (Loss) on Investments [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Mortality Swap [Member] | Interest Income [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings		0	0	0
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Mortality Swap [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings					0
Mortality Swap [Member] | Other Income [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings		(1,046)	478	(622)	957
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(1,046)	478	(622)	957
Available-for-sale Securities [Member] | Corporate Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		1,243,660	1,286,979	1,226,970	1,310,427
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)		30,391	(16,902)	56,073	(10,833)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	(72,982)	(76,982)	(140,578)	(113,882)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[1]	(901)	(3,949)	(10,483)	(3,949)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	(47,461)	(103,696)	(96,955)	(163,296)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		5,023	413	10,206	413
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		(5,732)	(1,293)	(5,732)	(6,902)
Fair Value, end of period		1,297,382	1,237,317	1,297,382	1,237,317
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Investment Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		(592)	(1,051)	(1,419)	(1,854)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(608)	(997)	(1,428)	(1,800)
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Gain (Loss) on Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		12	(166)	(21,856)	(571)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	(21,726)	0
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | Canadian Provincial Governments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		487,383		416,076
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)		63,760		132,065
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[1]	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		0		0
Fair Value, end of period		554,192		554,192
Available-for-sale Securities [Member] | Canadian Provincial Governments [Member] | Investment Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		3,049		6,051
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		3,049		6,051
Available-for-sale Securities [Member] | Canadian Provincial Governments [Member] | Gain (Loss) on Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0		0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0		0
Available-for-sale Securities [Member] | Canadian Provincial Governments [Member] | Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0		0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0		0
Available-for-sale Securities [Member] | Residential mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		333,253	192,579	330,649	188,094
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)		3,839	(1,291)	(493)	(768)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	(42,913)	(118,868)	(72,228)	(130,307)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[1]	(167,236)	0	(167,684)	(714)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	(13,464)	(8,617)	(24,904)	(14,336)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	1,800	0	2,400
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		(31,551)	(4,824)	(41,524)	(6,246)
Fair Value, end of period		165,979	298,376	165,979	298,376
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Investment Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		116	(156)	(371)	(296)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		530	(156)	42	(297)
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Gain (Loss) on Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		(1,891)	17	(1,922)	(65)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | Residential mortgage-backed securities | Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | Asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		285,220	609,436	303,836	572,960
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)		2,793	(301)	(7,734)	3,331
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	(59,779)	(44,181)	(97,050)	(85,172)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[1]	(30,181)	(1,615)	(38,681)	(8,971)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	(4,196)	(63,751)	(7,921)	(67,873)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		18,398	0	24,796	9,055
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		(34,072)	(9,234)	(74,057)	(16,450)
Fair Value, end of period		298,816	580,510	298,816	580,510
Available-for-sale Securities [Member] | Asset-backed securities | Investment Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		252	1,511	426	2,930
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		187	706	350	2,105
Available-for-sale Securities [Member] | Asset-backed securities | Gain (Loss) on Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		823	283	1,101	356
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | Asset-backed securities | Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		63,574	93,869	68,563	86,746
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)		453	(386)	(2,359)	(696)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	0	(42)	(1,545)	(42)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[1]	(22,338)	(2,000)	(25,976)	(2,956)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	(68)	(893)	(137)	(6,013)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	0	0	12,828
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		(1,507)	(12,720)	(1,545)	(12,720)
Fair Value, end of period		37,935	77,819	37,935	77,819
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Investment Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		490	677	1,133	1,271
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		485	640	1,031	1,229
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Gain (Loss) on Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		(2,669)	(770)	(3,289)	(683)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | US Treasury and Government [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		25,880	27,756	26,265	28,529
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)		461	(559)	1,057	(383)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	(144)	(154)	(257)	(275)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	(108)	(94)	(1,079)	(1,038)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		0	0	0	0
Fair Value, end of period		26,255	27,359	26,255	27,359
Available-for-sale Securities [Member] | US Treasury and Government [Member] | Investment Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		(122)	112	(245)	93
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(122)	112	(245)	93
Available-for-sale Securities [Member] | US Treasury and Government [Member] | Gain (Loss) on Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	(10)	0	(117)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | US Treasury and Government [Member] | Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		34,624	41,875	38,342	42,711
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)		837	(1,480)	1,171	(1,455)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	(227)	(212)	(258)	(241)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		0	0	(4,204)	(835)
Fair Value, end of period		35,246	40,186	35,246	40,186
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Investment Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		12	8	195	15
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		12	8	195	15
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Gain (Loss) on Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	(5)	0	(9)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Insurance Claims [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)			0		0
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0		0
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Other Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0		0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0		0
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period		13,936	15,202	14,065	19,663
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)		95	(232)	288	(50)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[1]	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	(325)	(313)	(647)	(623)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		0	0	0	(4,333)
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Investment Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Gain (Loss) on Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0	0	0	0
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0	0	0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		$ 0	$ 0	$ 0	0
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Policy Acquisition Costs And Other Insurance Expenses [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings					$ 0

[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.

XML

Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Fair Value Assets Measured on Non-Recurring Basis) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Mortgage Loans on Real Estate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Assets Carrying Value Prior To Impairment	[1]			$ 6,993	$ 5,850
Fair Value Assets Gains Losses	[1]	$ (400)	$ (11)	(702)	39
Partnership Interest [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Assets Carrying Value Prior To Impairment	[2]			4,460	13,667
Fair Value Assets Gains Losses	[2]	$ (112)	$ 0	$ (2,039)	$ (4,509)

[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.

XML

Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets
Mortgage loans on real estate (net of valuation allowances)		$ 3,377,039	$ 3,129,951
Policy loans		1,445,410	1,468,796
Funds withheld at interest		5,899,289	5,880,203
Cash and cash equivalents		1,034,329	1,525,275	$ 1,335,661	$ 1,645,669
Short-term investments		195,979	558,284
Other invested assets		1,682,143	1,298,120
Accrued investment income		368,926	339,452
Liabilities
Interest-sensitive contract liabilities		14,024,012	13,663,873
Short-term Debt		299,807	0
Long-term debt		2,788,473	2,297,548
Collateral finance and securitization notes		870,482	899,161
Reported Value Measurement [Member]
Assets
Mortgage loans on real estate (net of valuation allowances)		3,377,039	3,129,951
Policy loans		1,445,410	1,468,796
Funds withheld at interest	[1]	5,987,794	5,956,380
Cash and cash equivalents	[2]	820,773	1,118,754
Short-term investments	[2]	35,078	27,511
Other invested assets	[2]	383,295	399,799
Accrued investment income		368,926	339,452
Liabilities
Interest-sensitive contract liabilities	[1]	10,058,118	9,746,870
Short-term Debt		299,807
Long-term debt		2,788,473
Debt, Long-term and Short-term, Combined Amount			2,297,548
Collateral finance and securitization notes		870,482	899,161
Estimate of Fair Value Measurement [Member]
Assets
Mortgage loans on real estate (net of valuation allowances)		3,502,098	3,197,808
Policy loans		1,445,410	1,468,796
Funds withheld at interest	[1]	6,368,471	6,311,780
Cash and cash equivalents	[2]	820,773	1,118,754
Short-term investments	[2]	35,078	27,511
Other invested assets	[2]	409,054	444,342
Accrued investment income		368,926	339,452
Liabilities
Interest-sensitive contract liabilities	[1]	10,650,840	9,841,576
Short-term Debt, Fair Value		308,457
Long-term Debt, Fair Value		2,954,981
Debt, Long-term and Short-term, Combined Amount			2,415,119
Collateral finance and securitization notes		790,304	791,275
Estimate of Fair Value Measurement [Member] | Net Asset Value [Member]
Assets
Mortgage loans on real estate (net of valuation allowances)		0	0
Policy loans		0	0
Funds withheld at interest	[1]	0	0
Cash and cash equivalents	[2]	0	0
Short-term investments	[2]	0	0
Other invested assets	[2]	282,514	293,599
Accrued investment income		0	0
Liabilities
Interest-sensitive contract liabilities	[1]	0	0
Short-term Debt, Fair Value		0
Long-term Debt, Fair Value		0
Debt, Long-term and Short-term, Combined Amount			0
Collateral finance and securitization notes		0	0
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 1 Member
Assets
Mortgage loans on real estate (net of valuation allowances)		0	0
Policy loans		0	0
Funds withheld at interest	[1]	0	0
Cash and cash equivalents	[2]	820,773	1,118,754
Short-term investments	[2]	35,078	27,511
Other invested assets	[2]	4,297	4,445
Accrued investment income		0	0
Liabilities
Interest-sensitive contract liabilities	[1]	0	0
Short-term Debt, Fair Value		0
Long-term Debt, Fair Value		0
Debt, Long-term and Short-term, Combined Amount			0
Collateral finance and securitization notes		0	0
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 2 Member
Assets
Mortgage loans on real estate (net of valuation allowances)		0	0
Policy loans		1,445,410	1,468,796
Funds withheld at interest	[1]	0	0
Cash and cash equivalents	[2]	0	0
Short-term investments	[2]	0	0
Other invested assets	[2]	36,151	34,886
Accrued investment income		368,926	339,452
Liabilities
Interest-sensitive contract liabilities	[1]	0	0
Short-term Debt, Fair Value		0
Long-term Debt, Fair Value		0
Debt, Long-term and Short-term, Combined Amount			0
Collateral finance and securitization notes		0	0
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 3 Member
Assets
Mortgage loans on real estate (net of valuation allowances)		3,502,098	3,197,808
Policy loans		0	0
Funds withheld at interest	[1]	6,368,471	6,311,780
Cash and cash equivalents	[2]	0	0
Short-term investments	[2]	0	0
Other invested assets	[2]	86,092	111,412
Accrued investment income		0	0
Liabilities
Interest-sensitive contract liabilities	[1]	10,650,840	9,841,576
Short-term Debt, Fair Value		308,457
Long-term Debt, Fair Value		2,954,981
Debt, Long-term and Short-term, Combined Amount			2,415,119
Collateral finance and securitization notes		$ 790,304	$ 791,275

[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.

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Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Narrative) (Details)	Jun. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Percentage Of Fixed Maturity Securities Classified As Level 3	7.30%	8.20%

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Segment Information (Total Revenues of Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 3,039,068	$ 2,630,340	$ 5,551,636	$ 5,150,953
Americas [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,799,080	1,534,023	3,238,802	2,981,986
CANADA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	300,766	281,548	569,450	558,426
EMEA [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	382,619	359,500	740,009	710,108
Asia Pacific [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	494,616	418,390	908,886	831,835
Corporate and Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	61,987	36,879	94,489	68,598
Life Insurance Product Line [Member] | Americas [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,494,003	1,342,248	2,894,820	2,597,538
Life Insurance Product Line [Member] | CANADA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	288,912	270,090	546,912	535,094
Life Insurance Product Line [Member] | EMEA [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	301,642	284,192	591,276	579,424
Life Insurance Product Line [Member] | Asia Pacific [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	477,571	411,314	871,770	805,189
Nontraditional Long-Duration Contracts [Member] | Americas [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	305,077	191,775	343,982	384,448
Nontraditional Long-Duration Contracts [Member] | CANADA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	11,854	11,458	22,538	23,332
Nontraditional Long-Duration Contracts [Member] | EMEA [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	80,977	75,308	148,733	130,684
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 17,045	$ 7,076	$ 37,116	$ 26,646

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Segment Information (Income Loss Before Provision for Income Tax of Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 353,223	$ 213,790	$ 460,803	$ 397,915
Americas [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	220,284	153,186	256,486	225,534
CANADA
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	45,437	25,830	66,124	52,688
EMEA [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	34,303	40,591	58,611	70,707
Asia Pacific [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	34,409	2,910	84,122	65,703
Corporate and Other [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	18,790	(8,727)	(4,540)	(16,717)
Life Insurance Product Line [Member] | Americas [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	111,430	82,793	162,528	100,636
Life Insurance Product Line [Member] | CANADA
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	43,309	22,736	63,404	45,463
Life Insurance Product Line [Member] | EMEA [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	6,834	9,159	5,718	19,641
Life Insurance Product Line [Member] | Asia Pacific [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	34,482	4,315	75,642	56,963
Nontraditional Long-Duration Contracts [Member] | Americas [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	108,854	70,393	93,958	124,898
Nontraditional Long-Duration Contracts [Member] | CANADA
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	2,128	3,094	2,720	7,225
Nontraditional Long-Duration Contracts [Member] | EMEA [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	27,469	31,432	52,893	51,066
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ (73)	$ (1,405)	$ 8,480	$ 8,740

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Segment Information (Total Assets of Reportable Segments) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 53,876,703	$ 50,383,152
Americas [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	31,742,036	29,960,387
CANADA
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,911,340	3,631,887
EMEA [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	6,745,951	6,920,296
Asia Pacific [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	4,499,194	3,970,058
Corporate and Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	6,978,182	5,900,524
Life Insurance Product Line [Member] | Americas [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	17,806,550	16,554,509
Life Insurance Product Line [Member] | CANADA
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,894,407	3,604,344
Life Insurance Product Line [Member] | EMEA [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,669,404	2,757,593
Life Insurance Product Line [Member] | Asia Pacific [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,757,131	3,227,530
Nontraditional Long-Duration Contracts [Member] | Americas [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	13,935,486	13,405,878
Nontraditional Long-Duration Contracts [Member] | CANADA
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	16,933	27,543
Nontraditional Long-Duration Contracts [Member] | EMEA [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	4,076,547	4,162,703
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 742,063	$ 742,528

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Commitments, Contingencies and Guarantees (Commitments to Fund Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Limited Partner [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 252,864	$ 263,163
Commercial Loan [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	56,139	86,325
Bank Loans [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	51,041	48,686
Equity Release Mortgages [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 40,091	$ 8,504

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Commitments, Contingencies and Guarantees (Maximum Potential Obligation) (Details) $ in Millions	Jun. 30, 2016 USD ($)
Commitment Period Two Thousand Twenty Three [Member]
Other Commitments [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 500.0
Commitment Period Two Thousand Thirty Three [Member]
Other Commitments [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	950.0
Commitment Period Two Thousand Thirty Four [Member]
Other Commitments [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	3,000.0
Commitment Period Two Thousand Thirty Five [Member]
Other Commitments [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	1,314.2
Commitment Period Two Thousand Thirty Six [Member]
Other Commitments [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 1,432.0

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Commitments, Contingencies and Guarantees (Guarantees Issued) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Insurance Treaty Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Current Carrying Value	$ 759,175	$ 765,505
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Current Carrying Value	631,267	634,909
Guarantee Of Borrowed Securities [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Current Carrying Value	269,740	259,540
Product Financing Arrangement [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Current Carrying Value	121,369	100,000
Guarantee Of Lease Obligations [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Current Carrying Value	$ 3,140	$ 5,217

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Income Tax (Provision for Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	$ 123,628	$ 74,826	$ 161,281	$ 139,270
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount	(8,398)	(764)	(12,282)	(6,285)
Income Tax Reconciliation Foreign Income Tax Basis Differential	(5,553)	(6,931)	(14,489)	(13,601)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	4,288	4,967	9,287	11,758
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount	3,288	952	3,889	1,905
Income Tax Reconciliation SubpartF	738	11,452	1,433	17,886
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount	(427)	(1,104)	(721)	(3,448)
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount	(442)	(212)	(316)	(4,977)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	(2)	213	146	(98)
Income Tax Expense (Benefit)	$ 117,120	$ 83,399	$ 148,228	$ 142,410
Effective Income Tax Rate Reconciliation, Percent	33.20%	39.00%	32.20%	35.80%

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Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,652	$ 2,586	$ 4,958	$ 4,616
Interest cost	1,076	1,283	2,335	2,526
Expected return on plan assets	(1,345)	(1,331)	(2,569)	(2,449)
Amortization of prior service cost	75	80	153	163
Amortization of prior actuarial loss	1,224	833	2,081	1,272
Total	3,682	3,451	6,958	6,128
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,015	589	2,031	1,178
Interest cost	643	491	1,286	982
Expected return on plan assets	0	0	0	0
Amortization of prior service cost	0	0	0	0
Amortization of prior actuarial loss	617	265	1,233	530
Total	$ 2,275	$ 1,345	$ 4,550	$ 2,690

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Employee Benefit Plans (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($)
Compensation and Retirement Disclosure [Abstract]
Defined Benefit Plan, Contributions by Employer	$ 4.0
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	$ 8.0

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Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity compensation expense	$ 7.4	$ 3.1
Stock appreciation rights granted	300,000
Stock appreciation rights granted, weighted average exercise price (per share)	$ 93.53
Performance contingent units	200,000
Shares Granted To Non Employee Directors	8,908
Options exercisable (shares)	1,800,000
Options exercisable, weighted average price (per share)	$ 56.13
Options, remaining term	4 years 8 months
Compensation cost not yet recognized	$ 40.7
Period for recognition	2 years 1 month

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Reinsurance (Ceded Reinsurance Receivable Assets) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Ceded Credit Risk [Line Items]
Reinsurance ceded receivables	$ 681,425	$ 637,859
Reinsurance Recoverables, Percentage of Total	100.00%	100.00%
Other Reinsurers [Member]
Ceded Credit Risk [Line Items]
Reinsurance ceded receivables	$ 113,780	$ 107,077
Reinsurance Recoverables, Percentage of Total	16.70%	16.80%
AM Best, A+ Rating [Member] | Reinsurer A [Member]
Ceded Credit Risk [Line Items]
Reinsurance ceded receivables	$ 233,016	$ 199,479
Reinsurance Recoverables, Percentage of Total	34.20%	31.30%
AM Best, A+ Rating [Member] | Reinsurer B [Member]
Ceded Credit Risk [Line Items]
Reinsurance ceded receivables	$ 190,957	$ 179,522
Reinsurance Recoverables, Percentage of Total	28.00%	28.10%
AM Best, A+ Rating [Member] | Reinsurer C [Member]
Ceded Credit Risk [Line Items]
Reinsurance ceded receivables	$ 68,727	$ 72,836
Reinsurance Recoverables, Percentage of Total	10.10%	11.40%
AM Best, A++ Rating [Member] | Reinsurer D [Member]
Ceded Credit Risk [Line Items]
Reinsurance ceded receivables	$ 38,098	$ 41,807
Reinsurance Recoverables, Percentage of Total	5.60%	6.60%
AM Best, A Rating [Member] | Reinsurer E [Member]
Ceded Credit Risk [Line Items]
Reinsurance ceded receivables	$ 36,847	$ 37,138
Reinsurance Recoverables, Percentage of Total	5.40%	5.80%

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Reinsurance (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Ceded Credit Risk [Line Items]
Reinsurance Claims Recoverables	$ 246.2	$ 233.7
Claims Recoverable From Retrocessionaires Past Due	$ 4.7	$ 2.0
AM Best, A- Rating [Member]
Ceded Credit Risk [Line Items]
Ceded Credit Risk, Disclosure	“A- (excellent)”	“A- (excellent)”

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Financing Activities (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Offering Date	Jun. 01, 2016
Proceeds from Issuance of Debt	$ 791.0
Debt Issuance Costs, Net	$ 9.0
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.95%
Debt Instrument, Maturity Date	Sep. 15, 2026
Debt Instrument, Face Amount	$ 400.0
Subordinated Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.75%
Debt Instrument, Maturity Date	Jun. 15, 2056
Debt Instrument, Face Amount	$ 400.0
Short-term Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.625%
Debt Instrument, Face Amount	$ 300.0