(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 |
MISSOURI | 43-1627032 | |
(State or other jurisdiction | (IRS employer | |
of incorporation or organization) | identification number) |
Item | Page | |||
PART I – FINANCIAL INFORMATION | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
PART II – OTHER INFORMATION | ||||
1 | ||||
1A | ||||
2 | ||||
6 | ||||
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 |
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 |
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 | ) |
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 |
1. | Business and Basis of Presentation |
2. | Earnings Per Share |
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 |
3. | Equity |
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. |
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. |
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 |
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 | % |
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 |
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 |
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 |
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 | % |
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 |
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 | % |
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 |
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 |
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 | ) |
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 |
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 |
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 | % |
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 | % |
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 | % |
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 |
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 |
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 |
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 |
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 |
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. |
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 | ) | $ | — |
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 | ) |
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 |
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. |
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 | ) |
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. |
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 | ) |
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. |
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 |
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%) |
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 |
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. |
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. |
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. |
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. |
7. | Segment Information |
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 |
8. | Commitments, Contingencies and Guarantees |
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 |
Commitment Period: | June 30, 2016 | ||
2023 | $ | 500.0 | |
2033 | 950.0 | ||
2034 | 3,000.0 | ||
2035 | 1,314.2 | ||
2036 | 1,432.0 |
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 |
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 | % |
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 |
11. | Equity Based Compensation |
12. | Reinsurance |
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 | % |
14. | New Accounting Standards |
• | 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. |
• | 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. |
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 |
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 |
(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 |
(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 |
(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 |
(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 |
(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 |
(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 | ) |
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 |
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 |
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 | ) |
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 | % |
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 |
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 | % |
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 |
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 |
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 |
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 | % |
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 | % |
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. |
(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 |
• | 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. |
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. |
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) |
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 |
Date: August 3, 2016 | /s/ A. Greig Woodring | |||
A. Greig Woodring | ||||
Chief Executive Officer |
Date: August 3, 2016 | /s/ Todd C. Larson | |||
Todd C. Larson | ||||
Senior Executive Vice President & Chief Financial Officer |
Date: August 3, 2016 | /s/ A. Greig Woodring | |||
A. Greig Woodring | ||||
Chief Executive Officer |
Date: August 3, 2016 | /s/ Todd C. Larson | |||
Todd C. Larson | ||||
Chief Financial Officer | ||||
& Senior Executive Vice President |
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 |
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 |
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 |
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) |
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 |
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"). |
Earnings Per Share |
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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):
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. |
Equity |
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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:
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):
The following table presents the amounts of AOCI reclassifications for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):
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Investments |
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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):
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):
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).
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.
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):
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):
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):
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.
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):
Investment Related Gains (Losses), Net Investment related gains (losses), net consist of the following (dollars in thousands):
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).
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.
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):
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):
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):
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):
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):
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):
(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):
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Derivative Instruments |
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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):
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):
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):
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):
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):
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):
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):
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):
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):
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):
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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):
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):
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):
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):
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):
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).
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.
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. |
Segment Information |
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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).
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Commitments, Contingencies and Guarantees |
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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):
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):
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):
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Income Tax Income Tax |
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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):
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. |
Employee Benefit Plans |
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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):
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Equity Based Compensation |
6 Months Ended |
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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. |
Reinsurance |
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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):
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. |
Financing Activities |
6 Months Ended |
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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 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. |
New Accounting Standards |
6 Months Ended |
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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. |
Earnings Per Share (Tables) |
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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):
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Equity (Tables) |
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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:
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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):
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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):
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Investments (Tables) |
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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):
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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):
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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).
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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.
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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):
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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):
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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):
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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.
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Investment Income | Major categories of investment income, net of related expenses, consist of the following (dollars in thousands):
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Gain Loss On Investments | Investment related gains (losses), net consist of the following (dollars in thousands):
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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).
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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.
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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):
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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):
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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):
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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):
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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):
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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):
(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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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):
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Derivative Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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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):
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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):
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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):
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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):
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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):
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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):
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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):
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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):
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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):
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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):
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Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables) |
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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):
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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):
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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):
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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):
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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):
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):
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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).
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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.
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Segment Information (Tables) |
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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).
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Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block |
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Reconciliation Of Assets From Segment To Consolidated Text Block |
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Commitments, Contingencies and Guarantees (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Other Commitments [Table Text Block] | The following table presents the maximum potential obligation for these commitments as of June 30, 2016 (dollars in millions):
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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):
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Income Tax (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Employee Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Reinsurance (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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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 | ||
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Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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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 |
Earnings Per Share (Narrative) (Details) - shares shares in Thousands |
3 Months Ended | |
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Jun. 30, 2016 |
Jun. 30, 2015 |
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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 |
Equity (Common Stock Changes In Number of Shares Issued, Held In Treasury and Outstanding) (Details) - shares |
3 Months Ended | ||||||
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Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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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 | ||||
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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 | |||||
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Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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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) |
Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||
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Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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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] | |||||||
|
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 |
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% |
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 |
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 |
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 |
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% |
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 |
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% |
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 |
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 |
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) |
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 |
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 |
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% |
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% |
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% |
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 |
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 |
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 | ||||
|
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 |
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% |
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 |
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) | |||||||||
|
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 |
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) |
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 |
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 | |||
|
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 |
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 | ||||||
|
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 |
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 | ||||||||||
|
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 |
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 |
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 |
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 |
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 | ||||||
|
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) | ||||
|
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 | |||||||
|
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% |
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 |
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 |
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 |
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 |
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 |
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 |
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% |
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 |
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 |
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 |
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% |
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)” |
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 |
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