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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of December 31, 2016 and 2015 (dollars in thousands):
 
 
December 31, 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
 
$
949,556

 
$
78,405

 
$
5,949

 
$
1,123,057

 
$
85,075

 
$
4,196

Financial futures
 
475,968

 
—

 
—

 
420,665

 
—

 
—

Foreign currency forwards
 
25,000

 
—

 
5,070

 
45,000

 
44

 
6,768

Consumer price index swaps
 
20,615

 
—

 
262

 
28,561

 
—

 
292

Credit default swaps
 
926,000

 
12,012

 
2,871

 
897,000

 
8,230

 
11,053

Equity options
 
525,894

 
33,459

 
—

 
453,435

 
46,653

 
—

Longevity swaps
 
841,360

 
26,958

 
—

 
868,960

 
15,003

 
7

Mortality swaps
 
50,000

 
—

 
2,462

 
50,000

 
—

 
2,619

Synthetic guaranteed investment contracts
 
8,834,700

 
—

 
—

 
7,098,825

 
—

 
—

Embedded derivatives in:
 
 
 
 
 
 
 
 
 
 
 
 
Modified coinsurance or funds withheld arrangements
 
—

 
—

 
22,529

 
—

 
—

 
76,698

Indexed annuity products
 
—

 
—

 
805,672

 
—

 
—

 
878,114

Variable annuity products
 
—

 
—

 
184,636

 
—

 
—

 
192,470

Total non-hedging derivatives
 
12,649,093

 
150,834

 
1,029,451

 
10,985,503

 
155,005

 
1,172,217

Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
435,000

 
27,901

 
31,223

 
120,000

 
—

 
29,986

Foreign currency swaps
 
928,505

 
104,359

 
734

 
823,486

 
146,265

 
—

Total hedging derivatives
 
1,363,505

 
132,260

 
31,957

 
943,486

 
146,265

 
29,986

Total derivatives
 
$
14,012,598

 
$
283,094

 
$
1,061,408

 
$
11,928,989

 
$
301,270

 
$
1,202,203
Offsetting Assets [Table Text Block]
 
 
 
 
 
 
 
 
Gross Amounts Not
Offset in the Balance Sheet
 
 
 
 
Gross Amounts
Recognized
 
Gross Amounts
Offset in the
Balance Sheet
 
Net Amounts
Presented in the
Balance Sheet
 
Financial Instruments(1)
 
Cash Collateral
Pledged/
Received
 
Net Amount
December 31, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
283,094

 
$
(27,028
)
 
$
256,066

 
$
(16,913
)
 
$
(254,498
)
 
$
(15,345
)
Derivative liabilities
 
48,571

 
(27,028
)
 
21,543

 
(95,863
)
 
(1,441
)
 
(75,761
)
December 31, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
301,270

 
$
(30,096
)
 
$
271,174

 
$
(20,888
)
 
$
(245,038
)
 
$
5,248

Derivative liabilities
 
54,921

 
(30,096
)
 
24,825

 
(47,149
)
 
(12,540
)
 
(34,864
)
Offsetting Liabilities [Table Text Block]
 
 
 
 
 
 
 
 
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
December 31, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
283,094

 
$
(27,028
)
 
$
256,066

 
$
(16,913
)
 
$
(254,498
)
 
$
(15,345
)
Derivative liabilities
 
48,571

 
(27,028
)
 
21,543

 
(95,863
)
 
(1,441
)
 
(75,761
)
December 31, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
301,270

 
$
(30,096
)
 
$
271,174

 
$
(20,888
)
 
$
(245,038
)
 
$
5,248

Derivative liabilities
 
54,921

 
(30,096
)
 
24,825

 
(47,149
)
 
(12,540
)
 
(34,864
)
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of December 31, 2016 and 2015 were (dollars in thousands):
Type of Fair Value Hedge
 
Hedged Item
 
Gains (Losses) Recognized for Derivatives
 
Gains (Losses) Recognized for Hedged Items
 
Ineffectiveness Recognized in Investment Related Gains (Losses)
For the Year Ended December 31, 2016:
Foreign currency swaps
 
Foreign-denominated fixed maturity securities
 
$
(1,700
)
 
$
1,700

 
$
—

For the Year Ended December 31, 2015:
Foreign currency swaps
 
Foreign-denominated fixed maturity securities
 
$
4,008

 
$
(4,008
)
 
$
—
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table presents the components of AOCI, before income tax, and the consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the years ended December 31, 2016, 2015 and 2014 (dollars in thousands):
 
 
Amounts Included in AOCI
Balance December 31, 2013
 
$
(4,578
)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges
 
(25,801
)
Amounts reclassified to investment income
 
(1,212
)
Balance December 31, 2014
 
(31,591
)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges
 
2,676

Amounts reclassified to investment related (gains) losses, net
 
87

Amounts reclassified to investment income
 
(569
)
Balance December 31, 2015
 
(29,397
)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges
 
27,110

Amounts reclassified to investment related (gains) losses, net
 
278

Amounts reclassified to investment income
 
(487
)
Balance December 31, 2016
 
$
(2,496
)
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 consolidated statements of income and the consolidated statements of stockholders’ equity for the years ended December 31, 2016, 2015 and 2014 (dollars in thousands):
 
 
Effective Portion
Derivative Type
 
Gains (Losses) Recognized in OCI
 
Gains (Losses) Reclassified into Income from OCI
For the year ended December 31, 2016:
 
 
 
Investment Related Gains (Losses)
 
Investment Income
Interest rate
 
$
27,901

 
$
—

 
$
—

Currency/Interest rate
 
(791
)
 
—

 
510

Forward bond purchase commitments
 
—

 
(278
)
 
(23
)
Total
 
$
27,110

 
$
(278
)
 
$
487

 
 
 
 
 
 
 
For the year ended December 31, 2015:
 
 
 
 
 
 
Interest rate
 
$
(11,422
)
 
$
—

 
$
343

Forward bond purchase commitments
 
14,098

 
(87
)
 
226

Total
 
$
2,676

 
$
(87
)
 
$
569

 
 
 
 
 
 
 
For the year ended December 31, 2014:
 
 
 
 
 
 
Interest rate
 
$
(12,431
)
 
$
—

 
$
1,212

Forward bond purchase commitments
 
(13,370
)
 
—

 
—

Total
 
$
(25,801
)
 
$
—

 
$
1,212

The following table presents the effective portion of derivatives in cash flow hedging relationships on the consolidated statements of income and the consolidated statements of stockholders’ equity for the years ended December 31, 2016, 2015 and 2014 (dollars in thousands):
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 years ended December 31, 2016, 2015 and 2014 (dollars in thousands):
 
 
Derivative Gains (Losses) Deferred in AOCI
 
 
For the year ended
Type of NIFO Hedge (1) (2)
 
2016
 
2015
 
2014
Foreign currency swaps
 
$
(10,234
)
 
$
96,019

 
$
51,894

(1)
There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented.
(2)
There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations.
Derivative Instruments Gain Loss By Income Statement Location [Table Text Block]
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2016, 2015 and 2014 is as follows (dollars in thousands):
  
 
 
 
Gains (Losses) for the Years Ended  December 31,
Type of Non-hedging Derivative
 
Income Statement
Location of Gains (Losses)
 
2016
 
2015
 
2014
Interest rate swaps
 
Investment related gains (losses), net
 
$
7,649

 
$
20,358

 
$
94,848

Interest rate options
 
Investment related gains (losses), net
 
—

 
3,275

 
15,641

Financial futures
 
Investment related gains (losses), net
 
(40,242
)
 
319

 
(9,550
)
Foreign currency forwards
 
Investment related gains (losses), net
 
1,630

 
(1,160
)
 
(8,691
)
Consumer price index swaps
 
Investment related gains (losses), net
 
(401
)
 
(208
)
 
(344
)
Credit default swaps
 
Investment related gains (losses), net
 
18,100

 
(4,683
)
 
3,938

Equity options
 
Investment related gains (losses), net
 
(28,270
)
 
(16,899
)
 
(22,472
)
Longevity swaps
 
Other revenues
 
13,095

 
8,228

 
8,088

Mortality swaps
 
Other revenues
 
(172
)
 
(1,822
)
 
(797
)
Subtotal
 
 
 
(28,611
)
 
7,408

 
80,661

Embedded derivatives in:
 
 
 
 
 
 
 
 
Modified coinsurance or funds withheld arrangements
 
Investment related gains (losses), net
 
54,169

 
(98,792
)
 
198,365

Indexed annuity products
 
Interest credited
 
10,708

 
19,440

 
(104,844
)
Variable annuity products
 
Investment related gains (losses), net
 
7,835

 
(33,192
)
 
(129,224
)
Total non-hedging derivatives
 
 
 
$
44,101

 
$
(105,136
)
 
$
44,958
Disclosure Of Credit Derivatives [Table Text Block]
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at December 31, 2016 and 2015 (dollars in thousands):
 
 
2016
 
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)
AAA/AA+/AA/AA-/A+/A/A-
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps
 
$
1,726

 
$
150,500

 
3.8
 
$
1,689

 
$
152,500

 
3.9
Subtotal
 
1,726

 
150,500

 
3.8
 
1,689

 
152,500

 
3.9
BBB+/BBB/BBB-
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps
 
1,426

 
347,200

 
3.7
 
(5,066
)
 
315,200

 
4.2
Credit default swaps referencing indices
 
6,295

 
416,000

 
5.0
 
2,274

 
416,000

 
5.0
Subtotal
 
7,721

 
763,200

 
4.4
 
(2,792
)
 
731,200

 
4.6
BB+/BB/BB-
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps
 
(477
)
 
9,000

 
3.5
 
(2,900
)
 
10,000

 
4.1
Subtotal
 
(477
)
 
9,000

 
3.5
 
(2,900
)
 
10,000

 
4.1
Total
 
$
8,970

 
$
922,700

 
4.3
 
$
(4,003
)
 
$
893,700

 
4.5
(1)
The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
(2)
Assumes the value of the referenced credit obligations is zero.
(3)
The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Changes In Estimated Fair Value Related To Embedded Derivatives [Table Text Block]
The related gains (losses) and the effect on net income after amortization of DAC and income taxes for the years ended December 31, 2016, 2015 and 2014 are reflected in the following table (dollars in thousands):
 
 
2016
 
2015
 
2014
Embedded derivatives in modified coinsurance or funds withheld arrangements included in investment related gains
 
$
54,169

 
$
98,792

 
$
198,365

After the associated amortization of DAC and taxes, the related amounts included in net income
 
9,160

 
(26,025
)
 
45,171

Embedded derivatives in variable annuity contracts included in investment related gains
 
7,835

 
(33,192
)
 
(129,224
)
After the associated amortization of DAC and taxes, the related amounts included in net income
 
(41,201
)
 
(29,008
)
 
27,601

Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses
 
10,708

 
19,440

 
(104,844
)
After the associated amortization of DAC and taxes, the related amounts included in net income
 
(4,148
)
 
6,204

 
(69,963
)
Credit Risk [Table Text Block]
Information regarding the Company’s credit exposure related to its over-the-counter derivative contracts, centrally cleared derivative contracts and margin account for exchange-traded futures, excluding mortality swaps, at December 31, 2016 and 2015 is reflected in the following table (dollars in thousands):
 
 
2016
 
2015
Estimated fair value of derivatives in net asset position
 
$
236,985

 
$
248,968

Cash provided as collateral(1)
 
1,441

 
12,540

Securities pledged to counterparties as collateral(2)
 
95,863

 
47,149

Cash pledged from counterparties as collateral(3)
 
(254,498
)
 
(245,038
)
Securities pledged from counterparties as collateral(4)
 
(16,913
)
 
(20,888
)
Initial margin for cleared derivatives
 
(73,571
)
 
(34,898
)
Net amount after application of master netting agreements and collateral
 
$
(10,693
)
 
$
7,833

Margin account related to exchange-traded futures(5)
 
$
9,687

 
$
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 agency securities.
(5)
Included in other assets.