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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
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, 2017 and 2016 (dollars in thousands):
 
 
December 31, 2017
 
December 31, 2016
 
 
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
 
$
996,204

 
$
59,809

 
$
2,372

 
$
949,556

 
$
78,405

 
$
5,949

Financial futures
 
412,438

 
—

 
—

 
475,968

 
—

 
—

Foreign currency forwards
 
6,030

 
—

 
28

 
25,000

 
—

 
5,070

Consumer price index swaps
 
221,932

 
—

 
2,160

 
20,615

 
—

 
262

Credit default swaps
 
961,200

 
8,319

 
1,651

 
926,000

 
12,012

 
2,871

Equity options
 
632,251

 
23,271

 
—

 
525,894

 
33,459

 
—

Longevity swaps
 
960,400

 
40,659

 
—

 
841,360

 
26,958

 
—

Mortality swaps
 
—

 
—

 
1,683

 
50,000

 
—

 
2,462

Synthetic guaranteed investment contracts
 
10,052,576

 
—

 
—

 
8,834,700

 
—

 
—

Embedded derivatives in:
 
 
 
 
 
 
 
 
 
 
 
 
Modified coinsurance or funds withheld arrangements
 
—

 
122,194

 
—

 
—

 
—

 
22,529

Indexed annuity products
 
—

 
—

 
861,758

 
—

 
—

 
805,672

Variable annuity products
 
—

 
—

 
152,470

 
—

 
—

 
184,636

Total non-hedging derivatives
 
14,243,031

 
254,252

 
1,022,122

 
12,649,093

 
150,834

 
1,029,451

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

 
—

 
20,389

 
435,000

 
27,901

 
31,223

Foreign currency swaps
 
672,921

 
65,207

 
8,496

 
928,505

 
104,359

 
734

Foreign currency forwards
 
553,175

 
1,265

 
7,720

 
—

 
—

 
—

Total hedging derivatives
 
1,661,096

 
66,472

 
36,605

 
1,363,505

 
132,260

 
31,957

Total derivatives
 
$
15,904,127

 
$
320,724

 
$
1,058,727

 
$
14,012,598

 
$
283,094

 
$
1,061,408
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, 2017:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
198,530

 
$
(20,258
)
 
$
178,272

 
$
(862
)
 
$
(185,900
)
 
$
(8,490
)
Derivative liabilities
 
44,499

 
(20,258
)
 
24,241

 
(58,156
)
 
(22,221
)
 
(56,136
)
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
)
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, 2017:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
198,530

 
$
(20,258
)
 
$
178,272

 
$
(862
)
 
$
(185,900
)
 
$
(8,490
)
Derivative liabilities
 
44,499

 
(20,258
)
 
24,241

 
(58,156
)
 
(22,221
)
 
(56,136
)
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
)
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, 2017, 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, 2017:
Foreign currency swaps
 
Foreign-denominated fixed maturity securities
 
$
9,456

 
$
(9,456
)
 
$
—

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, 2017, 2016 and 2015 (dollars in thousands):
 
 
Amounts Included in AOCI
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
)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges
 
6,316

Amounts reclassified to investment related (gains) losses, net
 
(775
)
Amounts reclassified to investment income
 
(505
)
Amounts reclassified to interest expense
 
79

Balance December 31, 2017
 
$
2,619
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, 2017, 2016 and 2015 (dollars in thousands):
 
 
Effective Portion
Derivative Type
 
Gains (Losses) Deferred in OCI
 
Gains (Losses) Reclassified into Income from OCI
For the year ended December 31, 2017:
 
 
 
Investment Related Gains (Losses)
 
Investment Income
 
Interest Expense
Interest rate
 
$
(5,649
)
 
$
—

 
$
—

 
$
(79
)
Currency/Interest rate
 
11,955

 
—

 
380

 
—

Forward bond purchase commitments
 
10

 
775

 
125

 
—

Total
 
$
6,316

 
$
775

 
$
505

 
$
(79
)
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2016:
 
 
 
 
 
 
 
 
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:
 
 
 
 
 
 
 
 
Currency/Interest rate
 
$
(11,422
)
 
$
—

 
$
343

 
$
—

Forward bond purchase commitments
 
14,098

 
(87
)
 
226

 
—

Total
 
$
2,676

 
$
(87
)
 
$
569

 
$
—

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, 2017, 2016 and 2015 (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, 2017, 2016 and 2015 (dollars in thousands):
 
 
Derivative Gains (Losses) Deferred in AOCI
 
 
For the year ended
Type of NIFO Hedge (1) (2)
 
2017
 
2016
 
2015
Foreign currency swaps
 
$
(37,567
)
 
$
(10,234
)
 
$
96,019

Foreign currency forwards
 
(10,386
)
 
—

 
—

(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, 2017, 2016 and 2015 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)
 
2017
 
2016
 
2015
Interest rate swaps
 
Investment related gains (losses), net
 
$
11,278

 
$
7,649

 
$
20,358

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

 
—

 
3,275

Financial futures
 
Investment related gains (losses), net
 
(36,160
)
 
(40,242
)
 
319

Foreign currency forwards
 
Investment related gains (losses), net
 
591

 
1,630

 
(1,160
)
Consumer price index swaps
 
Investment related gains (losses), net
 
(2,078
)
 
(401
)
 
(208
)
Credit default swaps
 
Investment related gains (losses), net
 
18,118

 
18,100

 
(4,683
)
Equity options
 
Investment related gains (losses), net
 
(42,953
)
 
(28,270
)
 
(16,899
)
Longevity swaps
 
Other revenues
 
9,358

 
13,095

 
8,228

Mortality swaps
 
Other revenues
 
(921
)
 
(172
)
 
(1,822
)
Subtotal
 
 
 
(42,767
)
 
(28,611
)
 
7,408

Embedded derivatives in:
 
 
 
 
 
 
 
 
Modified coinsurance or funds withheld arrangements
 
Investment related gains (losses), net
 
144,723

 
54,169

 
(98,792
)
Indexed annuity products
 
Interest credited
 
(80,062
)
 
10,708

 
19,440

Variable annuity products
 
Investment related gains (losses), net
 
32,166

 
7,835

 
(33,192
)
Total non-hedging derivatives
 
 
 
$
54,060

 
$
44,101

 
$
(105,136
)
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, 2017 and 2016 (dollars in thousands):
 
 
2017
 
2016
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
 
$
3,128

 
$
162,000

 
2.9
 
$
1,726

 
$
150,500

 
3.8
Subtotal
 
3,128

 
162,000

 
2.9
 
1,726

 
150,500

 
3.8
BBB+/BBB/BBB-
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps
 
4,469

 
361,700

 
2.9
 
1,426

 
347,200

 
3.7
Credit default swaps referencing indices
 
(55
)
 
422,600

 
4.0
 
6,295

 
416,000

 
5.0
Subtotal
 
4,414

 
784,300

 
3.5
 
7,721

 
763,200

 
4.4
BB+/BB/BB-
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps
 
30

 
5,000

 
1.5
 
(477
)
 
9,000

 
3.5
Subtotal
 
30

 
5,000

 
1.5
 
(477
)
 
9,000

 
3.5
Total
 
$
7,572

 
$
951,300

 
3.4
 
$
8,970

 
$
922,700

 
4.3
(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, 2017, 2016 and 2015 are reflected in the following table (dollars in thousands):
 
 
2017
 
2016
 
2015
Embedded derivatives in modified coinsurance or funds withheld arrangements included in investment related gains
 
$
144,723

 
$
54,169

 
$
98,792

After the associated amortization of DAC and taxes, the related amounts included in net income
 
48,316

 
9,160

 
(26,025
)
Embedded derivatives in variable annuity contracts included in investment related gains
 
32,166

 
7,835

 
(33,192
)
After the associated amortization of DAC and taxes, the related amounts included in net income
 
53,645

 
(41,201
)
 
(29,008
)
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses
 
(80,062
)
 
10,708

 
19,440

After the associated amortization of DAC and taxes, the related amounts included in net income
 
(68,808
)
 
(4,148
)
 
6,204
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 at December 31, 2017 and 2016 is reflected in the following table (dollars in thousands):
 
 
2017
 
2016
Estimated fair value of derivatives in net asset position
 
$
155,714

 
$
236,985

Cash provided as collateral(1)
 
22,221

 
1,441

Securities pledged to counterparties as collateral(2)
 
58,156

 
95,863

Cash pledged from counterparties as collateral(3)
 
(185,900
)
 
(254,498
)
Securities pledged from counterparties as collateral(4)
 
(862
)
 
(16,913
)
Initial margin for cleared derivatives
 
(58,156
)
 
(73,571
)
Net amount after application of master netting agreements and collateral
 
$
(8,827
)
 
$
(10,693
)
Margin account related to exchange-traded futures(5)
 
$
6,538

 
$
9,687

(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.