Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

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 December 31, 2017 and December 31, 2016 are summarized below (dollars in thousands):



December 31, 2017:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate	$	23,210,968		$	—	$	21,873,696		$	1,337,272
Canadian government	4,220,076			—		3,626,134			593,942
RMBS	1,719,880			—		1,611,998			107,882
ABS	1,648,362			—		1,524,888			123,474
CMBS	1,303,387			—		1,300,153			3,234
U.S. government	1,943,592			1,818,006		103,075			22,511
State and political subdivisions	703,428			—		662,225			41,203
Other foreign government	3,401,127			—		3,396,035			5,092
Total fixed maturity securities – available-for-sale	38,150,820			1,818,006		34,098,204			2,234,610
Funds withheld at interest – embedded derivatives	122,194			—		—			122,194
Cash equivalents	356,788			354,071		2,717			—
Short-term investments	50,746			—		47,650			3,096
Other invested assets:
Non-redeemable preferred stock	39,806			39,806		—			—
Other equity securities	60,346			60,346		—			—
Derivatives:
Interest rate swaps	51,359			—		51,359			—
Foreign currency forwards	730			—		730			—
CPI swaps	(221		)	—		(221		)	—
Credit default swaps	5,908			—		5,908			—
Equity options	16,932			—		16,932			—
Foreign currency swaps	62,905			—		62,905			—
FVO contractholder-directed unit-linked investments	218,541			217,618		923			—
Total other invested assets	456,306			317,770		138,536			—
Other assets - longevity swaps	40,659			—		—			40,659
Total	$	39,177,513		$	2,489,847	$	34,287,107		$	2,400,559
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,014,228		$	—	$	—		$	1,014,228
Other liabilities:
Derivatives:
Interest rate swaps	14,311			—		14,311			—
Foreign currency forwards	7,213			—		7,213			—
CPI swaps	1,939			—		1,939			—
Credit default swaps	(760		)	—		(760		)	—
Equity options	(6,339		)	—		(6,339		)	—
Foreign currency swaps	6,194			—		6,194			—
Mortality swaps	1,683			—		—			1,683
Total	$	1,038,469		$	—	$	22,558		$	1,015,911



December 31, 2016:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate	$	19,619,084		$	310,995	$	18,035,836		$	1,272,253
Canadian government	3,644,046			—		3,168,081			475,965
RMBS	1,278,576			—		1,118,285			160,291
ABS	1,429,344			—		1,210,064			219,280
CMBS	1,363,654			—		1,342,509			21,145
U.S. government	1,468,302			1,345,755		98,059			24,488
State and political subdivisions	591,796			—		550,130			41,666
Other foreign government	2,698,823			276,729		2,409,225			12,869
Total fixed maturity securities – available-for-sale	32,093,625			1,933,479		27,932,189			2,227,957
Funds withheld at interest – embedded derivatives	(22,529		)	—		—			(22,529		)
Cash equivalents	338,601			338,601		—			—
Short-term investments	44,241			8,276		32,619			3,346
Other invested assets:
Non-redeemable preferred stock	51,123			38,317		12,806			—
Other equity securities	224,238			224,238		—			—
Derivatives:
Interest rate swaps	93,508			—		93,508			—
Credit default swaps	9,136			—		9,136			—
Equity options	26,070			—		26,070			—
Foreign currency swaps	100,394			—		100,394			—
FVO contractholder-directed unit-linked investments	190,120			188,891		1,229			—
Other	11,036			11,036		—			—
Total other invested assets	705,625			462,482		243,143			—
Other assets - longevity swaps	26,958			—		—			26,958
Total	$	33,186,521		$	2,742,838	$	28,207,951		$	2,235,732
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	990,308		$	—	$	—		$	990,308
Other liabilities:
Derivatives:
Interest rate swaps	24,374			—		24,374			—
Foreign currency forwards	5,070			—		5,070			—
CPI swaps	262			—		262			—
Credit default swaps	(5		)	—		(5		)	—
Equity options	(7,389		)	—		(7,389		)	—
Foreign currency swaps	(3,231		)	—		(3,231		)	—
Mortality swaps	2,462			—		—			2,462
Total	$	1,011,851		$	—	$	19,081		$	992,770

Fair Value Inputs, Assets, 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 December 31, 2017 and 2016 (dollars in thousands):



	Fair Value					Valuation	Unobservable	Range (Weighted Average)
Assets:	2017		2016			Technique	Input	2017		2016
Corporate	$	173,579	$	167,815		Market comparable securities	Liquidity premium	0-2% (1%)		0-2% (1%)
U.S. government	22,511		24,488			Market comparable securities	Liquidity premium	0-1% (1%)		0-1% (1%)
State and political subdivisions	4,616		4,670			Market comparable securities	Liquidity premium	1	%	1	%
Funds withheld at interest- embedded derivatives	122,194		(22,529		)	Total return swap	Mortality	0-100% (2%)		0-100% (2%)
							Lapse	0-35% (9%)		0-35% (8%)
							Withdrawal	0-5% (3%)		0-5% (3%)
							CVA	0-5% (1%)		0-5% (1%)
							Crediting rate	2-4% (2%)		2-4% (2%)
Longevity swaps	40,659		26,958			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	861,758		805,672			Discounted cash flow	Mortality	0-100% (2%)		0-100% (2%)
							Lapse	0-35% (9%)		0-35% (8%)
							Withdrawal	0-5% (3%)		0-5% (3%)
							Option budget projection	2-4% (2%)		2-4% (2%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	152,470		184,636			Discounted cash flow	Mortality	0-100% (1%)		0-100% (2%)
							Lapse	0-25% (5%)		0-25% (6%)
							Withdrawal	0-7% (3%)		0-7% (3%)
							CVA	0-5% (1%)		0-5% (1%)
							Long-term volatility	0-27% (8%)		0-27% (14%)
Mortality swaps	1,683		2,462			Discounted cash flow	Mortality	0-100% (1%)		0-100% (1%)

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



	Fair Value					Valuation	Unobservable	Range (Weighted Average)
Assets:	2017		2016			Technique	Input	2017		2016
Corporate	$	173,579	$	167,815		Market comparable securities	Liquidity premium	0-2% (1%)		0-2% (1%)
U.S. government	22,511		24,488			Market comparable securities	Liquidity premium	0-1% (1%)		0-1% (1%)
State and political subdivisions	4,616		4,670			Market comparable securities	Liquidity premium	1	%	1	%
Funds withheld at interest- embedded derivatives	122,194		(22,529		)	Total return swap	Mortality	0-100% (2%)		0-100% (2%)
							Lapse	0-35% (9%)		0-35% (8%)
							Withdrawal	0-5% (3%)		0-5% (3%)
							CVA	0-5% (1%)		0-5% (1%)
							Crediting rate	2-4% (2%)		2-4% (2%)
Longevity swaps	40,659		26,958			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	861,758		805,672			Discounted cash flow	Mortality	0-100% (2%)		0-100% (2%)
							Lapse	0-35% (9%)		0-35% (8%)
							Withdrawal	0-5% (3%)		0-5% (3%)
							Option budget projection	2-4% (2%)		2-4% (2%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	152,470		184,636			Discounted cash flow	Mortality	0-100% (1%)		0-100% (2%)
							Lapse	0-25% (5%)		0-25% (6%)
							Withdrawal	0-7% (3%)		0-7% (3%)
							CVA	0-5% (1%)		0-5% (1%)
							Long-term volatility	0-27% (8%)		0-27% (14%)
Mortality swaps	1,683		2,462			Discounted cash flow	Mortality	0-100% (1%)		0-100% (1%)

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

December 31, 2017 (dollars in thousands):



	2017
	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1
Fixed maturity securities - available-for-sale:
Corporate	$	596,809	$	88,674
Other foreign government	317,640		—

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



For the year ended December 31, 2017:	Fixed maturity securities - available-for-sale
	Corporate			Canadian government		RMBS			ABS
Fair value, beginning of period	$	1,272,253		$	475,965	$	160,291		$	219,280
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,429		)	13,180		(346		)	1,776
Investment related gains (losses), net	4,991			—		729			245
Included in other comprehensive income	(6,719		)	104,797		2,341			7,044
Purchases⁽¹⁾	408,995			—		76,792			45,215
Sales⁽¹⁾	(89,248		)	—		(28,043		)	—
Settlements⁽¹⁾	(285,958		)	—		(18,988		)	(87,328		)
Transfers into Level 3	47,360			—		9,100			85,152
Transfers out of Level 3	(12,973		)	—		(93,994		)	(147,910		)
Fair value, end of period	$	1,337,272		$	593,942	$	107,882		$	123,474
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	$	(1,457	)	$	13,180	$	(196	)	$	669
Investment related gains (losses), net	(5,389		)	—		(346		)	—



For the year ended December 31, 2017 (continued):	Fixed maturity securities - available-for-sale
	CMBS			U.S. government			State and political subdivisions			Other foreign government			Short-term investments
Fair value, beginning of period	$	21,145		$	24,488		$	41,666		$	12,869		$	3,346
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	709			(461		)	(55		)	(1		)	—
Investment related gains (losses), net	(595		)	—			—			—			—
Included in other comprehensive income	(71		)	19			(15		)	(252		)	11
Purchases⁽¹⁾	—			465			—			496			3,703
Sales⁽¹⁾	(3,720		)	—			—			—			—
Settlements⁽¹⁾	(5,404		)	(2,000		)	(843		)	(672		)	(335		)
Transfers into Level 3	1,302			—			7,294			—			—
Transfers out of Level 3	(10,132		)	—			(6,844		)	(7,348		)	(3,629		)
Fair value, end of period	$	3,234		$	22,511		$	41,203		$	5,092		$	3,096
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	$	—		$	(461	)	$	(54	)	$	(1	)	$	—



For the year ended December 31, 2017 (continued):
	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	$	(22,529	)	$	26,958	$	(990,308	)	$	(2,462	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment related gains (losses), net	144,723			—		32,166			—
Interest credited	—			—		(80,062		)	—
Included in other comprehensive income	—			4,343		—			—
Other revenue	—			9,358		—			(921		)
Purchases⁽¹⁾	—			—		(55,237		)	—
Sales⁽¹⁾	—			—		—			—
Settlements⁽¹⁾	—			—		79,213			1,700
Fair value, end of period	$	122,194		$	40,659	$	(1,014,228	)	$	(1,683	)
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 related gains (losses), net	$	144,723		$	—	$	23,472		$	—
Other revenue	—			9,358		—			(921		)
Interest credited	—			—		(159,276		)	—



For the year ended December 31, 2016:	Fixed maturity securities - available-for-sale
	Corporate			Canadian government		RMBS			ABS
Fair value, beginning of period	$	1,226,970		$	416,076	$	330,649		$	303,836
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(2,399		)	12,197		(595		)	801
Investment related gains (losses), net	(4,756		)	—		(2,153		)	1,101
Included in other comprehensive income	10,022			47,692		(1,621		)	(2,696		)
Purchases⁽¹⁾	312,720			—		103,553			138,522
Sales⁽¹⁾	(60,399		)	—		(167,684		)	(38,681		)
Settlements⁽¹⁾	(195,016		)	—		(38,495		)	(61,770		)
Transfers into Level 3	14,098			—		1,728			56,105
Transfers out of Level 3	(28,987		)	—		(65,091		)	(177,938		)
Fair value, end of period	$	1,272,253		$	475,965	$	160,291		$	219,280
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(2,343	)	$	12,197	$	(158	)	$	734
Investment related gains (losses), net	(817		)	—		(231		)	—



For the year ended December 31, 2016 (continued):	Fixed maturity securities - available-for-sale
	CMBS			U.S. government			State and political subdivisions			Other foreign government			Short-term investments
Fair value, beginning of period	$	68,563		$	26,265		$	38,342		$	14,065		$	—
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	1,677			(487		)	215			—			—
Investment related gains (losses), net	(876		)	—			—			—			—
Included in other comprehensive income	(5,887		)	39			962			110			—
Purchases⁽¹⁾	1,545			508			6,952			—			3,365
Sales⁽¹⁾	(41,143		)	—			—			—			—
Settlements⁽¹⁾	(552		)	(1,837		)	(599		)	(1,306		)	(19		)
Transfers into Level 3	—			—			—			—			—
Transfers out of Level 3	(2,182		)	—			(4,206		)	—			—
Fair value, end of period	$	21,145		$	24,488		$	41,666		$	12,869		$	3,346
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	$	1,552		$	(487	)	$	215		$	—		$	—



For the year ended December 31, 2016 (continued):
	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	$	(76,698	)	$	14,996		$	(1,070,584	)	$	(2,619	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment related gains (losses), net	54,169			—			7,834			—
Interest credited	—			—			10,709			—
Included in other comprehensive income	—			(1,133		)	—			—
Other revenue	—			13,095			—			(172		)
Purchases⁽¹⁾	—			—			(12,725		)	—
Sales⁽¹⁾	—			—			—			—
Settlements⁽¹⁾	—			—			74,458			329
Fair value, end of period	$	(22,529	)	$	26,958		$	(990,308	)	$	(2,462	)
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 related gains (losses), net	$	54,169		$	—		$	(4,579	)	$	—
Other revenue	—			13,095			—			(172		)
Interest credited	—			—			(63,748		)	—



For the year ended December 31, 2015:	Fixed maturity securities - available-for-sale
	Corporate			Canadian government		RMBS			ABS
Fair value, beginning of period	$	1,310,427		$	—	$	188,094		$	572,960
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(3,517		)	2,788		(1,754		)	4,526
Investment related gains (losses), net	(2,814		)	—		(216		)	808
Included in other comprehensive income	(32,452		)	70,144		(944		)	(2,490		)
Purchases⁽¹⁾	243,871			—		249,208			229,220
Sales⁽¹⁾	(3,949		)	—		(985		)	(13,105		)
Settlements⁽¹⁾	(279,495		)	—		(39,494		)	(98,918		)
Transfers into Level 3	15,455			343,144		2,853			13,542
Transfers out of Level 3	(20,556		)	—		(66,113		)	(402,707		)
Fair value, end of period	$	1,226,970		$	416,076	$	330,649		$	303,836
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(3,396	)	$	2,788	$	(1,753	)	$	2,465
Investment related gains (losses), net	(2,278		)	—		—			—



For the year ended December 31, 2015 (continued):	Fixed maturity securities - available-for-sale
	CMBS			U.S. government			State and political subdivisions			Other foreign government
Fair value, beginning of period	$	86,746		$	28,529		$	42,711		$	19,663
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	2,817			(48		)	32			—
Investment related gains (losses), net	(4,737		)	(233		)	(19		)	—
Included in other comprehensive income	(337		)	(602		)	(3,055		)	(7		)
Purchases⁽¹⁾	42			544			—			—
Sales⁽¹⁾	(6,153		)	—			—			—
Settlements⁽¹⁾	(7,226		)	(1,925		)	(492		)	(1,258		)
Transfers into Level 3	12,828			—			—			—
Transfers out of Level 3	(15,417		)	—			(835		)	(4,333		)
Fair value, end of period	$	68,563		$	26,265		$	38,342		$	14,065
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	2,718		$	(48	)	$	32		$	—
Investment related gains (losses), net	(3,593		)	—			—			—



For the year ended December 31, 2015 (continued):
	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	$	22,094		$	7,904		$	7,727		$	(1,085,166	)	$	(797	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment related gains (losses), net	(98,792		)	—			—			(33,191		)	—
Interest credited	—			—			—			19,440			—
Included in other comprehensive income	—			(412		)	(959		)	—			—
Other revenue	—			—			8,228			—			(1,822		)
Purchases⁽¹⁾	—			4,529			—			(42,798		)	—
Sales⁽¹⁾	—			—			—			—			—
Settlements⁽¹⁾	—			—			—			71,131			—
Transfers out of Level 3	—			(12,021		)	—			—			—
Fair value, end of period	$	(76,698	)	$	—		$	14,996		$	(1,070,584	)	$	(2,619	)
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 related gains (losses), net	$	(98,792	)	$	—		$	—		$	(43,496	)	$	—
Other revenue	—			—			8,228			—			(1,822		)
Interest credited	—			—			—			(51,691		)	—


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

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



For the year ended December 31, 2017:	Fixed maturity securities - available-for-sale
	Corporate			Canadian government		RMBS			ABS
Fair value, beginning of period	$	1,272,253		$	475,965	$	160,291		$	219,280
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,429		)	13,180		(346		)	1,776
Investment related gains (losses), net	4,991			—		729			245
Included in other comprehensive income	(6,719		)	104,797		2,341			7,044
Purchases⁽¹⁾	408,995			—		76,792			45,215
Sales⁽¹⁾	(89,248		)	—		(28,043		)	—
Settlements⁽¹⁾	(285,958		)	—		(18,988		)	(87,328		)
Transfers into Level 3	47,360			—		9,100			85,152
Transfers out of Level 3	(12,973		)	—		(93,994		)	(147,910		)
Fair value, end of period	$	1,337,272		$	593,942	$	107,882		$	123,474
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	$	(1,457	)	$	13,180	$	(196	)	$	669
Investment related gains (losses), net	(5,389		)	—		(346		)	—



For the year ended December 31, 2017 (continued):	Fixed maturity securities - available-for-sale
	CMBS			U.S. government			State and political subdivisions			Other foreign government			Short-term investments
Fair value, beginning of period	$	21,145		$	24,488		$	41,666		$	12,869		$	3,346
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	709			(461		)	(55		)	(1		)	—
Investment related gains (losses), net	(595		)	—			—			—			—
Included in other comprehensive income	(71		)	19			(15		)	(252		)	11
Purchases⁽¹⁾	—			465			—			496			3,703
Sales⁽¹⁾	(3,720		)	—			—			—			—
Settlements⁽¹⁾	(5,404		)	(2,000		)	(843		)	(672		)	(335		)
Transfers into Level 3	1,302			—			7,294			—			—
Transfers out of Level 3	(10,132		)	—			(6,844		)	(7,348		)	(3,629		)
Fair value, end of period	$	3,234		$	22,511		$	41,203		$	5,092		$	3,096
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	$	—		$	(461	)	$	(54	)	$	(1	)	$	—



For the year ended December 31, 2017 (continued):
	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	$	(22,529	)	$	26,958	$	(990,308	)	$	(2,462	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment related gains (losses), net	144,723			—		32,166			—
Interest credited	—			—		(80,062		)	—
Included in other comprehensive income	—			4,343		—			—
Other revenue	—			9,358		—			(921		)
Purchases⁽¹⁾	—			—		(55,237		)	—
Sales⁽¹⁾	—			—		—			—
Settlements⁽¹⁾	—			—		79,213			1,700
Fair value, end of period	$	122,194		$	40,659	$	(1,014,228	)	$	(1,683	)
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 related gains (losses), net	$	144,723		$	—	$	23,472		$	—
Other revenue	—			9,358		—			(921		)
Interest credited	—			—		(159,276		)	—



For the year ended December 31, 2016:	Fixed maturity securities - available-for-sale
	Corporate			Canadian government		RMBS			ABS
Fair value, beginning of period	$	1,226,970		$	416,076	$	330,649		$	303,836
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(2,399		)	12,197		(595		)	801
Investment related gains (losses), net	(4,756		)	—		(2,153		)	1,101
Included in other comprehensive income	10,022			47,692		(1,621		)	(2,696		)
Purchases⁽¹⁾	312,720			—		103,553			138,522
Sales⁽¹⁾	(60,399		)	—		(167,684		)	(38,681		)
Settlements⁽¹⁾	(195,016		)	—		(38,495		)	(61,770		)
Transfers into Level 3	14,098			—		1,728			56,105
Transfers out of Level 3	(28,987		)	—		(65,091		)	(177,938		)
Fair value, end of period	$	1,272,253		$	475,965	$	160,291		$	219,280
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(2,343	)	$	12,197	$	(158	)	$	734
Investment related gains (losses), net	(817		)	—		(231		)	—



For the year ended December 31, 2016 (continued):	Fixed maturity securities - available-for-sale
	CMBS			U.S. government			State and political subdivisions			Other foreign government			Short-term investments
Fair value, beginning of period	$	68,563		$	26,265		$	38,342		$	14,065		$	—
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	1,677			(487		)	215			—			—
Investment related gains (losses), net	(876		)	—			—			—			—
Included in other comprehensive income	(5,887		)	39			962			110			—
Purchases⁽¹⁾	1,545			508			6,952			—			3,365
Sales⁽¹⁾	(41,143		)	—			—			—			—
Settlements⁽¹⁾	(552		)	(1,837		)	(599		)	(1,306		)	(19		)
Transfers into Level 3	—			—			—			—			—
Transfers out of Level 3	(2,182		)	—			(4,206		)	—			—
Fair value, end of period	$	21,145		$	24,488		$	41,666		$	12,869		$	3,346
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	$	1,552		$	(487	)	$	215		$	—		$	—



For the year ended December 31, 2016 (continued):
	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	$	(76,698	)	$	14,996		$	(1,070,584	)	$	(2,619	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment related gains (losses), net	54,169			—			7,834			—
Interest credited	—			—			10,709			—
Included in other comprehensive income	—			(1,133		)	—			—
Other revenue	—			13,095			—			(172		)
Purchases⁽¹⁾	—			—			(12,725		)	—
Sales⁽¹⁾	—			—			—			—
Settlements⁽¹⁾	—			—			74,458			329
Fair value, end of period	$	(22,529	)	$	26,958		$	(990,308	)	$	(2,462	)
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 related gains (losses), net	$	54,169		$	—		$	(4,579	)	$	—
Other revenue	—			13,095			—			(172		)
Interest credited	—			—			(63,748		)	—



For the year ended December 31, 2015:	Fixed maturity securities - available-for-sale
	Corporate			Canadian government		RMBS			ABS
Fair value, beginning of period	$	1,310,427		$	—	$	188,094		$	572,960
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(3,517		)	2,788		(1,754		)	4,526
Investment related gains (losses), net	(2,814		)	—		(216		)	808
Included in other comprehensive income	(32,452		)	70,144		(944		)	(2,490		)
Purchases⁽¹⁾	243,871			—		249,208			229,220
Sales⁽¹⁾	(3,949		)	—		(985		)	(13,105		)
Settlements⁽¹⁾	(279,495		)	—		(39,494		)	(98,918		)
Transfers into Level 3	15,455			343,144		2,853			13,542
Transfers out of Level 3	(20,556		)	—		(66,113		)	(402,707		)
Fair value, end of period	$	1,226,970		$	416,076	$	330,649		$	303,836
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(3,396	)	$	2,788	$	(1,753	)	$	2,465
Investment related gains (losses), net	(2,278		)	—		—			—



For the year ended December 31, 2015 (continued):	Fixed maturity securities - available-for-sale
	CMBS			U.S. government			State and political subdivisions			Other foreign government
Fair value, beginning of period	$	86,746		$	28,529		$	42,711		$	19,663
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	2,817			(48		)	32			—
Investment related gains (losses), net	(4,737		)	(233		)	(19		)	—
Included in other comprehensive income	(337		)	(602		)	(3,055		)	(7		)
Purchases⁽¹⁾	42			544			—			—
Sales⁽¹⁾	(6,153		)	—			—			—
Settlements⁽¹⁾	(7,226		)	(1,925		)	(492		)	(1,258		)
Transfers into Level 3	12,828			—			—			—
Transfers out of Level 3	(15,417		)	—			(835		)	(4,333		)
Fair value, end of period	$	68,563		$	26,265		$	38,342		$	14,065
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	2,718		$	(48	)	$	32		$	—
Investment related gains (losses), net	(3,593		)	—			—			—



For the year ended December 31, 2015 (continued):
	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	$	22,094		$	7,904		$	7,727		$	(1,085,166	)	$	(797	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment related gains (losses), net	(98,792		)	—			—			(33,191		)	—
Interest credited	—			—			—			19,440			—
Included in other comprehensive income	—			(412		)	(959		)	—			—
Other revenue	—			—			8,228			—			(1,822		)
Purchases⁽¹⁾	—			4,529			—			(42,798		)	—
Sales⁽¹⁾	—			—			—			—			—
Settlements⁽¹⁾	—			—			—			71,131			—
Transfers out of Level 3	—			(12,021		)	—			—			—
Fair value, end of period	$	(76,698	)	$	—		$	14,996		$	(1,070,584	)	$	(2,619	)
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 related gains (losses), net	$	(98,792	)	$	—		$	—		$	(43,496	)	$	—
Other revenue	—			—			8,228			—			(1,822		)
Interest credited	—			—			—			(51,691		)	—


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

Fair Value Assets Measured On Nonrecurring Basis [Text Block]

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods presented and still held at the reporting dates (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs.



	Carrying Value After Measurement				Net Investment Gains (Losses)
	At December 31,				Years ended December 31,
(dollars in thousands)	2017		2016		2017			2016
Limited partnership interests⁽¹⁾	$	4,656	$	6,192	$	(7,204	)	$	(9,277	)
Private equities⁽²⁾	106		—		(531		)	—


(1)	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.


(2)	The fair value of the Company’s private equity investments is based on external valuation models.

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, as of December 31, 2017 and December 31, 2016 (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.



			Estimated Fair		Fair Value Measurement Using:
December 31, 2017:	Carrying Value ⁽¹⁾		Value		Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	4,400,533	$	4,477,654	$	—	$	—	$	4,477,654	$	—
Policy loans	1,357,624		1,357,624		—		1,357,624		—		—
Funds withheld at interest	5,955,092		6,275,623		—		—		6,275,623		—
Cash and cash equivalents	946,736		946,736		946,736		—		—		—
Short-term investments	42,558		42,558		42,558		—		—		—
Other invested assets	690,198		718,282		28,540		67,778		286,839		335,125
Accrued investment income	392,721		392,721		—		392,721		—		—
Liabilities:
Interest-sensitive contract liabilities	$	12,683,872	$	12,917,243	$	—	$	—	$	12,917,243	$	—
Long-term debt	2,788,365		2,959,912		—		—		2,959,912		—
Collateral finance and securitization notes	783,938		722,145		—		—		722,145		—

December 31, 2016:
Assets:
Mortgage loans on real estate	$	3,775,522	$	3,786,987	$	—	$	—	$	3,786,987	$	—
Policy loans	1,427,602		1,427,602		—		1,427,602		—		—
Funds withheld at interest	5,893,381		6,193,166		—		—		6,193,166		—
Cash and cash equivalents	862,117		862,117		862,117		—		—		—
Short-term investments	32,469		32,469		32,469		—		—		—
Other invested assets	477,132		510,640		26,294		55,669		131,904		296,773
Accrued investment income	347,173		347,173		—		347,173		—		—
Liabilities:
Interest-sensitive contract liabilities	$	10,225,099	$	10,234,544	$	—	$	—	$	10,234,544	$	—
Long-term debt	3,088,635		3,186,173		—		—		3,186,173		—
Collateral finance and securitization notes	840,700		745,805		—		—		745,805		—


(1)	Carrying values presented herein may differ from those in the Company’s consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.