(Mark One) | ||||
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) | |||
OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended September 30, 2018 | ||||
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 | ||||
September 30, 2018 | December 31, 2017 | |||||||
(Dollars in thousands, except share data) | ||||||||
Assets | ||||||||
Fixed maturity securities available-for-sale, at fair value (amortized cost $37,751,132 and $35,281,412) | $ | 39,005,212 | $ | 38,150,820 | ||||
Equity securities, at fair value (cost $111,248 and $102,841) | 101,069 | 100,152 | ||||||
Mortgage loans on real estate (net of allowances of $10,366 and $9,384) | 4,779,074 | 4,400,533 | ||||||
Policy loans | 1,320,050 | 1,357,624 | ||||||
Funds withheld at interest | 5,976,301 | 6,083,388 | ||||||
Short-term investments | 229,928 | 93,304 | ||||||
Other invested assets | 1,706,979 | 1,505,332 | ||||||
Total investments | 53,118,613 | 51,691,153 | ||||||
Cash and cash equivalents | 1,730,489 | 1,303,524 | ||||||
Accrued investment income | 455,296 | 392,721 | ||||||
Premiums receivable and other reinsurance balances | 2,779,556 | 2,338,481 | ||||||
Reinsurance ceded receivables | 769,324 | 782,027 | ||||||
Deferred policy acquisition costs | 3,211,145 | 3,239,824 | ||||||
Other assets | 908,219 | 767,088 | ||||||
Total assets | $ | 62,972,642 | $ | 60,514,818 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Future policy benefits | $ | 25,139,148 | $ | 22,363,241 | ||||
Interest-sensitive contract liabilities | 16,751,379 | 16,227,642 | ||||||
Other policy claims and benefits | 5,424,347 | 4,992,074 | ||||||
Other reinsurance balances | 482,235 | 488,739 | ||||||
Deferred income taxes | 1,883,848 | 2,198,309 | ||||||
Other liabilities | 1,213,595 | 1,102,975 | ||||||
Long-term debt | 2,787,975 | 2,788,365 | ||||||
Collateral finance and securitization notes | 710,792 | 783,938 | ||||||
Total liabilities | 54,393,319 | 50,945,283 | ||||||
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 September 30, 2018 and December 31, 2017 | 791 | 791 | ||||||
Additional paid-in capital | 1,899,144 | 1,870,906 | ||||||
Retained earnings | 7,215,526 | 6,736,265 | ||||||
Treasury stock, at cost - 16,186,890 and 14,685,663 shares | (1,348,943 | ) | (1,102,058 | ) | ||||
Accumulated other comprehensive income | 812,805 | 2,063,631 | ||||||
Total stockholders’ equity | 8,579,323 | 9,569,535 | ||||||
Total liabilities and stockholders’ equity | $ | 62,972,642 | $ | 60,514,818 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues: | (Dollars in thousands, except per share data) | |||||||||||||||
Net premiums | $ | 2,562,042 | $ | 2,489,797 | $ | 7,739,053 | $ | 7,335,944 | ||||||||
Investment income, net of related expenses | 572,742 | 556,918 | 1,617,132 | 1,589,820 | ||||||||||||
Investment related gains (losses), net: | ||||||||||||||||
Other-than-temporary impairments on fixed maturity securities | (10,705 | ) | (390 | ) | (14,055 | ) | (20,980 | ) | ||||||||
Other investment related gains (losses), net | (9,312 | ) | 23,043 | (17,004 | ) | 160,451 | ||||||||||
Total investment related gains (losses), net | (20,017 | ) | 22,653 | (31,059 | ) | 139,471 | ||||||||||
Other revenues | 112,764 | 75,942 | 272,020 | 218,091 | ||||||||||||
Total revenues | 3,227,531 | 3,145,310 | 9,597,146 | 9,283,326 | ||||||||||||
Benefits and Expenses: | ||||||||||||||||
Claims and other policy benefits | 2,209,920 | 2,100,680 | 6,851,614 | 6,371,188 | ||||||||||||
Interest credited | 143,292 | 126,099 | 333,068 | 349,068 | ||||||||||||
Policy acquisition costs and other insurance expenses | 310,639 | 365,424 | 987,817 | 1,064,645 | ||||||||||||
Other operating expenses | 200,262 | 168,417 | 586,495 | 481,279 | ||||||||||||
Interest expense | 33,290 | 36,836 | 107,769 | 108,590 | ||||||||||||
Collateral finance and securitization expense | 7,467 | 7,692 | 22,509 | 21,235 | ||||||||||||
Total benefits and expenses | 2,904,870 | 2,805,148 | 8,889,272 | 8,396,005 | ||||||||||||
Income before income taxes | 322,661 | 340,162 | 707,874 | 887,321 | ||||||||||||
Provision for income taxes | 21,462 | 112,571 | 102,071 | 282,028 | ||||||||||||
Net income | $ | 301,199 | $ | 227,591 | $ | 605,803 | $ | 605,293 | ||||||||
Earnings per share: | ||||||||||||||||
Basic earnings per share | $ | 4.76 | $ | 3.53 | $ | 9.47 | $ | 9.39 | ||||||||
Diluted earnings per share | $ | 4.68 | $ | 3.47 | $ | 9.30 | $ | 9.23 | ||||||||
Dividends declared per share | $ | 0.60 | $ | 0.50 | $ | 1.60 | $ | 1.32 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Comprehensive income (loss) | (Dollars in thousands) | |||||||||||||||
Net income | $ | 301,199 | $ | 227,591 | $ | 605,803 | $ | 605,293 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustments | 25,462 | 46,733 | (30,375 | ) | 68,085 | |||||||||||
Net unrealized investment gains (losses) | (215,986 | ) | (93,574 | ) | (1,218,309 | ) | 415,870 | |||||||||
Defined benefit pension and postretirement plan adjustments | 931 | 700 | 431 | 2,473 | ||||||||||||
Total other comprehensive income (loss), net of tax | (189,593 | ) | (46,141 | ) | (1,248,253 | ) | 486,428 | |||||||||
Total comprehensive income (loss) | $ | 111,606 | $ | 181,450 | $ | (642,450 | ) | $ | 1,091,721 |
Nine months ended September 30, | ||||||||
2018 | 2017 | |||||||
(Dollars in thousands) | ||||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 605,803 | $ | 605,293 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Change in operating assets and liabilities: | ||||||||
Accrued investment income | 23,473 | (63,321 | ) | |||||
Premiums receivable and other reinsurance balances | (519,107 | ) | (421,027 | ) | ||||
Deferred policy acquisition costs | 23,682 | 67,471 | ||||||
Reinsurance ceded receivable balances | 37,468 | (120,013 | ) | |||||
Future policy benefits, other policy claims and benefits, and other reinsurance balances | 920,492 | 982,164 | ||||||
Deferred income taxes | (8,136 | ) | 236,185 | |||||
Other assets and other liabilities, net | (47,978 | ) | 78,848 | |||||
Amortization of net investment premiums, discounts and other | (55,154 | ) | (95,227 | ) | ||||
Depreciation and amortization expense | 32,153 | 21,384 | ||||||
Investment related (gains) losses, net | 31,059 | (139,471 | ) | |||||
Other, net | 56,408 | (47,787 | ) | |||||
Net cash provided by operating activities | 1,100,163 | 1,104,499 | ||||||
Cash Flows from Investing Activities: | ||||||||
Sales of fixed maturity securities available-for-sale | 6,314,968 | 6,364,236 | ||||||
Maturities of fixed maturity securities available-for-sale | 461,764 | 385,993 | ||||||
Sales of equity securities | 44,952 | 192,821 | ||||||
Principal payments and sales of mortgage loans on real estate | 290,450 | 208,052 | ||||||
Principal payments on policy loans | 43,995 | 93,286 | ||||||
Purchases of fixed maturity securities available-for-sale | (6,041,665 | ) | (7,450,749 | ) | ||||
Purchases of equity securities | (12,578 | ) | (60,790 | ) | ||||
Cash invested in mortgage loans on real estate | (671,956 | ) | (751,702 | ) | ||||
Cash invested in policy loans | (6,422 | ) | (5,830 | ) | ||||
Cash invested in funds withheld at interest | (61,969 | ) | (12,597 | ) | ||||
Purchase of businesses, net of cash acquired of $4,988 | (31,441 | ) | — | |||||
Purchases of property and equipment | (20,478 | ) | (33,242 | ) | ||||
Change in short-term investments | 34,856 | 65,664 | ||||||
Change in other invested assets | (313,464 | ) | (51,476 | ) | ||||
Net cash provided by (used in) investing activities | 31,012 | (1,056,334 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Dividends to stockholders | (102,441 | ) | (85,086 | ) | ||||
Repayment of collateral finance and securitization notes | (75,146 | ) | (56,637 | ) | ||||
Principal payments of long-term debt | (2,007 | ) | (301,927 | ) | ||||
Purchases of treasury stock | (273,873 | ) | (41,360 | ) | ||||
Exercise of stock options, net | 2,336 | 4,450 | ||||||
Change in cash collateral for derivative positions and other arrangements | (21,288 | ) | (46,206 | ) | ||||
Deposits on universal life and other investment type policies and contracts | 320,871 | 1,007,563 | ||||||
Withdrawals on universal life and other investment type policies and contracts | (520,649 | ) | (568,789 | ) | ||||
Net cash used in financing activities | (672,197 | ) | (87,992 | ) | ||||
Effect of exchange rate changes on cash | (32,013 | ) | 43,699 | |||||
Change in cash and cash equivalents | 426,965 | 3,872 | ||||||
Cash and cash equivalents, beginning of period | 1,303,524 | 1,200,718 | ||||||
Cash and cash equivalents, end of period | $ | 1,730,489 | $ | 1,204,590 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Interest paid | $ | 124,575 | $ | 129,136 | ||||
Income taxes paid, net of refunds | $ | 99,554 | $ | 27,385 | ||||
Non-cash transactions: | ||||||||
Transfer of invested assets | $ | 3,763,195 | $ | 2,247,136 | ||||
Purchase of businesses: | ||||||||
Assets acquired, excluding cash acquired | $ | 69,853 | $ | — | ||||
Liabilities assumed | (38,412 | ) | — | |||||
Net cash paid on purchase | $ | 31,441 | $ | — |
1. | Business and Basis of Presentation |
2. | Earnings Per Share |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Earnings: | ||||||||||||||||
Net income (numerator for basic and diluted calculations) | $ | 301,199 | $ | 227,591 | $ | 605,803 | $ | 605,293 | ||||||||
Shares: | ||||||||||||||||
Weighted average outstanding shares (denominator for basic calculation) | 63,279 | 64,488 | 63,941 | 64,430 | ||||||||||||
Equivalent shares from outstanding stock options | 1,017 | 1,165 | 1,189 | 1,174 | ||||||||||||
Denominator for diluted calculation | 64,296 | 65,653 | 65,130 | 65,604 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 4.76 | $ | 3.53 | $ | 9.47 | $ | 9.39 | ||||||||
Diluted | $ | 4.68 | $ | 3.47 | $ | 9.30 | $ | 9.23 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||
Excluded from common equivalent shares: | ||||||||||||
Stock options | 227 | 87 | 349 | 296 | ||||||||
Performance contingent shares | 276 | 307 | 256 | 293 |
3. | Equity |
Issued | Held In Treasury | Outstanding | |||||||
Balance, December 31, 2017 | 79,137,758 | 14,685,663 | 64,452,095 | ||||||
Common stock acquired | — | 1,750,295 | (1,750,295 | ) | |||||
Stock-based compensation (1) | — | (249,068 | ) | 249,068 | |||||
Balance, September 30, 2018 | 79,137,758 | 16,186,890 | 62,950,868 |
Issued | Held In Treasury | Outstanding | |||||||
Balance, December 31, 2016 | 79,137,758 | 14,835,256 | 64,302,502 | ||||||
Common stock acquired | — | 208,680 | (208,680 | ) | |||||
Stock-based compensation (1) | — | (274,449 | ) | 274,449 | |||||
Balance, September 30, 2017 | 79,137,758 | 14,769,487 | 64,368,271 |
(1) | Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. |
Accumulated Currency Translation Adjustments | Unrealized Appreciation (Depreciation) of Investments(1) | Pension and Postretirement Benefits | Total | |||||||||||||
Balance, December 31, 2017 | $ | (86,350 | ) | $ | 2,200,661 | $ | (50,680 | ) | $ | 2,063,631 | ||||||
Other comprehensive income (loss) before reclassifications | (24,977 | ) | (1,638,146 | ) | (3,391 | ) | (1,666,514 | ) | ||||||||
Amounts reclassified to (from) AOCI | — | 79,505 | 3,986 | 83,491 | ||||||||||||
Deferred income tax benefit (expense) | (5,398 | ) | 340,332 | (164 | ) | 334,770 | ||||||||||
Adoption of new accounting standard | (2,573 | ) | — | — | (2,573 | ) | ||||||||||
Balance, September 30, 2018 | $ | (119,298 | ) | $ | 982,352 | $ | (50,249 | ) | $ | 812,805 |
Accumulated Currency Translation Adjustments | Unrealized Appreciation (Depreciation) of Investments(1) | Pension and Postretirement Benefits | Total | |||||||||||||
Balance, December 31, 2016 | $ | (172,541 | ) | $ | 1,355,033 | $ | (43,163 | ) | $ | 1,139,329 | ||||||
Other comprehensive income (loss) before reclassifications | 23,117 | 671,564 | (191 | ) | 694,490 | |||||||||||
Amounts reclassified to (from) AOCI | — | (51,407 | ) | 4,006 | (47,401 | ) | ||||||||||
Deferred income tax benefit (expense) | 44,968 | (204,287 | ) | (1,342 | ) | (160,661 | ) | |||||||||
Balance, September 30, 2017 | $ | (104,456 | ) | $ | 1,770,903 | $ | (40,690 | ) | $ | 1,625,757 |
(1) | Includes cash flow hedges of $29,043 and $2,619 as of September 30, 2018 and December 31, 2017, respectively, and $347 and $(2,496) as of September 30, 2017 and December 31, 2016, respectively. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges. |
Amount Reclassified from AOCI | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
Details about AOCI Components | 2018 | 2017 | 2018 | 2017 | Affected Line Item in Statements of Income | |||||||||||||
Net unrealized investment gains (losses): | ||||||||||||||||||
Net unrealized gains (losses) on available-for-sale securities | $ | (21,249 | ) | $ | 10,515 | $ | (60,347 | ) | $ | 39,032 | Investment related gains (losses), net | |||||||
Cash flow hedges - Interest rate | 234 | — | (108 | ) | — | (1) | ||||||||||||
Cash flow hedges - Currency/Interest rate | 50 | 230 | 270 | 560 | (1) | |||||||||||||
Cash flow hedges - Forward bond purchase commitments | — | 224 | — | 286 | (1) | |||||||||||||
Deferred policy acquisition costs attributed to unrealized gains and losses | (4,893 | ) | 1,116 | (19,320 | ) | 11,529 | (2) | |||||||||||
Total | (25,858 | ) | 12,085 | (79,505 | ) | 51,407 | ||||||||||||
Provision for income taxes | 5,355 | (3,991 | ) | 16,978 | (16,015 | ) | ||||||||||||
Net unrealized gains (losses), net of tax | $ | (20,503 | ) | $ | 8,094 | $ | (62,527 | ) | $ | 35,392 | ||||||||
Amortization of defined benefit plan items: | ||||||||||||||||||
Prior service cost (credit) | $ | 246 | $ | 590 | $ | 739 | $ | 732 | (3) | |||||||||
Actuarial gains/(losses) | (1,866 | ) | (1,661 | ) | (4,725 | ) | (4,738 | ) | (3) | |||||||||
Total | (1,620 | ) | (1,071 | ) | (3,986 | ) | (4,006 | ) | ||||||||||
Provision for income taxes | 340 | 375 | 837 | 1,402 | ||||||||||||||
Amortization of defined benefit plans, net of tax | $ | (1,280 | ) | $ | (696 | ) | $ | (3,149 | ) | $ | (2,604 | ) | ||||||
Total reclassifications for the period | $ | (21,783 | ) | $ | 7,398 | $ | (65,676 | ) | $ | 32,788 |
(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 2017 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 |
September 30, 2018: | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | % of Total | Other-than- temporary impairments in AOCI | |||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Corporate | $ | 24,271,467 | $ | 594,444 | $ | 416,413 | $ | 24,449,498 | 62.7 | % | $ | — | |||||||||||
Canadian government | 2,902,433 | 1,138,426 | 4,109 | 4,036,750 | 10.3 | — | |||||||||||||||||
RMBS | 1,816,949 | 14,235 | 50,422 | 1,780,762 | 4.6 | — | |||||||||||||||||
ABS | 1,867,650 | 10,312 | 14,945 | 1,863,017 | 4.8 | 275 | |||||||||||||||||
CMBS | 1,282,015 | 8,403 | 16,884 | 1,273,534 | 3.3 | — | |||||||||||||||||
U.S. government | 1,500,703 | 6,359 | 94,653 | 1,412,409 | 3.6 | — | |||||||||||||||||
State and political subdivisions | 889,218 | 36,410 | 13,637 | 911,991 | 2.3 | — | |||||||||||||||||
Other foreign government | 3,220,697 | 98,574 | 42,020 | 3,277,251 | 8.4 | — | |||||||||||||||||
Total fixed maturity securities | $ | 37,751,132 | $ | 1,907,163 | $ | 653,083 | $ | 39,005,212 | 100.0 | % | $ | 275 |
December 31, 2017: | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | % of Total | Other-than- temporary impairments in AOCI | |||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Corporate | $ | 21,966,803 | $ | 1,299,594 | $ | 55,429 | $ | 23,210,968 | 60.9 | % | $ | — | |||||||||||
Canadian government | 2,843,273 | 1,378,510 | 1,707 | 4,220,076 | 11.1 | — | |||||||||||||||||
RMBS | 1,695,126 | 36,632 | 11,878 | 1,719,880 | 4.5 | — | |||||||||||||||||
ABS | 1,634,758 | 18,798 | 5,194 | 1,648,362 | 4.3 | 275 | |||||||||||||||||
CMBS | 1,285,594 | 22,627 | 4,834 | 1,303,387 | 3.4 | — | |||||||||||||||||
U.S. government | 1,953,436 | 12,089 | 21,933 | 1,943,592 | 5.1 | — | |||||||||||||||||
State and political subdivisions | 647,727 | 59,997 | 4,296 | 703,428 | 1.8 | — | |||||||||||||||||
Other foreign government | 3,254,695 | 154,507 | 8,075 | 3,401,127 | 8.9 | — | |||||||||||||||||
Total fixed maturity securities | $ | 35,281,412 | $ | 2,982,754 | $ | 113,346 | $ | 38,150,820 | 100.0 | % | $ | 275 | |||||||||||
Non-redeemable preferred stock | $ | 41,553 | $ | 479 | $ | 2,226 | $ | 39,806 | 39.7 | % | |||||||||||||
Other equity securities | 61,288 | 479 | 1,421 | 60,346 | 60.3 | ||||||||||||||||||
Total equity securities | $ | 102,841 | $ | 958 | $ | 3,647 | $ | 100,152 | 100.0 | % |
September 30, 2018 | December 31, 2017 | ||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||
Fixed maturity securities pledged as collateral | $ | 67,899 | $ | 69,792 | $ | 72,542 | $ | 75,622 | |||||||
Fixed maturity securities received as collateral | n/a | 592,146 | n/a | 590,417 | |||||||||||
Assets in trust held to satisfy collateral requirements | 19,263,724 | 19,670,559 | 15,584,296 | 16,715,281 |
September 30, 2018 | December 31, 2017 | ||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||
Fixed maturity securities guaranteed or issued by: | |||||||||||||||
Canadian province of Quebec | $ | 1,158,326 | $ | 1,833,972 | $ | 1,119,337 | $ | 1,917,996 | |||||||
Canadian province of Ontario | 951,186 | 1,225,712 | 939,837 | 1,282,944 |
Amortized Cost | Estimated Fair Value | |||||||
Available-for-sale: | ||||||||
Due in one year or less | $ | 986,289 | $ | 993,352 | ||||
Due after one year through five years | 7,797,732 | 7,888,116 | ||||||
Due after five years through ten years | 9,311,737 | 9,407,186 | ||||||
Due after ten years | 14,688,760 | 15,799,245 | ||||||
Asset and mortgage-backed securities | 4,966,614 | 4,917,313 | ||||||
Total | $ | 37,751,132 | $ | 39,005,212 |
September 30, 2018: | Estimated | ||||||||||
Amortized Cost | Fair Value | % of Total | |||||||||
Finance | $ | 8,561,885 | $ | 8,564,254 | 35.1 | % | |||||
Industrial | 12,632,502 | 12,753,024 | 52.1 | ||||||||
Utility | 3,077,080 | 3,132,220 | 12.8 | ||||||||
Total | $ | 24,271,467 | $ | 24,449,498 | 100.0 | % | |||||
December 31, 2017: | Estimated | ||||||||||
Amortized Cost | Fair Value | % of Total | |||||||||
Finance | $ | 7,977,885 | $ | 8,362,774 | 36.1 | % | |||||
Industrial | 11,535,166 | 12,199,333 | 52.5 | ||||||||
Utility | 2,453,752 | 2,648,861 | 11.4 | ||||||||
Total | $ | 21,966,803 | $ | 23,210,968 | 100.0 | % |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Balance, beginning of period | $ | 3,677 | $ | 3,677 | $ | 3,677 | $ | 6,013 | ||||||||
Credit loss OTTI previously recognized on securities impaired to fair value during the period | — | — | — | (2,336 | ) | |||||||||||
Balance, end of period | $ | 3,677 | $ | 3,677 | $ | 3,677 | $ | 3,677 |
September 30, 2018 | |||||||
Gross Unrealized Losses | % of Total | ||||||
Less than 20% | $ | 640,481 | 98.1 | % | |||
20% or more for less than six months | 309 | — | |||||
20% or more for six months or greater | 12,293 | 1.9 | |||||
Total | $ | 653,083 | 100.0 | % |
December 31, 2017 | |||||||
Gross Unrealized Losses | % of Total | ||||||
Less than 20% | $ | 113,466 | 97.0 | % | |||
20% or more for less than six months | 689 | 0.6 | |||||
20% or more for six months or greater | 2,838 | 2.4 | |||||
Total | $ | 116,993 | 100.0 | % |
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
September 30, 2018: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
Investment grade securities: | ||||||||||||||||||||||||
Corporate | $ | 10,117,970 | $ | 303,926 | $ | 1,290,804 | $ | 81,236 | $ | 11,408,774 | $ | 385,162 | ||||||||||||
Canadian government | 58,816 | 1,211 | 107,167 | 2,736 | 165,983 | 3,947 | ||||||||||||||||||
RMBS | 931,044 | 23,339 | 528,739 | 27,063 | 1,459,783 | 50,402 | ||||||||||||||||||
ABS | 680,900 | 8,650 | 262,544 | 6,243 | 943,444 | 14,893 | ||||||||||||||||||
CMBS | 555,716 | 8,304 | 207,943 | 8,580 | 763,659 | 16,884 | ||||||||||||||||||
U.S. government | 197,114 | 3,913 | 1,002,661 | 90,740 | 1,199,775 | 94,653 | ||||||||||||||||||
State and political subdivisions | 261,456 | 6,722 | 90,649 | 6,915 | 352,105 | 13,637 | ||||||||||||||||||
Other foreign government | 1,034,417 | 24,666 | 297,566 | 11,062 | 1,331,983 | 35,728 | ||||||||||||||||||
Total investment grade securities | 13,837,433 | 380,731 | 3,788,073 | 234,575 | 17,625,506 | 615,306 | ||||||||||||||||||
Below investment grade securities: | ||||||||||||||||||||||||
Corporate | 539,521 | 23,955 | 77,675 | 7,296 | 617,196 | 31,251 | ||||||||||||||||||
Canadian government | 2,328 | 162 | — | — | 2,328 | 162 | ||||||||||||||||||
RMBS | — | — | 1,102 | 20 | 1,102 | 20 | ||||||||||||||||||
ABS | — | — | 1,110 | 52 | 1,110 | 52 | ||||||||||||||||||
Other foreign government | 140,692 | 5,931 | 6,410 | 361 | 147,102 | 6,292 | ||||||||||||||||||
Total below investment grade securities | 682,541 | 30,048 | 86,297 | 7,729 | 768,838 | 37,777 | ||||||||||||||||||
Total fixed maturity securities | $ | 14,519,974 | $ | 410,779 | $ | 3,874,370 | $ | 242,304 | $ | 18,394,344 | $ | 653,083 |
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
December 31, 2017: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
Investment grade securities: | ||||||||||||||||||||||||
Corporate | $ | 1,886,212 | $ | 17,099 | $ | 1,009,750 | $ | 28,080 | $ | 2,895,962 | $ | 45,179 | ||||||||||||
Canadian government | 18,688 | 91 | 111,560 | 1,596 | 130,248 | 1,687 | ||||||||||||||||||
RMBS | 566,699 | 5,852 | 224,439 | 6,004 | 791,138 | 11,856 | ||||||||||||||||||
ABS | 434,274 | 2,707 | 168,524 | 2,434 | 602,798 | 5,141 | ||||||||||||||||||
CMBS | 220,401 | 1,914 | 103,269 | 2,920 | 323,670 | 4,834 | ||||||||||||||||||
U.S. government | 800,298 | 6,177 | 767,197 | 15,756 | 1,567,495 | 21,933 | ||||||||||||||||||
State and political subdivisions | 43,510 | 242 | 68,666 | 4,054 | 112,176 | 4,296 | ||||||||||||||||||
Other foreign government | 369,717 | 2,707 | 191,265 | 4,704 | 560,982 | 7,411 | ||||||||||||||||||
Total investment grade securities | 4,339,799 | 36,789 | 2,644,670 | 65,548 | 6,984,469 | 102,337 | ||||||||||||||||||
Below investment grade securities: | ||||||||||||||||||||||||
Corporate | 194,879 | 3,317 | 75,731 | 6,933 | 270,610 | 10,250 | ||||||||||||||||||
Canadian government | 1,995 | 20 | — | — | 1,995 | 20 | ||||||||||||||||||
RMBS | — | — | 1,369 | 22 | 1,369 | 22 | ||||||||||||||||||
ABS | — | — | 1,489 | 53 | 1,489 | 53 | ||||||||||||||||||
Other foreign government | 28,600 | 113 | 15,134 | 551 | 43,734 | 664 | ||||||||||||||||||
Total below investment grade securities | 225,474 | 3,450 | 93,723 | 7,559 | 319,197 | 11,009 | ||||||||||||||||||
Total fixed maturity securities | $ | 4,565,273 | $ | 40,239 | $ | 2,738,393 | $ | 73,107 | $ | 7,303,666 | $ | 113,346 | ||||||||||||
Non-redeemable preferred stock | $ | 82 | $ | 1 | $ | 26,471 | $ | 2,225 | $ | 26,553 | $ | 2,226 | ||||||||||||
Other equity securities | 5,820 | 1,023 | 47,251 | 398 | 53,071 | 1,421 | ||||||||||||||||||
Total equity securities | $ | 5,902 | $ | 1,024 | $ | 73,722 | $ | 2,623 | $ | 79,624 | $ | 3,647 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Fixed maturity securities available-for-sale | $ | 378,669 | $ | 359,157 | $ | 1,121,496 | $ | 1,039,392 | |||||||
Equity securities | 1,319 | 942 | 3,710 | 3,296 | |||||||||||
Mortgage loans on real estate | 54,424 | 50,040 | 155,083 | 138,829 | |||||||||||
Policy loans | 14,730 | 15,404 | 44,285 | 45,870 | |||||||||||
Funds withheld at interest | 108,232 | 102,144 | 270,094 | 327,089 | |||||||||||
Short-term investments and cash and cash equivalents | 3,067 | 1,977 | 9,276 | 5,266 | |||||||||||
Other invested assets | 35,594 | 46,653 | 80,207 | 87,192 | |||||||||||
Investment income | 596,035 | 576,317 | 1,684,151 | 1,646,934 | |||||||||||
Investment expense | (23,293 | ) | (19,399 | ) | (67,019 | ) | (57,114 | ) | |||||||
Investment income, net of related expenses | $ | 572,742 | $ | 556,918 | $ | 1,617,132 | $ | 1,589,820 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Fixed maturity securities available for sale: | |||||||||||||||
Other-than-temporary impairment losses | $ | (10,705 | ) | $ | (390 | ) | $ | (14,055 | ) | $ | (20,980 | ) | |||
Gain on investment activity | 20,040 | 19,512 | 52,146 | 91,611 | |||||||||||
Loss on investment activity | (37,880 | ) | (7,593 | ) | (94,194 | ) | (26,577 | ) | |||||||
Equity securities: | |||||||||||||||
Other-than-temporary impairment losses | — | (889 | ) | — | (889 | ) | |||||||||
Gain on investment activity | 3,932 | 10 | 4,429 | 24 | |||||||||||
Loss on investment activity | (174 | ) | (85 | ) | (1,124 | ) | (4,135 | ) | |||||||
Change in unrealized gains (losses) recognized in earnings | 3,539 | — | (7,564 | ) | — | ||||||||||
Other impairment losses and change in mortgage loan provision | (6,566 | ) | (2,446 | ) | (8,235 | ) | (9,220 | ) | |||||||
Derivatives and other, net | 7,797 | 14,534 | 37,538 | 109,637 | |||||||||||
Total investment related gains (losses), net | $ | (20,017 | ) | $ | 22,653 | $ | (31,059 | ) | $ | 139,471 |
September 30, 2018 | December 31, 2017 | ||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||
Borrowed securities | $ | 353,650 | $ | 370,323 | $ | 358,875 | $ | 377,820 | |||||||
Securities lending: | |||||||||||||||
Securities loaned | 101,965 | 102,489 | 117,246 | 121,551 | |||||||||||
Securities received | n/a | 112,000 | n/a | 128,000 | |||||||||||
Repurchase program/reverse repurchase program: | |||||||||||||||
Securities pledged | 408,679 | 404,905 | 413,819 | 428,344 | |||||||||||
Securities received | n/a | 400,515 | n/a | 417,550 |
September 30, 2018 | |||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | |||||||||||||||
Securities lending transactions: | |||||||||||||||||||
Corporate | $ | — | $ | — | $ | — | $ | 102,489 | $ | 102,489 | |||||||||
Total | — | — | — | 102,489 | 102,489 | ||||||||||||||
Repurchase transactions: | |||||||||||||||||||
Corporate | — | — | — | 132,228 | 132,228 | ||||||||||||||
U.S. government | — | — | — | 219,906 | 219,906 | ||||||||||||||
Foreign government | — | — | — | 52,771 | 52,771 | ||||||||||||||
Other | — | — | — | — | — | ||||||||||||||
Total | — | — | — | 404,905 | 404,905 | ||||||||||||||
Total transactions | $ | — | $ | — | $ | — | $ | 507,394 | $ | 507,394 | |||||||||
Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table | $ | 541,411 | |||||||||||||||||
Amounts related to agreements not included in offsetting disclosure | $ | 34,017 |
December 31, 2017 | |||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | |||||||||||||||
Securities lending transactions: | |||||||||||||||||||
Corporate | $ | — | $ | — | $ | — | $ | 121,551 | $ | 121,551 | |||||||||
Total | $ | — | $ | — | $ | — | $ | 121,551 | $ | 121,551 | |||||||||
Repurchase transactions: | |||||||||||||||||||
Corporate | $ | — | $ | — | $ | 312 | $ | 184,334 | $ | 184,646 | |||||||||
U.S. government | — | — | — | 220,765 | 220,765 | ||||||||||||||
Foreign government | — | — | — | 21,802 | 21,802 | ||||||||||||||
Other | 1,131 | — | — | — | 1,131 | ||||||||||||||
Total | 1,131 | — | 312 | 426,901 | 428,344 | ||||||||||||||
Total borrowings | $ | 1,131 | $ | — | $ | 312 | $ | 548,452 | $ | 549,895 | |||||||||
Gross amount of recognized liabilities for securities lending and repurchase transactions in preceding table | $ | 576,786 | |||||||||||||||||
Amounts related to agreements not included in offsetting disclosure | $ | 26,891 |
September 30, 2018 | December 31, 2017 | |||||||||||||
Property type: | Carrying Value | % of Total | Carrying Value | % of Total | ||||||||||
Office building | $ | 1,633,887 | 34.1 | % | $ | 1,487,392 | 33.6 | % | ||||||
Retail | 1,365,157 | 28.5 | 1,270,676 | 28.8 | ||||||||||
Industrial | 983,553 | 20.5 | 938,612 | 21.3 | ||||||||||
Apartment | 543,917 | 11.3 | 510,052 | 11.6 | ||||||||||
Other commercial | 267,712 | 5.6 | 206,439 | 4.7 | ||||||||||
Recorded investment | 4,794,226 | 100.0 | % | 4,413,171 | 100.0 | % | ||||||||
Unamortized balance of loan origination fees and expenses | (4,786 | ) | (3,254 | ) | ||||||||||
Valuation allowances | (10,366 | ) | (9,384 | ) | ||||||||||
Total mortgage loans on real estate | $ | 4,779,074 | $ | 4,400,533 |
September 30, 2018 | December 31, 2017 | |||||||||||||
Recorded Investment | % of Total | Recorded Investment | % of Total | |||||||||||
Due within five years | $ | 1,216,241 | 25.4 | % | $ | 1,091,066 | 24.8 | % | ||||||
Due after five years through ten years | 2,738,400 | 57.1 | 2,516,872 | 57.0 | ||||||||||
Due after ten years | 839,585 | 17.5 | 805,233 | 18.2 | ||||||||||
Total | $ | 4,794,226 | 100.0 | % | $ | 4,413,171 | 100.0 | % |
Recorded Investment | ||||||||||||||||||||||
Debt Service Ratios | Construction loans | |||||||||||||||||||||
>1.20x | 1.00x - 1.20x | <1.00x | Total | % of Total | ||||||||||||||||||
September 30, 2018: | ||||||||||||||||||||||
Loan-to-Value Ratio | ||||||||||||||||||||||
0% - 59.99% | $ | 2,146,401 | $ | 63,794 | $ | 43,486 | $ | 25,724 | $ | 2,279,405 | 47.6 | % | ||||||||||
60% - 69.99% | 1,666,525 | 117,726 | 62,617 | — | 1,846,868 | 38.5 | ||||||||||||||||
70% - 79.99% | 386,137 | 70,884 | 76,054 | — | 533,075 | 11.1 | ||||||||||||||||
Greater than 80% | 108,233 | 22,429 | 4,216 | — | 134,878 | 2.8 | ||||||||||||||||
Total | $ | 4,307,296 | $ | 274,833 | $ | 186,373 | $ | 25,724 | $ | 4,794,226 | 100.0 | % |
Recorded Investment | ||||||||||||||||||||||
Debt Service Ratios | Construction loans | |||||||||||||||||||||
>1.20x | 1.00x - 1.20x | <1.00x | Total | % of Total | ||||||||||||||||||
December 31, 2017: | ||||||||||||||||||||||
Loan-to-Value Ratio | ||||||||||||||||||||||
0% - 59.99% | $ | 2,148,428 | $ | 53,979 | $ | 3,801 | $ | — | $ | 2,206,208 | 50.0 | % | ||||||||||
60% - 69.99% | 1,517,029 | 47,128 | 43,921 | — | 1,608,078 | 36.4 | ||||||||||||||||
70% - 79.99% | 396,446 | 19,461 | 15,367 | — | 431,274 | 9.8 | ||||||||||||||||
Greater than 80% | 120,850 | 30,713 | 6,362 | 9,686 | 167,611 | 3.8 | ||||||||||||||||
Total | $ | 4,182,753 | $ | 151,281 | $ | 69,451 | $ | 9,686 | $ | 4,413,171 | 100.0 | % |
September 30, 2018 | December 31, 2017 | |||||||
31-60 days past due | $ | — | $ | 17,100 | ||||
61-90 days past due | — | 2,056 | ||||||
Total past due | — | 19,156 | ||||||
Current | 4,794,226 | 4,394,015 | ||||||
Total | $ | 4,794,226 | $ | 4,413,171 |
September 30, 2018 | December 31, 2017 | |||||||
Mortgage loans: | ||||||||
Individually measured for impairment | $ | 30,629 | $ | 5,858 | ||||
Collectively measured for impairment | 4,763,597 | 4,407,313 | ||||||
Recorded investment | $ | 4,794,226 | $ | 4,413,171 | ||||
Valuation allowances: | ||||||||
Individually measured for impairment | $ | — | $ | — | ||||
Collectively measured for impairment | 10,366 | 9,384 | ||||||
Total valuation allowances | $ | 10,366 | $ | 9,384 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Balance, beginning of period | $ | 9,706 | $ | 8,156 | $ | 9,384 | $ | 7,685 | ||||||||
Provision (release) | 656 | 977 | 986 | 1,444 | ||||||||||||
Translation adjustment | 4 | 4 | (4 | ) | 8 | |||||||||||
Balance, end of period | $ | 10,366 | $ | 9,137 | $ | 10,366 | $ | 9,137 |
Unpaid Principal Balance | Recorded Investment | Related Allowance | Carrying Value | |||||||||||||
September 30, 2018: | ||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 30,660 | $ | 30,629 | $ | — | $ | 30,629 | ||||||||
Impaired mortgage loans with valuation allowance recorded | — | — | — | — | ||||||||||||
Total impaired mortgage loans | $ | 30,660 | $ | 30,629 | $ | — | $ | 30,629 | ||||||||
December 31, 2017: | ||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 6,427 | $ | 5,858 | $ | — | $ | 5,858 | ||||||||
Impaired mortgage loans with valuation allowance recorded | — | — | — | — | ||||||||||||
Total impaired mortgage loans | $ | 6,427 | $ | 5,858 | $ | — | $ | 5,858 | ||||||||
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 September 30, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
Average Recorded Investment(1) | Interest Income | Average Recorded Investment(1) | Interest Income | |||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 30,641 | $ | 346 | $ | 3,967 | $ | 33 | ||||||||
Impaired mortgage loans with valuation allowance recorded | — | — | — | — | ||||||||||||
Total impaired mortgage loans | $ | 30,641 | $ | 346 | $ | 3,967 | $ | 33 | ||||||||
Nine months ended September 30, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
Average Recorded Investment(1) | Interest Income | Average Recorded Investment(1) | Interest Income | |||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | 22,641 | $ | 650 | $ | 3,062 | $ | 100 | ||||||||
Impaired mortgage loans with valuation allowance recorded | — | — | — | — | ||||||||||||
Total impaired mortgage loans | $ | 22,641 | $ | 650 | $ | 3,062 | $ | 100 |
September 30, 2018 | December 31, 2017 | |||||||
Limited partnership interests and real estate joint ventures | $ | 924,006 | $ | 781,124 | ||||
Equity release mortgages | 383,450 | 219,940 | ||||||
Derivatives | 101,124 | 137,613 | ||||||
FVO contractholder-directed unit-linked investments | 212,315 | 218,541 | ||||||
Other | 86,084 | 148,114 | ||||||
Total other invested assets | $ | 1,706,979 | $ | 1,505,332 |
September 30, 2018 | December 31, 2017 | |||||||||||||||||||||||
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 | $ | 1,074,173 | $ | 37,238 | $ | 1,818 | $ | 996,204 | $ | 59,809 | $ | 2,372 | ||||||||||||
Financial futures | 347,916 | — | — | 412,438 | — | — | ||||||||||||||||||
Foreign currency forwards | — | — | — | 6,030 | — | 28 | ||||||||||||||||||
Consumer price index swaps | 409,023 | 127 | 2,836 | 221,932 | — | 2,160 | ||||||||||||||||||
Credit default swaps | 1,373,300 | 6,759 | 114 | 961,200 | 8,319 | 1,651 | ||||||||||||||||||
Equity options | 571,845 | 19,372 | — | 632,251 | 23,271 | — | ||||||||||||||||||
Longevity swaps | 928,320 | 46,090 | — | 960,400 | 40,659 | — | ||||||||||||||||||
Mortality swaps | 25,000 | — | 308 | — | — | 1,683 | ||||||||||||||||||
Synthetic guaranteed investment contracts | 10,844,558 | — | — | 10,052,576 | — | — | ||||||||||||||||||
Embedded derivatives in: | ||||||||||||||||||||||||
Modified coinsurance or funds withheld arrangements | — | 142,529 | — | — | 122,194 | — | ||||||||||||||||||
Indexed annuity products | — | — | 815,970 | — | — | 861,758 | ||||||||||||||||||
Variable annuity products | — | — | 90,229 | — | — | 152,470 | ||||||||||||||||||
Total non-hedging derivatives | 15,574,135 | 252,115 | 911,275 | 14,243,031 | 254,252 | 1,022,122 | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Interest rate swaps | 435,000 | 99 | 20,579 | 435,000 | — | 20,389 | ||||||||||||||||||
Foreign currency swaps | 537,249 | 46,141 | 3,770 | 672,921 | 65,207 | 8,496 | ||||||||||||||||||
Foreign currency forwards | 834,238 | 8,948 | 2,067 | 553,175 | 1,265 | 7,720 | ||||||||||||||||||
Total hedging derivatives | 1,806,487 | 55,188 | 26,416 | 1,661,096 | 66,472 | 36,605 | ||||||||||||||||||
Total derivatives | $ | 17,380,622 | $ | 307,303 | $ | 937,691 | $ | 15,904,127 | $ | 320,724 | $ | 1,058,727 |
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 | |||||||||||||||||||
September 30, 2018: | ||||||||||||||||||||||||
Derivative assets | $ | 164,774 | $ | (17,560 | ) | $ | 147,214 | $ | — | $ | (159,194 | ) | $ | (11,980 | ) | |||||||||
Derivative liabilities | 31,492 | (17,560 | ) | 13,932 | (61,293 | ) | (13,400 | ) | (60,761 | ) | ||||||||||||||
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 | ) |
(1) | Includes initial margin posted to a central clearing partner. |
Type of Fair Value Hedge | Hedged Item | Gains (Losses) Recognized for Derivatives (1) | Gains (Losses) Recognized for Hedged Items (1) | |||||||
For the three months ended September 30, 2018: | ||||||||||
Foreign currency swaps | Foreign-denominated fixed maturity securities | $ | (2,258 | ) | $ | 2,832 | ||||
For the three months ended September 30, 2017: | ||||||||||
Foreign currency swaps | Foreign-denominated fixed maturity securities | $ | 2,100 | $ | (2,100 | ) | ||||
For the nine months ended September 30, 2018: | ||||||||||
Foreign currency swaps | Foreign-denominated fixed maturity securities | $ | (5,284 | ) | $ | 9,666 | ||||
For the nine months ended September 30, 2017: | ||||||||||
Foreign currency swaps | Foreign-denominated fixed maturity securities | $ | 9,541 | $ | (9,541 | ) |
(1) | The net amount represents the ineffective portion of the fair value hedges |
Three months ended September 30, | ||||||||
2018 | 2017 | |||||||
Balance beginning of period | $ | 22,656 | $ | 7,690 | ||||
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | 6,671 | (6,889 | ) | |||||
Amounts reclassified to investment related (gains) losses, net | — | (183 | ) | |||||
Amounts reclassified to investment income | (50 | ) | (271 | ) | ||||
Amounts reclassified to interest expense | (234 | ) | — | |||||
Balance end of period | $ | 29,043 | $ | 347 | ||||
Nine months ended September 30, | ||||||||
2018 | 2017 | |||||||
Balance beginning of period | $ | 2,619 | $ | (2,496 | ) | |||
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges | 26,586 | 3,689 | ||||||
Amounts reclassified to investment related (gains) losses, net | — | (142 | ) | |||||
Amounts reclassified to investment income | (270 | ) | (704 | ) | ||||
Amounts reclassified to interest expense | 108 | — | ||||||
Balance end of period | $ | 29,043 | $ | 347 |
Effective Portion | ||||||||||||||||
Derivative Type | Gain (Loss) Deferred in OCI | Gain (Loss) Reclassified into Income from OCI | ||||||||||||||
Investment Related Gains (Losses) | Investment Income | Interest Expense | ||||||||||||||
For the three months ended September 30, 2018: | ||||||||||||||||
Interest rate | $ | 7,490 | $ | — | $ | — | $ | 234 | ||||||||
Currency/Interest rate | (819 | ) | — | 50 | — | |||||||||||
Total | $ | 6,671 | $ | — | $ | 50 | $ | 234 | ||||||||
For the three months ended September 30, 2017: | ||||||||||||||||
Interest rate | $ | (8,421 | ) | $ | — | $ | — | $ | — | |||||||
Currency/Interest rate | 1,544 | — | 230 | — | ||||||||||||
Forward bond purchase commitments | (12 | ) | 183 | 41 | — | |||||||||||
Total | $ | (6,889 | ) | $ | 183 | $ | 271 | $ | — | |||||||
For the nine months ended September 30, 2018: | ||||||||||||||||
Interest rate | $ | 27,217 | $ | — | $ | — | $ | (108 | ) | |||||||
Currency/Interest rate | (631 | ) | — | 270 | — | |||||||||||
Total | $ | 26,586 | $ | — | $ | 270 | $ | (108 | ) | |||||||
For the nine months ended September 30, 2017: | ||||||||||||||||
Interest rate | $ | (6,205 | ) | $ | — | $ | — | $ | — | |||||||
Currency/Interest rate | 9,894 | — | 560 | — | ||||||||||||
Forward bond purchase commitments | — | 142 | 144 | — | ||||||||||||
Total | $ | 3,689 | $ | 142 | $ | 704 | $ | — |
Derivative Gains (Losses) Deferred in AOCI | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
Type of NIFO Hedge (1) (2) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Foreign currency swaps | $ | (5,877 | ) | $ | (35,198 | ) | $ | 11,125 | $ | (60,723 | ) | |||||
Foreign currency forwards | (11,562 | ) | 4,627 | 11,737 | 8,785 | |||||||||||
Total | $ | (17,439 | ) | $ | (30,571 | ) | $ | 22,862 | $ | (51,938 | ) |
(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 September 30, | ||||||||||
Type of Non-hedging Derivative | Income Statement Location of Gain (Loss) | 2018 | 2017 | |||||||
Interest rate swaps | Investment related gains (losses), net | $ | (12,228 | ) | $ | 641 | ||||
Financial futures | Investment related gains (losses), net | (6,544 | ) | (8,890 | ) | |||||
Foreign currency forwards | Investment related gains (losses), net | (58 | ) | 24 | ||||||
CPI swaps | Investment related gains (losses), net | (4,223 | ) | 220 | ||||||
Credit default swaps | Investment related gains (losses), net | 4,689 | 4,137 | |||||||
Equity options | Investment related gains (losses), net | (9,793 | ) | (8,295 | ) | |||||
Longevity swaps | Other revenues | 2,426 | 3,334 | |||||||
Mortality swaps | Other revenues | 473 | (132 | ) | ||||||
Subtotal | (25,258 | ) | (8,961 | ) | ||||||
Embedded derivatives in: | ||||||||||
Modified coinsurance or funds withheld arrangements | Investment related gains (losses), net | (2,081 | ) | 23,044 | ||||||
Indexed annuity products | Interest credited | (25,347 | ) | (13,133 | ) | |||||
Variable annuity products | Investment related gains (losses), net | 32,133 | (6,205 | ) | ||||||
Total non-hedging derivatives | $ | (20,553 | ) | $ | (5,255 | ) | ||||
Gain (Loss) for the nine months ended September 30, | ||||||||||
Type of Non-hedging Derivative | Income Statement Location of Gain (Loss) | 2018 | 2017 | |||||||
Interest rate swaps | Investment related gains (losses), net | $ | (47,399 | ) | $ | 12,318 | ||||
Financial futures | Investment related gains (losses), net | (7,312 | ) | (28,107 | ) | |||||
Foreign currency forwards | Investment related gains (losses), net | 3 | 577 | |||||||
CPI swaps | Investment related gains (losses), net | (996 | ) | 211 | ||||||
Credit default swaps | Investment related gains (losses), net | 5,371 | 15,374 | |||||||
Equity options | Investment related gains (losses), net | (15,207 | ) | (34,757 | ) | |||||
Longevity swaps | Other revenues | 6,983 | 7,180 | |||||||
Mortality swaps | Other revenues | (326 | ) | (921 | ) | |||||
Subtotal | (58,883 | ) | (28,125 | ) | ||||||
Embedded derivatives in: | ||||||||||
Modified coinsurance or funds withheld arrangements | Investment related gains (losses), net | 20,335 | 106,854 | |||||||
Indexed annuity products | Interest credited | 6,523 | (35,490 | ) | ||||||
Variable annuity products | Investment related gains (losses), net | 62,242 | 16,518 | |||||||
Total non-hedging derivatives | $ | 30,217 | $ | 59,757 |
September 30, 2018 | December 31, 2017 | |||||||||||||||||||
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 | $ | 2,470 | $ | 152,000 | 2.5 | $ | 3,128 | $ | 162,000 | 2.9 | ||||||||||
Subtotal | 2,470 | 152,000 | 2.5 | 3,128 | 162,000 | 2.9 | ||||||||||||||
BBB+/BBB/BBB- | ||||||||||||||||||||
Single name credit default swaps | 4,220 | 343,700 | 2.4 | 4,469 | 361,700 | 2.9 | ||||||||||||||
Credit default swaps referencing indices | (80 | ) | 642,600 | 3.4 | (55 | ) | 422,600 | 4.0 | ||||||||||||
Subtotal | 4,140 | 986,300 | 3.1 | 4,414 | 784,300 | 3.5 | ||||||||||||||
BB+/BB/BB- | ||||||||||||||||||||
Single name credit default swaps | 32 | 15,000 | 1.0 | 30 | 5,000 | 1.5 | ||||||||||||||
Subtotal | 32 | 15,000 | 1.0 | 30 | 5,000 | 1.5 | ||||||||||||||
Total | $ | 6,642 | $ | 1,153,300 | 3.0 | $ | 7,572 | $ | 951,300 | 3.4 |
(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 September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Embedded derivatives in modco or funds withheld arrangements included in investment related gains | $ | (2,081 | ) | $ | 23,044 | $ | 20,335 | $ | 106,854 | ||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (1,320 | ) | 7,515 | 11,517 | 36,300 | ||||||||||
Embedded derivatives in variable annuity contracts included in investment related gains | 32,133 | (6,205 | ) | 62,242 | 16,518 | ||||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | 9,463 | (1,074 | ) | 33,061 | 30,785 | ||||||||||
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses | (25,347 | ) | (13,133 | ) | 6,523 | (35,490 | ) | ||||||||
After the associated amortization of DAC and taxes, the related amounts included in net income | (17,311 | ) | (9,737 | ) | (6,808 | ) | (38,059 | ) |
September 30, 2018 | December 31, 2017 | |||||||
Estimated fair value of derivatives in net asset position | $ | 133,590 | $ | 155,714 | ||||
Cash provided as collateral(1) | 13,400 | 22,221 | ||||||
Securities pledged to counterparties as collateral(2) | 61,293 | 58,156 | ||||||
Cash pledged from counterparties as collateral(3) | (159,194 | ) | (185,900 | ) | ||||
Securities pledged from counterparties as collateral(4) | — | (862 | ) | |||||
Initial margin for cleared derivatives(2) | (61,293 | ) | (58,156 | ) | ||||
Net amount after application of master netting agreements and collateral | $ | (12,204 | ) | $ | (8,827 | ) | ||
Margin account related to exchange-traded futures(5) | $ | 8,348 | $ | 6,538 |
(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. |
September 30, 2018: | Fair Value Measurements Using: | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Fixed maturity securities – available-for-sale: | ||||||||||||||||
Corporate | $ | 24,449,498 | $ | — | $ | 23,193,563 | $ | 1,255,935 | ||||||||
Canadian government | 4,036,750 | — | 3,488,008 | 548,742 | ||||||||||||
RMBS | 1,780,762 | — | 1,780,762 | — | ||||||||||||
ABS | 1,863,017 | — | 1,780,250 | 82,767 | ||||||||||||
CMBS | 1,273,534 | — | 1,271,752 | 1,782 | ||||||||||||
U.S. government | 1,412,409 | 1,284,932 | 107,225 | 20,252 | ||||||||||||
State and political subdivisions | 911,991 | — | 898,346 | 13,645 | ||||||||||||
Other foreign government | 3,277,251 | — | 3,272,239 | 5,012 | ||||||||||||
Total fixed maturity securities – available-for-sale | 39,005,212 | 1,284,932 | 35,792,145 | 1,928,135 | ||||||||||||
Equity securities | 101,069 | 57,584 | — | 43,485 | ||||||||||||
Funds withheld at interest – embedded derivatives | 142,529 | — | — | 142,529 | ||||||||||||
Cash equivalents | 657,280 | 657,280 | — | — | ||||||||||||
Short-term investments | 186,051 | 5,957 | 177,891 | 2,203 | ||||||||||||
Other invested assets: | ||||||||||||||||
Derivatives: | ||||||||||||||||
Interest rate swaps | 29,106 | — | 29,106 | — | ||||||||||||
Foreign currency forwards | 6,881 | — | 6,881 | — | ||||||||||||
CPI swaps | (13 | ) | — | (13 | ) | — | ||||||||||
Credit default swaps | 5,961 | — | 5,961 | — | ||||||||||||
Equity options | 16,818 | — | 16,818 | — | ||||||||||||
Foreign currency swaps | 42,371 | — | 42,371 | — | ||||||||||||
FVO contractholder-directed unit-linked investments | 212,315 | 211,253 | 1,062 | — | ||||||||||||
Total other invested assets | 313,439 | 211,253 | 102,186 | — | ||||||||||||
Other assets - longevity swaps | 46,090 | — | — | 46,090 | ||||||||||||
Total | $ | 40,451,670 | $ | 2,217,006 | $ | 36,072,222 | $ | 2,162,442 | ||||||||
Liabilities: | ||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives | $ | 906,199 | $ | — | $ | — | $ | 906,199 | ||||||||
Other liabilities: | ||||||||||||||||
Derivatives: | ||||||||||||||||
Interest rate swaps | 14,166 | — | 14,166 | — | ||||||||||||
CPI swaps | 2,696 | — | 2,696 | — | ||||||||||||
Credit default swaps | (684 | ) | — | (684 | ) | — | ||||||||||
Equity options | (2,554 | ) | — | (2,554 | ) | — | ||||||||||
Mortality swaps | 308 | — | — | 308 | ||||||||||||
Total | $ | 920,131 | $ | — | $ | 13,624 | $ | 906,507 |
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 | ||||||||||||
Equity securities: | ||||||||||||||||
Non-redeemable preferred stock | 39,806 | 39,806 | — | — | ||||||||||||
Other equity securities | 60,346 | 60,346 | — | — | ||||||||||||
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: | ||||||||||||||||
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 | 356,154 | 217,618 | 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 |
2017 | ||||||||
Transfers from Level 1 to Level 2 | Transfers from Level 2 to Level 1 | |||||||
Three months ended September 30: | ||||||||
Fixed maturity securities - available-for-sale: | ||||||||
Corporate securities | $ | — | $ | — | ||||
Nine months ended September 30: | ||||||||
Fixed maturity securities - available-for-sale: | ||||||||
Corporate securities | $ | — | $ | 88,674 |
Estimated Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||
September 30, 2018 | December 31, 2017 | September 30, 2018 | December 31, 2017 | ||||||||||||||
Assets: | |||||||||||||||||
Corporate | $ | 630,328 | $ | 173,579 | Market comparable securities | Liquidity premium | 0-5% (1%) | 0-2% (1%) | |||||||||
EBITDA Multiple | 5.9x-7.5x (6.9x) | — | |||||||||||||||
ABS | 64,475 | — | Market comparable securities | Liquidity premium | 0-1% (1%) | — | |||||||||||
U.S. government | 20,252 | 22,511 | Market comparable securities | Liquidity premium | 0-1% (1%) | 0-1% (1%) | |||||||||||
State and political subdivisions | — | 4,616 | Market comparable securities | Liquidity premium | — | 1 | % | ||||||||||
Other foreign government | 5,012 | — | Market comparable securities | Liquidity premium | 1 | % | — | ||||||||||
Equity securities | 33,074 | — | Market comparable securities | Liquidity premium | 4 | % | — | ||||||||||
EBITDA Multiple | 6.9x-12.3x (7.9x) | — | |||||||||||||||
Discounted cash flow | Discount rate | 20 | % | ||||||||||||||
Funds withheld at interest- embedded derivatives | 142,529 | 122,194 | Total return swap | Mortality | 0-100% (2%) | 0-100% (2%) | |||||||||||
Lapse | 0-35% (9%) | 0-35% (9%) | |||||||||||||||
Withdrawal | 0-5% (3%) | 0-5% (3%) | |||||||||||||||
CVA | 0-5% (1%) | 0-5% (1%) | |||||||||||||||
Crediting rate | 2-4% (2%) | 2-4% (2%) | |||||||||||||||
Longevity swaps | 46,090 | 40,659 | 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 | 815,970 | 861,758 | Discounted cash flow | Mortality | 0-100% (2%) | 0-100% (2%) | |||||||||||
Lapse | 0-35% (9%) | 0-35% (9%) | |||||||||||||||
Withdrawal | 0-5% (3%) | 0-5% (3%) | |||||||||||||||
Option budget projection | 2-4% (2%) | 2-4% (2%) | |||||||||||||||
Interest sensitive contract liabilities- embedded derivatives- variable annuities | 90,229 | 152,470 | Discounted cash flow | Mortality | 0-100% (1%) | 0-100% (1%) | |||||||||||
Lapse | 0-25% (5%) | 0-25% (5%) | |||||||||||||||
Withdrawal | 0-7% (4%) | 0-7% (3%) | |||||||||||||||
CVA | 0-5% (1%) | 0-5% (1%) | |||||||||||||||
Long-term volatility | 0-27% (13%) | 0-27% (8%) | |||||||||||||||
Mortality swaps | 308 | 1,683 | Discounted cash flow | Mortality | 0-100% (1%) | 0-100% (1%) |
For the three months ended September 30, 2018: | Fixed maturity securities - available-for-sale | |||||||||||||||
Corporate | Canadian government | RMBS | ABS | |||||||||||||
Fair value, beginning of period | $ | 1,367,154 | $ | 572,698 | $ | 54,839 | $ | 70,686 | ||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||
Included in earnings, net: | ||||||||||||||||
Investment income, net of related expenses | (156 | ) | 3,520 | 3 | 20 | |||||||||||
Investment related gains (losses), net | 239 | — | — | 626 | ||||||||||||
Included in other comprehensive income | (4,858 | ) | (27,476 | ) | (1 | ) | (130 | ) | ||||||||
Purchases(1) | 123,808 | — | — | 11,099 | ||||||||||||
Sales(1) | (62,047 | ) | — | — | (462 | ) | ||||||||||
Settlements(1) | (101,868 | ) | — | (3 | ) | (24,166 | ) | |||||||||
Transfers into Level 3 | 2,782 | — | — | 64,009 | ||||||||||||
Transfers out of Level 3 | (69,119 | ) | — | (54,838 | ) | (38,915 | ) | |||||||||
Fair value, end of period | $ | 1,255,935 | $ | 548,742 | $ | — | $ | 82,767 | ||||||||
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 | $ | (180 | ) | $ | 3,520 | $ | — | $ | 13 | |||||||
Investment related gains (losses), net | (1,430 | ) | — | — | — |
For the three months ended September 30, 2018 (continued): | Fixed maturity securities available-for-sale | |||||||||||||||
CMBS | U.S. government | State and political subdivisions | Other foreign government | |||||||||||||
Fair value, beginning of period | $ | 1,867 | $ | 20,735 | $ | 16,505 | $ | 5,044 | ||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||
Included in earnings, net: | ||||||||||||||||
Investment income, net of related expenses | — | (107 | ) | 6 | — | |||||||||||
Included in other comprehensive income | 7 | (122 | ) | (544 | ) | (32 | ) | |||||||||
Purchases(1) | — | 120 | — | — | ||||||||||||
Settlements(1) | (1 | ) | (374 | ) | (37 | ) | — | |||||||||
Transfers into Level 3 | 1,752 | — | 9,859 | — | ||||||||||||
Transfers out of Level 3 | (1,843 | ) | — | (12,144 | ) | — | ||||||||||
Fair value, end of period | $ | 1,782 | $ | 20,252 | $ | 13,645 | $ | 5,012 | ||||||||
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 | $ | — | $ | (107 | ) | $ | 6 | $ | — |
For the three months ended September 30, 2018 (continued): | Equity securities | Funds withheld at interest- embedded derivatives | Short-term Investments | Other assets - longevity swaps | Interest sensitive contract liabilities embedded derivatives | Other liabilities - mortality swaps | ||||||||||||||||||
Fair value, beginning of period | $ | 42,937 | $ | 144,610 | $ | 3,217 | $ | 43,971 | $ | (928,797 | ) | $ | (782 | ) | ||||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||||||||||
Included in earnings, net: | ||||||||||||||||||||||||
Investment related gains (losses), net | 5,532 | (2,081 | ) | — | — | 32,133 | — | |||||||||||||||||
Interest credited | — | — | — | — | (25,348 | ) | — | |||||||||||||||||
Included in other comprehensive income | — | — | 47 | (307 | ) | — | 1 | |||||||||||||||||
Other revenues | — | — | — | 2,426 | — | 473 | ||||||||||||||||||
Purchases(1) | 863 | — | 1,721 | — | (4,231 | ) | — | |||||||||||||||||
Sales(1) | (5,847 | ) | — | — | — | — | — | |||||||||||||||||
Settlements(1) | — | — | — | — | 20,044 | — | ||||||||||||||||||
Transfers out of Level 3 | — | — | (2,782 | ) | — | — | — | |||||||||||||||||
Fair value, end of period | $ | 43,485 | $ | 142,529 | $ | 2,203 | $ | 46,090 | $ | (906,199 | ) | $ | (308 | ) | ||||||||||
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 | $ | 2,178 | $ | (2,081 | ) | $ | — | $ | — | $ | 30,433 | $ | — | |||||||||||
Other revenues | — | — | — | 2,426 | — | 473 | ||||||||||||||||||
Interest credited | — | — | — | — | (45,393 | ) | — |
For the nine months ended September 30, 2018: | Fixed maturity securities - available-for-sale | |||||||||||||||
Corporate | Canadian government | RMBS | ABS | |||||||||||||
Fair value, beginning of period | $ | 1,337,272 | $ | 593,942 | $ | 107,882 | $ | 123,474 | ||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||
Included in earnings, net: | ||||||||||||||||
Investment income, net of related expenses | (822 | ) | 10,432 | (132 | ) | 202 | ||||||||||
Investment related gains (losses), net | (2,902 | ) | — | 312 | 1,910 | |||||||||||
Included in other comprehensive income | (35,532 | ) | (55,632 | ) | (1,782 | ) | (821 | ) | ||||||||
Purchases(1) | 379,476 | — | 45,328 | 22,099 | ||||||||||||
Sales(1) | (79,316 | ) | — | (4,961 | ) | (462 | ) | |||||||||
Settlements(1) | (245,342 | ) | — | (4,538 | ) | (46,449 | ) | |||||||||
Transfers into Level 3 | 9,948 | — | 3,031 | 68,977 | ||||||||||||
Transfers out of Level 3 | (106,847 | ) | — | (145,140 | ) | (86,163 | ) | |||||||||
Fair value, end of period | $ | 1,255,935 | $ | 548,742 | $ | — | $ | 82,767 | ||||||||
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 | $ | (845 | ) | $ | 10,432 | $ | — | $ | 187 | |||||||
Investment related gains (losses), net | (4,571 | ) | — | — | — |
For the nine months ended September 30, 2018 (continued): | Fixed maturity securities available-for-sale | |||||||||||||||
CMBS | U.S. government | State and political subdivisions | Other foreign government | |||||||||||||
Fair value, beginning of period | $ | 3,234 | $ | 22,511 | $ | 41,203 | $ | 5,092 | ||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||
Included in earnings, net: | ||||||||||||||||
Investment income, net of related expenses | — | (324 | ) | 4 | — | |||||||||||
Included in other comprehensive income | (56 | ) | (635 | ) | 46 | (80 | ) | |||||||||
Purchases(1) | — | 334 | — | — | ||||||||||||
Settlements(1) | (4 | ) | (1,634 | ) | (158 | ) | — | |||||||||
Transfers into Level 3 | 1,752 | — | 9,859 | — | ||||||||||||
Transfers out of Level 3 | (3,144 | ) | — | (37,309 | ) | — | ||||||||||
Fair value, end of period | $ | 1,782 | $ | 20,252 | $ | 13,645 | $ | 5,012 | ||||||||
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 | $ | — | $ | (325 | ) | $ | 3 | $ | — |
For the nine months ended September 30, 2018 (continued): | Equity securities | Funds withheld at interest- embedded derivatives | Short-term Investments | Other assets - longevity swaps | Interest sensitive contract liabilities embedded derivatives | Other liabilities - mortality swaps | ||||||||||||||||||
Fair value, beginning of period | $ | — | $ | 122,194 | $ | 3,096 | $ | 40,659 | $ | (1,014,228 | ) | $ | (1,683 | ) | ||||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||||||||||
Included in earnings, net: | ||||||||||||||||||||||||
Investment related gains (losses), net | (2,067 | ) | 20,335 | — | — | 62,242 | — | |||||||||||||||||
Interest credited | — | — | — | — | 6,523 | — | ||||||||||||||||||
Included in other comprehensive income | — | — | 1 | (1,552 | ) | — | 1 | |||||||||||||||||
Other revenues | — | — | — | 6,983 | — | (326 | ) | |||||||||||||||||
Purchases(1) | 13,111 | — | 2,202 | — | (16,946 | ) | — | |||||||||||||||||
Sales(1) | (6,416 | ) | — | — | — | — | — | |||||||||||||||||
Settlements(1) | (48 | ) | — | (314 | ) | — | 56,210 | 1,700 | ||||||||||||||||
Transfers into Level 3 | 38,905 | — | — | — | — | — | ||||||||||||||||||
Transfers out of Level 3 | — | — | (2,782 | ) | — | — | — | |||||||||||||||||
Fair value, end of period | $ | 43,485 | $ | 142,529 | $ | 2,203 | $ | 46,090 | $ | (906,199 | ) | $ | (308 | ) | ||||||||||
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 | $ | (5,527 | ) | $ | 20,335 | $ | — | $ | — | $ | 56,808 | $ | — | |||||||||||
Other revenues | — | — | — | 6,983 | — | (326 | ) | |||||||||||||||||
Interest credited | — | — | — | — | (49,688 | ) | — |
For the three months ended September 30, 2017: | Fixed maturity securities - available-for-sale | |||||||||||||||
Corporate | Canadian government | RMBS | ABS | |||||||||||||
Fair value, beginning of period | $ | 1,291,054 | $ | 533,270 | $ | 148,685 | $ | 201,589 | ||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||
Included in earnings, net: | ||||||||||||||||
Investment income, net of related expenses | (383 | ) | 3,460 | (30 | ) | 160 | ||||||||||
Investment related gains (losses), net | 396 | — | 44 | — | ||||||||||||
Included in other comprehensive income | (2,700 | ) | (11,365 | ) | 104 | (101 | ) | |||||||||
Purchases(1) | 107,670 | — | 26,765 | — | ||||||||||||
Sales(1) | (26,337 | ) | — | (3,553 | ) | — | ||||||||||
Settlements(1) | (88,551 | ) | — | (3,645 | ) | (15,243 | ) | |||||||||
Transfers into Level 3 | 3,844 | — | 15 | 36,994 | ||||||||||||
Transfers out of Level 3 | (12,973 | ) | — | (50,390 | ) | (78,202 | ) | |||||||||
Fair value, end of period | $ | 1,272,020 | $ | 525,365 | $ | 117,995 | $ | 145,197 | ||||||||
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 | $ | (394 | ) | $ | 3,460 | $ | (27 | ) | $ | 156 |
For the three months ended September 30, 2017 (continued): | Fixed maturity securities available-for-sale | |||||||||||||||
CMBS | U.S. government | State and political subdivisions | Other foreign government | |||||||||||||
Fair value, beginning of period | $ | 1,943 | $ | 23,567 | $ | 34,434 | $ | 11,994 | ||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||
Included in earnings, net: | ||||||||||||||||
Investment income, net of related expenses | — | (116 | ) | 26 | (1 | ) | ||||||||||
Included in other comprehensive income | 5 | 6 | (208 | ) | (7 | ) | ||||||||||
Purchases(1) | — | 134 | — | 495 | ||||||||||||
Settlements(1) | (1 | ) | (340 | ) | (35 | ) | — | |||||||||
Transfers into Level 3 | — | — | 7,295 | — | ||||||||||||
Transfers out of Level 3 | — | — | — | (6,853 | ) | |||||||||||
Fair value, end of period | $ | 1,947 | $ | 23,251 | $ | 41,512 | $ | 5,628 | ||||||||
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 | $ | — | $ | (116 | ) | $ | 26 | $ | (1 | ) |
For the three months ended September 30, 2017 (continued): | Short-term Investments | 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 | $ | 3,548 | $ | 61,281 | $ | 33,349 | $ | (974,631 | ) | $ | (1,552 | ) | ||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||||||
Included in earnings, net: | ||||||||||||||||||||
Investment related gains (losses), net | — | 23,044 | — | (10,047 | ) | — | ||||||||||||||
Interest credited | — | — | — | (8,335 | ) | — | ||||||||||||||
Included in other comprehensive income | (3 | ) | — | 1,144 | — | 1 | ||||||||||||||
Other revenues | — | — | 3,334 | — | (132 | ) | ||||||||||||||
Purchases(1) | 3,164 | — | — | (18,736 | ) | — | ||||||||||||||
Settlements(1) | (114 | ) | — | — | 21,809 | — | ||||||||||||||
Transfers out of Level 3 | (3,236 | ) | — | — | — | — | ||||||||||||||
Fair value, end of period | $ | 3,359 | $ | 84,325 | $ | 37,827 | $ | (989,940 | ) | $ | (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 | $ | — | $ | 23,044 | $ | — | $ | (11,900 | ) | $ | — | |||||||||
Other revenues | — | — | 3,334 | — | (132 | ) | ||||||||||||||
Interest credited | — | — | — | (30,145 | ) | — |
For the nine months ended September 30, 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 | (1,202 | ) | 9,731 | (304 | ) | 1,689 | ||||||||||
Investment related gains (losses), net | 7,592 | — | 524 | — | ||||||||||||
Included in other comprehensive income | (2,300 | ) | 39,669 | 2,716 | 6,802 | |||||||||||
Purchases(1) | 257,671 | — | 72,582 | 45,215 | ||||||||||||
Sales(1) | (49,511 | ) | — | (18,624 | ) | — | ||||||||||
Settlements(1) | (234,552 | ) | — | (15,084 | ) | (60,966 | ) | |||||||||
Transfers into Level 3 | 35,042 | — | 5,515 | 75,752 | ||||||||||||
Transfers out of Level 3 | (12,973 | ) | — | (89,621 | ) | (142,575 | ) | |||||||||
Fair value, end of period | $ | 1,272,020 | $ | 525,365 | $ | 117,995 | $ | 145,197 | ||||||||
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 | $ | (1,213 | ) | $ | 9,731 | $ | (155 | ) | $ | 556 | ||||||
Investment related gains (losses), net | (2,788 | ) | — | (346 | ) | — |
For the nine months ended September 30, 2017 (continued): | Fixed maturity securities available-for-sale | |||||||||||||||
CMBS | U.S. government | State and political subdivisions | Other foreign government | |||||||||||||
Fair value, beginning of period | $ | 21,145 | $ | 24,488 | $ | 41,666 | $ | 12,869 | ||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||
Included in earnings, net: | ||||||||||||||||
Investment income, net of related expenses | 709 | (348 | ) | (68 | ) | (1 | ) | |||||||||
Investment related gains (losses), net | (595 | ) | — | — | — | |||||||||||
Included in other comprehensive income | (57 | ) | 269 | (228 | ) | (210 | ) | |||||||||
Purchases(1) | — | 370 | — | 495 | ||||||||||||
Sales(1) | (3,720 | ) | — | — | — | |||||||||||
Settlements(1) | (5,403 | ) | (1,528 | ) | (309 | ) | (672 | ) | ||||||||
Transfers into Level 3 | — | — | 7,295 | — | ||||||||||||
Transfers out of Level 3 | (10,132 | ) | — | (6,844 | ) | (6,853 | ) | |||||||||
Fair value, end of period | $ | 1,947 | $ | 23,251 | $ | 41,512 | $ | 5,628 | ||||||||
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 | $ | — | $ | (348 | ) | $ | (68 | ) | $ | (1 | ) |
For the nine months ended September 30, 2017 (continued): | Short-term Investments | 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 | $ | 3,346 | $ | (22,529 | ) | $ | 26,958 | $ | (990,308 | ) | $ | (2,462 | ) | |||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||||||
Included in earnings, net: | ||||||||||||||||||||
Investment related gains (losses), net | — | 106,854 | — | 9,005 | — | |||||||||||||||
Interest credited | — | — | — | (20,408 | ) | — | ||||||||||||||
Included in other comprehensive income | 1 | — | 3,689 | — | 1 | |||||||||||||||
Other revenues | — | — | 7,180 | — | (922 | ) | ||||||||||||||
Purchases(1) | 3,520 | — | — | (51,276 | ) | — | ||||||||||||||
Settlements(1) | (272 | ) | — | — | 63,047 | 1,700 | ||||||||||||||
Transfers out of Level 3 | (3,236 | ) | — | — | — | — | ||||||||||||||
Fair value, end of period | $ | 3,359 | $ | 84,325 | $ | 37,827 | $ | (989,940 | ) | $ | (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 | $ | — | $ | 106,854 | $ | — | $ | 2,934 | $ | — | ||||||||||
Other revenues | — | — | 7,180 | — | (922 | ) | ||||||||||||||
Interest credited | — | — | — | (83,456 | ) | — |
(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 September 30, | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(dollars in thousands) | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Limited partnership interests(1) | $ | 2,246 | $ | 4,656 | $ | (1,860 | ) | $ | (896 | ) | $ | (1,860 | ) | $ | (7,204 | ) | ||||||||
Private equities(2) | — | 106 | — | (531 | ) | — | (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. |
September 30, 2018: | Carrying Value (1) | Estimated Fair Value | Fair Value Measurement Using: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | NAV | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Mortgage loans on real estate | $ | 4,779,074 | $ | 4,652,481 | $ | — | $ | — | $ | 4,652,481 | $ | — | ||||||||||||
Policy loans | 1,320,050 | 1,320,050 | — | 1,320,050 | — | — | ||||||||||||||||||
Funds withheld at interest | 5,833,925 | 6,040,671 | — | — | 6,040,671 | — | ||||||||||||||||||
Cash and cash equivalents | 1,073,209 | 1,073,209 | 1,073,209 | — | — | — | ||||||||||||||||||
Short-term investments | 43,877 | 43,877 | 43,877 | — | — | — | ||||||||||||||||||
Other invested assets | 842,626 | 839,280 | 5,618 | 71,401 | 382,284 | 379,977 | ||||||||||||||||||
Accrued investment income | 455,296 | 455,296 | — | 455,296 | — | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest-sensitive contract liabilities | $ | 13,319,348 | $ | 13,113,427 | $ | — | $ | — | $ | 13,113,427 | $ | — | ||||||||||||
Long-term debt | 2,787,975 | 2,850,344 | — | — | 2,850,344 | — | ||||||||||||||||||
Collateral finance and securitization notes | 710,792 | 652,380 | — | — | 652,380 | — | ||||||||||||||||||
December 31, 2017: | Carrying Value (1) | Estimated Fair Value | Fair Value Measurement Using: | |||||||||||||||||||||
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 | 651,792 | 679,377 | 28,540 | 67,778 | 247,934 | 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 | — |
(1) | Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
7. | Segment Information |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Revenues: | 2018 | 2017 | 2018 | 2017 | ||||||||||||
U.S. and Latin America: | ||||||||||||||||
Traditional | $ | 1,547,790 | $ | 1,521,383 | $ | 4,601,631 | $ | 4,532,584 | ||||||||
Financial Solutions | 290,848 | 264,170 | 734,148 | 834,992 | ||||||||||||
Total | 1,838,638 | 1,785,553 | 5,335,779 | 5,367,576 | ||||||||||||
Canada: | ||||||||||||||||
Traditional | 295,962 | 281,095 | 910,480 | 814,643 | ||||||||||||
Financial Solutions | 12,168 | 12,430 | 37,034 | 36,240 | ||||||||||||
Total | 308,130 | 293,525 | 947,514 | 850,883 | ||||||||||||
Europe, Middle East and Africa: | ||||||||||||||||
Traditional | 357,059 | 360,972 | 1,123,379 | 1,024,978 | ||||||||||||
Financial Solutions | 91,664 | 77,041 | 280,482 | 230,435 | ||||||||||||
Total | 448,723 | 438,013 | 1,403,861 | 1,255,413 | ||||||||||||
Asia Pacific: | ||||||||||||||||
Traditional | 578,035 | 561,660 | 1,763,094 | 1,628,419 | ||||||||||||
Financial Solutions | 16,167 | 16,932 | 54,005 | 55,368 | ||||||||||||
Total | 594,202 | 578,592 | 1,817,099 | 1,683,787 | ||||||||||||
Corporate and Other | 37,838 | 49,627 | 92,893 | 125,667 | ||||||||||||
Total | $ | 3,227,531 | $ | 3,145,310 | $ | 9,597,146 | $ | 9,283,326 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Income (loss) before income taxes: | 2018 | 2017 | 2018 | 2017 | ||||||||||||
U.S. and Latin America: | ||||||||||||||||
Traditional | $ | 116,328 | $ | 160,512 | $ | 191,198 | $ | 281,066 | ||||||||
Financial Solutions | 87,073 | 89,118 | 236,882 | 299,689 | ||||||||||||
Total | 203,401 | 249,630 | 428,080 | 580,755 | ||||||||||||
Canada: | ||||||||||||||||
Traditional | 21,149 | 28,789 | 66,661 | 80,953 | ||||||||||||
Financial Solutions | 1,646 | 4,472 | 8,381 | 12,489 | ||||||||||||
Total | 22,795 | 33,261 | 75,042 | 93,442 | ||||||||||||
Europe, Middle East and Africa: | ||||||||||||||||
Traditional | 18,370 | 15,421 | 40,259 | 40,751 | ||||||||||||
Financial Solutions | 56,205 | 30,953 | 160,738 | 91,776 | ||||||||||||
Total | 74,575 | 46,374 | 200,997 | 132,527 | ||||||||||||
Asia Pacific: | ||||||||||||||||
Traditional | 62,007 | 26,564 | 143,756 | 121,574 | ||||||||||||
Financial Solutions | 206 | (229 | ) | 8,365 | 11,020 | |||||||||||
Total | 62,213 | 26,335 | 152,121 | 132,594 | ||||||||||||
Corporate and Other | (40,323 | ) | (15,438 | ) | (148,366 | ) | (51,997 | ) | ||||||||
Total | $ | 322,661 | $ | 340,162 | $ | 707,874 | $ | 887,321 |
Assets: | September 30, 2018 | December 31, 2017 | ||||||
U.S. and Latin America: | ||||||||
Traditional | $ | 19,148,790 | $ | 18,603,423 | ||||
Financial Solutions | 19,251,832 | 15,959,206 | ||||||
Total | 38,400,622 | 34,562,629 | ||||||
Canada: | ||||||||
Traditional | 4,210,051 | 4,161,452 | ||||||
Financial Solutions | 146,374 | 126,372 | ||||||
Total | 4,356,425 | 4,287,824 | ||||||
Europe, Middle East and Africa: | ||||||||
Traditional | 3,573,449 | 3,099,495 | ||||||
Financial Solutions | 4,585,297 | 5,274,993 | ||||||
Total | 8,158,746 | 8,374,488 | ||||||
Asia Pacific: | ||||||||
Traditional | 5,312,822 | 4,915,442 | ||||||
Financial Solutions | 1,181,954 | 1,198,585 | ||||||
Total | 6,494,776 | 6,114,027 | ||||||
Corporate and Other | 5,562,073 | 7,175,850 | ||||||
Total | $ | 62,972,642 | $ | 60,514,818 |
September 30, 2018 | December 31, 2017 | ||||||
Limited partnership interests and joint ventures | $ | 578,944 | $ | 485,197 | |||
Commercial mortgage loans | 120,571 | 40,815 | |||||
Bank loans and private placements | 101,992 | 60,472 | |||||
Equity release mortgages | 213,459 | 153,937 |
Commitment Period: | Maximum Potential Obligation | ||
2023 | $ | 500.0 | |
2033 | 450.0 | ||
2034 | 2,000.0 | ||
2035 | 1,314.2 | ||
2036 | 1,932.0 | ||
2037 | 6,750.0 | ||
2038 | 800.0 |
September 30, 2018 | December 31, 2017 | ||||||
Treaty guarantees | $ | 1,073,184 | $ | 1,047,449 | |||
Treaty guarantees, net of assets in trust | 966,099 | 926,393 | |||||
Securities borrowing and repurchase arrangements | 276,190 | 294,325 | |||||
Financing arrangements | 69,221 | 86,183 | |||||
Lease obligations | 881 | 1,662 |
9. | Income Tax |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Tax provision at U.S. statutory rate | $ | 67,759 | $ | 119,057 | $ | 148,654 | $ | 310,562 | ||||||||
Increase (decrease) in income taxes resulting from: | ||||||||||||||||
U.S. Tax Reform provisional adjustments | 664 | — | (2,685 | ) | — | |||||||||||
U.S. Tax Reform valuation allowance adjustments | (58,949 | ) | — | (59,139 | ) | — | ||||||||||
Foreign tax rate differing from U.S. tax rate | 7,537 | (3,635 | ) | 8,795 | (14,049 | ) | ||||||||||
Differences in tax bases in foreign jurisdictions | (2,371 | ) | 2,126 | (9,264 | ) | (14,633 | ) | |||||||||
Deferred tax valuation allowance | (5,334 | ) | (2,501 | ) | 5,357 | 11,627 | ||||||||||
Amounts related to tax audit contingencies | 1,851 | 299 | 650 | (873 | ) | |||||||||||
Corporate rate changes | (166 | ) | (1,139 | ) | 30 | (2,332 | ) | |||||||||
Subpart F | (99 | ) | 64 | 211 | 1,390 | |||||||||||
Foreign tax credits | (544 | ) | 1,230 | (1,003 | ) | (834 | ) | |||||||||
Global intangible low-taxed income, net of credit | 7,624 | — | 11,916 | — | ||||||||||||
Equity compensation excess benefit | (817 | ) | (2,762 | ) | (5,067 | ) | (7,226 | ) | ||||||||
Return to provision adjustments | 4,213 | 452 | 4,108 | 133 | ||||||||||||
Other, net | 94 | (620 | ) | (492 | ) | (1,737 | ) | |||||||||
Total provision for income taxes | $ | 21,462 | $ | 112,571 | $ | 102,071 | $ | 282,028 | ||||||||
Effective tax rate | 6.7 | % | 33.1 | % | 14.4 | % | 31.8 | % |
Pension Benefits | Other Benefits | |||||||||||||||
Three months ended September 30, | Three months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Service cost | $ | 3,106 | $ | 2,699 | $ | 999 | $ | 465 | ||||||||
Interest cost | 1,341 | 1,314 | 680 | 459 | ||||||||||||
Expected return on plan assets | (1,884 | ) | (1,554 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) | 82 | 85 | (328 | ) | (675 | ) | ||||||||||
Amortization of prior actuarial losses | 929 | 1,081 | 937 | 580 | ||||||||||||
Settlements | — | 256 | — | — | ||||||||||||
Net periodic benefit cost | $ | 3,574 | $ | 3,881 | $ | 2,288 | $ | 829 |
Pension Benefits | Other Benefits | |||||||||||||||
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Service cost | $ | 9,330 | $ | 8,098 | $ | 2,271 | $ | 1,907 | ||||||||
Interest cost | 4,028 | 3,943 | 1,739 | 1,589 | ||||||||||||
Expected return on plan assets | (5,651 | ) | (4,662 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) | 247 | 254 | (986 | ) | (986 | ) | ||||||||||
Amortization of prior actuarial losses | 2,792 | 3,244 | 1,933 | 1,494 | ||||||||||||
Settlements | — | 769 | — | — | ||||||||||||
Net periodic benefit cost | $ | 10,746 | $ | 11,646 | $ | 4,957 | $ | 4,004 |
11. | Reinsurance |
September 30, 2018 | December 31, 2017 | |||||||||||||||
Reinsurer | A.M. Best Rating | Amount | % of Total | Amount | % of Total | |||||||||||
Reinsurer A | A+ | $ | 303,942 | 39.5 | $ | 301,478 | 38.6 | % | ||||||||
Reinsurer B | A+ | 203,702 | 26.5 | 203,898 | 26.1 | |||||||||||
Reinsurer C | A | 67,599 | 8.8 | 67,723 | 8.7 | |||||||||||
Reinsurer D | A+ | 41,049 | 5.3 | 40,528 | 5.2 | |||||||||||
Reinsurer E | A++ | 35,090 | 4.6 | 40,592 | 5.2 | |||||||||||
Other reinsurers | 117,942 | 15.3 | 127,808 | 16.2 | ||||||||||||
Total | $ | 769,324 | 100.0 | % | $ | 782,027 | 100.0 | % |
12. | Financing Activities |
13. | New Accounting Standards |
Description | Date of Adoption | Effect on the financial statements or other significant matters |
Standards adopted: | ||
Reporting Comprehensive Income This updated guidance requires reclassification from accumulated other comprehensive income to retained earnings for the stranded tax effects resulting from the newly enacted U.S. federal corporate income tax rate. The amount of the reclassification would be the difference between the historical U.S. federal corporate income tax rate and the newly enacted 21 percent tax rate. | December 31, 2017 | The Company adopted the new guidance by reclassifying certain income tax effects of items within accumulated other comprehensive income to retained earnings as a result of the Tax Cuts and Jobs Act of 2017. The impact of adopting this standard was an increase in accumulated other comprehensive income and a reduction in retained earnings of approximately $156.4 million. The adjustments to the Company’s deferred tax liabilities was a provisional amount as defined in the SEC’s SAB 118, issued in December 2017 to address complexities in completing the calculations resulting from the U.S. Tax Cuts and Jobs Act of 2017. SAB 118 provides guidance on accounting for the effects of the U.S. Tax and Jobs Act of 2017 when the Company’s process is incomplete, and permits a final determination to be made within a measurement period not to exceed one year from the enactment date. During 2018, the Company continued to evaluate and gather additional information to account for the effects of the Tax Cuts and Jobs Act of 2017, including the preparation of and filing of its U.S. tax returns to more precisely compute the pretax deferred tax items and the impact of adopting the new guidance. As part of this process the Company recorded an additional adjustment in 2018 decreasing accumulated other comprehensive income and increasing retained earnings of approximately $2.6 million. |
Stock Compensation This updated guidance requires excess tax benefits and deficiencies from share-based payment awards be recorded in income tax expense in the income statement. Previously, excess tax benefits and deficiencies were recognized in shareholders’ equity or deferred taxes on the balance sheet depending on the tax situation of the Company. In addition, the updated guidance also changes the accounting for forfeitures and statutory tax withholding requirements, as well as the classification in the statement of cash flows. | January 1, 2017 | Upon adoption, the Company recognized excess tax benefits of approximately $17.7 million in deferred tax assets that were previously not recognized in a cumulative-effect adjustment increasing retained earnings by $17.7 million. The Company also recorded excess tax benefits of approximately $10.5 million in the provision for income taxes for the year ended December 31, 2017. The number of weighted average diluted shares outstanding were also adjusted to exclude excess tax benefits from the assumed proceeds in the diluted shares calculation resulting in an immaterial increase in the number of dilutive shares outstanding. The Company also elected to continue estimating forfeitures for purposes of recognizing share-based compensation. Other aspects of the adoption of the updated guidance did not have a material impact to the Company’s consolidated financial statements. |
Financial Instruments - Recognition and Measurement This guidance requires equity investments that are not accounted for under the equity method of accounting to be measured at fair value with changes recognized in net income and also updates certain presentation and disclosure requirements. | January 1, 2018 | This guidance required a cumulative-effect adjustment for certain items upon adoption. The adoption of the new guidance was not material to the Company's consolidated financial statements. |
Standards not yet adopted: | ||
Leases This 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. Early adoption is permitted. | January 1, 2019 | This new standard will be adopted by applying a modified retrospective transition approach, which includes a number of practical expedients. The Company is currently evaluating the impact of this amendment on its consolidated financial statements; however, it does not expect the adoption of the new standard to have a material impact on its results of operations or balance sheet as a result of the recognition of right-to-use assets and lease liabilities related to operating leases. Contractual obligations related to operating leases totaled approximately $38.2 million as of December 31, 2017. |
Derivatives and Hedging This updated guidance improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting in current GAAP related to the assessment of hedge effectiveness. Early adoption is permitted. | January 1, 2019 | This new guidance will be adopted by applying a modified retrospective approach to existing hedging relationships as of the date of adoption. The Company is currently evaluating the impact of this updated guidance on its consolidated financial statements. |
Financial Instruments - Credit Losses This guidance 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. Early adoption is permitted. | January 1, 2020 | This 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 consolidated financial statements. |
Fair Value Measurement This guidance is part of the FASB’s disclosure framework project and eliminates certain disclosure requirements for fair value measurement, requires entities to disclose new information and modifies existing disclosure requirements. Early adoption is permitted. | January 1, 2020 | Certain disclosure changes in the new guidance will be applied prospectively in the year of adoption. The remaining changes in the new guidance will be applied retrospectively to all periods presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its consolidated financial statements. |
Financial Services - Insurance This guidance significantly changes how insurers account for long-duration insurance contracts. The new guidance will require insurers to review and update, if necessary, the assumptions used to measure insurance liabilities periodically, rather than retain assumptions used at contract inception. The updated guidance also changes the recognition and measurement of deferred acquisition costs (DAC) and created a new category of benefit features called market risk benefits (MRB) that will be measured at fair value. The guidance also significantly expands the disclosure requirements for long-duration contracts. | January 1, 2021 | The guidance on measuring the liabilities for future policy benefits and DAC will be adopted on a modified retrospective basis as of the earliest period presented in the year of adoption. The guidance on MRB will be adopted on a retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its consolidated financial statements but anticipates the updated guidance will likely have a material impact on the measurement and recognition of its long-duration insurance contracts. |
Compensation - Retirement Benefits - Defined Benefit Plans - General This guidance is part of the FASB’s disclosure framework project and eliminates certain disclosure requirements for defined benefit pension and other postretirement plans. Early adoption is permitted. | January 1, 2021 | This new guidance will be applied retrospectively to all periods presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its consolidated financial statements. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues: | (Dollars in thousands, except per share data) | |||||||||||||||
Net premiums | $ | 2,562,042 | $ | 2,489,797 | $ | 7,739,053 | $ | 7,335,944 | ||||||||
Investment income, net of related expenses | 572,742 | 556,918 | 1,617,132 | 1,589,820 | ||||||||||||
Investment related gains (losses), net | (20,017 | ) | 22,653 | (31,059 | ) | 139,471 | ||||||||||
Other revenues | 112,764 | 75,942 | 272,020 | 218,091 | ||||||||||||
Total revenues | 3,227,531 | 3,145,310 | 9,597,146 | 9,283,326 | ||||||||||||
Benefits and Expenses: | ||||||||||||||||
Claims and other policy benefits | 2,209,920 | 2,100,680 | 6,851,614 | 6,371,188 | ||||||||||||
Interest credited | 143,292 | 126,099 | 333,068 | 349,068 | ||||||||||||
Policy acquisition costs and other insurance expenses | 310,639 | 365,424 | 987,817 | 1,064,645 | ||||||||||||
Other operating expenses | 200,262 | 168,417 | 586,495 | 481,279 | ||||||||||||
Interest expense | 33,290 | 36,836 | 107,769 | 108,590 | ||||||||||||
Collateral finance and securitization expense | 7,467 | 7,692 | 22,509 | 21,235 | ||||||||||||
Total benefits and expenses | 2,904,870 | 2,805,148 | 8,889,272 | 8,396,005 | ||||||||||||
Income before income taxes | 322,661 | 340,162 | 707,874 | 887,321 | ||||||||||||
Provision for income taxes | 21,462 | 112,571 | 102,071 | 282,028 | ||||||||||||
Net income | $ | 301,199 | $ | 227,591 | $ | 605,803 | $ | 605,293 | ||||||||
Earnings per share: | ||||||||||||||||
Basic earnings per share | $ | 4.76 | $ | 3.53 | $ | 9.47 | $ | 9.39 | ||||||||
Diluted earnings per share | $ | 4.68 | $ | 3.47 | $ | 9.30 | $ | 9.23 | ||||||||
Dividends declared per share | $ | 0.60 | $ | 0.50 | $ | 1.60 | $ | 1.32 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Modco/Funds withheld: | |||||||||||||||
Unrealized gains (losses) | $ | (2,081 | ) | $ | 23,044 | $ | 20,335 | $ | 106,854 | ||||||
Deferred acquisition costs/retrocession | 51 | (11,481 | ) | (2,617 | ) | (51,008 | ) | ||||||||
Net effect | (2,030 | ) | 11,563 | 17,718 | 55,846 | ||||||||||
EIAs: | |||||||||||||||
Unrealized gains (losses) | 1,602 | 1,367 | 29,600 | 36,665 | |||||||||||
Deferred acquisition costs/retrocession | (1,285 | ) | (1,848 | ) | (16,997 | ) | (23,062 | ) | |||||||
Net effect | 317 | (481 | ) | 12,603 | 13,603 | ||||||||||
Guaranteed minimum benefit riders: | |||||||||||||||
Unrealized gains (losses) | 32,133 | (6,205 | ) | 62,242 | 16,518 | ||||||||||
Deferred acquisition costs/retrocession | (17,575 | ) | 4,552 | (11,379 | ) | 30,844 | |||||||||
Net effect | 14,558 | (1,653 | ) | 50,863 | 47,362 | ||||||||||
Related freestanding derivatives | (9,393 | ) | (10,026 | ) | (50,697 | ) | (61,732 | ) | |||||||
Net effect after related freestanding derivatives | 5,165 | (11,679 | ) | 166 | (14,370 | ) | |||||||||
Total net effect of embedded derivatives | 12,845 | 9,429 | 81,184 | 116,811 | |||||||||||
Related freestanding derivatives | (9,393 | ) | (10,026 | ) | (50,697 | ) | (61,732 | ) | |||||||
Total net effect after freestanding derivatives | $ | 3,452 | $ | (597 | ) | $ | 30,487 | $ | 55,079 |
For the three months ended September 30, 2018: | Financial Solutions | |||||||||||||||
(dollars in thousands) | Asset-Intensive | Financial Reinsurance | Total U.S. and Latin America | |||||||||||||
Traditional | ||||||||||||||||
Revenues: | ||||||||||||||||
Net premiums | $ | 1,360,076 | $ | 6,885 | $ | — | $ | 1,366,961 | ||||||||
Investment income, net of related expenses | 181,396 | 200,397 | 1,491 | 383,284 | ||||||||||||
Investment related gains (losses), net | (33 | ) | 581 | — | 548 | |||||||||||
Other revenues | 6,351 | 53,735 | 27,759 | 87,845 | ||||||||||||
Total revenues | 1,547,790 | 261,598 | 29,250 | 1,838,638 | ||||||||||||
Benefits and expenses: | ||||||||||||||||
Claims and other policy benefits | 1,191,489 | 46,995 | — | 1,238,484 | ||||||||||||
Interest credited | 20,321 | 110,673 | — | 130,994 | ||||||||||||
Policy acquisition costs and other insurance expenses | 183,433 | 30,519 | 5,324 | 219,276 | ||||||||||||
Other operating expenses | 36,219 | 7,921 | 2,343 | 46,483 | ||||||||||||
Total benefits and expenses | 1,431,462 | 196,108 | 7,667 | 1,635,237 | ||||||||||||
Income before income taxes | $ | 116,328 | $ | 65,490 | $ | 21,583 | $ | 203,401 | ||||||||
For the three months ended September 30, 2017: | Financial Solutions | |||||||||||||||
(dollars in thousands) | Asset-Intensive | Financial Reinsurance | Total U.S. and Latin America | |||||||||||||
Traditional | ||||||||||||||||
Revenues: | ||||||||||||||||
Net premiums | $ | 1,327,181 | $ | 6,423 | $ | — | $ | 1,333,604 | ||||||||
Investment income, net of related expenses | 191,904 | 188,176 | 2,984 | 383,064 | ||||||||||||
Investment related gains (losses), net | (1,503 | ) | 12,832 | — | 11,329 | |||||||||||
Other revenues | 3,801 | 26,899 | 26,856 | 57,556 | ||||||||||||
Total revenues | 1,521,383 | 234,330 | 29,840 | 1,785,553 | ||||||||||||
Benefits and expenses: | ||||||||||||||||
Claims and other policy benefits | 1,118,401 | 11,959 | — | 1,130,360 | ||||||||||||
Interest credited | 20,673 | 94,120 | — | 114,793 | ||||||||||||
Policy acquisition costs and other insurance expenses | 189,291 | 54,441 | 5,674 | 249,406 | ||||||||||||
Other operating expenses | 32,506 | 6,684 | 2,174 | 41,364 | ||||||||||||
Total benefits and expenses | 1,360,871 | 167,204 | 7,848 | 1,535,923 | ||||||||||||
Income before income taxes | $ | 160,512 | $ | 67,126 | $ | 21,992 | $ | 249,630 |
For the nine months ended September 30, 2018: | Financial Solutions | |||||||||||||||
(dollars in thousands) | Asset-Intensive | Financial Reinsurance | Total U.S. and Latin America | |||||||||||||
Traditional | ||||||||||||||||
Revenues: | ||||||||||||||||
Net premiums | $ | 4,033,046 | $ | 18,776 | $ | — | $ | 4,051,822 | ||||||||
Investment income, net of related expenses | 544,934 | 530,119 | 4,817 | 1,079,870 | ||||||||||||
Investment related gains (losses), net | 5,375 | 2,033 | — | 7,408 | ||||||||||||
Other revenues | 18,276 | 100,759 | 77,644 | 196,679 | ||||||||||||
Total revenues | 4,601,631 | 651,687 | 82,461 | 5,335,779 | ||||||||||||
Benefits and expenses: | ||||||||||||||||
Claims and other policy benefits | 3,701,457 | 85,530 | — | 3,786,987 | ||||||||||||
Interest credited | 61,593 | 239,695 | — | 301,288 | ||||||||||||
Policy acquisition costs and other insurance expenses | 543,137 | 130,493 | 11,933 | 685,563 | ||||||||||||
Other operating expenses | 104,246 | 22,377 | 7,238 | 133,861 | ||||||||||||
Total benefits and expenses | 4,410,433 | 478,095 | 19,171 | 4,907,699 | ||||||||||||
Income before income taxes | $ | 191,198 | $ | 173,592 | $ | 63,290 | $ | 428,080 | ||||||||
For the nine months ended September 30, 2017: | Financial Solutions | |||||||||||||||
(dollars in thousands) | Asset-Intensive | Financial Reinsurance | Total U.S. and Latin America | |||||||||||||
Traditional | ||||||||||||||||
Revenues: | ||||||||||||||||
Net premiums | $ | 3,966,842 | $ | 18,186 | $ | — | $ | 3,985,028 | ||||||||
Investment income, net of related expenses | 554,612 | 553,286 | 6,501 | 1,114,399 | ||||||||||||
Investment related gains (losses), net | (192 | ) | 103,229 | — | 103,037 | |||||||||||
Other revenues | 11,322 | 76,324 | 77,466 | 165,112 | ||||||||||||
Total revenues | 4,532,584 | 751,025 | 83,967 | 5,367,576 | ||||||||||||
Benefits and expenses: | ||||||||||||||||
Claims and other policy benefits | 3,538,958 | 53,998 | — | 3,592,956 | ||||||||||||
Interest credited | 61,800 | 260,941 | — | 322,741 | ||||||||||||
Policy acquisition costs and other insurance expenses | 556,476 | 176,305 | 17,234 | 750,015 | ||||||||||||
Other operating expenses | 94,284 | 19,883 | 6,942 | 121,109 | ||||||||||||
Total benefits and expenses | 4,251,518 | 511,127 | 24,176 | 4,786,821 | ||||||||||||
Income before income taxes | $ | 281,066 | $ | 239,898 | $ | 59,791 | $ | 580,755 |
(dollars in thousands) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues: | ||||||||||||||||
Total revenues | $ | 261,598 | $ | 234,330 | $ | 651,687 | $ | 751,025 | ||||||||
Less: | ||||||||||||||||
Embedded derivatives – modco/funds withheld treaties | (2,138 | ) | 24,539 | 14,819 | 107,039 | |||||||||||
Guaranteed minimum benefit riders and related free standing derivatives | 8,067 | (17,058 | ) | 5,556 | (20,935 | ) | ||||||||||
Revenues before certain derivatives | 255,669 | 226,849 | 631,312 | 664,921 | ||||||||||||
Benefits and expenses: | ||||||||||||||||
Total benefits and expenses | 196,108 | 167,204 | 478,095 | 511,127 | ||||||||||||
Less: | ||||||||||||||||
Embedded derivatives – modco/funds withheld treaties | (51 | ) | 11,481 | 2,617 | 51,008 | |||||||||||
Guaranteed minimum benefit riders and related free standing derivatives | 2,902 | (5,379 | ) | 5,390 | (6,565 | ) | ||||||||||
Equity-indexed annuities | (317 | ) | 481 | (12,603 | ) | (13,603 | ) | |||||||||
Benefits and expenses before certain derivatives | 193,574 | 160,621 | 482,691 | 480,287 | ||||||||||||
Income before income taxes: | ||||||||||||||||
Income before income taxes | 65,490 | 67,126 | 173,592 | 239,898 | ||||||||||||
Less: | ||||||||||||||||
Embedded derivatives – modco/funds withheld treaties | (2,087 | ) | 13,058 | 12,202 | 56,031 | |||||||||||
Guaranteed minimum benefit riders and related free standing derivatives | 5,165 | (11,679 | ) | 166 | (14,370 | ) | ||||||||||
Equity-indexed annuities | 317 | (481 | ) | 12,603 | 13,603 | |||||||||||
Income before income taxes and certain derivatives | $ | 62,095 | $ | 66,228 | $ | 148,621 | $ | 184,634 |
(dollars in thousands) | Three months ended September 30, | ||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
Revenues: | Traditional | Financial Solutions | Total Canada | Traditional | Financial Solutions | Total Canada | |||||||||||||||||
Net premiums | $ | 243,105 | $ | 10,681 | $ | 253,786 | $ | 225,841 | $ | 9,874 | $ | 235,715 | |||||||||||
Investment income, net of related expenses | 50,145 | 415 | 50,560 | 51,593 | 1,120 | 52,713 | |||||||||||||||||
Investment related gains (losses), net | 2,484 | — | 2,484 | 2,380 | — | 2,380 | |||||||||||||||||
Other revenues | 228 | 1,072 | 1,300 | 1,281 | 1,436 | 2,717 | |||||||||||||||||
Total revenues | 295,962 | 12,168 | 308,130 | 281,095 | 12,430 | 293,525 | |||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Claims and other policy benefits | 210,292 | 10,003 | 220,295 | 193,978 | 7,170 | 201,148 | |||||||||||||||||
Interest credited | 6 | — | 6 | 6 | — | 6 | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 56,224 | 190 | 56,414 | 50,023 | 221 | 50,244 | |||||||||||||||||
Other operating expenses | 8,291 | 329 | 8,620 | 8,299 | 567 | 8,866 | |||||||||||||||||
Total benefits and expenses | 274,813 | 10,522 | 285,335 | 252,306 | 7,958 | 260,264 | |||||||||||||||||
Income before income taxes | $ | 21,149 | $ | 1,646 | $ | 22,795 | $ | 28,789 | $ | 4,472 | $ | 33,261 |
(dollars in thousands) | Nine months ended September 30, | ||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
Revenues: | Traditional | Financial Solutions | Total Canada | Traditional | Financial Solutions | Total Canada | |||||||||||||||||
Net premiums | $ | 756,578 | $ | 32,941 | $ | 789,519 | $ | 662,983 | $ | 28,598 | $ | 691,581 | |||||||||||
Investment income, net of related expenses | 150,264 | 860 | 151,124 | 140,929 | 3,515 | 144,444 | |||||||||||||||||
Investment related gains (losses), net | 2,199 | — | 2,199 | 8,821 | — | 8,821 | |||||||||||||||||
Other revenues | 1,439 | 3,233 | 4,672 | 1,910 | 4,127 | 6,037 | |||||||||||||||||
Total revenues | 910,480 | 37,034 | 947,514 | 814,643 | 36,240 | 850,883 | |||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Claims and other policy benefits | 647,052 | 27,033 | 674,085 | 566,227 | 21,888 | 588,115 | |||||||||||||||||
Interest credited | 32 | — | 32 | 15 | — | 15 | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 171,797 | 578 | 172,375 | 143,302 | 571 | 143,873 | |||||||||||||||||
Other operating expenses | 24,938 | 1,042 | 25,980 | 24,146 | 1,292 | 25,438 | |||||||||||||||||
Total benefits and expenses | 843,819 | 28,653 | 872,472 | 733,690 | 23,751 | 757,441 | |||||||||||||||||
Income before income taxes | $ | 66,661 | $ | 8,381 | $ | 75,042 | $ | 80,953 | $ | 12,489 | $ | 93,442 |
(dollars in thousands) | Three months ended September 30, | ||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
Revenues: | Traditional | Financial Solutions | Total EMEA | Traditional | Financial Solutions | Total EMEA | |||||||||||||||||
Net premiums | $ | 340,414 | $ | 49,104 | $ | 389,518 | $ | 344,211 | $ | 39,294 | $ | 383,505 | |||||||||||
Investment income, net of related expenses | 16,190 | 37,548 | 53,738 | 14,727 | 30,892 | 45,619 | |||||||||||||||||
Investment related gains (losses), net | — | (87 | ) | (87 | ) | — | 1,192 | 1,192 | |||||||||||||||
Other revenues | 455 | 5,099 | 5,554 | 2,034 | 5,663 | 7,697 | |||||||||||||||||
Total revenues | 357,059 | 91,664 | 448,723 | 360,972 | 77,041 | 438,013 | |||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Claims and other policy benefits | 291,442 | 24,211 | 315,653 | 285,071 | 35,648 | 320,719 | |||||||||||||||||
Interest credited | — | 2,402 | 2,402 | — | 2,475 | 2,475 | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 21,817 | 814 | 22,631 | 35,751 | 327 | 36,078 | |||||||||||||||||
Other operating expenses | 25,430 | 8,032 | 33,462 | 24,729 | 7,638 | 32,367 | |||||||||||||||||
Total benefits and expenses | 338,689 | 35,459 | 374,148 | 345,551 | 46,088 | 391,639 | |||||||||||||||||
Income before income taxes | $ | 18,370 | $ | 56,205 | $ | 74,575 | $ | 15,421 | $ | 30,953 | $ | 46,374 |
(dollars in thousands) | Nine months ended September 30, | ||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
Revenues: | Traditional | Financial Solutions | Total EMEA | Traditional | Financial Solutions | Total EMEA | |||||||||||||||||
Net premiums | $ | 1,070,677 | $ | 146,218 | $ | 1,216,895 | $ | 979,733 | $ | 119,809 | $ | 1,099,542 | |||||||||||
Investment income, net of related expenses | 49,041 | 109,810 | 158,851 | 41,032 | 88,602 | 129,634 | |||||||||||||||||
Investment related gains (losses), net | 9 | 9,123 | 9,132 | 7 | 8,225 | 8,232 | |||||||||||||||||
Other revenues | 3,652 | 15,331 | 18,983 | 4,206 | 13,799 | 18,005 | |||||||||||||||||
Total revenues | 1,123,379 | 280,482 | 1,403,861 | 1,024,978 | 230,435 | 1,255,413 | |||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Claims and other policy benefits | 928,431 | 88,536 | 1,016,967 | 846,476 | 108,381 | 954,857 | |||||||||||||||||
Interest credited | — | 3,877 | 3,877 | — | 6,297 | 6,297 | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 77,330 | 2,948 | 80,278 | 66,263 | 1,070 | 67,333 | |||||||||||||||||
Other operating expenses | 77,359 | 24,383 | 101,742 | 71,488 | 22,911 | 94,399 | |||||||||||||||||
Total benefits and expenses | 1,083,120 | 119,744 | 1,202,864 | 984,227 | 138,659 | 1,122,886 | |||||||||||||||||
Income before income taxes | $ | 40,259 | $ | 160,738 | $ | 200,997 | $ | 40,751 | $ | 91,776 | $ | 132,527 |
(dollars in thousands) | Three months ended September 30, | ||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
Revenues: | Traditional | Financial Solutions | Total Asia Pacific | Traditional | Financial Solutions | Total Asia Pacific | |||||||||||||||||
Net premiums | $ | 551,695 | $ | 75 | $ | 551,770 | $ | 536,931 | $ | 19 | $ | 536,950 | |||||||||||
Investment income, net of related expenses | 23,169 | 10,145 | 33,314 | 23,858 | 10,556 | 34,414 | |||||||||||||||||
Investment related gains (losses), net | — | (438 | ) | (438 | ) | — | 758 | 758 | |||||||||||||||
Other revenues | 3,171 | 6,385 | 9,556 | 871 | 5,599 | 6,470 | |||||||||||||||||
Total revenues | 578,035 | 16,167 | 594,202 | 561,660 | 16,932 | 578,592 | |||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Claims and other policy benefits | 431,570 | 3,894 | 435,464 | 442,358 | 6,110 | 448,468 | |||||||||||||||||
Interest credited | — | 6,875 | 6,875 | — | 7,026 | 7,026 | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 42,063 | 786 | 42,849 | 55,891 | 653 | 56,544 | |||||||||||||||||
Other operating expenses | 42,395 | 4,406 | 46,801 | 36,847 | 3,372 | 40,219 | |||||||||||||||||
Total benefits and expenses | 516,028 | 15,961 | 531,989 | 535,096 | 17,161 | 552,257 | |||||||||||||||||
Income (loss) before income taxes | $ | 62,007 | $ | 206 | $ | 62,213 | $ | 26,564 | $ | (229 | ) | $ | 26,335 |
(dollars in thousands) | Nine months ended September 30, | ||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
Revenues: | Traditional | Financial Solutions | Total Asia Pacific | Traditional | Financial Solutions | Total Asia Pacific | |||||||||||||||||
Net premiums | $ | 1,680,007 | $ | 783 | $ | 1,680,790 | $ | 1,557,590 | $ | 2,094 | $ | 1,559,684 | |||||||||||
Investment income, net of related expenses | 71,845 | 30,723 | 102,568 | 68,105 | 24,662 | 92,767 | |||||||||||||||||
Investment related gains (losses), net | 8 | 4,933 | 4,941 | — | 11,525 | 11,525 | |||||||||||||||||
Other revenues | 11,234 | 17,566 | 28,800 | 2,724 | 17,087 | 19,811 | |||||||||||||||||
Total revenues | 1,763,094 | 54,005 | 1,817,099 | 1,628,419 | 55,368 | 1,683,787 | |||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Claims and other policy benefits | 1,362,356 | 10,767 | 1,373,123 | 1,221,091 | 14,170 | 1,235,261 | |||||||||||||||||
Interest credited | — | 19,929 | 19,929 | — | 15,595 | 15,595 | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 138,429 | 2,711 | 141,140 | 180,007 | 4,111 | 184,118 | |||||||||||||||||
Other operating expenses | 118,553 | 12,233 | 130,786 | 105,747 | 10,472 | 116,219 | |||||||||||||||||
Total benefits and expenses | 1,619,338 | 45,640 | 1,664,978 | 1,506,845 | 44,348 | 1,551,193 | |||||||||||||||||
Income before income taxes | $ | 143,756 | $ | 8,365 | $ | 152,121 | $ | 121,574 | $ | 11,020 | $ | 132,594 |
(dollars in thousands) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues: | ||||||||||||||||
Net premiums | $ | 7 | $ | 23 | $ | 27 | $ | 109 | ||||||||
Investment income, net of related expenses | 51,846 | 41,108 | 124,719 | 108,576 | ||||||||||||
Investment related gains (losses), net | (22,524 | ) | 6,994 | (54,739 | ) | 7,856 | ||||||||||
Other revenues | 8,509 | 1,502 | 22,886 | 9,126 | ||||||||||||
Total revenues | 37,838 | 49,627 | 92,893 | 125,667 | ||||||||||||
Benefits and expenses: | ||||||||||||||||
Claims and other policy benefits | 24 | (15 | ) | 452 | (1 | ) | ||||||||||
Interest credited | 3,015 | 1,799 | 7,942 | 4,420 | ||||||||||||
Policy acquisition costs and other insurance income | (30,531 | ) | (26,848 | ) | (91,539 | ) | (80,694 | ) | ||||||||
Other operating expenses | 64,896 | 45,601 | 194,126 | 124,114 | ||||||||||||
Interest expense | 33,290 | 36,836 | 107,769 | 108,590 | ||||||||||||
Collateral finance and securitization expense | 7,467 | 7,692 | 22,509 | 21,235 | ||||||||||||
Total benefits and expenses | 78,161 | 65,065 | 241,259 | 177,664 | ||||||||||||
Income (loss) before income taxes | $ | (40,323 | ) | $ | (15,438 | ) | $ | (148,366 | ) | $ | (51,997 | ) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Interest expense | $ | 40,924 | $ | 44,697 | $ | 133,618 | $ | 132,018 | ||||||||
Capital contributions to subsidiaries | 17,850 | 10,000 | 40,850 | 28,500 | ||||||||||||
Dividends to shareholders | 38,071 | 32,271 | 102,441 | 85,086 | ||||||||||||
Interest and dividend income | 132,035 | 23,635 | 396,055 | 75,916 |
September 30, 2018 | December 31, 2017 | |||||||
Cash and invested assets | $ | 498,708 | $ | 779,996 |
Nine months ended September 30, | |||||||
2018 | 2017 | ||||||
Dividends to shareholders | $ | 102,441 | $ | 85,086 | |||
Repurchases of treasury stock | 258,524 | 26,897 | |||||
Total amount paid to shareholders | $ | 360,965 | $ | 111,983 | |||
Number of shares repurchased | 1,750,295 | 208,680 | |||||
Average price per share | $ | 147.70 | $ | 128.89 |
For the nine months ended September 30, | ||||||||
2018 | 2017 | |||||||
(Dollars in thousands) | ||||||||
Sources: | ||||||||
Net cash provided by operating activities | $ | 1,100,163 | $ | 1,104,499 | ||||
Net cash provided by investing activities | 31,012 | — | ||||||
Exercise of stock options, net | 2,336 | 4,450 | ||||||
Cash provided by changes in universal life and other | ||||||||
investment type policies and contracts | — | 438,774 | ||||||
Effect of exchange rate changes on cash | — | 43,699 | ||||||
Total sources | 1,133,511 | 1,591,422 | ||||||
Uses: | ||||||||
Net cash used in investing activities | — | 1,056,334 | ||||||
Dividends to stockholders | 102,441 | 85,086 | ||||||
Repayment of collateral finance and securitization notes | 75,146 | 56,637 | ||||||
Principal payments of long-term debt | 2,007 | 301,927 | ||||||
Purchases of treasury stock | 273,873 | 41,360 | ||||||
Change in cash collateral for derivatives and other arrangements | 21,288 | 46,206 | ||||||
Cash used for changes in universal life and other | ||||||||
investment type policies and contracts | 199,778 | — | ||||||
Effect of exchange rate changes on cash | 32,013 | — | ||||||
Total uses | 706,546 | 1,587,550 | ||||||
Net change in cash and cash equivalents | $ | 426,965 | $ | 3,872 |
September 30, 2018 | % of Total | December 31, 2017 | % of Total | |||||||||||
Fixed maturity securities, available-for-sale | $ | 39,005,212 | 71.1 | % | $ | 38,150,820 | 71.9 | % | ||||||
Equity securities | 101,069 | 0.2 | 100,152 | 0.2 | ||||||||||
Mortgage loans on real estate | 4,779,074 | 8.7 | 4,400,533 | 8.3 | ||||||||||
Policy loans | 1,320,050 | 2.4 | 1,357,624 | 2.6 | ||||||||||
Funds withheld at interest | 5,976,301 | 10.9 | 6,083,388 | 11.5 | ||||||||||
Short-term investments | 229,928 | 0.4 | 93,304 | 0.2 | ||||||||||
Other invested assets | 1,706,979 | 3.1 | 1,505,332 | 2.8 | ||||||||||
Cash and cash equivalents | 1,730,489 | 3.2 | 1,303,524 | 2.5 | ||||||||||
Total cash and invested assets | $ | 54,849,102 | 100.0 | % | $ | 52,994,677 | 100.0 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||
2018 | 2017 | Increase/ (Decrease) | 2018 | 2017 | Increase/ (Decrease) | ||||||||||||||||
Average invested assets at amortized cost | $ | 27,029,073 | $ | 25,887,338 | 4.4 | % | $ | 26,689,086 | $ | 25,136,119 | 6.2 | % | |||||||||
Net investment income | 303,860 | 305,632 | (0.6 | )% | 886,165 | 863,724 | 2.6 | % | |||||||||||||
Investment yield (ratio of net investment income to average invested assets) | 4.57 | % | 4.81 | % | (24 bps) | 4.45 | % | 4.61 | % | (16 bps) |
September 30, 2018 | December 31, 2017 | |||||||||||||||||||||||
NAIC Designation | Rating Agency Designation | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | |||||||||||||||||
1 | AAA/AA/A | $ | 24,627,894 | $ | 25,837,847 | 66.2 | % | $ | 23,534,574 | $ | 25,762,103 | 67.5 | % | |||||||||||
2 | BBB | 11,466,201 | 11,526,902 | 29.6 | 10,115,008 | 10,709,170 | 28.1 | |||||||||||||||||
3 | BB | 1,187,035 | 1,168,627 | 3.0 | 1,139,200 | 1,173,639 | 3.1 | |||||||||||||||||
4 | B | 425,572 | 424,040 | 1.1 | 408,990 | 420,284 | 1.1 | |||||||||||||||||
5 | CCC and lower | 27,341 | 30,106 | 0.1 | 78,143 | 79,747 | 0.2 | |||||||||||||||||
6 | In or near default | 17,089 | 17,690 | — | 5,497 | 5,877 | — | |||||||||||||||||
Total | $ | 37,751,132 | $ | 39,005,212 | 100.0 | % | $ | 35,281,412 | $ | 38,150,820 | 100.0 | % |
September 30, 2018 | December 31, 2017 | |||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||
RMBS: | ||||||||||||||||
Agency | $ | 813,762 | $ | 795,873 | $ | 878,559 | $ | 896,977 | ||||||||
Non-agency | 1,003,187 | 984,889 | 816,567 | 822,903 | ||||||||||||
Total RMBS | 1,816,949 | 1,780,762 | 1,695,126 | 1,719,880 | ||||||||||||
CMBS | 1,282,015 | 1,273,534 | 1,285,594 | 1,303,387 | ||||||||||||
ABS | 1,867,650 | 1,863,017 | 1,634,758 | 1,648,362 | ||||||||||||
Total | $ | 4,966,614 | $ | 4,917,313 | $ | 4,615,478 | $ | 4,671,629 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Impairment losses on available-for-sale securities | |||||||||||||||
Fixed maturity securities | $ | 10,705 | $ | 390 | $ | 14,055 | $ | 20,980 | |||||||
Equity securities | — | 889 | — | 889 | |||||||||||
Other impairment losses | 5,910 | 1,469 | 7,249 | 7,776 | |||||||||||
Change in mortgage loan provision | 656 | 977 | 986 | 1,444 | |||||||||||
Total | $ | 17,271 | $ | 3,725 | $ | 22,290 | $ | 31,089 |
September 30, 2018 | December 31, 2017 | |||||
Sector: | ||||||
Corporate | 63.8 | % | 48.8 | % | ||
Canadian government | 0.6 | 1.5 | ||||
RMBS | 7.7 | 10.5 | ||||
ABS | 2.3 | 4.6 | ||||
CMBS | 2.6 | 4.3 | ||||
U.S. government | 14.5 | 19.4 | ||||
State and political subdivisions | 2.1 | 3.8 | ||||
Other foreign government | 6.4 | 7.1 | ||||
Total | 100.0 | % | 100.0 | % | ||
Industry: | ||||||
Finance | 24.0 | % | 15.8 | % | ||
Asset-backed | 2.3 | 4.6 | ||||
Industrial | 32.6 | 30.0 | ||||
Mortgage-backed | 10.3 | 14.8 | ||||
Government | 23.6 | 31.8 | ||||
Utility | 7.2 | 3.0 | ||||
Total | 100.0 | % | 100.0 | % |
September 30, 2018 | December 31, 2017 | |||||||||||||
Recorded Investment | % of Total | Recorded Investment | % of Total | |||||||||||
U.S. Region: | ||||||||||||||
Pacific | $ | 1,342,410 | 27.9 | % | $ | 1,258,753 | 28.6 | % | ||||||
South Atlantic | 962,752 | 20.1 | 896,117 | 20.3 | ||||||||||
Mountain | 678,604 | 14.2 | 694,324 | 15.7 | ||||||||||
East North Central | 579,162 | 12.1 | 527,316 | 11.9 | ||||||||||
West North Central | 302,538 | 6.3 | 309,326 | 7.0 | ||||||||||
West South Central | 502,670 | 10.5 | 387,151 | 8.8 | ||||||||||
Middle Atlantic | 170,974 | 3.6 | 137,600 | 3.1 | ||||||||||
East South Central | 124,447 | 2.6 | 96,887 | 2.2 | ||||||||||
New England | 5,637 | 0.1 | 5,700 | 0.1 | ||||||||||
Subtotal - U.S. | 4,669,194 | 97.4 | 4,313,174 | 97.7 | ||||||||||
Canada | 125,032 | 2.6 | 99,997 | 2.3 | ||||||||||
Total | $ | 4,794,226 | 100.0 | % | $ | 4,413,171 | 100.0 | % |
• | Company’s global ERM framework, activities, and issues. |
• | Identification, assessments, and management of all known, new and emerging strategic risk exposures. |
• | Risk appetite statement, including the ongoing alignment of the risk appetite statement with the Company’s strategy and capital plans. |
• | Review, revise and approve RGA group-level strategic risk limits consistent with the risk appetite statement |
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 Appetite Statement: A general and high level overview of the risk profile RGA aims to achieve to meet its strategic objectives. This statement is then supported by more granular risk limits guiding the businesses to achieve this Risk Appetite Statement. |
3. | Risk Limits: Risk Limits establish the maximum amount of defined risk that the Company is willing to assume to remain within the Company’s overall risk appetite. These risks have been identified by the management of the Company as relevant to manage the overall risk profile of the Company while allowing achievement of strategic objectives. |
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) | September 30, 2018 | December 31, 2017 | ||||||
No guaranteed minimum benefits | $ | 870 | $ | 950 | ||||
GMDB only | 179 | 182 | ||||||
GMIB only | 24 | 24 | ||||||
GMAB only | 10 | 22 | ||||||
GMWB only | 1,244 | 1,366 | ||||||
GMDB / WB | 309 | 343 | ||||||
Other | 23 | 31 | ||||||
Total variable annuity account values | $ | 2,659 | $ | 2,918 | ||||
Fair value of liabilities associated with living benefit riders | $ | 90 | $ | 152 |
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 | |||||||||||
July 1, 2018 - July 31, 2018 | 16,406 | $ | 139.95 | 16,406 | $ | 220,807,197 | ||||||||
August 1, 2018 - August 31, 2018 | 683,388 | $ | 143.21 | 682,222 | $ | 123,103,321 | ||||||||
September 1, 2018 - September 30, 2018 | 60,977 | $ | 141.67 | 60,190 | $ | 114,579,309 |
(1) | RGA repurchased 16,406, 682,222 and 60,190 shares of common stock under its share repurchase program for $2.3 million, $97.7 million and $8.5 million during July, August and September 2018, respectively. The Company net settled - issuing 364, 3,353 and 2,081 shares from treasury in July, August and September 2018 and repurchasing from recipients 1,166 and 787 shares in August and September 2018, respectively, in settlement of income tax withholding requirements incurred by the recipients of an equity incentive award. |
Exhibit Number | Description | |
Reinsurance Group of America, Incorporated | |||
Date: November 2, 2018 | By: | /s/ Anna Manning | |
Anna Manning | |||
President & Chief Executive Officer | |||
(Principal Executive Officer) | |||
Date: November 2, 2018 | By: | /s/ Todd C. Larson | |
Todd C. Larson | |||
Senior Executive Vice President & Chief Financial Officer | |||
(Principal Financial and Accounting Officer) |
Date: November 2, 2018 | /s/ Anna Manning | |||
Anna Manning | ||||
President & Chief Executive Officer |
Date: November 2, 2018 | /s/ Todd C. Larson | |||
Todd C. Larson | ||||
Senior Executive Vice President & Chief Financial Officer |
Date: November 2, 2018 | /s/ Anna Manning | |||
Anna Manning | ||||
President & Chief Executive Officer |
Date: November 2, 2018 | /s/ Todd C. Larson | |||
Todd C. Larson | ||||
Chief Financial Officer | ||||
& Senior Executive Vice President |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Oct. 31, 2018 |
|
Document And Entitiy Information [Abstract] | ||
Document Type | 10-Q | |
Document period end date | Sep. 30, 2018 | |
Amendment flag | false | |
Entity registrant name | REINSURANCE GROUP OF AMERICA INC | |
Entity central index key | 0000898174 | |
Entity current reporting status | Yes | |
Current fiscal year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Common Shares Outstanding | 62,774,675 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Available for Sale at Fair value - Amortized cost | $ 37,751,132 | $ 35,281,412 |
Available-for-sale Equity Securities, Amortized Cost Basis | $ 111,248 | $ 102,841 |
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 | 77,450,868 | 64,452,095 |
Treasury stock, shares | 1,686,890 | 14,685,663 |
Allowances for Loan and Lease Losses, Real Estate | $ 10,366 | $ 9,384 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Revenues: | ||||
Net premiums | $ 2,562,042 | $ 2,489,797 | $ 7,739,053 | $ 7,335,944 |
Investment income, net of related expenses | 572,742 | 556,918 | 1,617,132 | 1,589,820 |
Investment related gains (losses), net: | ||||
Other-than-temporary impairments on fixed maturity securities | (10,705) | (390) | (14,055) | (20,980) |
Other investment related gains (losses), net | (9,312) | 23,043 | (17,004) | 160,451 |
Total investment related gains (losses), net | (20,017) | 22,653 | (31,059) | 139,471 |
Other revenues | 112,764 | 75,942 | 272,020 | 218,091 |
Total revenues | 3,227,531 | 3,145,310 | 9,597,146 | 9,283,326 |
Benefits and Expenses: | ||||
Claims and other policy benefits | 2,209,920 | 2,100,680 | 6,851,614 | 6,371,188 |
Interest credited | 143,292 | 126,099 | 333,068 | 349,068 |
Policy acquisition costs and other insurance expenses | 310,639 | 365,424 | 987,817 | 1,064,645 |
Other operating expenses | 200,262 | 168,417 | 586,495 | 481,279 |
Interest expense | 33,290 | 36,836 | 107,769 | 108,590 |
Collateral finance and securitization expense | 7,467 | 7,692 | 22,509 | 21,235 |
Total benefits and expenses | 2,904,870 | 2,805,148 | 8,889,272 | 8,396,005 |
Income before income taxes | 322,661 | 340,162 | 707,874 | 887,321 |
Provision for income taxes | 21,462 | 112,571 | 102,071 | 282,028 |
Net income | $ 301,199 | $ 227,591 | $ 605,803 | $ 605,293 |
Earnings per share: | ||||
Basic earnings per share | $ 4.76 | $ 3.53 | $ 9.47 | $ 9.39 |
Diluted earnings per share | 4.68 | 3.47 | 9.30 | 9.23 |
Dividends declared per share | $ 0.60 | $ 0.50 | $ 1.60 | $ 1.32 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Comprehensive income (loss) | ||||
Net income | $ 301,199 | $ 227,591 | $ 605,803 | $ 605,293 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 25,462 | 46,733 | (30,375) | 68,085 |
Net unrealized investment gains (losses) | (215,986) | (93,574) | (1,218,309) | 415,870 |
Defined benefit pension and postretirement plan adjustments | 931 | 700 | 431 | 2,473 |
Total other comprehensive income (loss), net of tax | (189,593) | (46,141) | (1,248,253) | 486,428 |
Total comprehensive income (loss) | $ 111,606 | $ 181,450 | $ (642,450) | $ 1,091,721 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Statement of Cash Flows [Abstract] | |
Cash Acquired from Acquisition | $ 4,938 |
Business and Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
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 (“GAAP”) 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 GAAP 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 nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. 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 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2018 (the “2017 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. The following table presents approximate amounts of stock options and performance contingent shares excluded from the calculation of common equivalent shares (in thousands):
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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. In January 2017, 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. During the first nine months of 2018, RGA repurchased 1.8 million shares of common stock under this program for $258.5 million. During the first nine months of 2017, RGA repurchased 0.2 million shares of common stock under this program for $26.9 million. Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the nine months ended September 30, 2018 and 2017 are as follows (dollars in thousands):
The following table presents the amounts of AOCI reclassifications for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands):
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Equity Based Compensation |
9 Months Ended |
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Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Based Compensation | Equity Based Compensation Equity compensation expense was $28.4 million and $17.1 million in the first nine months of 2018 and 2017, respectively. In the first quarter of 2018, the Company granted 0.2 million stock appreciation rights at $150.87 weighted average exercise price per share and 0.1 million performance contingent units to employees. Additionally, non-employee directors were granted a total of 7,623 shares of common stock. As of September 30, 2018, 1.5 million share options at a weighted average strike price per share of $66.48 were vested and exercisable, with a remaining weighted average exercise period of 4.3 years. As of September 30, 2018, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $35.1 million. It is estimated that these costs will vest over a weighted average period of 1.3 years. |
Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Fixed Maturity and Equity Securities Available-for-Sale The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). The following table provides information relating to investments in fixed maturity securities by sector as of September 30, 2018 (dollars in thousands):
The following table provides information relating to investments in fixed maturity and equity securities by sector as of December 31, 2017 (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 September 30, 2018 and December 31, 2017, none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under derivative transactions and 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 derivative transactions and certain third-party reinsurance treaties as of September 30, 2018 and December 31, 2017 (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 September 30, 2018 and December 31, 2017 (dollars in thousands).
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale at September 30, 2018 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 September 30, 2018 and December 31, 2017 (dollars in thousands):
Other-Than-Temporary Impairments - Fixed Maturity Securities As discussed in Note 2 – “Summary of Significant Accounting Policies” of the 2017 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 2,866 fixed maturity securities as of September 30, 2018, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands):
The following table presents the total gross unrealized losses for the 1,116 fixed maturity and equity securities at December 31, 2017 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 an 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. The following table presents the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 2,866 fixed maturity securities that have estimated fair values below amortized cost as of September 30, 2018 (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 following table presents the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 1,116 fixed maturity and equity securities that have estimated fair values below amortized cost as of December 31, 2017 (dollars in thousands):
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 securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily being driven by changes in interest rates. 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 nine months ended September 30, 2018 and 2017 were largely related to high-yield corporate securities. The equity impairments for the three and nine months ended September 30, 2017 were related to an equity position received as part of a debt restructuring. The other impairment losses and change in mortgage loan provision for the three and nine months ended September 30, 2018 includes impairments on real estate joint ventures and limited partnerships. The other impairment losses and change in mortgage loan provision for the three and nine months ended September 30, 2017 includes impairments on limited partnerships. The fluctuations in investment related gains (losses) for derivatives and other for the three and nine months ended September 30, 2018, compared to the same periods in 2017, are primarily due to changes in the fair value of embedded derivatives and interest rate swaps. During the three months ended September 30, 2018 and 2017, the Company sold fixed maturity securities with fair values of $1,345.3 million and $479.7 million at losses of $37.9 million and $7.6 million, respectively. During the nine months ended September 30, 2018 and 2017, the Company sold fixed maturity securities with fair values of $3,783.3 million and $1,604.7 million at losses of $94.2 million and $26.6 million, respectively. During the three months ended September 30, 2018 and 2017, the Company sold equity securities with fair values of $3.1 million and $5.0 million at losses of $0.2 million and $0.1 million, respectively. During the nine months ended September 30, 2018 and 2017, the Company sold equity securities with fair values of $31.5 million and $166.7 million at losses of $1.1 million and $4.1 million, respectively. The Company generally does not buy and sell securities on a short-term basis. Securities Borrowing, Lending and Other The following table includes the amount of borrowed securities, securities lent and securities collateral received as part of the securities lending program and repurchased/reverse repurchased securities pledged and received as of September 30, 2018 and December 31, 2017 (dollars in thousands).
The Company also held cash collateral for securities lending and the repurchase program/reverse repurchase programs of $28.9 million and $31.2 million at September 30, 2018 and December 31, 2017, respectively. No cash or securities have been pledged by the Company for its securities borrowing program as of September 30, 2018 and December 31, 2017. The following tables present information on the Company’s securities lending and repurchase transactions as of September 30, 2018 and December 31, 2017 (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.
The Company has elected to offset amounts recognized as receivables and payables resulting from the repurchase/reverse repurchase programs. After the effect of offsetting, the net amount presented on the condensed consolidated balance sheets was a liability of $0.4 million and $1.1 million of September 30, 2018 and December 31, 2017, respectively. As of September 30, 2018 and December 31, 2017, the Company recognized payables resulting from cash received as collateral associated with a repurchase agreement as discussed above. Amounts owed to and due from the counterparties may be settled in cash or offset, in accordance with the agreements. Mortgage Loans on Real Estate Mortgage loans represented approximately 9.0% and 8.5% of the Company’s total investments as of September 30, 2018 and December 31, 2017. As of September 30, 2018, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (18.8%), Texas (10.0%) and Georgia (7.5%) and include loans secured by properties in Canada (2.6%). The recorded investment in mortgage loans on real estate presented below is gross of unamortized deferred loan origination fees and expenses, and valuation allowances. The distribution of mortgage loans by property type is as follows as of September 30, 2018 and December 31, 2017 (dollars in thousands):
The maturities of mortgage loans as of September 30, 2018 and December 31, 2017 are as follows (dollars in thousands):
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of September 30, 2018 and December 31, 2017 (dollars in thousands):
The age analysis of the Company’s past due recorded investments in mortgage loans as of September 30, 2018 and December 31, 2017 (dollars in thousands):
The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of September 30, 2018 and December 31, 2017 (dollars in thousands):
Information regarding the Company’s loan valuation allowances for mortgage loans for the three and nine months ended September 30, 2018 and 2017 is as follows (dollars in thousands):
Information regarding the portion of the Company’s mortgage loans that were impaired as of September 30, 2018 and December 31, 2017 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 nine months ended September 30, 2018 and 2017. The Company had no mortgage loans that were on a nonaccrual status at September 30, 2018 and December 31, 2017. Policy Loans Policy loans comprised approximately 2.5% and 2.6% of the Company’s total investments as of September 30, 2018 and December 31, 2017, 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 11.3% and 11.8% of the Company’s total investments as of both September 30, 2018 and December 31, 2017. Of the $6.0 billion funds withheld at interest balance, net of embedded derivatives, as of September 30, 2018, $3.9 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 limited partnership interests, joint ventures (other than operating joint ventures), equity release mortgages, 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 which is included in other in the table below. Other invested assets represented approximately 3.2% and 2.9% of the Company’s total investments as of September 30, 2018 and December 31, 2017, respectively. Carrying values of these assets as of September 30, 2018 and December 31, 2017 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 assets and 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 September 30, 2018 and December 31, 2017 (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, lending, 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 September 30, 2018 and December 31, 2017 (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. As of September 30, 2018 and December 31, 2017, 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 and foreign currency forwards 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 2017 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 September 30, 2018 and 2017, were (dollars in thousands):
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 flows: (i) certain interest rate swaps, in which the cash flows of liabilities are variable based on a benchmark rate; (ii) certain interest rate swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps; 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 nine months ended September 30, 2018 and 2017 (dollars in thousands):
As of September 30, 2018, the before-tax deferred net gains (losses) on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are approximately $0.2 million and $1.9 million in investment income and interest expense, respectively. 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 nine months ended September 30, 2018 and 2017 (dollars in thousands):
For the three and nine months ended September 30, 2018 and 2017, 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 and foreign currency forwards 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 nine months ended September 30, 2018 and 2017 (dollars in thousands):
The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $136.5 million and $113.7 million at September 30, 2018 and December 31, 2017, respectively. If a hedged 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 hedged 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. 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 nine months ended September 30, 2018 and 2017 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. 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. 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 in hedges of net investments in foreign operations and non-qualifying hedge relationships. 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. The Company uses foreign currency forwards in hedges of net investments in foreign operations and non-qualifying hedge relationships. 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 September 30, 2018 and December 31, 2017 (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 and recorded at fair value. 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 nine months ended September 30, 2018 and 2017. The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three and nine months ended September 30, 2018 and 2017 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. In 2017, the Company followed the Chicago Mercantile Exchange amended rulebook to legally characterize variation margin payments as settlements of the derivative’s mark-to-market exposure and not collateral. 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 September 30, 2018 and December 31, 2017 are reflected in the following table (dollars in thousands):
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Fair Value of Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value of Assets and Liabilities Fair Value Measurement General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. The Company’s Level 1 assets and liabilities 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. For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 in the Notes to Consolidated Financial Statements included in the Company’s 2017 Annual Report. Assets and Liabilities by Hierarchy Level Assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 are summarized below (dollars in thousands):
Transfers between Levels 1 and 2 Transfers between Levels 1 and 2 are made to reflect changes in observability of inputs and market activity. There were no transfers between Level 1 and Level 2 for the nine months ended September 30, 2018. 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. The following tables present the transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2017 (dollars in thousands):
Quantitative Information Regarding Internally - Priced Level 3 Assets and Liabilities 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 September 30, 2018 and December 31, 2017 (dollars in thousands):
Changes in Level 3 Assets and Liabilities 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. The Company also transferred equity securities with a fair value of approximately $38.9 million into Level 3 as a result of the adoption of the new accounting guidance for the recognition and measurement of equity securities. For further information on the Company’s valuation processes, see Note 6 in the Notes to Consolidated Financial Statements included in the Company’s 2017 Annual Report. The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in thousands):
Nonrecurring Fair Value Measurements The following table presents information for assets measured at an estimated fair value on a nonrecurring basis during the periods presented and and still held at the reporting date (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, as of September 30, 2018 and December 31, 2017 (dollars in thousands). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 in the Notes to Consolidated Financial Statements included in the Company’s 2017 Annual Report. 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 |
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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 2017 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. 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 has geographic-based and business-based operational segments. Geographic-based operations are further segmented into traditional and financial solutions businesses. 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 September 30, 2018 and December 31, 2017 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. Bank loans and private placements are included in fixed maturity securities available-for-sale. Contingencies Litigation The Company is subject to litigation in the normal course of its business. The Company currently has no material litigation. 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 September 30, 2018, 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 September 30, 2018 (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 and repurchase 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 securities borrowing and repurchase arrangements provide additional security to third parties should a subsidiary fail to provide securities when due. RGA’s guarantees issued as of September 30, 2018 and December 31, 2017 are reflected in the following table (dollars in thousands):
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Income Tax |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | Income Tax The Company's effective tax rates differed from the applicable U.S. federal income tax statutory rates of 21% and 35% as a result of the following for the three and nine months ended September 30, 2018 and 2017, respectively (dollars in thousands):
On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (“U.S. Tax Reform”) was signed into law. U.S. Tax Reform makes broad and complex changes to the U.S. tax code, including but not limited to, (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized; (5) creating the base erosion anti-abuse tax (“BEAT”); (6) establishing a new provision designed to tax global intangible low-taxed income (“GILTI”), which allows for the possibility of using foreign tax credits and a deduction of up to 50 percent to offset the income tax liability (subject to some limitations); and (7) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017. The SEC issued Staff Accounting Bulletin 118 (“SAB 118”), which provides guidance on accounting for the tax effects of U.S. Tax Reform. SAB 118 provides a measurement period that should not extend beyond one year from U.S. Tax Reform enactment date for companies to complete the accounting under Accounting Standards Codification 740 (“ASC 740”). In accordance with SAB 118, a company must reflect the income tax effects of those aspects of U.S. Tax Reform for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of U.S. Tax Reform is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of U.S. Tax Reform. The Company calculated a provisional estimate of the impact of U.S. Tax Reform for its 2017 financial statements. As of September 30, 2018, the Company has finalized certain aspects of U.S. Tax Reform including computing the pretax deferred tax items upon which the change in tax rate was applied, the one-time transition tax on unrepatriated earnings of foreign subsidiaries and the adoption of Accounting Standards Update 2018-02 (“ASU 2018-02”). The Company has refined provisional estimates related to excessive employee remuneration, which may be further refined during the fourth quarter. The Company also continues to monitor the issuance of new guidance in the form of Treasury Regulations or Notices which could impact the provisional balances recorded as of December 31, 2017. In addition to the amounts in the table above, the Company recorded an additional adjustment in the third quarter of 2018 related to ASU 2018-02, decreasing accumulated other comprehensive income and increasing retained earnings by approximately $2.6 million. The Company provisionally estimated there would be no one-time transition tax on unrepatriated earnings of foreign subsidiaries. Upon review of the Proposed Treasury Regulations issued during the quarter and completion of the accumulated and current earnings and profits calculations of the Company’s foreign subsidiaries, no adjustment to the provisional estimate of the transition tax on unrepatriated earnings is necessary. Companies subject to GILTI have the option to account for the GILTI tax as a period cost if and when incurred, or to recognize deferred taxes for temporary differences including outside basis differences expected to reverse as GILTI. The Company has not yet made a policy election to account for GILTI but included an estimate of the current GILTI impact in the tax provision. The Company continues to gather information and monitor guidance that may change the Company’s interpretation of the law and hence may result in a refinement to the calculation and changes to this amount. The Company continues to evaluate the effects of the BEAT and is currently restructuring existing business flows to reduce the risk that the Company will be subject to the BEAT for 2018. The Company has estimated that the annual deductible payments to foreign affiliates as a percentage of annual estimated total deductions to be below the base erosion percentage threshold for application of the BEAT; therefore, the Company has not established an additional BEAT liability as of September 30, 2018. The Company continues to gather information and monitor guidance that may change the Company’s interpretation of the law and hence may result in a refinement to the calculation and changes to this amount. The effective tax rate for the third quarter and first nine months of 2018 were lower than the U.S. Statutory rate of 21.0% primarily as a result of the release of a valuation allowance on foreign tax credits, which was partially offset by income earned in jurisdictions with statutory rates higher than the U.S. tax rate and tax expense related to GILTI. During the third quarter the Company released an uncertain tax position due to the expiration of the statute of limitations and established a new position. The foreign tax credits were used to offset the new uncertain tax liability, resulting in a valuation allowance no longer being necessary. $58.9 million of the release of the valuation allowance was previously established as part of U.S. Tax Reform. The effective tax rates for the third quarter and first nine months of 2017 were lower than the U.S. Statutory rate of 35% primarily as a result of income generated in non-U.S. jurisdictions with lower tax rates than the U.S. The first nine months of 2017 also included a reduction related to differences in tax bases in foreign jurisdictions and a tax benefit from the filing of amended returns, which was partially offset with a valuation allowance established related to amended return filings. |
Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans The components of net periodic benefit costs, included in other operating expenses on the condensed consolidated statements of income, for the three and nine months ended September 30, 2018 and 2017 were as follows (dollars in thousands):
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Reinsurance |
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Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retrocession Arrangements and Reinsurance Ceded Receivables | Reinsurance 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 September 30, 2018 and December 31, 2017, 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 September 30, 2018 and December 31, 2017, all rated retrocession pool participants followed by the A.M. Best Company were rated “A- (excellent)” or better, except for one pool member that was rated “B++”. 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 limits 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 September 30, 2018 or December 31, 2017 (dollars in thousands):
Included in the total reinsurance ceded receivables balance were $269.1 million and $243.8 million of claims recoverable, of which $6.7 million and $1.9 million were in excess of 90 days past due, as of September 30, 2018 and December 31, 2017, respectively. |
Financing Activities |
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Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Financing Activities On August 21, 2018 the Company entered into a new syndicated revolving credit facility with a five year term and an overall capacity of $850.0 million, replacing its existing $850.0 million syndicated revolving credit facility, which was scheduled to mature in September 2019. |
New Accounting Standards |
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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.
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table 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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Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block] | The following table presents approximate amounts of stock options and performance contingent shares excluded from the calculation of common equivalent shares (in thousands):
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Equity (Tables) |
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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 nine months ended September 30, 2018 and 2017 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 nine months ended September 30, 2018 and 2017 (dollars in thousands):
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Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available For Sale Securities | The following table provides information relating to investments in fixed maturity securities by sector as of September 30, 2018 (dollars in thousands):
The following table provides information relating to investments in fixed maturity and equity securities by sector as of December 31, 2017 (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 derivative transactions and certain third-party reinsurance treaties as of September 30, 2018 and December 31, 2017 (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 September 30, 2018 and December 31, 2017 (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 September 30, 2018 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 September 30, 2018 and December 31, 2017 (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 2,866 fixed maturity securities as of September 30, 2018, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands):
The following table presents the total gross unrealized losses for the 1,116 fixed maturity and equity securities at December 31, 2017 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 table presents the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 2,866 fixed maturity securities that have estimated fair values below amortized cost as of September 30, 2018 (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 following table presents the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 1,116 fixed maturity and equity securities that have estimated fair values below amortized cost as of December 31, 2017 (dollars in thousands):
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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, securities lent and securities collateral received as part of the securities lending program and repurchased/reverse repurchased securities pledged and received as of September 30, 2018 and December 31, 2017 (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 tables present information on the Company’s securities lending and repurchase transactions as of September 30, 2018 and December 31, 2017 (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 is as follows as of September 30, 2018 and December 31, 2017 (dollars in thousands):
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Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | The maturities of mortgage loans as of September 30, 2018 and December 31, 2017 are as follows (dollars in thousands):
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Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of September 30, 2018 and December 31, 2017 (dollars in thousands):
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Past Due Financing Receivables [Table Text Block] | The age analysis of the Company’s past due recorded investments in mortgage loans as of September 30, 2018 and December 31, 2017 (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 September 30, 2018 and December 31, 2017 (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 three and nine months ended September 30, 2018 and 2017 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 September 30, 2018 and December 31, 2017 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 September 30, 2018 and December 31, 2017 are as follows (dollars in thousands):
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Derivative Instruments (Tables) |
9 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 September 30, 2018 and December 31, 2017 (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 September 30, 2018 and December 31, 2017 (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 September 30, 2018 and December 31, 2017 (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 September 30, 2018 and 2017, 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 nine months ended September 30, 2018 and 2017 (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 nine months ended September 30, 2018 and 2017 (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 nine months ended September 30, 2018 and 2017 (dollars in thousands):
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Derivatives Not Designated as Hedging Instruments [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 nine months ended September 30, 2018 and 2017 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 September 30, 2018 and December 31, 2017 (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 nine months ended September 30, 2018 and 2017 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 September 30, 2018 and December 31, 2017 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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 September 30, 2018 and December 31, 2017 are summarized below (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 nine months ended September 30, 2017 (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 September 30, 2018 and December 31, 2017 (dollars in thousands):
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 September 30, 2018 and December 31, 2017 (dollars in thousands):
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in thousands):
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Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] |
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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, as of September 30, 2018 and December 31, 2017 (dollars in thousands). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 in the Notes to Consolidated Financial Statements included in the Company’s 2017 Annual Report. 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 | 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) |
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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 September 30, 2018 and December 31, 2017 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 September 30, 2018 (dollars in millions):
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Schedule of Guarantor Obligations [Table Text Block] | RGA’s guarantees issued as of September 30, 2018 and December 31, 2017 are reflected in the following table (dollars in thousands):
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Income Tax (Tables) |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | three and nine months ended September 30, 2018 and 2017, respectively (dollars in thousands):
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Employee Benefit Plans (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Defined Benefit Plans Disclosures Text Block | The components of net periodic benefit costs, included in other operating expenses on the condensed consolidated statements of income, for the three and nine months ended September 30, 2018 and 2017 were as follows (dollars in thousands):
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Reinsurance (Tables) |
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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 September 30, 2018 or December 31, 2017 (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 | 9 Months Ended | ||
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Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
Net income (numerator for basic and diluted calculations) | $ 301,199 | $ 227,591 | $ 605,803 | $ 605,293 |
Shares: | ||||
Weighted average outstanding shares (denominator for basic calculation) | 63,279 | 64,488 | 63,941 | 64,430 |
Equivalent shares from outstanding stock options | 1,017 | 1,165 | 1,189 | 1,174 |
Denominator for diluted calculation | 64,296 | 65,653 | 65,130 | 65,604 |
Earnings Per Share: | ||||
Basic earnings per share | $ 4.76 | $ 3.53 | $ 9.47 | $ 9.39 |
Diluted earnings per share | $ 4.68 | $ 3.47 | $ 9.30 | $ 9.23 |
Earnings Per Share (Stock Options and Performance Shares Excluded From Common Equivalent Shares) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 227 | 87 | 349 | 296 |
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 | 276 | 307 | 256 | 293 |
Equity (Common Stock Changes In Number of Shares Issued, Held In Treasury and Outstanding) (Details) - shares |
3 Months Ended | 9 Months Ended | |||||||
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Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Class of Stock [Line Items] | |||||||||
Common Stock, Shares, Issued | 79,137,758 | 79,137,758 | 79,137,758 | ||||||
Treasury Stock, Shares, Acquired | 1,800,000 | 200,000 | |||||||
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 | 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 | 16,186,890 | 14,769,487 | 16,186,890 | 14,769,487 | 14,685,663 | 14,835,256 | |||
Treasury Stock, Shares, Acquired | 1,750,295 | 208,680 | |||||||
Stock Based Compensation Shares | [1] | (249,068) | (274,449) | ||||||
Common Stock Outstanding [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common Stock, Shares, Issued | 62,950,868 | 64,368,271 | 62,950,868 | 64,368,271 | 64,452,095 | 64,302,502 | |||
Treasury Stock, Shares, Acquired | (1,750,295) | (208,680) | |||||||
Stock Based Compensation Shares | [1] | (249,068) | (274,449) | ||||||
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Equity (Balance of and Changes in Each Component of AOCI) (Footnote) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
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Sep. 30, 2018 |
Sep. 30, 2017 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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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 | $ 29,043 | $ 347 | $ 22,656 | $ 7,690 | $ 29,043 | $ 347 | $ 2,619 | $ (2,496) |
Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||||
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Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Investment related gains (losses), net | $ (9,312) | $ 23,043 | $ (17,004) | $ 160,451 | |||||||||||
Investment income | 572,742 | 556,918 | 1,617,132 | 1,589,820 | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 322,661 | 340,162 | 707,874 | 887,321 | |||||||||||
Income Tax Expense (Benefit) | (21,462) | (112,571) | (102,071) | (282,028) | |||||||||||
Net income | 301,199 | 227,591 | 605,803 | 605,293 | |||||||||||
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 | (25,858) | 12,085 | (79,505) | 51,407 | |||||||||||
Income Tax Expense (Benefit) | 5,355 | (3,991) | 16,978 | (16,015) | |||||||||||
Net income | (20,503) | 8,094 | (62,527) | 35,392 | |||||||||||
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 | (21,249) | 10,515 | (60,347) | 39,032 | |||||||||||
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] | 234 | 0 | (108) | 0 | ||||||||||
Unrealized Appreciation Depreciation Of Investments [Member] | Currency 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] | 50 | 230 | 270 | 560 | ||||||||||
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] | 0 | 224 | 0 | 286 | ||||||||||
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 | (4,893) | [1] | 1,116 | [1] | 19,320 | [2] | 11,529 | [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 | (1,620) | (1,071) | (3,986) | (4,006) | |||||||||||
Income Tax Expense (Benefit) | 340 | 375 | 837 | 1,402 | |||||||||||
Net income | (1,280) | (696) | (3,149) | (2,604) | |||||||||||
Amounts Reclassified From AOCI [Member] | |||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Net income | (21,783) | 7,398 | (65,676) | 32,788 | |||||||||||
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 | 246 | [2] | 590 | [2] | 739 | [3] | 732 | [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) | $ (1,866) | [2] | $ (1,661) | [2] | $ 4,725 | [3] | $ (4,738) | [3] | |||||||
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Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions |
9 Months Ended | |
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Sep. 30, 2018 |
Sep. 30, 2017 |
|
Equity [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 400.0 | |
Treasury Stock, Shares, Acquired | 1.8 | 0.2 |
Treasury Stock, Value, Acquired, Cost Method | $ 258.5 | $ 26.9 |
Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Equity compensation expense | $ 28.4 | $ 17.1 |
Stock appreciation rights granted | 200,000 | |
Stock appreciation rights granted, weighted average exercise price (per share) | $ 150.87 | |
Performance contingent units | 100,000 | |
Shares Granted To Non Employee Directors | 7,623 | |
Options exercisable (shares) | 1,500,000 | |
Options exercisable, weighted average price (per share) | $ 66.48 | |
Options, remaining term | 4 years 3 months | |
Compensation cost not yet recognized | $ 35.1 | |
Period for recognition | 1 year 3 months |
Investments (Investments in Fixed Maturity and Equity Securities Available-for-Sale by Sector) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 24,271,467 | $ 21,966,803 |
Estimated Fair Value | $ 24,449,498 | $ 23,210,968 |
% of Total | 100.00% | 100.00% |
Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 37,751,132 | $ 35,281,412 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,907,163 | 2,982,754 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 653,083 | 113,346 |
Estimated Fair Value | $ 39,005,212 | $ 38,150,820 |
% of Total | 100.00% | 100.00% |
Other-than-temporary impairments in AOCI | $ 275 | $ 275 |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 102,841 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 958 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 3,647 | |
Estimated Fair Value | $ 100,152 | |
% of Total | 100.00% | |
Corporate Debt Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 24,271,467 | $ 21,966,803 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 594,444 | 1,299,594 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 416,413 | 55,429 |
Estimated Fair Value | $ 24,449,498 | $ 23,210,968 |
% of Total | 62.70% | 60.90% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Canadian and Canadian provincial governments | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,902,433 | 2,843,273 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,138,426 | 1,378,510 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 4,109 | 1,707 |
Estimated Fair Value | $ 4,036,750 | $ 4,220,076 |
% of Total | 10.30% | 11.10% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Residential mortgage-backed securities | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,816,949 | 1,695,126 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 14,235 | 36,632 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 50,422 | 11,878 |
Estimated Fair Value | $ 1,780,762 | $ 1,719,880 |
% of Total | 4.60% | 4.50% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Asset-backed securities | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,867,650 | 1,634,758 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 10,312 | 18,798 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 14,945 | 5,194 |
Estimated Fair Value | $ 1,863,017 | $ 1,648,362 |
% of Total | 4.80% | 4.30% |
Other-than-temporary impairments in AOCI | $ 275 | $ 275 |
Commercial Mortgage Backed Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,282,015 | 1,285,594 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 8,403 | 22,627 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 16,884 | 4,834 |
Estimated Fair Value | $ 1,273,534 | $ 1,303,387 |
% of Total | 3.30% | 3.40% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
US Treasury and Government [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,500,703 | 1,953,436 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 6,359 | 12,089 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 94,653 | 21,933 |
Estimated Fair Value | $ 1,412,409 | $ 1,943,592 |
% of Total | 3.60% | 5.10% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
US States and Political Subdivisions Debt Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 889,218 | 647,727 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 36,410 | 59,997 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 13,637 | 4,296 |
Estimated Fair Value | $ 911,991 | $ 703,428 |
% of Total | 2.30% | 1.80% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Debt Security, Government, Non-US [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,220,697 | 3,254,695 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 98,574 | 154,507 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 42,020 | 8,075 |
Estimated Fair Value | $ 3,277,251 | $ 3,401,127 |
% of Total | 8.40% | 8.90% |
Other-than-temporary impairments in AOCI | $ 0 | $ 0 |
Nonredeemable Preferred Stock [Member] | Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 41,553 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 479 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2,226 | |
Estimated Fair Value | $ 39,806 | |
% of Total | 39.70% | |
Other equity securities | Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 61,288 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 479 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1,421 | |
Estimated Fair Value | $ 60,346 | |
% of Total | 60.30% |
Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 24,271,467 | $ 21,966,803 |
Available-for-sale Securities | 24,449,498 | 23,210,968 |
Collateral Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 67,899 | 72,542 |
Available-for-sale Securities | 69,792 | 75,622 |
Collateral Received Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 592,146 | 590,417 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | 19,263,724 | 15,584,296 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | $ 19,670,559 | $ 16,715,281 |
Investments (Exposure To Concentrations Of Credit Risk) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 24,271,467 | $ 21,966,803 |
Available-for-sale Securities | 24,449,498 | 23,210,968 |
Canadian Province Of Quebec Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 951,186 | 939,837 |
Available-for-sale Securities | 1,225,712 | 1,282,944 |
Canadian Province Of Ontario Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,158,326 | 1,119,337 |
Available-for-sale Securities | $ 1,833,972 | $ 1,917,996 |
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Available For Sale Securities Debt Maturities Amortized Cost | ||
Due in one year or less | $ 986,289 | |
Due after one year through five years | 7,797,732 | |
Due after five year through ten years | 9,311,737 | |
Due after ten years | 14,688,760 | |
Asset and mortgage-backed securities | 4,966,614 | |
Total | 37,751,132 | $ 35,281,412 |
Available For Sale Securities Debt Maturities Fair Value | ||
Due in one year or less | 993,352 | |
Due after one year through five years | 7,888,116 | |
Due after five year through ten years | 9,407,186 | |
Due after ten years | 15,799,245 | |
Asset and mortgage-backed securities | 4,917,313 | |
Total | $ 39,005,212 | $ 38,150,820 |
Investments (Amortized Cost and Fair Value of Fixed Maturity Holdings by Industry Type) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 24,271,467 | $ 21,966,803 |
Estimated Fair Value | $ 24,449,498 | $ 23,210,968 |
% of Total | 100.00% | 100.00% |
Financial Services Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 8,561,885 | $ 7,977,885 |
Estimated Fair Value | $ 8,564,254 | $ 8,362,774 |
% of Total | 35.10% | 36.10% |
Commercial and Industrial Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 12,632,502 | $ 11,535,166 |
Estimated Fair Value | $ 12,753,024 | $ 12,199,333 |
% of Total | 52.10% | 52.50% |
Utility Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 3,077,080 | $ 2,453,752 |
Estimated Fair Value | $ 3,132,220 | $ 2,648,861 |
% of Total | 12.80% | 11.40% |
Investments (Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance, beginning of period | $ 3,677 | $ 3,677 | $ 3,677 | $ 6,013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 0 | 0 | 0 | (2,336) |
Balance, end of period | $ 3,677 | $ 3,677 | $ 3,677 | $ 3,677 |
Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity and Equity Securities) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 653,083 | $ 116,993 |
% of Total | 100.00% | 100.00% |
Less than 20% | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 640,481 | $ 113,466 |
% of Total | 98.10% | 97.00% |
20% or more for less than six months | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 309 | $ 689 |
% of Total | 0.00% | 0.60% |
20% or more for six months or greater | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 12,293 | $ 2,838 |
% of Total | 1.90% | 2.40% |
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
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 | $ 14,519,974 | $ 4,565,273 |
Gross Unrealized Losses - Less than 12 months | 410,779 | 40,239 |
Estimated Fair Value - 12 months or greater | 3,874,370 | 2,738,393 |
Gross Unrealized Losses - 12 months or greater | 242,304 | 73,107 |
Estimated Fair Value | 18,394,344 | 7,303,666 |
Gross Unrealized Losses | 653,083 | 113,346 |
Equity securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 5,902 | |
Gross Unrealized Losses - Less than 12 months | 1,024 | |
Estimated Fair Value - 12 months or greater | 73,722 | |
Gross Unrealized Losses - 12 months or greater | 2,623 | |
Estimated Fair Value | 79,624 | |
Gross Unrealized Losses | 3,647 | |
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 | 682,541 | 225,474 |
Gross Unrealized Losses - Less than 12 months | 30,048 | 3,450 |
Estimated Fair Value - 12 months or greater | 86,297 | 93,723 |
Gross Unrealized Losses - 12 months or greater | 7,729 | 7,559 |
Estimated Fair Value | 768,838 | 319,197 |
Gross Unrealized Losses | 37,777 | 11,009 |
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 | 13,837,433 | 4,339,799 |
Gross Unrealized Losses - Less than 12 months | 380,731 | 36,789 |
Estimated Fair Value - 12 months or greater | 3,788,073 | 2,644,670 |
Gross Unrealized Losses - 12 months or greater | 234,575 | 65,548 |
Estimated Fair Value | 17,625,506 | 6,984,469 |
Gross Unrealized Losses | 615,306 | 102,337 |
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 | 539,521 | 194,879 |
Gross Unrealized Losses - Less than 12 months | 23,955 | 3,317 |
Estimated Fair Value - 12 months or greater | 77,675 | 75,731 |
Gross Unrealized Losses - 12 months or greater | 7,296 | 6,933 |
Estimated Fair Value | 617,196 | 270,610 |
Gross Unrealized Losses | 31,251 | 10,250 |
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 | 10,117,970 | 1,886,212 |
Gross Unrealized Losses - Less than 12 months | 303,926 | 17,099 |
Estimated Fair Value - 12 months or greater | 1,290,804 | 1,009,750 |
Gross Unrealized Losses - 12 months or greater | 81,236 | 28,080 |
Estimated Fair Value | 11,408,774 | 2,895,962 |
Gross Unrealized Losses | 385,162 | 45,179 |
Canadian and Canadian provincial governments | 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 | 1,995 |
Gross Unrealized Losses - Less than 12 months | 162 | 20 |
Estimated Fair Value - 12 months or greater | 0 | 0 |
Gross Unrealized Losses - 12 months or greater | 0 | 0 |
Estimated Fair Value | 2,328 | 1,995 |
Gross Unrealized Losses | 162 | 20 |
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 | 58,816 | 18,688 |
Gross Unrealized Losses - Less than 12 months | 1,211 | 91 |
Estimated Fair Value - 12 months or greater | 107,167 | 111,560 |
Gross Unrealized Losses - 12 months or greater | 2,736 | 1,596 |
Estimated Fair Value | 165,983 | 130,248 |
Gross Unrealized Losses | 3,947 | 1,687 |
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 | 0 |
Gross Unrealized Losses - Less than 12 months | 0 | 0 |
Estimated Fair Value - 12 months or greater | 1,102 | 1,369 |
Gross Unrealized Losses - 12 months or greater | 20 | 22 |
Estimated Fair Value | 1,102 | 1,369 |
Gross Unrealized Losses | 20 | 22 |
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 | 931,044 | 566,699 |
Gross Unrealized Losses - Less than 12 months | 23,339 | 5,852 |
Estimated Fair Value - 12 months or greater | 528,739 | 224,439 |
Gross Unrealized Losses - 12 months or greater | 27,063 | 6,004 |
Estimated Fair Value | 1,459,783 | 791,138 |
Gross Unrealized Losses | 50,402 | 11,856 |
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 | 0 | 0 |
Gross Unrealized Losses - Less than 12 months | 0 | 0 |
Estimated Fair Value - 12 months or greater | 1,110 | 1,489 |
Gross Unrealized Losses - 12 months or greater | 52 | 53 |
Estimated Fair Value | 1,110 | 1,489 |
Gross Unrealized Losses | 52 | 53 |
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 | 680,900 | 434,274 |
Gross Unrealized Losses - Less than 12 months | 8,650 | 2,707 |
Estimated Fair Value - 12 months or greater | 262,544 | 168,524 |
Gross Unrealized Losses - 12 months or greater | 6,243 | 2,434 |
Estimated Fair Value | 943,444 | 602,798 |
Gross Unrealized Losses | 14,893 | 5,141 |
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 | 555,716 | 220,401 |
Gross Unrealized Losses - Less than 12 months | 8,304 | 1,914 |
Estimated Fair Value - 12 months or greater | 207,943 | 103,269 |
Gross Unrealized Losses - 12 months or greater | 8,580 | 2,920 |
Estimated Fair Value | 763,659 | 323,670 |
Gross Unrealized Losses | 16,884 | 4,834 |
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 | 197,114 | 800,298 |
Gross Unrealized Losses - Less than 12 months | 3,913 | 6,177 |
Estimated Fair Value - 12 months or greater | 1,002,661 | 767,197 |
Gross Unrealized Losses - 12 months or greater | 90,740 | 15,756 |
Estimated Fair Value | 1,199,775 | 1,567,495 |
Gross Unrealized Losses | 94,653 | 21,933 |
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 | 261,456 | 43,510 |
Gross Unrealized Losses - Less than 12 months | 6,722 | 242 |
Estimated Fair Value - 12 months or greater | 90,649 | 68,666 |
Gross Unrealized Losses - 12 months or greater | 6,915 | 4,054 |
Estimated Fair Value | 352,105 | 112,176 |
Gross Unrealized Losses | 13,637 | 4,296 |
Debt Security, Government, Non-US [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 | 140,692 | 28,600 |
Gross Unrealized Losses - Less than 12 months | 5,931 | 113 |
Estimated Fair Value - 12 months or greater | 6,410 | 15,134 |
Gross Unrealized Losses - 12 months or greater | 361 | 551 |
Estimated Fair Value | 147,102 | 43,734 |
Gross Unrealized Losses | 6,292 | 664 |
Debt Security, Government, Non-US [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 | 1,034,417 | 369,717 |
Gross Unrealized Losses - Less than 12 months | 24,666 | 2,707 |
Estimated Fair Value - 12 months or greater | 297,566 | 191,265 |
Gross Unrealized Losses - 12 months or greater | 11,062 | 4,704 |
Estimated Fair Value | 1,331,983 | 560,982 |
Gross Unrealized Losses | $ 35,728 | 7,411 |
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 | 82 | |
Gross Unrealized Losses - Less than 12 months | 1 | |
Estimated Fair Value - 12 months or greater | 26,471 | |
Gross Unrealized Losses - 12 months or greater | 2,225 | |
Estimated Fair Value | 26,553 | |
Gross Unrealized Losses | 2,226 | |
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 | 5,820 | |
Gross Unrealized Losses - Less than 12 months | 1,023 | |
Estimated Fair Value - 12 months or greater | 47,251 | |
Gross Unrealized Losses - 12 months or greater | 398 | |
Estimated Fair Value | 53,071 | |
Gross Unrealized Losses | $ 1,421 |
Investments (Investment Income Net of Related Expenses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | $ 596,035 | $ 576,317 | $ 1,684,151 | $ 1,646,934 |
Investment expense | (23,293) | (19,399) | (67,019) | (57,114) |
Investment income, net of related expenses | 572,742 | 556,918 | 1,617,132 | 1,589,820 |
Available-for-sale Securities [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 378,669 | 359,157 | 1,121,496 | 1,039,392 |
Equity securities | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 1,319 | 942 | 3,710 | 3,296 |
Mortgage Loans on Real Estate [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 54,424 | 50,040 | 155,083 | 138,829 |
Policy loans | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 14,730 | 15,404 | 44,285 | 45,870 |
Funds withheld at interest | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 108,232 | 102,144 | 270,094 | 327,089 |
Short-term Investments [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 3,067 | 1,977 | 9,276 | 5,266 |
Other invested assets | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | $ 35,594 | $ 46,653 | $ 80,207 | $ 87,192 |
Investments (Investment Related Gains (Losses) Net) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Investments [Abstract] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 10,705 | $ 390 | $ 14,055 | $ 20,980 |
Investment Gains And Losses [Abstract] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | 889 | 0 | 889 |
Gain on investment activity | (20,040) | (19,512) | (52,146) | (91,611) |
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | (37,880) | (7,593) | (94,194) | (26,577) |
Available-for-sale Equity Securities, Gross Unrealized Gain | 3,932 | 10 | 4,429 | 24 |
Available-for-sale Equity Securities, Gross Unrealized Loss | (174) | (85) | (1,124) | (4,135) |
Gain (Loss) on Sale of Equity Investments | 3,539 | 0 | (7,564) | 0 |
Other impairment losses and change in mortgage loan provision | (6,566) | (2,446) | (8,235) | (9,220) |
Derivatives and other, net | 7,797 | 14,534 | 37,538 | 109,637 |
Total investment related gains (losses), net | $ (20,017) | $ 22,653 | $ (31,059) | $ 139,471 |
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Securities Loaned, Fair Value of Collateral | $ 102,489 | $ 121,551 |
Securities Received as Collateral | 112,000 | 128,000 |
Securities for Reverse Repurchase Agreements | 408,679 | 413,819 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 400,515 | 417,550 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 353,650 | 358,875 |
Securities Loaned, Fair Value of Collateral | 101,965 | 117,246 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 370,323 | 377,820 |
Securities for Reverse Repurchase Agreements | $ 404,905 | $ 428,344 |
Investments (Securities Pledged as Collateral Related to Repurchase Reverse Repurchase Program) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | $ 102,489 | $ 121,551 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 404,905 | 428,344 |
Obligation to Return Securities Received as Collateral | 507,394 | 549,895 |
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 541,411 | 576,786 |
SecuredBorrowingsGrossDifferenceAmount | 34,017 | 26,891 |
Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 1,131 |
Obligation to Return Securities Received as Collateral | 0 | 1,131 |
Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 312 |
Obligation to Return Securities Received as Collateral | 0 | 312 |
Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 404,905 | 426,901 |
Obligation to Return Securities Received as Collateral | 507,394 | 548,452 |
Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 102,489 | 121,551 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 132,228 | 184,646 |
Corporate Debt Securities [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 312 |
Corporate Debt Securities [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 102,489 | 121,551 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 132,228 | 184,334 |
US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 220,765 | |
US Government Agencies Debt Securities [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Government Agencies Debt Securities [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Government Agencies Debt Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Government Agencies Debt Securities [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 220,765 | |
US Treasury and Government [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 219,906 | |
US Treasury and Government [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Treasury and Government [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Treasury and Government [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | |
US Treasury and Government [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 219,906 | |
Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 52,771 | 21,802 |
Debt Security, Government, Non-US [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 52,771 | 21,802 |
Other Debt Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 1,131 |
Other Debt Obligations [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 1,131 |
Other Debt Obligations [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Other Debt Obligations [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Other Debt Obligations [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | $ 0 | $ 0 |
Investments (Mortgage Loans by Property Type) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|---|---|
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 4,794,226 | $ 4,413,171 | ||||
Percentage of total | 100.00% | 100.00% | ||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ (4,786) | $ (3,254) | ||||
Allowance for Loan and Lease Losses, Real Estate | (10,366) | $ (9,706) | (9,384) | $ (9,137) | $ (8,156) | $ (7,685) |
Mortgage loans on real estate (net of allowances of $10,366 and $9,384) | 4,779,074 | 4,400,533 | ||||
Apartment | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 543,917 | $ 510,052 | ||||
Percentage of total | 11.30% | 11.60% | ||||
Retail | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 1,365,157 | $ 1,270,676 | ||||
Percentage of total | 28.50% | 28.80% | ||||
Office building | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 1,633,887 | $ 1,487,392 | ||||
Percentage of total | 34.10% | 33.60% | ||||
Industrial | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 983,553 | $ 938,612 | ||||
Percentage of total | 20.50% | 21.30% | ||||
Other commercial | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 267,712 | $ 206,439 | ||||
Percentage of total | 5.60% | 4.70% |
Investments (Mortgage Loans by Maturity Date) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 4,794,226 | $ 4,413,171 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Due within five years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 1,216,241 | $ 1,091,066 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 25.40% | 24.80% |
Due after five years through ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,738,400 | $ 2,516,872 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 57.10% | 57.00% |
Due after ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 839,585 | $ 805,233 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 17.50% | 18.20% |
Investments (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 4,794,226 | $ 4,413,171 |
Loans Receivable, Gross, Commercial, Construction | $ 25,724 | $ 9,686 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,279,405 | $ 2,206,208 |
Loans Receivable, Gross, Commercial, Construction | $ 25,724 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 47.60% | 50.00% |
LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 1,846,868 | $ 1,608,078 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 38.50% | 36.40% |
LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 533,075 | $ 431,274 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 11.10% | 9.80% |
LTV 80 to 100 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 134,878 | $ 167,611 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 9,686 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 2.80% | 3.80% |
Debt Service Coverage Ratio Range One [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 4,307,296 | $ 4,182,753 |
Debt Service Coverage Ratio Range One [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 2,146,401 | 2,148,428 |
Debt Service Coverage Ratio Range One [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,666,525 | 1,517,029 |
Debt Service Coverage Ratio Range One [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 386,137 | 396,446 |
Debt Service Coverage Ratio Range One [Member] | LTV 80 to 100 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 108,233 | 120,850 |
Debt Service Coverage Ratio Range Two [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 274,833 | 151,281 |
Debt Service Coverage Ratio Range Two [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 63,794 | 53,979 |
Debt Service Coverage Ratio Range Two [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 117,726 | 47,128 |
Debt Service Coverage Ratio Range Two [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 70,884 | 19,461 |
Debt Service Coverage Ratio Range Two [Member] | LTV 80 to 100 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 22,429 | 30,713 |
Debt Service Coverage Ratio Range Three [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 186,373 | 69,451 |
Debt Service Coverage Ratio Range Three [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 43,486 | 3,801 |
Debt Service Coverage Ratio Range Three [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 62,617 | 43,921 |
Debt Service Coverage Ratio Range Three [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 76,054 | 15,367 |
Debt Service Coverage Ratio Range Three [Member] | LTV 80 to 100 Percent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 4,216 | $ 6,362 |
Investments (Age Analysis of Past Due Recorded Investments) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 19,156 |
Financing Receivable, Recorded Investment, Current | 4,794,226 | 4,394,015 |
Loans Receivable, Gross, Commercial, Real Estate | 4,794,226 | 4,413,171 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 17,100 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 2,056 |
Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Mortgage Loans: | ||
Total mortgage loans | $ 4,794,226 | $ 4,413,171 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | ||
Mortgage loans on real estate (net of valuation allowances) | 4,779,074 | 4,400,533 |
Commercial Real Estate Portfolio Segment [Member] | ||
Mortgage Loans: | ||
Evaluated individually for credit losses | 30,629 | 5,858 |
Evaluated collectively for credit losses | 4,763,597 | 4,407,313 |
Total mortgage loans | 4,794,226 | 4,413,171 |
Valuation Allowances: | ||
Specific for credit losses | 0 | 0 |
Non-specifically identified credit losses | 10,366 | 9,384 |
Total valuation allowances | $ 10,366 | $ 9,384 |
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Allowance For Loan And Lease Losses Roll Forward | ||||
Balance, Beginning of Period | $ 9,706 | $ 8,156 | $ 9,384 | $ 7,685 |
Provision (release) | 656 | 977 | 986 | 1,444 |
Allowance for Loan and Lease Losses, Foreign Currency Translation | 4 | 4 | (4) | 8 |
Balance, End of Period | $ 10,366 | $ 9,137 | $ 10,366 | $ 9,137 |
Investments (Impaired Mortgage Loans) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
||||
Financing Receivable Impaired [Line Items] | ||||||||
Unpaid Principal Balance | $ 30,660 | $ 30,660 | $ 6,427 | |||||
Recorded Investment | 30,629 | 30,629 | 5,858 | |||||
Related Allowance | 0 | 0 | 0 | |||||
Carrying Value | 30,629 | 30,629 | 5,858 | |||||
Average Investment | [1] | 30,641 | $ 3,967 | 22,641 | $ 3,062 | |||
Interest Income | 346 | 33 | 650 | 100 | ||||
Impaired mortgage loans with valuation allowance recorded | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Unpaid Principal Balance | 0 | 0 | 0 | |||||
Recorded Investment | 0 | 0 | 0 | |||||
Related Allowance | 0 | 0 | 0 | |||||
Carrying Value | 0 | 0 | 0 | |||||
Average Investment | [1] | 0 | 0 | 0 | 0 | |||
Interest Income | 0 | 0 | 0 | 0 | ||||
Impaired mortgage loans with no valuation allowance recorded | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Unpaid Principal Balance | 30,660 | 30,660 | 6,427 | |||||
Recorded Investment | 30,629 | 30,629 | 5,858 | |||||
Related Allowance | 0 | 0 | 0 | |||||
Carrying Value | 30,629 | 30,629 | $ 5,858 | |||||
Average Investment | [1] | 30,641 | 3,967 | 22,641 | 3,062 | |||
Interest Income | $ 346 | $ 33 | $ 650 | $ 100 | ||||
|
Investments (Other Invested Assets) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Other invested assets | $ 1,706,979 | $ 1,505,332 |
Equity Release Mortgages [Member] | ||
Other invested assets | 383,450 | 219,940 |
Limited Partner [Member] | ||
Other invested assets | 924,006 | 781,124 |
Derivatives | ||
Other invested assets | 101,124 | 137,613 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Other invested assets | 212,315 | 218,541 |
Other | ||
Other invested assets | $ 86,084 | $ 148,114 |
Investments (Narrative) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
securities
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
securities
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
securities
|
|
Investment Narrative [Line Items] | |||||
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | $ 28,900 | $ 28,900 | $ 31,200 | ||
Net Amount Assets Liabilities From Repurchase Reverse Repurchase Agreements | 400 | 400 | $ 1,100 | ||
Proceeds From Sale Of Available For Sale Securities Sold At Loss | 1,345,300 | $ 479,700 | 3,783,300 | $ 1,604,700 | |
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | $ 37,880 | 7,593 | $ 94,194 | 26,577 | |
Policy Loans Percent Of Total Investments | 2.50% | 2.50% | 2.60% | ||
Mortgage Loan Percent Of Cash And Invested Assets | 9.00% | 9.00% | 8.50% | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 2,866 | 2,866 | 1,116 | ||
Securities As Percentage Of Consolidated Stockholder Equity | 10.00% | 10.00% | |||
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 | 11.30% | 11.30% | 11.80% | ||
Funds withheld at interest | $ 5,976,301 | $ 5,976,301 | $ 6,083,388 | ||
Funds Held Under Reinsurance Agreements Asset Specific Client | $ 3,900,000 | $ 3,900,000 | |||
Other Invested Assets Percent Of Cash And Invested Assets | 3.20% | 3.20% | 2.90% | ||
ProceedsFromSaleOfAvailableForSaleEquitySecuritiesSoldAtLoss | $ 3,100 | 5,000 | $ 31,500 | 166,700 | |
Available-for-sale Equity Securities, Gross Unrealized Loss | $ 174 | $ 85 | $ 1,124 | $ 4,135 | |
CALIFORNIA | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 18.80% | 18.80% | |||
TEXAS | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 10.00% | 10.00% | |||
GEORGIA | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 7.50% | 7.50% | |||
CANADA | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 2.60% | 2.60% |
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivative [Line Items] | ||
Notional Amount | $ 17,380,622 | $ 15,904,127 |
Carrying Value / Fair Value of Assets | 307,303 | 320,724 |
Derivative Liability, Fair Value, Gross Liability | 937,691 | 1,058,727 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 15,574,135 | 14,243,031 |
Carrying Value / Fair Value of Assets | 252,115 | 254,252 |
Derivative Liability, Fair Value, Gross Liability | 911,275 | 1,022,122 |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 1,074,173 | 996,204 |
Carrying Value / Fair Value of Assets | 37,238 | 59,809 |
Derivative Liability, Fair Value, Gross Liability | 1,818 | 2,372 |
Not Designated as Hedging Instrument | Financial Futures | ||
Derivative [Line Items] | ||
Notional Amount | 347,916 | 412,438 |
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 | 0 | 6,030 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 28 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 409,023 | 221,932 |
Carrying Value / Fair Value of Assets | 127 | 0 |
Derivative Liability, Fair Value, Gross Liability | 2,836 | 2,160 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,373,300 | 961,200 |
Carrying Value / Fair Value of Assets | 6,759 | 8,319 |
Derivative Liability, Fair Value, Gross Liability | 114 | 1,651 |
Not Designated as Hedging Instrument | Equity Options | ||
Derivative [Line Items] | ||
Notional Amount | 571,845 | 632,251 |
Carrying Value / Fair Value of Assets | 19,372 | 23,271 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Longevity Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 928,320 | 960,400 |
Carrying Value / Fair Value of Assets | 46,090 | 40,659 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Mortality Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 25,000 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 308 | 1,683 |
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 | 142,529 | 122,194 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
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 | 815,970 | 861,758 |
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 | 90,229 | 152,470 |
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 10,844,558 | 10,052,576 |
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 | 1,806,487 | 1,661,096 |
Carrying Value / Fair Value of Assets | 55,188 | 66,472 |
Derivative Liability, Fair Value, Gross Liability | 26,416 | 36,605 |
Designated As Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 435,000 | 435,000 |
Carrying Value / Fair Value of Assets | 99 | 0 |
Derivative Liability, Fair Value, Gross Liability | 20,579 | 20,389 |
Designated As Hedging Instrument | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional Amount | 834,238 | 553,175 |
Carrying Value / Fair Value of Assets | 8,948 | 1,265 |
Derivative Liability, Fair Value, Gross Liability | 2,067 | 7,720 |
Designated As Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 537,249 | 672,921 |
Carrying Value / Fair Value of Assets | 46,141 | 65,207 |
Derivative Liability, Fair Value, Gross Liability | $ 3,770 | $ 8,496 |
Derivative Instruments (Derivative Instruments Offsetting Balance Sheet) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Derivative Assets [Abstract] | |||||||||||
Derivative Fair Value Of Free Standing Derivative Asset | $ 164,774 | $ 198,530 | |||||||||
Gross Amounts Offset in the Balance Sheet | (17,560) | (20,258) | |||||||||
Net Amounts Presented in the Balance Sheet | 147,214 | 178,272 | |||||||||
Derivative Asset, Fair Value of Collateral | [1] | 0 | (862) | ||||||||
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | [2] | (159,194) | (185,900) | ||||||||
Net Amount | (11,980) | (8,490) | |||||||||
Derivative Liabilities [Abstract] | |||||||||||
Derivative Fair Value Of Free Standing Derivative Liability | 31,492 | 44,499 | |||||||||
Gross Amounts Offset in the Balance Sheet | (17,560) | (20,258) | |||||||||
Net Amounts Presented in the Balance Sheet | 13,932 | 24,241 | |||||||||
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments | [3] | (61,293) | (58,156) | ||||||||
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | [4] | (13,400) | (22,221) | ||||||||
Net Amount | $ (60,761) | $ (56,136) | |||||||||
|
Derivative Instruments Derivative Instruments (Fair Value Hedge Attributable to Foreign Currency) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ (2,258) | $ 2,100 | $ (5,284) | $ 9,541 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ 2,832 | $ (2,100) | $ 9,666 | $ (9,541) |
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (29,043) | $ (347) | $ (22,656) | $ (7,690) | $ (29,043) | $ (347) | $ (2,619) | $ 2,496 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 6,671 | (6,889) | 26,586 | 3,689 | ||||
Investment Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (50) | (271) | (270) | (704) | ||||
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 | (183) | 0 | (142) | ||||
Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (234) | $ 0 | $ 108 | $ 0 |
Derivative Instruments (Cash Flow Hedges) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 6,671 | $ (6,889) | $ 26,586 | $ 3,689 | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 29,043 | 347 | $ 22,656 | $ 7,690 | 29,043 | 347 | $ 2,619 | $ (2,496) |
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 | 183 | 0 | 142 | ||||
Investment Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 50 | 271 | 270 | 704 | ||||
Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 234 | 0 | (108) | 0 | ||||
Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 7,490 | (8,421) | 27,217 | (6,205) | ||||
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 | 0 | 0 | 0 | 0 | ||||
Interest Rate Swap [Member] | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 234 | 0 | (108) | 0 | ||||
Currency Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (819) | 1,544 | (631) | 9,894 | ||||
Currency 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 | ||||
Currency Swap [Member] | Investment Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 50 | 230 | 270 | 560 | ||||
Currency Swap [Member] | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | 0 | $ 0 | 0 | ||||
Forward Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (12) | 0 | ||||||
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 | 183 | 142 | ||||||
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 | 41 | 144 | ||||||
Forward Contracts [Member] | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 |
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||
Derivatives, Fair Value [Line Items] | |||||||||
Net Derivatives Gains (Losses) Deferred in AOCI | [1],[2] | $ (17,439) | $ (30,571) | $ 22,862 | $ (51,938) | ||||
Currency Swap [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Net Derivatives Gains (Losses) Deferred in AOCI | [1],[2] | (5,877) | (35,198) | 11,125 | (60,723) | ||||
Foreign Exchange Forward [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Net Derivatives Gains (Losses) Deferred in AOCI | [1],[2] | $ (11,562) | $ 4,627 | $ 11,737 | $ 8,785 | ||||
|
Derivative Instruments (Non Hedging Derivatives and Embedded Derivatives Effect on Income Statement) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | $ (20,017) | $ 22,653 | $ (31,059) | $ 139,471 |
Policy acquisition costs and other insurance expenses | (310,639) | (365,424) | (987,817) | (1,064,645) |
Interest credited | 143,292 | 126,099 | 333,068 | 349,068 |
Other revenues | 112,764 | 75,942 | 272,020 | 218,091 |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | (25,258) | (8,961) | (58,883) | (28,125) |
Not Designated as Hedging Instrument | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (20,553) | (5,255) | 30,217 | 59,757 |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (12,228) | 641 | (47,399) | 12,318 |
Not Designated as Hedging Instrument | Financial Futures | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (6,544) | (8,890) | (7,312) | (28,107) |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (58) | 24 | 3 | 577 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (4,223) | 220 | (996) | 211 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 4,689 | 4,137 | 5,371 | 15,374 |
Not Designated as Hedging Instrument | Equity Options | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (9,793) | (8,295) | (15,207) | (34,757) |
Not Designated as Hedging Instrument | Longevity Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Other revenues | 2,426 | 3,334 | 6,983 | 7,180 |
Not Designated as Hedging Instrument | Mortality Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Other revenues | 473 | (132) | (326) | (921) |
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 | (2,081) | 23,044 | 20,335 | 106,854 |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Interest credited | (25,347) | 13,133 | 6,523 | 35,490 |
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 | $ 32,133 | $ (6,205) | $ 62,242 | $ 16,518 |
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
||||||||
Credit Derivatives [Line Items] | |||||||||
Credit Derivative Current Fair Value | [1] | $ 6,642 | $ 7,572 | ||||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,153,300 | $ 951,300 | ||||||
Derivative Average Remaining Maturity | [1],[3] | 3 years | 3 years 5 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] | $ 2,470 | $ 3,128 | ||||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 152,000 | $ 162,000 | ||||||
Derivative Average Remaining Maturity | [1],[3] | 2 years 6 months | 2 years 11 months | ||||||
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member] | |||||||||
Credit Derivatives [Line Items] | |||||||||
Credit Derivative Current Fair Value | [1] | $ 2,470 | $ 3,128 | ||||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 152,000 | $ 162,000 | ||||||
Derivative Average Remaining Maturity | [1],[3] | 2 years 6 months | 2 years 11 months | ||||||
Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member] | |||||||||
Credit Derivatives [Line Items] | |||||||||
Credit Derivative Current Fair Value | [1] | $ 4,220 | $ 4,469 | ||||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 343,700 | $ 361,700 | ||||||
Derivative Average Remaining Maturity | [1],[3] | 2 years 5 months | 2 years 11 months | ||||||
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | |||||||||
Credit Derivatives [Line Items] | |||||||||
Credit Derivative Current Fair Value | [1] | $ (80) | $ (55) | ||||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 642,600 | $ 422,600 | ||||||
Derivative Average Remaining Maturity | [1],[3] | 3 years 5 months | 4 years | ||||||
Standard Poors BBB Rating [Member] | Credit Default Subtotal [Member] | |||||||||
Credit Derivatives [Line Items] | |||||||||
Credit Derivative Current Fair Value | [1] | $ 4,140 | $ 4,414 | ||||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 986,300 | $ 784,300 | ||||||
Derivative Average Remaining Maturity | [1],[3] | 3 years 1 month | 3 years 6 months | ||||||
Standard & Poor's, BB Rating [Member] | |||||||||
Credit Derivatives [Line Items] | |||||||||
Derivative Average Remaining Maturity | [1],[2] | 1 year | 1 year 6 months | ||||||
Standard & Poor's, BB Rating [Member] | Single Name Credit Default Swaps [Member] | |||||||||
Credit Derivatives [Line Items] | |||||||||
Credit Derivative Current Fair Value | [1] | $ 32 | $ 30 | ||||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | 15,000 | 5,000 | ||||||
Standard & Poor's, BB Rating [Member] | Credit Default Subtotal [Member] | |||||||||
Credit Derivatives [Line Items] | |||||||||
Credit Derivative Current Fair Value | [1] | 32 | 30 | ||||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 15,000 | $ 5,000 | ||||||
|
Derivative Instruments (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||||
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | $ (25,258) | $ (8,961) | $ (58,883) | $ (28,125) |
Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | (2,081) | 23,044 | 20,335 | 106,854 |
Derivative, Gain (Loss) on Derivative, Net | (1,320) | 7,515 | 11,517 | 36,300 |
Embedded Derivatives In Equity Indexed Annuities [Member] | ||||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | (25,347) | (13,133) | 6,523 | (35,490) |
Derivative, Gain (Loss) on Derivative, Net | (17,311) | (9,737) | (6,808) | (38,059) |
Embedded Derivatives In Variable Annuity Contracts [Member] | ||||
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items] | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 32,133 | (6,205) | 62,242 | 16,518 |
Derivative, Gain (Loss) on Derivative, Net | $ 9,463 | $ (1,074) | $ 33,061 | $ 30,785 |
Derivative Instruments (Credit Exposure of Derivative Contracts) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Credit Exposure of Derivative Contracts | |||||||||||||
Estimated fair value of derivatives in net asset (liability) position | $ 133,590 | $ 155,714 | |||||||||||
Derivative, Collateral, Right to Reclaim Cash | [1] | 13,400 | 22,221 | ||||||||||
Derivative Liability, Fair Value of Collateral | [2] | 61,293 | 58,156 | ||||||||||
Derivative, Collateral, Obligation to Return Cash | [3] | (159,194) | (185,900) | ||||||||||
Derivative Asset, Fair Value of Collateral | [4] | 0 | (862) | ||||||||||
Deposits with Clearing Organizations and Others, Securities | [2] | (61,293) | (58,156) | ||||||||||
Net credit exposure | (12,204) | (8,827) | |||||||||||
Margin account related to exchange-traded futures | [5] | $ 8,348 | $ 6,538 | ||||||||||
|
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges | $ 136.5 | $ 113.7 |
Investment Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0.2 | |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1.9 |
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 |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $ 39,005,212 | $ 38,150,820 |
Non Redeemable Preferred Stock Equity Method Investments Fair Value Disclosure | 39,806 | |
Equity Method Investments, Fair Value Disclosure | 101,069 | 60,346 |
Funds withheld at interest embedded derivatives | 142,529 | 122,194 |
Cash and cash equivalents | 657,280 | 356,788 |
Short-term investments | 186,051 | 50,746 |
Investments, Fair Value Disclosure | 313,439 | 356,154 |
Other Assets, Fair Value Disclosure | 46,090 | 40,659 |
Assets, Fair Value Disclosure | 40,451,670 | 39,177,513 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 906,199 | 1,014,228 |
Liabilities Fair Value Disclosure | ||
Financial Liabilities Fair Value Disclosure | 920,131 | 1,038,469 |
Interest Rate Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 29,106 | 51,359 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (14,166) | (14,311) |
Foreign Currency Forwards | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 6,881 | 730 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (7,213) | |
Consumer Price Index Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | (13) | (221) |
Liabilities Fair Value Disclosure | ||
Other liabilities | (2,696) | (1,939) |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 212,315 | 218,541 |
Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 5,961 | 5,908 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (684) | (760) |
Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 16,818 | 16,932 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (2,554) | (6,339) |
Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 42,371 | 62,905 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (6,194) | |
Mortality Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | (308) | (1,683) |
Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 24,449,498 | 23,210,968 |
Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 4,036,750 | 4,220,076 |
Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,780,762 | 1,719,880 |
Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,863,017 | 1,648,362 |
Assets, Fair Value Disclosure | 64,475 | 0 |
Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,273,534 | 1,303,387 |
US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,412,409 | 1,943,592 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 911,991 | 703,428 |
Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 3,277,251 | 3,401,127 |
Fair Value Inputs Level 1 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,284,932 | 1,818,006 |
Non Redeemable Preferred Stock Equity Method Investments Fair Value Disclosure | 39,806 | |
Equity Method Investments, Fair Value Disclosure | 57,584 | 60,346 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 657,280 | 354,071 |
Short-term investments | 5,957 | 0 |
Investments, Fair Value Disclosure | 211,253 | 217,618 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 2,217,006 | 2,489,847 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 |
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 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | |
Fair Value Inputs Level 1 Member | Consumer Price Index 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 | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 211,253 | 217,618 |
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 | |
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 | 0 | 0 |
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 | 1,284,932 | 1,818,006 |
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 | Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 2 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 35,792,145 | 34,098,204 |
Non Redeemable Preferred Stock Equity Method Investments Fair Value Disclosure | 0 | |
Equity Method Investments, Fair Value Disclosure | 0 | 0 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 0 | 2,717 |
Short-term investments | 177,891 | 47,650 |
Investments, Fair Value Disclosure | 102,186 | 138,536 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 36,072,222 | 34,287,107 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Financial Liabilities Fair Value Disclosure | 13,624 | 22,558 |
Fair Value Inputs Level 2 Member | Interest Rate Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 29,106 | 51,359 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (14,166) | (14,311) |
Fair Value Inputs Level 2 Member | Foreign Currency Forwards | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 6,881 | 730 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (7,213) | |
Fair Value Inputs Level 2 Member | Consumer Price Index Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | (13) | (221) |
Liabilities Fair Value Disclosure | ||
Other liabilities | (2,696) | (1,939) |
Fair Value Inputs Level 2 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 1,062 | 923 |
Fair Value Inputs Level 2 Member | Credit Default Swaps | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 5,961 | 5,908 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (684) | (760) |
Fair Value Inputs Level 2 Member | Equity Option [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 16,818 | 16,932 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (2,554) | (6,339) |
Fair Value Inputs Level 2 Member | Currency Swap [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 42,371 | 62,905 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (6,194) | |
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 | 23,193,563 | 21,873,696 |
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 3,488,008 | 3,626,134 |
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,780,762 | 1,611,998 |
Fair Value Inputs Level 2 Member | Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,780,250 | 1,524,888 |
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,271,752 | 1,300,153 |
Fair Value Inputs Level 2 Member | US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 107,225 | 103,075 |
Fair Value Inputs Level 2 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 898,346 | 662,225 |
Fair Value Inputs Level 2 Member | Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 3,272,239 | 3,396,035 |
Fair Value Inputs Level 3 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,928,135 | 2,234,610 |
Non Redeemable Preferred Stock Equity Method Investments Fair Value Disclosure | 0 | |
Equity Method Investments, Fair Value Disclosure | 43,485 | 0 |
Funds withheld at interest embedded derivatives | 142,529 | 122,194 |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 2,203 | 3,096 |
Investments, Fair Value Disclosure | 0 | 0 |
Other Assets, Fair Value Disclosure | 46,090 | 40,659 |
Assets, Fair Value Disclosure | 2,162,442 | 2,400,559 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 906,199 | 1,014,228 |
Liabilities Fair Value Disclosure | ||
Financial Liabilities Fair Value Disclosure | 906,507 | 1,015,911 |
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 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | |
Fair Value Inputs Level 3 Member | Consumer Price Index 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 | 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 | |
Fair Value Inputs Level 3 Member | Mortality Swap [Member] | ||
Liabilities Fair Value Disclosure | ||
Other liabilities | (308) | (1,683) |
Fair Value Inputs Level 3 Member | Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,255,935 | 1,337,272 |
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 548,742 | 593,942 |
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 107,882 |
Fair Value Inputs Level 3 Member | Asset-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 82,767 | 123,474 |
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,782 | 3,234 |
Fair Value Inputs Level 3 Member | US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 20,252 | 22,511 |
Fair Value Inputs Level 3 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 13,645 | 41,203 |
Fair Value Inputs Level 3 Member | Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $ 5,012 | $ 5,092 |
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] $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Description | 0 | 88674 |
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
---|---|---|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 40,451,670 | $ 39,177,513 |
Corporate Debt Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 630,328 | $ 173,579 |
Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.05 | 0.02 |
Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.00 | 0.00 |
Asset-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 64,475 | $ 0 |
Asset-backed securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.00 |
Asset-backed securities | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.00 |
Asset-backed securities | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.00 | 0.00 |
Longevity Swap [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 46,090 | $ 40,659 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 20,252 | $ 22,511 |
US Government Agencies Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.00 | 0.00 |
US States and Political Subdivisions Debt Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 0 | $ 4,616 |
US States and Political Subdivisions Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.00 | 0.01 |
US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.00 | 0.01 |
US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.00 | 0.01 |
Debt Security, Corporate, Non-US [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.00 |
Debt Security, Corporate, Non-US [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.00 |
Debt Security, Corporate, Non-US [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.00 |
Foreign Government Debt [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 5,012 | $ 0 |
Equity securities | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 33,074 | $ 0 |
Equity securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.00 |
Equity securities | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.00 |
Equity securities | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.00 |
Funds Withheld At Interest Embedded Derivatives [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 142,529 | $ 122,194 |
Embedded Derivatives In Indexed Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 815,970 | $ 861,758 |
Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.04 |
Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Embedded Derivatives In Variable Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 90,229 | $ 152,470 |
Mortality Swap [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 308 | $ 1,683 |
Measurement Input, Mortality Rate [Member] | Longevity Swap [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.02 | 0.02 |
Measurement Input, Mortality Rate [Member] | Longevity Swap [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 1.00 | 1.00 |
Measurement Input, Mortality Rate [Member] | Longevity Swap [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.00 | 0.00 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 1.00 | 1.00 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.00 | 0.00 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 1.00 | 1.00 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.00 | 0.00 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.01 | 0.01 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 1.00 | 1.00 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.00 | 0.00 |
Measurement Input, Mortality Rate [Member] | Mortality Swap [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Measurement Input, Mortality Rate [Member] | Mortality Swap [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 1.00 | 1.00 |
Measurement Input, Mortality Rate [Member] | Mortality Swap [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.00 | 0.00 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.09 | 0.09 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.35 | 0.35 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.00 | 0.00 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.09 | 0.09 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.35 | 0.35 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.00 | 0.00 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.25 | 0.25 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.00 | 0.00 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.03 | 0.03 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.00 | 0.00 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.03 | 0.03 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.00 | 0.00 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.03 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.07 | 0.07 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.00 | 0.00 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.01 | 0.01 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.00 | 0.00 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.01 | 0.01 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.00 | 0.00 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.13 | 0.08 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.27 | 0.27 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.00 | 0.00 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.04 | 0.04 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 6.9 | 0 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 7.5 | 0 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 5.9 | 0 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 7.9 | 0 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 12.3 | 0 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 6.9 | 0 |
Measurement Input Mortality Improvement [Member] | Longevity Swap [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.03 | 0.03 |
Measurement Input Mortality Improvement [Member] | Longevity Swap [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.10 | 0.10 |
Measurement Input Mortality Improvement [Member] | Longevity Swap [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | (0.10) | (0.10) |
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 | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||||||
Corporate Debt Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | $ 1,367,154 | $ 1,291,054 | $ 1,337,272 | $ 1,272,253 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (4,858) | (2,700) | (35,532) | (2,300) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 123,808 | [1] | 107,670 | [1] | 379,476 | 257,671 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (62,047) | [1] | (26,337) | [1] | 79,316 | 49,511 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (101,868) | [1] | (88,551) | [1] | 245,342 | 234,552 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 2,782 | 3,844 | 9,948 | 35,042 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (69,119) | (12,973) | 106,847 | 12,973 | ||||||
Fair Value, end of period | 1,255,935 | 1,272,020 | 1,255,935 | 1,272,020 | ||||||
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 | (156) | (383) | (822) | (1,202) | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (180) | (394) | (845) | (1,213) | ||||||
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 | 239 | 396 | (2,902) | 7,592 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1,430) | (4,571) | (2,788) | |||||||
Canadian Provincial Governments [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | 572,698 | 533,270 | 593,942 | 475,965 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (27,476) | (11,365) | (55,632) | 39,669 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] | 0 | 0 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | [1] | 0 | 0 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | [1] | 0 | [1] | 0 | 0 | [1] | |||
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 | 548,742 | 525,365 | 548,742 | 525,365 | ||||||
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 | 3,520 | 3,460 | 10,432 | 9,731 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 3,520 | 3,460 | 10,432 | 9,731 | ||||||
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 | 0 | 0 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||||||
Residential mortgage-backed securities | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | 54,839 | 148,685 | 107,882 | 160,291 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | 104 | (1,782) | 2,716 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 26,765 | [1] | 45,328 | 72,582 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | (3,553) | [1] | 4,961 | 18,624 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (3) | [1] | (3,645) | [1] | 4,538 | 15,084 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 15 | 3,031 | 5,515 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (54,838) | (50,390) | 145,140 | 89,621 | ||||||
Fair Value, end of period | 0 | 117,995 | 0 | 117,995 | ||||||
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 | 3 | (30) | (132) | (304) | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | (27) | 0 | (155) | ||||||
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 | 0 | 44 | 312 | 524 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | (346) | |||||||
Asset-backed securities | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | 70,686 | 201,589 | 123,474 | 219,280 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (130) | (101) | (821) | 6,802 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 11,099 | [1] | 0 | [1] | 22,099 | 45,215 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (462) | [1] | 0 | [1] | 462 | 0 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (24,166) | [1] | (15,243) | [1] | 46,449 | 60,966 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 64,009 | 36,994 | 68,977 | 75,752 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (38,915) | (78,202) | 86,163 | 142,575 | ||||||
Fair Value, end of period | 82,767 | 145,197 | 82,767 | 145,197 | ||||||
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 | 20 | 160 | 202 | 1,689 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 13 | 156 | 187 | 556 | ||||||
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 | 626 | 0 | 1,910 | 0 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | |||||||
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 | 16,505 | 34,434 | 41,203 | 41,666 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (544) | (208) | 46 | (228) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] | 0 | 0 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (37) | [1] | 35 | [1] | 158 | 309 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 9,859 | 7,295 | 9,859 | 7,295 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (12,144) | 0 | 37,309 | 6,844 | ||||||
Fair Value, end of period | 13,645 | 41,512 | 13,645 | 41,512 | ||||||
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 | 6 | 26 | 4 | (68) | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 6 | 26 | 3 | (68) | ||||||
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 | |||||||||
Debt Security, Government, Non-US [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | 5,044 | 5,092 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (32) | (80) | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | [1] | 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 | 5,012 | 5,012 | ||||||||
Debt Security, Government, Non-US [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 | ||||||||
Foreign Government Debt [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | 11,994 | 12,869 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (7) | (210) | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 495 | 495 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 672 | |||||||
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 | 6,853 | 6,853 | ||||||||
Fair Value, end of period | 5,628 | 5,628 | ||||||||
Foreign Government Debt [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 | (1) | (1) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1) | (1) | ||||||||
Foreign Government Debt [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 | |||||||||
US Government Agencies Debt Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | 20,735 | 23,567 | 22,511 | 24,488 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (122) | 6 | (635) | 269 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 120 | [1] | 134 | [1] | 334 | 370 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (374) | [1] | 340 | [1] | 1,634 | 1,528 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | |||||||
Fair Value, end of period | 20,252 | 23,251 | 20,252 | 23,251 | ||||||
US Government Agencies 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 | (107) | (116) | (324) | (348) | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (107) | (116) | (325) | (348) | ||||||
US Government Agencies 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 | |||||||||
Commercial Mortgage Backed Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | 1,867 | 1,943 | 3,234 | 21,145 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 7 | 5 | (56) | (57) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | [1] | 0 | [1] | 0 | 0 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 3,720 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1) | [1] | 1 | [1] | 4 | 5,403 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 1,752 | 0 | 1,752 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (1,843) | 0 | 3,144 | 10,132 | ||||||
Fair Value, end of period | 1,782 | 1,947 | 1,782 | 1,947 | ||||||
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 | 0 | 0 | 0 | 709 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | ||||||
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 | (595) | |||||||||
ERROR in label resolution. | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
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 | |||||||||
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 | 144,610 | 61,281 | 122,194 | (22,529) | ||||||
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 | |||||||
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 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||||
Fair Value, end of period | 142,529 | 84,325 | 142,529 | 84,325 | ||||||
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 | (2,081) | 23,044 | 20,335 | 106,854 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (2,081) | 23,044 | 20,335 | 106,854 | ||||||
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 | 0 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 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 | ||||||
Longevity Swap [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | 43,971 | 33,349 | 40,659 | 26,958 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (307) | 1,144 | (1,552) | 3,689 | ||||||
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 | |||||||
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 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||||
Fair Value, end of period | 46,090 | 37,827 | 46,090 | 37,827 | ||||||
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 | 0 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 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 | 2,426 | 3,334 | 6,983 | 7,180 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 2,426 | 3,334 | 6,983 | 7,180 | ||||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | [1] | 0 | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | |||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | (928,797) | (974,631) | (1,014,228) | (990,308) | ||||||
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] | (4,231) | (18,736) | (16,946) | (51,276) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 20,044 | 21,809 | 56,210 | 63,047 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||||
Fair Value, end of period | (906,199) | (989,940) | (906,199) | (989,940) | ||||||
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 | (32,133) | 10,047 | (62,242) | (9,005) | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (30,433) | 11,900 | (56,808) | (2,934) | ||||||
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 | (25,348) | (8,335) | 6,523 | (20,408) | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 45,393 | 30,145 | 49,688 | 83,456 | ||||||
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, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | [1] | 0 | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | |||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | 782 | 1,552 | 1,683 | 2,462 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | 1 | 1 | 1 | ||||||
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, Settlements | [1] | 0 | 0 | 1,700 | 1,700 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||||
Fair Value, end of period | (308) | (1,683) | (308) | (1,683) | ||||||
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 | 0 | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 0 | 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 | (473) | 132 | 326 | 922 | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (473) | 132 | (326) | 922 | ||||||
Equity securities | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | 42,937 | 0 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 863 | 13,111 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 5,847 | 6,416 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 48 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 38,905 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||||||
Fair Value, end of period | 43,485 | 43,485 | ||||||||
Equity 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 | 5,532 | (2,067) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 2,178 | (5,527) | ||||||||
Equity 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 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||||||||
Equity securities | 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 | ||||||||
ERROR in label resolution. | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Fair Value, beginning of period | 3,217 | 3,548 | 3,096 | 3,346 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 47 | (3) | 1 | 1 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,721 | [1] | 3,164 | [1] | 2,202 | 3,520 | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [1] | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | [1] | (114) | [1] | 314 | (272) | [1] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 2,782 | 3,236 | 2,782 | 3,236 | ||||||
Fair Value, end of period | 2,203 | 3,359 | 2,203 | 3,359 | ||||||
ERROR in label resolution. | 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 | ||||||
ERROR in label resolution. | 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 | ||||||
ERROR in label resolution. | 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 | ||||||
|
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 | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||||||||
Partnership Interest [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value Assets Carrying Value Prior To Impairment | [1] | $ 2,246 | $ 4,656 | |||||||||
Fair Value Assets Gains Losses | $ (1,860) | [1] | $ (896) | (1,860) | [1] | (7,204) | [1] | |||||
Private Equity Funds [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value Assets Carrying Value Prior To Impairment | [2] | 0 | 106 | |||||||||
Fair Value Assets Gains Losses | [2] | $ 0 | $ (531) | $ 0 | $ (531) | |||||||
|
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 |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Dec. 31, 2016 |
||||
---|---|---|---|---|---|---|---|---|
Assets | ||||||||
Mortgage loans on real estate (net of valuation allowances) | $ 4,779,074 | $ 4,400,533 | ||||||
Policy loans | 1,320,050 | 1,357,624 | ||||||
Funds withheld at interest | 5,976,301 | 6,083,388 | ||||||
Cash and cash equivalents | 1,730,489 | 1,303,524 | $ 1,204,590 | $ 1,200,718 | ||||
Short-term investments | 229,928 | 93,304 | ||||||
Other invested assets | 1,706,979 | 1,505,332 | ||||||
Accrued investment income | 455,296 | 392,721 | ||||||
Liabilities | ||||||||
Interest-sensitive contract liabilities | 16,751,379 | 16,227,642 | ||||||
Long-term debt | 2,787,975 | 2,788,365 | ||||||
Collateral finance and securitization notes | 710,792 | 783,938 | ||||||
Reported Value Measurement [Member] | ||||||||
Assets | ||||||||
Mortgage loans on real estate (net of valuation allowances) | [1] | 4,779,074 | 4,400,533 | |||||
Policy loans | [1] | 1,320,050 | 1,357,624 | |||||
Funds withheld at interest | [1] | 5,833,925 | 5,955,092 | |||||
Cash and cash equivalents | [1] | 1,073,209 | 946,736 | |||||
Short-term investments | [1] | 43,877 | 42,558 | |||||
Other invested assets | [1] | 842,626 | 651,792 | |||||
Accrued investment income | [1] | 455,296 | 392,721 | |||||
Liabilities | ||||||||
Interest-sensitive contract liabilities | [1] | 13,319,348 | 12,683,872 | |||||
Long-term debt | [1] | 2,787,975 | ||||||
Debt, Long-term and Short-term, Combined Amount | [1] | 2,788,365 | ||||||
Collateral finance and securitization notes | [1] | 710,792 | 783,938 | |||||
Estimate of Fair Value Measurement [Member] | ||||||||
Assets | ||||||||
Mortgage loans on real estate (net of valuation allowances) | 4,652,481 | 4,477,654 | ||||||
Policy loans | 1,320,050 | 1,357,624 | ||||||
Funds withheld at interest | 6,040,671 | 6,275,623 | ||||||
Cash and cash equivalents | 1,073,209 | 946,736 | ||||||
Short-term investments | 43,877 | 42,558 | ||||||
Other invested assets | 839,280 | 679,377 | ||||||
Accrued investment income | 455,296 | 392,721 | ||||||
Liabilities | ||||||||
Interest-sensitive contract liabilities | 13,113,427 | [1] | 12,917,243 | |||||
Long-term Debt, Fair Value | 2,850,344 | |||||||
Debt, Long-term and Short-term, Combined Amount | 2,959,912 | |||||||
Collateral finance and securitization notes | 652,380 | 722,145 | ||||||
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 | 0 | 0 | ||||||
Cash and cash equivalents | 1,073,209 | 946,736 | ||||||
Short-term investments | 43,877 | 42,558 | ||||||
Other invested assets | 5,618 | 28,540 | ||||||
Accrued investment income | 0 | 0 | ||||||
Liabilities | ||||||||
Interest-sensitive contract liabilities | 0 | 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 | 1,320,050 | 1,357,624 | ||||||
Funds withheld at interest | 0 | 0 | ||||||
Cash and cash equivalents | 0 | 0 | ||||||
Short-term investments | 0 | 0 | ||||||
Other invested assets | 71,401 | 67,778 | ||||||
Accrued investment income | 455,296 | 392,721 | ||||||
Liabilities | ||||||||
Interest-sensitive contract liabilities | 0 | 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) | 4,652,481 | 4,477,654 | ||||||
Policy loans | 0 | 0 | ||||||
Funds withheld at interest | 6,040,671 | 6,275,623 | ||||||
Cash and cash equivalents | 0 | 0 | ||||||
Short-term investments | 0 | 0 | ||||||
Other invested assets | 382,284 | 247,934 | ||||||
Accrued investment income | 0 | 0 | ||||||
Liabilities | ||||||||
Interest-sensitive contract liabilities | 13,113,427 | 12,917,243 | ||||||
Long-term Debt, Fair Value | 2,850,344 | |||||||
Debt, Long-term and Short-term, Combined Amount | 2,959,912 | |||||||
Collateral finance and securitization notes | 652,380 | 722,145 | ||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||||||||
Assets | ||||||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | ||||||
Policy loans | 0 | 0 | ||||||
Funds withheld at interest | 0 | 0 | ||||||
Cash and cash equivalents | 0 | 0 | ||||||
Short-term investments | 0 | 0 | ||||||
Other invested assets | 379,977 | 335,125 | ||||||
Accrued investment income | 0 | 0 | ||||||
Liabilities | ||||||||
Interest-sensitive contract liabilities | 0 | 0 | ||||||
Long-term Debt, Fair Value | 0 | |||||||
Debt, Long-term and Short-term, Combined Amount | 0 | |||||||
Collateral finance and securitization notes | $ 0 | $ 0 | ||||||
|
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Narrative) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Equity securities | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 38,905 |
Segment Information (Total Revenues of Reportable Segments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 3,227,531 | $ 3,145,310 | $ 9,597,146 | $ 9,283,326 |
Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,838,638 | 1,785,553 | 5,335,779 | 5,367,576 |
CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 308,130 | 293,525 | 947,514 | 850,883 |
EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 448,723 | 438,013 | 1,403,861 | 1,255,413 |
Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 594,202 | 578,592 | 1,817,099 | 1,683,787 |
Corporate and Other [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 37,838 | 49,627 | 92,893 | 125,667 |
Life Insurance Product Line [Member] | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,547,790 | 1,521,383 | 4,601,631 | 4,532,584 |
Life Insurance Product Line [Member] | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 295,962 | 281,095 | 910,480 | 814,643 |
Life Insurance Product Line [Member] | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 357,059 | 360,972 | 1,123,379 | 1,024,978 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 578,035 | 561,660 | 1,763,094 | 1,628,419 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 290,848 | 264,170 | 734,148 | 834,992 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 12,168 | 12,430 | 37,034 | 36,240 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 91,664 | 77,041 | 280,482 | 230,435 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 16,167 | $ 16,932 | $ 54,005 | $ 55,368 |
Segment Information (Income Loss Before Provision for Income Tax of Reportable Segments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
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 | $ 322,661 | $ 340,162 | $ 707,874 | $ 887,321 |
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 | 203,401 | 249,630 | 428,080 | 580,755 |
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 | 22,795 | 33,261 | 75,042 | 93,442 |
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 | 74,575 | 46,374 | 200,997 | 132,527 |
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 | 62,213 | 26,335 | 152,121 | 132,594 |
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 | (40,323) | (15,438) | (148,366) | (51,997) |
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 | 116,328 | 160,512 | 191,198 | 281,066 |
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 | 21,149 | 28,789 | 66,661 | 80,953 |
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 | 18,370 | 15,421 | 40,259 | 40,751 |
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 | 62,007 | 26,564 | 143,756 | 121,574 |
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 | 87,073 | 89,118 | 236,882 | 299,689 |
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 | 1,646 | 4,472 | 8,381 | 12,489 |
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 | 56,205 | 30,953 | 160,738 | 91,776 |
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 | $ 206 | $ (229) | $ 8,365 | $ 11,020 |
Segment Information (Total Assets of Reportable Segments) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 62,972,642 | $ 60,514,818 |
Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 38,400,622 | 34,562,629 |
CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,356,425 | 4,287,824 |
EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 8,158,746 | 8,374,488 |
Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,494,776 | 6,114,027 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,562,073 | 7,175,850 |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 19,148,790 | 18,603,423 |
Life Insurance Product Line [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,210,051 | 4,161,452 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,573,449 | 3,099,495 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,312,822 | 4,915,442 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 19,251,832 | 15,959,206 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 146,374 | 126,372 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,585,297 | 5,274,993 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 1,181,954 | $ 1,198,585 |
Commitments, Contingencies and Guarantees (Commitments to Fund Investments) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Limited Partner [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 578,944 | $ 485,197 |
Commercial Loan [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 120,571 | 40,815 |
Bank Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 101,992 | 60,472 |
Equity Release Mortgages [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 213,459 | $ 153,937 |
Commitments, Contingencies and Guarantees (Maximum Potential Obligation) (Details) $ in Millions |
Sep. 30, 2018
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 | 450.0 |
Commitment Period Two Thousand Thirty Four [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,000.0 |
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 | 1,932.0 |
Commitment Period Two Thousand Thirty Seven [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 6,750.0 |
Commitment Period Two Thousand Thirty Eight [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 800.0 |
Commitments, Contingencies and Guarantees (Guarantees Issued) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Insurance Treaty Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 1,073,184 | $ 1,047,449 |
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 966,099 | 926,393 |
Guarantee Of Borrowed Securities [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 276,190 | 294,325 |
Product Financing Arrangement [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 69,221 | 86,183 |
Guarantee Of Lease Obligations [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 881 | $ 1,662 |
Income Tax (Provision for Income Tax Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 67,759 | $ 119,057 | $ 148,654 | $ 310,562 | |
Tax Adjustments, Settlements, and Unusual Provisions | 664 | 0 | (2,685) | 0 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (58,949) | 0 | (59,139) | 0 | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 7,537 | (3,635) | 8,795 | (14,049) | |
Income Tax Reconciliation Foreign Income Tax Basis Differential | (2,371) | 2,126 | (9,264) | (14,633) | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (5,334) | (2,501) | 5,357 | 11,627 | |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | 1,851 | 299 | 650 | (873) | |
Income Tax Reconciliation Change In Foreign Enacted Tax Rate | (166) | (1,139) | 30 | (2,332) | |
Income Tax Reconciliation SubpartF | (99) | 64 | 211 | 1,390 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | (544) | 1,230 | (1,003) | (834) | |
Effective Income Tax Rate Reconciliation Global Intangible Low Taxed Income | 7,624 | 0 | 11,916 | 0 | |
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount | 817 | 2,762 | 5,067 | 7,226 | $ 10,500 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 4,213 | 452 | 4,108 | 133 | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 94 | (620) | (492) | (1,737) | |
Income Tax Expense (Benefit) | $ 21,462 | $ 112,571 | $ 102,071 | $ 282,028 | |
Effective Income Tax Rate Reconciliation, Percent | 6.70% | 33.10% | 14.40% | 31.80% |
Income Tax Income Tax (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 2,573 | $ 156,400 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 58,949 | $ 0 | $ 59,139 | $ 0 |
Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3,106 | $ 2,699 | $ 9,330 | $ 8,098 |
Interest cost | 1,341 | 1,314 | 4,028 | 3,943 |
Expected return on plan assets | (1,884) | (1,554) | (5,651) | (4,662) |
Amortization of prior service cost | 82 | 85 | 247 | 254 |
Amortization of prior actuarial loss | 929 | 1,081 | 2,792 | 3,244 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 256 | 0 | 769 |
Total | 3,574 | 3,881 | 10,746 | 11,646 |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 999 | 465 | 2,271 | 1,907 |
Interest cost | 680 | 459 | 1,739 | 1,589 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | (328) | (675) | (986) | (986) |
Amortization of prior actuarial loss | 937 | 580 | 1,933 | 1,494 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 | 0 |
Total | $ 2,288 | $ 829 | $ 4,957 | $ 4,004 |
Reinsurance (Ceded Reinsurance Receivable Assets) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 769,324 | $ 782,027 |
Reinsurance Recoverables, Percentage of Total | 100.00% | 100.00% |
Other Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 117,942 | $ 127,808 |
Reinsurance Recoverables, Percentage of Total | 15.30% | 16.20% |
AM Best, A+ Rating [Member] | Reinsurer A [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 303,942 | $ 301,478 |
Reinsurance Recoverables, Percentage of Total | 39.50% | 38.60% |
AM Best, A+ Rating [Member] | Reinsurer B [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 203,702 | $ 203,898 |
Reinsurance Recoverables, Percentage of Total | 26.50% | 26.10% |
AM Best, A+ Rating [Member] | Reinsurer D [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 41,049 | $ 40,528 |
Reinsurance Recoverables, Percentage of Total | 5.30% | 5.20% |
AM Best, A Rating [Member] | Reinsurer C [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 67,599 | $ 67,723 |
Reinsurance Recoverables, Percentage of Total | 8.80% | 8.70% |
AM Best, A++ Rating [Member] | Reinsurer E [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 35,090 | $ 40,592 |
Reinsurance Recoverables, Percentage of Total | 4.60% | 5.20% |
Reinsurance (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Ceded Credit Risk [Line Items] | ||
Reinsurance Claims Recoverables | $ 269.1 | $ 243.8 |
Claims Recoverable From Retrocessionaires Past Due | $ 6.7 | $ 1.9 |
AM Best, A- Rating [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Credit Risk, Disclosure | “A- (excellent)” | “A- (excellent)” |
AM Best, B++ Rating [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Credit Risk, Disclosure | B++ |
Financing Activities (Details) - Revolving Credit Facility [Member] $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Covenant Terms | five year term |
Line of Credit Facility, Maximum Borrowing Capacity | $ 850.0 |
Line of Credit Facility, Borrowing Capacity, Description | The Company may borrow cash and may obtain letters of credit in multiple currencies under this facility. |
New Accounting Standards New Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Accounting Changes and Error Corrections [Abstract] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 2,573 | $ 156,400 | |||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | 17,700 | ||||
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount | $ 817 | $ 2,762 | $ 5,067 | $ 7,226 | 10,500 |
Contractual Obligation | $ 38,200 |
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