Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2018

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):

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

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):

	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

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):

	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%)

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):

	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%)

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):

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.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

	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.

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.

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.