Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Summary of Derivative Instruments [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

				December 31, 2011						December 31, 2010
					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⁾			$	2,748,317	$	184,842	$	18,702	$	2,302,853	$	20,042	$	17,132
	Financial futures⁽¹⁾				277,814		--		--		210,295		--		--
	Foreign currency forwards⁽¹⁾				24,400		4,560		--		39,700		5,924		--
	Consumer Price index (“CPI”) swaps⁽¹⁾				101,069		766		--		120,340		1,491		--
	Credit default swaps⁽¹⁾				649,500		1,313		10,949		392,500		2,429		131
	Equity options⁽¹⁾				510,073		90,106		--		33,041		5,043		--
	Embedded derivatives in:
		Modified coinsurance or funds
			withheld arrangements⁽²⁾		--		--		361,456		--		--		274,220
		Indexed annuity products⁽³⁾			--		4,945		751,523		--		75,431		668,951
		Variable annuity products⁽³⁾			--		--		276,718		--		--		52,534
	Total non-hedging derivatives				4,311,173		286,532		1,419,348		3,098,729		110,360		1,012,968

Derivatives designated as
	hedging instruments:
	Interest rate swaps⁽¹⁾				56,250		133		960		21,783		--		1,718
	Foreign currency swaps⁽¹⁾				621,578		286		23,996		615,323		--		45,749
	Total hedging derivatives				677,828		419		24,956		637,106		--		47,467
Total derivatives				$	4,989,001	$	286,951	$	1,444,304	$	3,735,835	$	110,360	$	1,060,435

(1)		Carried on the Company’s consolidated balance sheets in other invested assets or other liabilities, at fair value.
(2)		Embedded liability is included on the consolidated balance sheets with the host contract in funds withheld at interest, at fair value.
(3)		Embedded liability is included on the consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. Embedded asset is included on the consolidated balance sheets in reinsurance ceded receivables.

Net Derivatives Gains Losses Recognized On Fair Value Derivatives And Related Hedged Items [Table Text Block]

Type of Fair Value Hedge	Hedged Item		Gains (Losses) Recognized for Derivatives		Gains (Losses) Recognized for Hedged Items		Ineffectiveness Recognized in Investment Related Gains (Losses)

For the year ended December 31, 2011:
Interest rate swaps	Fixed rate fixed maturities	$	(785)	$	1,402	$	617

For the year ended December 31, 2010:
Interest rate swaps	Fixed rate fixed maturities	$	(1,041)	$	1,599	$	558

For the year ended December 31, 2009:
Interest rate swaps	Fixed rate fixed maturities	$	1,566	$	(1,350)	$	216

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	2011
Accumulated other comprehensive income (loss), balance beginning of year	$	--
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges		(628)
Amounts reclassified to investment related gains (losses), net		--
Amounts reclassified to investment income		(200)
Accumulated other comprehensive income (loss), balance end of period	$	(828)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

Derivatives in Cash Flow Hedging Relationships	Amount of Gains (Losses) Deferred in AOCI on Derivatives		Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)				Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives
	(Effective Portion)		(Effective Portion)				(Ineffective Portion and Amounts Excluded from Effectiveness Testing)
			Investment Related Gains (Losses)		Investment Income		Investment Related Gains (Losses)		Investment Income
Interest rate swaps	$	(628)	$	--	$	200	$	--	$	--

Derivatives Hedging Instruments In Net Investment Hedging Relationships [Table Text Block]

		Derivative Gains (Losses) Deferred in AOCI
		For the year ended
Type of NIFO Hedge ^{(1) (2)}		2011		2010		2009

Foreign currency swaps		$	4,858	$	(41,302)	$	(8,102)

(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.

Changes In Estimated Fair Value Related To Embedded Derivatives [Table Text Block]

		2011		2010		2009
Embedded derivatives in modified coinsurance or funds withheld
	arrangements and variable annuity contracts included in investment
	related gains (losses)	$	(311,420)	$	131,488	$	331,091
After the associated amortization of DAC and taxes, the related
	amounts included in net income		(37,829)		23,786		(15,659)
Amounts related to embedded derivatives in equity-indexed annuities
	included in benefits and expenses		(114,921)		(44,988)		(71,222)
After the associated amortization of DAC and taxes, the related
	amounts included in net income		(55,915)		(26,265)		(51,806)

Derivative Instruments Gain Loss By Income Statement Location [Table Text Block]

Non-hedging Derivatives

A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2011, 2010 and 2009 is as follows (dollars in thousands):

					Gain (Loss) for the Years Ended December 31,
Type of Non-hedging Derivative			Income Statement Location of Gain (Loss)		2011		2010		2009
Interest rate swaps			Investment related gains (losses), net		$	178,338	$	68,736	$	(160,716)
Financial futures			Investment related gains (losses), net			(945)		(44,959)		(72,641)
Foreign currency forwards			Investment related gains (losses), net			1,675		3,387		2
CPI swaps			Investment related gains (losses), net			1,821		962		2,234
Credit default swaps			Investment related gains (losses), net			(63)		4,786		13,654
Equity options			Investment related gains (losses), net			7,818		(3,006)		--
Embedded derivatives in:
	Modified coinsurance or funds
		withheld arrangements	Investment related gains (losses), net			(87,236)		160,274		78,394
	Indexed annuity products		Policy acquisition costs and other insurance
				expenses		(24,551)		6,457		7,137
	Indexed annuity products		Interest credited			(90,370)		(51,445)		(78,359)
	Variable annuity products		Investment related gains (losses), net			(224,184)		(28,786)		252,697
Total non-hedging derivatives					$	(237,697)	$	116,406	$	42,402

Credit Risk [Table Text Block]

			December 31, 2011		December 31, 2010
Estimated fair value of derivatives in net asset (liability) position			$	227,399	$	(29,801)
	Securities pledged to counterparties as collateral⁽¹⁾			27,052		48,223
	Cash pledged from counterparties as collateral⁽²⁾			(241,480)		(10,300)
	Securities pledged from counterparties as collateral⁽³⁾			(997)		(1,781)
Net credit exposure			$	11,974	$	6,341

Margin account related to exchange-traded futures⁽²⁾			$	18,153	$	16,285

(1)		Consists of U.S. Treasury securities, included in other invested assets.
(2)		Included in cash and cash equivalents.
(3)		Consists of U.S. Treasury securities.

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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