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Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Investments [Abstract]  
Schedule of Fixed Maturity Securities
At September 30, 2020 and December 31, 2019, the amortized cost and fair value of fixed maturity securities were as follows:
Amortized
Cost (1)		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
(Dollars in thousands)
September 30, 2020
Fixed maturity securities, available for sale:
United States Government full faith and credit$36,251 $2,488 $— $— $38,739 
United States Government sponsored agencies1,024,434 51,216 (672)— 1,074,978 
United States municipalities, states and territories3,265,276 545,676 (5,866)— 3,805,086 
Foreign government obligations187,036 22,605 (408)— 209,233 
Corporate securities29,367,052 4,324,910 (181,627)(53,045)33,457,290 
Residential mortgage backed securities1,503,212 124,849 (3,767)(1,221)1,623,073 
Commercial mortgage backed securities5,498,757 190,102 (202,723)(7,353)5,478,783 
Other asset backed securities6,250,597 111,812 (348,848)— 6,013,561 
$47,132,615 $5,373,658 $(743,911)$(61,619)$51,700,743 
December 31, 2019
Fixed maturity securities, available for sale:
United States Government full faith and credit$161,492 $369 $(96)$— $161,765 
United States Government sponsored agencies601,672 28,133 (4,785)— 625,020 
United States municipalities, states and territories4,147,343 388,578 (8,250)— 4,527,671 
Foreign government obligations186,993 18,103 — — 205,096 
Corporate securities29,822,172 2,796,926 (82,259)— 32,536,839 
Residential mortgage backed securities1,477,738 101,617 (3,691)— 1,575,664 
Commercial mortgage backed securities5,591,167 208,895 (13,783)— 5,786,279 
Other asset backed securities6,250,369 90,978 (179,191)— 6,162,156 
$48,238,946 $3,633,599 $(292,055)$— $51,580,490 
(1) Amortized cost excludes accrued interest receivable of $434.3 million as of September 30, 2020.
Schedule of Fixed Maturity Securities by Contractual Maturity Date
The amortized cost and fair value of fixed maturity securities at September 30, 2020, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and other asset backed securities provide for periodic payments throughout their lives and are shown below as separate lines.
Available for sale
Amortized
Cost		Fair Value
(Dollars in thousands)
Due in one year or less$407,503 $412,652 
Due after one year through five years7,578,015 8,011,902 
Due after five years through ten years9,199,283 10,132,126 
Due after ten years through twenty years9,565,038 11,525,282 
Due after twenty years7,130,210 8,503,364 
33,880,049 38,585,326 
Residential mortgage backed securities1,503,212 1,623,073 
Commercial mortgage backed securities5,498,757 5,478,783 
Other asset backed securities6,250,597 6,013,561 
$47,132,615 $51,700,743 
Schedule of Components of Net Unrealized Gains on Available for Sale Fixed Maturity Securities Reported as Separate Component of Stockholders' Equity
Net unrealized gains on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following:
September 30, 2020December 31, 2019
(Dollars in thousands)
Net unrealized gains on available for sale fixed maturity securities$4,627,144 $3,341,544 
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements(1,982,110)(1,473,966)
Deferred income tax valuation allowance reversal22,534 22,534 
Deferred income tax expense(555,457)(392,191)
Net unrealized gains reported as accumulated other comprehensive income$2,112,111 $1,497,921 
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation
The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated:
September 30, 2020December 31, 2019
NAIC
Designation		Amortized CostFair ValueAmortized CostFair Value
(Dollars in thousands)
1$25,857,683 $28,981,733 $27,781,525 $30,122,657 
218,973,077 20,682,645 19,278,355 20,316,911 
31,844,263 1,684,689 1,001,087 977,191 
4300,794 248,133 114,497 112,534 
581,869 80,048 57,952 45,205 
674,929 23,495 5,530 5,992 
$47,132,615 $51,700,743 $48,238,946 $51,580,490 
Schedule of Gross Unrealized Losses on Investments, By Category and Length of Time
The following table shows our investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities (consisting of 1,344 and 1,033 securities, respectively) have been in a continuous unrealized loss position, at September 30, 2020 and December 31, 2019:
Less than 12 months12 months or moreTotal
Fair ValueUnrealized
Losses (1)		Fair ValueUnrealized
Losses (1)		Fair ValueUnrealized
Losses (1)
(Dollars in thousands)
September 30, 2020
Fixed maturity securities, available for sale:
United States Government sponsored agencies$800,010 $(672)$— $— $800,010 $(672)
United States municipalities, states and territories39,734 (5,865)436 (1)40,170 (5,866)
Foreign government obligations13,782 (408)— — 13,782 (408)
Corporate securities:
Finance, insurance and real estate325,056 (12,818)— — 325,056 (12,818)
Manufacturing, construction and mining131,180 (8,185)19,391 (1,734)150,571 (9,919)
Utilities and related sectors409,451 (57,131)38,992 (6,719)448,443 (63,850)
Wholesale/retail trade168,634 (16,412)81,245 (17,821)249,879 (34,233)
Services, media and other404,680 (52,252)230,903 (61,600)635,583 (113,852)
Residential mortgage backed securities208,953 (3,200)11,884 (1,788)220,837 (4,988)
Commercial mortgage backed securities1,954,977 (193,626)67,940 (16,450)2,022,917 (210,076)
Other asset backed securities1,646,816 (64,305)2,775,512 (284,543)4,422,328 (348,848)
$6,103,273 $(414,874)$3,226,303 $(390,656)$9,329,576 $(805,530)
December 31, 2019
Fixed maturity securities, available for sale:
United States Government full faith and credit$144,582 $(96)$— $— $144,582 $(96)
United States Government sponsored agencies168,732 (1,229)201,444 (3,556)370,176 (4,785)
United States municipalities, states and territories285,481 (8,173)3,081 (77)288,562 (8,250)
Corporate securities:
Finance, insurance and real estate267,521 (4,785)121,993 (4,744)389,514 (9,529)
Manufacturing, construction and mining161,633 (6,039)44,606 (3,951)206,239 (9,990)
Utilities and related sectors334,635 (7,730)51,269 (3,482)385,904 (11,212)
Wholesale/retail trade54,289 (1,751)129,364 (9,411)183,653 (11,162)
Services, media and other275,135 (6,135)316,086 (34,231)591,221 (40,366)
Residential mortgage backed securities212,404 (2,686)11,332 (1,005)223,736 (3,691)
Commercial mortgage backed securities602,394 (9,366)194,328 (4,417)796,722 (13,783)
Other asset backed securities752,413 (11,709)3,375,016 (167,482)4,127,429 (179,191)
$3,259,219 $(59,699)$4,448,519 $(232,356)$7,707,738 $(292,055)
(1) Unrealized losses have not been reduced to reflect the allowance for credit losses of $61.6 million as of September 30, 2020.
Schedule of Changes in Net Unrealized Gains/Losses on Investments
Changes in net unrealized gains/losses on investments for the three and nine months ended September 30, 2020 and 2019 are as follows:
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2020201920202019
(Dollars in thousands)
Fixed maturity securities available for sale carried at fair value$800,492 $990,481 $1,285,600 $3,891,291 
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs and deferred sales inducements(303,946)(245,044)(508,144)(1,750,390)
Deferred income tax asset/liability(104,274)(155,992)(163,266)(449,040)
(408,220)(401,036)(671,410)(2,199,430)
Change in net unrealized gains/losses on investments carried at fair value$392,272 $589,445 $614,190 $1,691,861 
Net Realized Gains (Losses) on Investments
Net realized gains (losses) on investments for the three and nine months ended September 30, 2020 and 2019, are as follows:
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2020201920202019
(Dollars in thousands)
Available for sale fixed maturity securities:
Gross realized gains$2,843 $6,164 $18,296 $12,590 
Gross realized losses(51)(1,586)(1,521)(5,667)
Credit losses (1)(25,923)— (82,335)— 
(23,131)4,578 (65,560)6,923 
Other investments:
Gross realized gains— — — 7,296 
Gross realized losses— — — (14,446)
— — — (7,150)
Mortgage loans on real estate:
Increase (decrease) in allowance for credit losses810 (250)(3,697)160 
Recovery of specific allowance— — 712 — 
810 (250)(2,985)160 
$(22,321)$4,328 $(68,545)$(67)
(1) Prior to adopting authoritative guidance effective January 1, 2020, credit losses on available for sale fixed maturity securities were classified as other than temporary impairments and reported in a separate line item in the Consolidated statements of operations. We recognized $0.1 million and $1.3 million, respectively, of other than temporary impairments during the three and nine months ended September 30, 2019.
Rollforward of Allowance for Credit Loss
The following table provides a rollforward of the allowance for credit loss:
Three Months Ended September 30, 2020
Corporate SecuritiesCommercial Mortgage Backed SecuritiesResidential Mortgage Backed SecuritiesOther Asset Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance $46,749 $2,660 $777 $— $50,186 
Additions for credit losses not previously recorded6,296 19,183 444 — 25,923 
Reduction for securities with credit losses due to intent to sell— (14,490)— — (14,490)
Ending balance$53,045 $7,353 $1,221 $— $61,619 
Nine Months Ended September 30, 2020
Corporate SecuritiesCommercial Mortgage Backed SecuritiesResidential Mortgage Backed SecuritiesOther Asset Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance (1)$— $— $— $— $— 
Additions for credit losses not previously recorded53,045 27,521 1,221 548 82,335 
Reduction for securities with credit losses due to intent to sell— (20,168)— (548)(20,716)
Ending balance$53,045 $7,353 $1,221 $— $61,619 
(1) The allowance for credit loss associated with available for sale fixed maturity securities was applied prospectively upon adoption of authoritative guidance effective January 1, 2020. See Note 1 for further details.
Other Than Temporary Impairment, Credit Losses Recognized in Earnings
The cumulative portion of other than temporary impairments determined to be credit losses which have been recognized in operations for debt securities are summarized as follows:
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
20192019
(Dollars in thousands)
Cumulative credit loss at beginning of period$(165,651)$(175,398)
Additions for the amount related to credit losses for which OTTI has not previously been recognized
— (998)
Additional credit losses on securities for which OTTI has previously been recognized
(101)(316)
Accumulated losses on securities that were disposed of during the period10,775 21,735 
Cumulative credit loss at end of period$(154,977)$(154,977)
Schedule of Other Than Temporary Impairment Losses, Investments
The following table summarizes the cumulative noncredit portion of OTTI and the change in fair value since recognition of OTTI, both of which were recognized in other comprehensive income, by major type of security, for securities that are part of our investment portfolio at December 31, 2019:
Amortized CostOTTI
Recognized in
Other
Comprehensive
Income (Loss)		Change in Fair
Value Since
OTTI was
Recognized		Fair Value
(Dollars in thousands)
December 31, 2019
Fixed maturity securities, available for sale:
Corporate securities$50,755 $(3,700)$9,268 $56,323 
Residential mortgage backed securities183,948 (145,446)172,577 211,079 
Commercial mortgage backed securities12,776 — (401)12,375 
Other asset backed securities977 — 261 1,238 
$248,456 $(149,146)$181,705 $281,015