Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value For Assets And Liabilities Measured At Fair Value On A Recurring Basis



	December 31, 2015
Financial Assets	Total		Level 1			Level 2			Level 3
Fixed maturity securities:
United States Government and government agencies and authorities	$	154,035	$	—		$	154,035		$	—
State, municipalities and political subdivisions	695,630		—			695,630			—
Foreign governments	562,250		944			561,306			—
Asset-backed	4,662		—			4,662			—
Commercial mortgage-backed	22,521		—			22,317			204
Residential mortgage-backed	998,514		—			998,514			—
Corporate	7,777,716		—			7,714,570			63,146
Equity securities:
Common stocks	19,664		18,981			683			—
Non-redeemable preferred stocks	480,393		—			478,143			2,250
Short-term investments	508,950		453,335		b	55,615		c	—
Other investments	253,708		62,076		a	189,407		c	2,225		d
Cash equivalents	908,936		907,248		b	1,688		c	—
Other assets	1,320		—			886		e	434		e
Assets held in separate accounts	1,750,556		1,570,000		a	180,556		c	—
Total financial assets	$	14,138,855	$	3,012,584		$	11,058,012		$	68,259

Financial Liabilities
Other liabilities	$	89,765	$	62,076	a	$	6	e	$	27,683	e
Liabilities related to separate accounts	1,750,556		1,570,000		a	180,556		c	—
Total financial liabilities	$	1,840,321	$	1,632,076		$	180,562		$	27,683



	December 31, 2014
Financial Assets	Total		Level 1			Level 2			Level 3
Fixed maturity securities:
United States Government and government agencies and authorities	$	176,842	$	—		$	176,842		$	—
State, municipalities and political subdivisions	769,841		—			769,841			—
Foreign governments	664,863		757			664,106			—
Asset-backed	5,519		—			5,519			—
Commercial mortgage-backed	46,016		—			45,613			403
Residential mortgage-backed	968,726		—			964,081			4,645
Corporate	8,631,367		—			8,527,092			104,275
Equity securities:
Common stocks	37,950		37,266			684			—
Non-redeemable preferred stocks	461,457		—			459,457			2,000
Short-term investments	345,246		266,980		b	78,266		c	—
Collateral held/pledged under securities agreements	74,985		67,783		b	7,202		c	—
Other investments	272,755		59,358		a	211,276		c	2,121		d
Cash equivalents	683,142		635,804		b	47,338		c	—
Other assets	1,674		—			867		e	807		e
Assets held in separate accounts	1,854,193		1,682,671		a	171,522		c	—
Total financial assets	$	14,994,576	$	2,750,619		$	12,129,706		$	114,251

Financial Liabilities
Other liabilities	$	84,660	$	59,358	a	$	69	e	$	25,233	e
Liabilities related to separate accounts	1,854,193		1,682,671		a	171,522		c	—
Total financial liabilities	$	1,938,853	$	1,742,029		$	171,591		$	25,233


a.	Mainly includes mutual funds.


b.	Mainly includes money market funds.


c.	Mainly includes fixed maturity securities.


d.	Mainly includes fixed maturity securities and other derivatives.


e.	Mainly includes derivatives.

Change In Balance Sheet Carrying Value Associated With Level 3 Financial Assets Carried At Fair Value

The following tables summarize the change in balance sheet carrying value associated with Level 3 financial assets and liabilities carried at fair value during the years ended December 31, 2015 and 2014:



	Year Ended December 31, 2015
	Balance, beginning of period			Total (losses) gains (realized/ unrealized) included in earnings (1)			Net unrealized (losses) gains included in other comprehensive income (2)			Purchases		Sales			Transfers in (3)		Transfers out (3)			Balance, end of period
Financial Assets
Fixed Maturity Securities
Commercial mortgage-backed	$	403		$	—		$	(11	)	$	—	$	(188	)	$	—	$	—		$	204
Residential mortgage-backed	4,645			1			(104		)	9,721		—			—		(14,263		)	—
Corporate	104,275			591			(3,620		)	6,523		(7,167		)	30,302		(67,758		)	63,146
Equity Securities
Non-redeemable preferred stocks	2,000			—			250			—		—			—		—			2,250
Other investments	2,121			34			(42		)	—		(124		)	236		—			2,225
Other assets	807			(373		)	—			—		—			—		—			434
Financial Liabilities
Other liabilities	(25,233		)	(2,450		)	—			77		(77		)	—		—			(27,683		)
Total level 3 assets and liabilities	$	89,018		$	(2,197	)	$	(3,527	)	$	16,321	$	(7,556	)	$	30,538	$	(82,021	)	$	40,576



	Year Ended December 31, 2014
	Balance, beginning of period			Total (losses) gains (realized/ unrealized) included in earnings (1)			Net unrealized (losses) gains included in other comprehensive income (2)			Purchases			Sales			Transfers in (3)		Transfers out (3)			Balance, end of period
Financial Assets
Fixed Maturity Securities
States, municipalities and political subdivisions	$	22,657		$	—		$	—		$	—		$	—		$	—	$	(22,657	)	$	—
Foreign governments	16,857			(2		)	18			—			—			—		(16,873		)	—
Commercial mortgage-backed	598			—			(18		)	—			(177		)	—		—			403
Residential mortgage-backed	4,167			—			(78		)	4,723			—			—		(4,167		)	4,645
Corporate	115,344			2,438			1,546			23,578			(16,958		)	1,515		(23,188		)	104,275
Equity Securities
Non-redeemable preferred stocks	7,510			562			(517		)	—			(3,779		)	—		(1,776		)	2,000
Other investments	4,171			(2,174		)	10			440			(128		)	—		(198		)	2,121
Other assets	2,491			(1,684		)	—			—			—			—		—			807
Financial Liabilities
Other liabilities	(20,330		)	(822		)	—			(4,081		)	—			—		—			(25,233		)
Total level 3 assets and liabilities	$	153,465		$	(1,682	)	$	961		$	24,660		$	(21,042	)	$	1,515	$	(68,859	)	$	89,018


(1)	Included as part of net realized gains on investments in the consolidated statement of operations.


(2)	Included as part of change in unrealized gains on securities in the consolidated statement of comprehensive income.


(3)	Transfers are primarily attributable to changes in the availability of observable market information and re-evaluation of the observability of pricing inputs.

Carrying Value And Fair Value Of The Financial Instruments That Are Not Recognized Or Are Not Carried At Fair Value



	December 31, 2015
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	1,151,256	$	1,201,806	$	—	$	—	$	1,201,806
Policy loans	43,858		43,858		43,858		—		—
Other investments	27,534		27,534		—		—		27,534
Total financial assets	$	1,222,648	$	1,273,198	$	43,858	$	—	$	1,229,340
Financial Liabilities
Policy reserves under investment products
(Individual and group annuities, subject to discretionary withdrawal) (1)	$	666,068	$	676,586	$	—	$	—	$	676,586
Funds withheld under reinsurance	94,417		94,417		94,417		—		—
Debt	1,171,382		1,250,602		—		1,250,602		—
Total financial liabilities	$	1,931,867	$	2,021,605	$	94,417	$	1,250,602	$	676,586



	December 31, 2014
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	1,272,616	$	1,448,215	—		—		$	1,448,215
Policy loans	48,272		48,272		48,272		—		—
Other investments	10,896		10,896		—		—		10,896
Total financial assets	$	1,331,784	$	1,507,383	$	48,272	—		$	1,459,111
Financial Liabilities
Policy reserves under investment products
(Individual and group annuities, subject to discretionary withdrawal) (1)	$	743,951	$	764,949	—		—		$	764,949
Funds withheld under reinsurance	75,161		75,161		75,161		—		—
Debt	1,171,079		1,296,139		—		1,296,139		—
Obligations under securities agreements	95,986		95,986		95,986		—		—
Total financial liabilities	$	2,086,177	$	2,232,235	$	171,147	$	1,296,139	$	764,949


(1)	Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) is reflected in the table above.