ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Changes in the Accumulated Balances for Each Component of AOCI

The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) (“AOCI”) as of June 30, 2020 and December 31, 2019.

Changes in Accumulated Other Comprehensive Income (Loss) by Component


	Unrealized Gains and Losses on Investments⁽²⁾		Accumulated Gain and Loss Derivatives		Total Accumulated Other Comprehensive Income (Loss)
	(Dollars In Thousands, Net of Tax)
Balance, December 31, 2018	$	(1,404,209)	$	(7)	$	(1,404,216)
Other comprehensive income (loss) before reclassifications	2,833,888		(9,781)		2,824,107
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings	(3,574)		—		(3,574)
Amounts reclassified from accumulated other comprehensive income (loss)⁽¹⁾	(10,474)		1,799		(8,675)

Balance, December 31, 2019	$	1,415,631	$	(7,989)	$	1,407,642
Other comprehensive income (loss) before reclassifications	778,919		(2,401)		776,518
Other comprehensive income (loss) on investments for which a credit loss has been recognized in earnings	(1,767)		—		(1,767)
Amounts reclassified from accumulated other comprehensive income (loss)⁽¹⁾	31,966		2,110		34,076

Balance, June 30, 2020	$	2,224,749	$	(8,280)	$	2,216,469

(1) See Reclassifications Out of Accumulated Other Comprehensive Income (Loss) table below for details.
(2) As of June 30, 2020 and December 31, 2019, net unrealized gains reported in AOCI were offset by $(1.3) billion and $(776.9) million, respectively, due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income.

Schedule of Reclassifications Amounts Out of AOCI

The following tables summarize the reclassifications amounts out of AOCI for the three and six months ended June 30, 2020 and 2019.

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)


		For The Three Months Ended June 30,						For The Six Months Ended June 30,
Gains (losses) in net income:	Affected Line Item in the Consolidated Condensed Statements of Income	2020		2019		2020		2019
		(Dollars In Thousands)

Derivative instruments	Benefits and settlement expenses, net of reinsurance ceded⁽¹⁾	$	(1,467)	$	(336)	$	(2,671)	$	(614)
	Tax (expense) benefit	308		70		561		128
		$	(1,159)	$	(266)	$	(2,110)	$	(486)

Unrealized gains and losses on available-for-sale securities	Realized gains (losses) - investments	$	2,447	$	1,062	$	41,617	$	6,199
	Net credit losses recognized in operations	(30,288)		—		(82,081)		—
	Net impairment losses recognized in operations	—		(698)		—		(3,840)
	Tax (expense) benefit	5,847		(76)		8,498		(495)
		$	(21,994)	$	288	$	(31,966)	$	1,864

(1) See Note 7, Derivative Financial Instruments for additional information