OFFSETTING OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2020

Offsetting [Abstract]

Schedule of Derivative Instruments by Assets and Liabilities

The tables below present the derivative instruments by assets and liabilities for the Company as of September 30, 2020.

	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheets		Net Amounts of Assets Presented in the Balance Sheets		Gross Amounts Not Offset in the  Balance Sheets
							Financial Instruments		Collateral Received		Net Amount
	(Dollars In Thousands)
Offsetting of Assets
Derivatives:
Free-Standing derivatives	$	1,087,780	$	—	$	1,087,780	$	537,340	$	391,941	$	158,499
Total derivatives, subject to a master netting arrangement or similar arrangement	1,087,780		—		1,087,780		537,340		391,941		158,499
Derivatives not subject to a master netting arrangement or similar arrangement
Embedded derivative - Modco reinsurance treaties	83,379		—		83,379		—		—		83,379
Embedded derivative - GLWB	48,091		—		48,091		—		—		48,091
Derivatives with PLC	133,486		—		133,486		—		—		133,486
Other	55,038		—		55,038		—		—		55,038
Total derivatives, not subject to a master netting arrangement or similar arrangement	319,994		—		319,994		—		—		319,994
Total derivatives	1,407,774		—		1,407,774		537,340		391,941		478,493
Total Assets	$	1,407,774	$	—	$	1,407,774	$	537,340	$	391,941	$	478,493

	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheets		Net Amounts of Liabilities Presented in the Balance Sheets		Gross Amounts Not Offset in the  Balance Sheets
							Financial Instruments		Collateral Posted		Net Amount
	(Dollars In Thousands)
Offsetting of Liabilities
Derivatives:
Free-Standing derivatives	$	539,659	$	—	$	539,659	$	537,340	$	2,319	$	—
Total derivatives, subject to a master netting arrangement or similar arrangement	539,659		—		539,659		537,340		2,319		—
Derivatives, not subject to a master netting arrangement or similar arrangement
Embedded derivative - Modco reinsurance treaties	331,836		—		331,836		—		—		331,836
Funds withheld derivative	145,030		—		145,030		—		—		145,030
Embedded derivative - GLWB	566,337		—		566,337		—		—		566,337
Embedded derivative - FIA	580,268		—		580,268		—		—		580,268
Embedded derivative - IUL	194,228		—		194,228		—		—		194,228
Other	46,236		—		46,236		—		—		46,236
Total derivatives, not subject to a master netting arrangement or similar arrangement	1,863,935		—		1,863,935		—		—		1,863,935
Total derivatives	2,403,594		—		2,403,594		537,340		2,319		1,863,935
Repurchase agreements(1)	150,000		—		150,000		—		—		150,000
Total Liabilities	$	2,553,594	$	—	$	2,553,594	$	537,340	$	2,319	$	2,013,935
(1) Borrowings under repurchase agreements are for a term less than 90 days.

The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2019.

	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheets		Net Amounts of Assets Presented in the Balance Sheets		Gross Amounts Not Offset in the Balance Sheets
							Financial Instruments		Collateral Received		Net Amount
	(Dollars In Thousands)
Offsetting of Assets
Derivatives:
Free-Standing derivatives	$	785,650	$	—	$	785,650	$	452,562	$	215,587	$	117,501
Total derivatives, subject to a master netting arrangement or similar arrangement	785,650		—		785,650		452,562		215,587		117,501
Derivatives not subject to a master netting arrangement or similar arrangement
Embedded derivative - Modco reinsurance treaties	31,926		—		31,926		—		—		31,926
Embedded derivative - GLWB	62,538		—		62,538		—		—		62,538
Derivatives with PLC	115,379		—		115,379		—		—		115,379
Other	—		—		—		—		—		—
Total derivatives, not subject to a master netting arrangement or similar arrangement	209,843		—		209,843		—		—		209,843
Total derivatives	995,493		—		995,493		452,562		215,587		327,344
Total Assets	$	995,493	$	—	$	995,493	$	452,562	$	215,587	$	327,344

	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheets		Net Amounts of Liabilities Presented in the Balance Sheets		Gross Amounts Not Offset in the Balance Sheets
							Financial Instruments		Collateral Posted		Net Amount
	(Dollars In Thousands)
Offsetting of Liabilities
Derivatives:
Free-Standing derivatives	$	458,623	$	—	$	458,623	$	452,562	$	4,791	$	1,270
Total derivatives, subject to a master netting arrangement or similar arrangement	458,623		—		458,623		452,562		4,791		1,270
Derivatives not subject to a master netting arrangement or similar arrangement
Embedded derivative - Modco reinsurance treaties	231,516		—		231,516		—		—		231,516
Funds withheld derivative	70,583		—		70,583		—		—		70,583
Embedded derivative - GLWB	248,577		—		248,577		—		—		248,577
Embedded derivative - FIA	332,869		—		332,869		—		—		332,869
Embedded derivative - IUL	151,765		—		151,765		—		—		151,765
Other	53,245		—		53,245		—		—		53,245
Total derivatives, not subject to a master netting arrangement or similar arrangement	1,088,555		—		1,088,555		—		—		1,088,555
Total derivatives	1,547,178		—		1,547,178		452,562		4,791		1,089,825
Repurchase agreements(1)	270,000		—		270,000		—		—		270,000
Total Liabilities	$	1,817,178	$	—	$	1,817,178	$	452,562	$	4,791	$	1,359,825
(1) Borrowings under repurchase agreements are for a term less than 90 days.