Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments

Summary of the derivatives not designated as hedges

The following is a summary of the derivatives not designated as hedges and embedded derivatives in our FIA product as of June 30, 2023 and December 31, 2022:  

		June 30, 2023					December 31, 2022
(In thousands, except number of contracts)	Location in the
Derivatives Not Designated	Consolidated	Notional		Number of	Estimated		Notional		Number of	Estimated
as Hedging Instruments	Balance Sheets	Amount		Contracts	Fair Value		Amount		Contracts	Fair Value
Equity-indexed options	Derivatives	$	911,030	668	$	36,700	$	831,657	595	$	15,592
Equity-indexed embedded derivatives	Deposit-type contracts		866,847	7,095		142,800		782,997	6,131		111,618

Summary of embedded derivatives related to the funds withheld provision

	June 30, 2023						December 31, 2022
(In thousands)	Book Value		Market Value		Total Return		Book Value		Market Value		Total Return
Portfolio	Assets		Assets		Swap Value		Assets		Assets		Swap Value
American Republic Insurance Company	$	170,992	$	163,894	$	7,098	$	150,413	$	143,952	$	6,461
Crestline Re SP1		447,113		446,708		405		354,806		356,374		(1,568)
Ironbound		164,611		159,116		5,495		159,644		154,477		5,167
Ascendent Re		64,479		62,626		1,853		56,064		54,790		1,274
SRC4		152,401		152,828		(427)		61,646		62,516		(870)
Total	$	999,596	$	985,172	$	14,424	$	782,573	$	772,109	$	10,464