DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Realized Investments Gains and Losses

The following table sets forth realized investments gains and losses for the periods shown:

Realized investment gains (losses) - derivative financial instruments

	Successor Company												Predecessor Company
	For The Three Months Ended June 30, 2016			For The Three Months Ended June 30, 2015			For The Six Months Ended June 30, 2016			February 1, 2015 to June 30, 2015			January 1, 2015 to January 31, 2015
	(Dollars In Thousands)												(Dollars In Thousands)
Derivatives related to VA contracts:
Interest rate futures - VA	$	31,266		$	(14,183	)	$	69,067		$	(14,231	)	$	1,413
Equity futures - VA	(21,328		)	(5,267		)	(24,556		)	(37,736		)	9,221
Currency futures - VA	11,112			(8,709		)	4,954			(2,572		)	7,778
Equity options - VA	(3,232		)	(3,550		)	13,072			(25,324		)	3,047
Interest rate swaptions - VA	(749		)	2,547			(2,983		)	(8,781		)	9,268
Interest rate swaps - VA	81,554			(121,167		)	207,147			(175,958		)	122,710
Embedded derivative - GMWB	(161,402		)	132,657			(337,253		)	245,917			(207,018		)
Total derivatives related to VA contracts	(62,779		)	(17,672		)	(70,552		)	(18,685		)	(53,581		)
Derivatives related to FIA contracts:
Embedded derivative - FIA	710			290			(1,452		)	(2,293		)	1,769
Equity futures - FIA	651			123			2,033			307			(184		)
Volatility futures - FIA	—			25			—			29			—
Equity options - FIA	735			1,226			(4,827		)	5,601			(2,617		)
Total derivatives related to FIA contracts	2,096			1,664			(4,246		)	3,644			(1,032		)
Derivatives related to IUL contracts:
Embedded derivative - IUL	(96		)	1,538			(834		)	1,795			(486		)
Equity futures - IUL	47			9			(172		)	23			3
Equity options - IUL	241			(78		)	214			62			(115		)
Total derivatives related to IUL contracts	192			1,469			(792		)	1,880			(598		)
Embedded derivative - Modco reinsurance treaties	(22,820		)	109,131			(81,175		)	141,322			(68,026		)
Other derivatives	(55		)	11			(100		)	83			(37		)
Total realized gains (losses) - derivatives	$	(83,366	)	$	94,603		$	(156,865	)	$	128,244		$	(123,274	)

Realized Investments Gains and Losses for the Modco Trading Portfolio that is Included in Realized Investment Gains (Losses) - All Other Investments

The following table sets forth realized investments gains and losses for the Modco trading portfolio that is included in realized investment gains (losses) — all other investments.

Realized investment gains (losses) - all other investments

	Successor Company									Predecessor Company
	For The Three Months Ended June 30, 2016		For The Three Months Ended June 30, 2015			For The Six Months Ended June 30, 2016	February 1, 2015 to June 30, 2015			January 1, 2015 to January 31, 2015
	(Dollars In Thousands)									(Dollars In Thousands)
Modco trading portfolio(1)	$	76,201	$	(108,741	)	154,355	$	(141,901	)	$	73,062

(1)The Company elected to include the use of alternate disclosures for trading activities.

Components of the Gain or Loss on Derivatives that Qualify as a Cash Flow Hedging Relationship

The following table presents the components of the gain or loss on derivatives that qualify as a cash flow hedging relationship.

Gain (Loss) on Derivatives in Cash Flow Hedging Relationship

Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives	Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)	Amount and Location of (Losses) Recognized in Income (Loss) on Derivatives
(Effective Portion)	(Effective Portion)	(Ineffective Portion)
	Benefits and settlement	Realized investment
	expenses	gains (losses)
	(Dollars In Thousands)

Successor Company
For The Three Months Ended June 30, 2015
Inflation	$	(95	)	$	(41	)	$	77
Total	$	(95	)	$	(41	)	$	77
February 1, 2015 to June 30, 2015
Inflation	$	(131	)	$	(131	)	$	73
Total	$	(131	)	$	(131	)	$	73

Predecessor Company
January 1, 2015 to January 31, 2015
Inflation	$	13	$	(36	)	$	(7	)
Total	$	13	$	(36	)	$	(7	)

Information about the Nature and Accounting Treatment of the Company's Primary Derivative Financial Instruments and Location in and Effect on the Financial Statements

The table below present information about the nature and accounting treatment of the Company’s primary derivative financial instruments and the location in and effect on the consolidated condensed financial statements for the periods presented below:

	Successor Company
	As of June 30, 2016				As of December 31, 2015
	Notional Amount		Fair Value		Notional Amount		Fair Value
	(Dollars In Thousands)				(Dollars In Thousands)
Other long-term investments
Derivatives not designated as hedging instruments:
Interest rate swaps	$	1,640,000	$	255,439	$	1,435,000	$	66,408
Embedded derivative - Modco reinsurance treaties	64,201		1,850		64,593		1,215
Embedded derivative - GMWB	1,992,225		47,149		3,769,601		95,614
Interest rate futures	1,155,001		35,366		282,373		1,537
Equity futures	190,058		752		262,485		1,275
Currency futures	314,256		15,915		226,936		2,499
Equity options	2,725,744		269,217		2,198,340		179,458
Interest rate swaptions	225,000		681		225,000		3,663
Other	298		249		242		347
	$	8,306,783	$	626,618	$	8,464,570	$	352,016
Other liabilities
Derivatives not designated as hedging instruments:
Interest rate swaps	$	270,000	$	3,215	$	475,000	$	16,579
Embedded derivative - Modco reinsurance treaties	2,457,293		239,350		2,473,427		178,362
Embedded derivative - GMWB	8,480,468		566,026		6,539,658		277,236
Embedded derivative - FIA	1,313,404		119,997		1,110,790		100,329
Embedded derivative - IUL	77,879		46,711		57,760		29,629
Interest rate futures	—		—		793,763		1,539
Equity futures	582,493		7,461		233,412		2,599
Currency futures	64,445		1,805		46,692		1,115
Equity options	1,459,533		60,551		1,205,204		22,167
	$	14,705,515	$	1,045,116	$	12,935,706	$	629,555