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INVESTMENT OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2016
INVESTMENT OPERATIONS [Abstract]  
Summary of major categories of net investment income
Major categories of net investment income are summarized as follows:
 
Successor Company
 
Predecessor Company
 
For The Year Ended
December 31, 2016
 
February 1, 2015
to
December 31, 2015
 
January 1, 2015
to
January 31, 2015
 
For The Year Ended
December 31, 2014
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Fixed maturities
$
1,552,999

 
$
1,267,900

 
$
140,104

 
$
1,712,297

Equity securities
38,838

 
40,907

 
2,572

 
41,740

Mortgage loans
270,749

 
252,577

 
24,977

 
360,778

Investment real estate
2,153

 
2,528

 
112

 
4,482

Short-term investments
106,828

 
93,982

 
9,713

 
112,292

 
1,971,567

 
1,657,894

 
177,478

 
2,231,589

Other investment expenses
29,111

 
24,946

 
2,298

 
33,865

Net investment income
$
1,942,456

 
$
1,632,948

 
$
175,180

 
$
2,197,724
Summary of net realized investment gains (losses) for all other investments
Net realized investment gains (losses) for all other investments are summarized as follows:
 
Successor Company
 
Predecessor Company
 
For The Year Ended
December 31, 2016
 
February 1, 2015
to
December 31, 2015
 
January 1, 2015
to
January 31, 2015
 
For The Year Ended
December 31, 2014
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Fixed maturities
$
32,210

 
$
1,282

 
$
6,891

 
$
75,159

Equity securities
92

 
(1,001
)
 
—

 
1,793

Impairments on corporate securities
(17,748
)
 
(26,993
)
 
(481
)
 
(7,275
)
Modco trading portfolio
67,583

 
(167,359
)
 
73,062

 
142,016

Other investments
(9,226
)
 
192

 
1,200

 
(13,566
)
Total realized gains (losses)—investments
$
72,911

 
$
(193,879
)
 
$
80,672

 
$
198,127

Gross realized gains and gross realized losses on investments available-for-sale (fixed maturities, equity securities, and short-term investments) are as follows:
 
Successor Company
 
Predecessor Company
 
For The Year Ended
December 31, 2016
 
February 1, 2015
to
December 31, 2015
 
January 1, 2015
to
January 31, 2015
 
For The Year Ended
December 31, 2014
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Gross realized gains
$
42,085

 
$
8,745

 
$
6,920

 
$
78,120

Gross realized losses
$
(27,531
)
 
$
(35,456
)
 
$
(469
)
 
$
(8,067
)
Impairments losses included in gross realized losses
$
(17,748
)
 
$
(26,993
)
 
$
(481
)
 
$
(7,275
)
Schedule of investments' gross unrealized losses and fair value of the Company's investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position
The following table includes the gross unrealized losses and fair value of the Company's investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2015 (Predecessor Company):
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
(Dollars In Thousands)
Residential mortgage-backed securities
$
977,433

 
$
(17,112
)
 
$
—

 
$
—

 
$
977,433

 
$
(17,112
)
Commercial mortgage-backed securities
1,233,518

 
(41,858
)
 
—

 
—

 
1,233,518

 
(41,858
)
Other asset-backed securities
633,274

 
(18,763
)
 
—

 
—

 
633,274

 
(18,763
)
U.S. government-related securities
1,291,476

 
(34,532
)
 
—

 
—

 
1,291,476

 
(34,532
)
Other government-related securities
17,740

 
(743
)
 
—

 
—

 
17,740

 
(743
)
States, municipalities, and political subdivisions
1,566,752

 
(126,814
)
 
—

 
—

 
1,566,752

 
(126,814
)
Corporate securities
24,283,448

 
(2,682,274
)
 
—

 
—

 
24,283,448

 
(2,682,274
)
Preferred Stock
34,685

 
(1,867
)
 
—

 
—

 
34,685

 
(1,867
)
Equities
248,493

 
(6,477
)
 
—

 
—

 
248,493

 
(6,477
)
 
$
30,286,819

 
$
(2,930,440
)
 
$
—

 
$
—

 
$
30,286,819

 
$
(2,930,440
)
The following table includes the gross unrealized losses and fair value of the Company's investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2016 (Successor Company):
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
(Dollars In Thousands)
Residential mortgage-backed securities
$
1,060,569

 
$
(21,550
)
 
$
170,826

 
$
(4,117
)
 
$
1,231,395

 
$
(25,667
)
Commercial mortgage-backed securities
1,452,146

 
(37,665
)
 
100,475

 
(4,013
)
 
1,552,621

 
(41,678
)
Other asset-backed securities
323,706

 
(9,291
)
 
176,792

 
(11,407
)
 
500,498

 
(20,698
)
U.S. government-related securities
1,237,942

 
(40,454
)
 
3

 
(1
)
 
1,237,945

 
(40,455
)
Other government-related securities
98,412

 
(2,907
)
 
79,393

 
(11,890
)
 
177,805

 
(14,797
)
States, municipalities, and political subdivisions
1,062,368

 
(63,809
)
 
548,254

 
(41,749
)
 
1,610,622

 
(105,558
)
Corporate securities
12,553,514

 
(469,189
)
 
9,793,579

 
(1,114,729
)
 
22,347,093

 
(1,583,918
)
Preferred stock
66,781

 
(6,642
)
 
19,062

 
(1,877
)
 
85,843

 
(8,519
)
Equities
411,845

 
(15,273
)
 
69,497

 
(6,412
)
 
481,342

 
(21,685
)
 
$
18,267,283

 
$
(666,780
)
 
$
10,957,881

 
$
(1,196,195
)
 
$
29,225,164

 
$
(1,862,975
)
The chart below summarizes the fair value (proceeds) and the gains/losses realized on securities the Company sold that were in an unrealized gain position and an unrealized loss position.
 
Successor Company
 
Predecessor Company
 
For The Year Ended
December 31, 2016
 
February 1, 2015
to
December 31, 2015
 
January 1, 2015
to
January 31, 2015
 
For The Year Ended
December 31, 2014
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Securities in an unrealized gain position:
 
 
 
 
 
 
 
Fair value (proceeds)
$
1,198,333

 
$
950,874

 
$
172,551

 
$
1,661,162

Gains realized
$
42,085

 
$
8,745

 
$
6,920

 
$
78,119

 
 
 
 
 
 
 
 
Securities in an unrealized loss
position(1):
 
 
 
 
 
 
 
Fair value (proceeds)
$
85,835

 
$
178,415

 
$
435

 
$
22,868

Losses realized
$
(9,783
)
 
$
(8,463
)
 
$
(29
)
 
$
(1,168
)
 
 
 
 
 
 
 
 
(1) The Company made the decision to exit these holdings in conjunction with its overall asset liability management process.
Schedule of amortized cost and fair value of the Company's investments classified as available-for-sale
The amortized cost and fair value of the Company's investments classified as available-for-sale are as follows:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI(1)
 
(Dollars In Thousands)
Successor Company
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 

 
 

 
 

 
 

 
 

Fixed maturities:
 

 
 

 
 

 
 

 
 

Residential mortgage-backed securities
$
1,913,413

 
$
10,737

 
$
(25,667
)
 
$
1,898,483

 
$
(9
)
Commercial mortgage-backed securities
1,850,620

 
2,528

 
(41,678
)
 
1,811,470

 
—

Other asset-backed securities
1,210,490

 
21,741

 
(20,698
)
 
1,211,533

 
—

U.S. government-related securities
1,308,192

 
422

 
(40,455
)
 
1,268,159

 
—

Other government-related securities
253,182

 
1,536

 
(14,797
)
 
239,921

 
—

States, municipals, and political subdivisions
1,760,837

 
1,224

 
(105,558
)
 
1,656,503

 
—

Corporate securities
28,801,768

 
153,715

 
(1,583,918
)
 
27,371,565

 
(11,030
)
Preferred stock
94,362

 
—

 
(8,519
)
 
85,843

 
—

 
37,192,864

 
191,903

 
(1,841,290
)
 
35,543,477

 
(11,039
)
Equity securities
761,340

 
7,751

 
(21,685
)
 
747,406

 
—

Short-term investments
279,782

 
—

 
—

 
279,782

 
—

 
$
38,233,986

 
$
199,654

 
$
(1,862,975
)
 
$
36,570,665

 
$
(11,039
)
As of December 31, 2015
 

 
 

 
 

 
 

 
 

Fixed maturities:
 

 
 

 
 

 
 

 
 

Residential mortgage-backed securities
$
1,773,099

 
$
9,286

 
$
(17,112
)
 
$
1,765,273

 
$
—

Commercial mortgage-backed securities
1,328,317

 
428

 
(41,858
)
 
1,286,887

 
—

Other asset-backed securities
813,056

 
2,758

 
(18,763
)
 
797,051

 
—

U.S. government-related securities
1,566,260

 
449

 
(34,532
)
 
1,532,177

 
—

Other government-related securities
18,483

 
—

 
(743
)
 
17,740

 
—

States, municipals, and political subdivisions
1,729,732

 
682

 
(126,814
)
 
1,603,600

 
—

Corporate securities
28,499,691

 
26,369

 
(2,682,274
)
 
25,843,786

 
(605
)
Preferred stock
64,362

 
192

 
(1,867
)
 
62,687

 
—

 
35,793,000

 
40,164

 
(2,923,963
)
 
32,909,201

 
(605
)
Equity securities
724,226

 
13,255

 
(6,477
)
 
731,004

 
—

Short-term investments
206,991

 
—

 
—

 
206,991

 
—

 
$
36,724,217

 
$
53,419

 
$
(2,930,440
)
 
$
33,847,196

 
$
(605
)
(1)
These amounts are included in the gross unrealized gains and gross unrealized losses columns above.
Schedule of amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities, by expected maturity
The amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities as of December 31, 2016 (Successor Company), by expected maturity, are shown below. Expected maturities of securities without a single maturity date are allocated based on estimated rates of prepayment that may differ from actual rates of prepayment.
 
Available-for-sale
 
Held-to-maturity
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Due in one year or less
$
565,117

 
$
566,482

 
$
—

 
$
—

Due after one year through five years
7,210,168

 
7,180,919

 
—

 
—

Due after five years through ten years
7,783,685

 
7,651,075

 
—

 
—

Due after ten years
21,633,894

 
20,145,001

 
2,770,177

 
2,733,340

 
$
37,192,864

 
$
35,543,477

 
$
2,770,177

 
$
2,733,340
Gain (Loss) on Investments
The chart below summarizes the Company's other-than-temporary impairments of investments. All of the impairments were related to fixed maturities.
 
Successor Company
 
Predecessor Company
 
For The Year Ended
December 31, 2016
 
February 1, 2015
to
December 31, 2015
 
January 1, 2015
to
January 31, 2015
 
For The Year Ended
December 31, 2014
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Other-than-temporary impairments
$
(32,075
)
 
$
(28,659
)
 
$
(636
)
 
$
(2,589
)
Non-credit impairment losses recorded in other comprehensive income
14,327

 
1,666

 
155

 
(4,686
)
Net impairment losses recognized in earnings
$
(17,748
)
 
$
(26,993
)
 
$
(481
)
 
$
(7,275
)
Schedule of available-for-sale credit losses on fixed maturities held by the Company for which a portion of other-than-temporary impairments were recognized in other comprehensive income (loss)
The following chart is a rollforward of available-for-sale credit losses on fixed maturities held by the Company for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss):
 
Successor Company
 
Predecessor Company
 
For The Year Ended
December 31, 2016
 
February 1, 2015
to
December 31, 2015
 
January 1, 2015
to
January 31, 2015
 
For The Year Ended
December 31, 2014
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Beginning balance
$
22,761

 
$
—

 
$
15,478

 
$
41,692

Additions for newly impaired securities
14,876

 
22,761

 
—

 
—

Additions for previously impaired securities
2,063

 
—

 
221

 
2,263

Reductions for previously impaired securities due to a change in expected cash flows
(24,396
)
 
—

 
—

 
(28,477
)
Reductions for previously impaired securities that were sold in the current period
(2,619
)
 
—

 
—

 
—

Other
—

 
—

 
—

 
—

Ending balance
$
12,685

 
$
22,761

 
$
15,699

 
$
15,478
Summary of change in unrealized gains (losses), net of income tax, on fixed maturity and equity securities, classified as available-for-sale
The change in unrealized gains (losses), net of income tax, on fixed maturity and equity securities, classified as available-for-sale is summarized as follows:
 
Successor Company
 
Predecessor Company
 
For The Year Ended
December 31, 2016
 
February 1, 2015
to
December 31, 2015
 
January 1, 2015
to
January 31, 2015
 
For The Year Ended
December 31, 2014
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Fixed maturities
$
802,368

 
$
(1,874,469
)
 
$
670,229

 
$
1,224,672

Equity securities
(13,463
)
 
4,406

 
10,226

 
35,242
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Held-to-Maturity
The amortized cost and fair value of the Company’s investments classified as held-to-maturity as of December 31, 2016 (Successor Company) and December 31, 2015 (Successor Company), are as follows:
 
Successor Company
 
Amortized
Cost
 
Gross
Unrecognized
Holding
Gains
 
Gross
Unrecognized
Holding
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI
As of December 31, 2016
 
 
 
 
 
 
 
(Dollars In Thousands)
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Securities issued by affiliates:
 
 
 
 
 
 
 
 
 
 
Red Mountain LLC
 
$
654,177

 
$
—

 
$
(67,222
)
 
$
586,955

 
$
—

Steel City LLC
 
2,116,000

 
30,385

 
—

 
2,146,385

 
—

 
 
$
2,770,177

 
$
30,385

 
$
(67,222
)
 
$
2,733,340

 
$
—

Successor Company
 
Amortized
Cost
 
Gross
Unrecognized
Holding
Gains
 
Gross
Unrecognized
Holding
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI
As of December 31, 2015
 
 
 
 
 
 
 
(Dollars In Thousands)
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Securities issued by affiliates:
 
 
 
 
 
 
 
 
 
 
Red Mountain LLC
 
$
593,314

 
$
—

 
$
(78,314
)
 
$
515,000

 
$
—

 
 
$
593,314

 
$
—

 
$
(78,314
)
 
$
515,000

 
$
—