DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of realized investments gains and losses

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

Realized investment gains (losses)—derivative financial instruments

	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)
Derivatives related to variable annuity contracts:
Interest rate futures - VA	$	(3,450	)	$	(14,818	)	$	1,413		$	27,801
Equity futures - VA	(106,431		)	(5,033		)	9,221			(26,104		)
Currency futures - VA	33,836			7,169			7,778			14,433
Variance swaps - VA	—			—			—			(744		)
Equity options - VA	(60,962		)	(27,733		)	3,047			(41,216		)
Interest rate swaptions - VA	(1,161		)	(13,354		)	9,268			(22,280		)
Interest rate swaps - VA	20,420			(85,942		)	122,710			214,164
Embedded derivative - GLWB	68,056			4,412			(207,018		)	(401,354		)
Total derivatives related to VA contracts	(49,692		)	(135,299		)	(53,581		)	(235,300		)
Derivatives related to FIA contracts:
Embedded derivative - FIA	(16,494		)	(738		)	1,769			(16,932		)
Equity futures - FIA	4,248			(355		)	(184		)	870
Volatility futures - FIA	—			5			—			20
Equity options - FIA	8,149			1,211			(2,617		)	9,906
Total derivatives related to FIA contracts	(4,097		)	123			(1,032		)	(6,136		)
Derivatives related to IUL contracts:
Embedded derivative - IUL	9,529			(614		)	(486		)	(8		)
Equity futures - IUL	129			144			3			15
Equity options - IUL	3,477			(540		)	(115		)	150
Total derivatives related to IUL contracts	13,135			(1,010		)	(598		)	157
Embedded derivative - Modco reinsurance treaties	390			166,092			(68,026		)	(105,276		)
Interest rate swaps	—			—			—			—
Other derivatives	(24		)	91			(37		)	(323		)
Total realized gains (losses)—derivatives	$	(40,288	)	$	29,997		$	(123,274	)	$	(346,878	)

Schedule of realized investments gains and losses for Modco trading portfolio that is included in realized investment gains (losses) - all other investments

The following table sets forth realized investment 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 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)
Modco trading portfolio(1)	$	67,583	$	(167,359	)	$	73,062	$	142,016

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

Schedule of components of the gain or loss on derivatives that qualify as a cash flow hedging relationship

The following tables present the components of the gain or loss on derivatives that qualify as a cash flow hedging relationship:

Gain (Loss) on Derivatives in Cash Flow 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 expenses			Realized investment gains (losses)
	(Dollars In Thousands)
Successor Company
For The Year Ended December 31, 2016
Foreign currency swaps	$	1,058		$	(60	)	$	—
Total	$	1,058		$	(60	)	$	—
Successor Company
February 1, 2015 to December 31, 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	)
Predecessor Company
For The Year Ended December 31, 2014
Inflation	$	(4	)	$	(1,777	)	$	(223	)
Total	$	(4	)	$	(1,777	)	$	(223	)

Schedule of information about the nature and accounting treatment of the Company's primary derivative financial instruments and the location in and effect on the consolidated financial statements

The tables 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 financial statements for the periods presented below:

	Successor Company
	As of December 31,
	2016				2015
	Notional Amount		Fair Value		Notional Amount		Fair Value
	(Dollars In Thousands)
Other long-term investments
Cash flow hedges:
Foreign currency swaps	$	117,178	$	132	$	—	$	—
Derivatives not designated as hedging instruments:
Interest rate swaps	1,135,000		71,644		1,435,000		66,408
Embedded derivative - Modco reinsurance treaties	64,123		2,573		64,593		1,215
Embedded derivative - GLWB	4,601,633		121,752		3,769,601		95,614
Interest rate futures	102,587		894		282,373		1,537
Equity futures	654,113		5,805		262,485		1,275
Currency futures	340,058		7,883		226,936		2,499
Equity options	3,944,444		328,908		2,198,340		179,458
Interest rate swaptions	225,000		2,503		225,000		3,663
Other	212		149		242		347
	$	11,184,348	$	542,243	$	8,464,570	$	352,016
Other liabilities
Cash flow hedges:
Inflation	$	—	$	—	$	—	$	—
Derivatives not designated as hedging instruments:
Interest rate swaps	575,000		10,208		475,000		16,579
Embedded derivative - Modco reinsurance treaties	2,450,692		141,301		2,473,427		178,362
Embedded derivative - GLWB	5,962,044		237,122		6,539,658		277,236
Embedded derivative - FIA	1,496,346		147,368		1,110,790		100,329
Embedded derivative - IUL	103,838		46,051		57,760		29,629
Interest rate futures	993,842		6,611		793,763		1,539
Equity futures	102,667		2,907		233,412		2,599
Currency futures	—		—		46,692		1,115
Equity options	2,590,160		157,253		1,205,204		22,167
	$	14,274,589	$	748,821	$	12,935,706	$	629,555