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INVESTMENT OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Realized Gain (Loss) on Investments
Net realized gains (losses) for all other investments are summarized as follows:
 
For The
Three Months Ended
March 31,
 
2017
 
2016
 
(Dollars In Thousands)
Fixed maturities
$
9,490

 
$
5,721

Equity securities
(9
)
 
(166
)
Impairments
(7,831
)
 
(2,617
)
Modco trading portfolio
18,552

 
78,154

Other investments
(5,192
)
 
(1,981
)
Total realized gains (losses) - investments
$
15,010

 
$
79,111

Gross realized gains and gross realized losses on investments available-for-sale (fixed maturities, equity securities, and short-term investments) are as follows:
 
For The
Three Months Ended
March 31,
 
2017
 
2016
 
(Dollars In Thousands)
Gross realized gains
$
10,738

 
$
9,048

Gross realized losses:
 
 
 
Impairment losses
$
(7,831
)
 
$
(2,617
)
Realized losses from sales
$
(1,257
)
 
$
(3,493
)
Schedule of Investments' Gross Unrealized Losses and Fair Value of the Company's Investments that are Not Deemed to be Other-than-Temporarily Impaired
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:
 
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 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 March 31, 2017:
 
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
$
1,137,748

 
$
(25,086
)
 
$
159,309

 
$
(4,034
)
 
$
1,297,057

 
$
(29,120
)
Commercial mortgage-backed securities
1,444,322

 
(35,054
)
 
97,152

 
(4,324
)
 
1,541,474

 
(39,378
)
Other asset-backed securities
260,723

 
(5,836
)
 
173,891

 
(11,312
)
 
434,614

 
(17,148
)
U.S. government-related securities
1,214,007

 
(35,744
)
 
2

 
—

 
1,214,009

 
(35,744
)
Other government-related securities
71,542

 
(1,267
)
 
80,422

 
(10,791
)
 
151,964

 
(12,058
)
States, municipalities, and political subdivisions
1,030,078

 
(63,063
)
 
546,377

 
(42,740
)
 
1,576,455

 
(105,803
)
Corporate securities
11,292,276

 
(393,211
)
 
9,399,889

 
(923,324
)
 
20,692,165

 
(1,316,535
)
Preferred stock
59,654

 
(3,446
)
 
18,980

 
(1,958
)
 
78,634

 
(5,404
)
Equities
148,787

 
(2,702
)
 
70,384

 
(5,524
)
 
219,171

 
(8,226
)
 
$
16,659,137

 
$
(565,409
)
 
$
10,546,406

 
$
(1,004,007
)
 
$
27,205,543

 
$
(1,569,416
)
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.
 
For The
Three Months Ended
March 31,
 
2017
 
2016
 
(Dollars In Thousands)
Securities in an unrealized gain position:
 
 
 
Fair value (proceeds)
$
169,134

 
$
309,249

Gains realized
$
10,738

 
$
9,048

 
 
 
 
Securities in an unrealized loss position(1):
 
 
 
Fair value (proceeds)
$
12,452

 
$
53,687

Losses realized
$
(1,257
)
 
$
(3,493
)
 
 
 
 
(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:
As of March 31, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI(1)
 
 
(Dollars In Thousands)
 
 
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Residential mortgage-backed securities
 
$
1,988,289

 
$
11,023

 
$
(29,120
)
 
$
1,970,192

 
$
(3
)
Commercial mortgage-backed securities
 
1,850,816

 
3,225

 
(39,378
)
 
1,814,663

 
—

Other asset-backed securities
 
1,177,426

 
22,172

 
(17,148
)
 
1,182,450

 
—

U.S. government-related securities
 
1,310,138

 
401

 
(35,744
)
 
1,274,795

 
—

Other government-related securities
 
253,129

 
4,130

 
(12,058
)
 
245,201

 
—

States, municipals, and political subdivisions
 
1,776,716

 
1,811

 
(105,803
)
 
1,672,724

 
—

Corporate securities
 
28,785,229

 
213,518

 
(1,316,535
)
 
27,682,212

 
(5,338
)
Preferred stock
 
94,362

 
316

 
(5,404
)
 
89,274

 
—

 
 
37,236,105

 
256,596

 
(1,561,190
)
 
35,931,511

 
(5,341
)
Equity securities
 
778,213

 
16,706

 
(8,226
)
 
786,693

 
—

Short-term investments
 
247,918

 
—

 
—

 
247,918

 
—

 
 
$
38,262,236

 
$
273,302

 
$
(1,569,416
)
 
$
36,966,122

 
$
(5,341
)
 
 
 
 
 
 
 
 
 
 
 
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
)
 
 
 
 
 
 
 
 
 
 
 
(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 March 31, 2017, 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)
Due in one year or less
$
583,614

 
$
584,526

 
$
—

 
$
—

Due after one year through five years
6,534,001

 
6,533,496

 
—

 
—

Due after five years through ten years
7,847,205

 
7,767,967

 
—

 
—

Due after ten years
22,271,285

 
21,045,522

 
2,758,137

 
2,746,375

 
$
37,236,105

 
$
35,931,511

 
$
2,758,137

 
$
2,746,375
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 or equity maturities.
 
For The
Three Months Ended
March 31,
 
2017
 
Fixed
Maturities
 
Equity
Securities
 
Total
Securities
 
(Dollars In Thousands)
Other-than-temporary impairments
$
(95
)
 
$
(2,630
)
 
$
(2,725
)
Non-credit impairment losses recorded in other comprehensive income
(5,106
)
 
—

 
(5,106
)
Net impairment losses recognized in earnings
$
(5,201
)
 
$
(2,630
)
 
$
(7,831
)

 
For The
Three Months Ended
March 31,
 
2016
 
Fixed
Maturities
 
Equity
Securities
 
Total
Securities
 
(Dollars In Thousands)
Other-than-temporary impairments
$
(2,769
)
 
$
—

 
$
(2,769
)
Non-credit impairment losses recorded in other comprehensive income
152

 
—

 
152

Net impairment losses recognized in earnings
$
(2,617
)
 
$
—

 
$
(2,617
)
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):
 
For The
Three Months Ended
March 31,
 
2017
 
2016
 
(Dollars In Thousands)
Beginning balance
$
12,685

 
$
22,761

Additions for newly impaired securities
—

 
2,092

Additions for previously impaired securities
—

 
525

Reductions for previously impaired securities due to a change in expected cash flows
(12,685
)
 
(22,759
)
Reductions for previously impaired securities that were sold in the current period
—

 
—

Ending balance
$
—

 
$
2,619
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:
 
For The
Three Months Ended
March 31,
 
2017
 
2016
 
(Dollars In Thousands)
Fixed maturities
$
224,115

 
$
632,685

Equity securities
14,569

 
(70
)
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 March 31, 2017, and December 31, 2016, are as follows:
As of March 31, 2017
 
Amortized
Cost
 
Gross
Unrecognized
Holding
Gains
 
Gross
Unrecognized
Holding
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI
 
 
(Dollars In Thousands)
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Securities issued by affiliates:
 
 
 
 
 
 
 
 
 
 
Red Mountain LLC
 
$
668,137

 
$
—

 
$
(55,005
)
 
$
613,132

 
$
—

Steel City LLC
 
2,090,000

 
43,243

 
—

 
2,133,243

 
—

 
 
$
2,758,137

 
$
43,243

 
$
(55,005
)
 
$
2,746,375

 
$
—

 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
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

 
$
—