DEBT AND OTHER OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Summary of Debt and Subordinated Debt Securities

Debt and subordinated debt securities are summarized as follows:

	As of
	March 31, 2017				December 31, 2016
	Outstanding Principal		Carrying Amounts		Outstanding Principal		Carrying Amounts
	(Dollars In Thousands)
Debt (year of issue):
Revolving Line of Credit	$	340,000	$	340,000	$	170,000	$	170,000
6.40% Senior Notes (2007), due 2018	150,000		155,140		150,000		156,663
7.375% Senior Notes (2009), due 2019	400,000		450,009		400,000		454,688
8.45% Senior Notes (2009), due 2039	233,428		360,259		246,926		381,934
	$	1,123,428	$	1,305,408	$	966,926	$	1,163,285
Subordinated debt securities (year of issue):
6.25% Subordinated Debentures (2012), due 2042, callable 2017	$	287,500	$	288,506	$	287,500	$	290,002
6.00% Subordinated Debentures (2012), due 2042, callable 2017	150,000		150,754		150,000		151,200
	$	437,500	$	439,260	$	437,500	$	441,202

Non-recourse Funding Obligations Outstanding

Non-recourse funding obligations outstanding as of March 31, 2017, on a consolidated basis, are shown in the following tables:

Issuer	Outstanding Principal		Carrying Value(1)		Maturity Year	Year-to-Date Weighted-Avg Interest Rate
	(Dollars In Thousands)
Golden Gate Captive Insurance Company(2)(3)	2,090,000		$	2,090,000	2039	4.75	%
Golden Gate II Captive Insurance Company	58,600		50,006		2052	2.78	%
Golden Gate V Vermont Captive Insurance Company(2)(3)	580,000		642,599		2037	5.12	%
MONY Life Insurance Company(3)	1,091		2,451		2024	6.19	%
Total	$	2,729,691	$	2,785,056
(1)  Carrying values include premiums and discounts and do not represent unpaid principal balances.
(2) Obligations are issued to non-consolidated subsidiaries of the Company. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of PLICO.
(3)  Fixed rate obligations

Non-recourse funding obligations outstanding as of December 31, 2016, on a consolidated basis, are shown in the following tables:

Issuer	Outstanding Principal		Carrying Value(1)		Maturity Year	Year-to-Date Weighted-Avg Interest Rate
	(Dollars In Thousands)
Golden Gate Captive Insurance Company(2)(3)	2,116,000		$	2,116,000	2039	4.75	%
Golden Gate II Captive Insurance Company	58,600		49,983		2052	2.52	%
Golden Gate V Vermont Captive Insurance Company(2)(3)	565,000		628,025		2037	5.12	%
MONY Life Insurance Company(3)	1,091		2,466		2024	6.19	%
Total	$	2,740,691	$	2,796,474
(1)  Carrying values include premiums and discounts and do not represent unpaid principal balances.
(2) Obligations are issued to non-consolidated subsidiaries of the Company. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of PLICO.
(3)  Fixed rate obligations

Schedule of Collateral Pledged for Repurchase Agreements

The following table provides the amount by asset class of securities of collateral pledged for repurchase agreements and securities that have been loaned as part of securities lending transactions as of March 31, 2017 and December 31, 2016:

Repurchase Agreements, Securities Lending Transactions, and Repurchase-to-Maturity Transactions

Accounted for as Secured Borrowings

	Remaining Contractual Maturity of the Agreements
	As of March 31, 2017
	(Dollars In Thousands)
	Overnight and Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Repurchase agreements and repurchase-to-maturity transactions
U.S. Treasury and agency securities	$	346,440	$	13,666	$	—	$	—	$	360,106
Mortgage loans	496,528		—		—		—		496,528
Total repurchase agreements and repurchase-to-maturity transactions	842,968		13,666		—		—		856,634
Securities lending transactions
Corporate securities	35,557		—		—		—		35,557
Equity securities	1,907		—		—		—		1,907
Preferred stock	436		—		—		—		436
Total securities lending transactions	37,900		—		—		—		37,900
Total securities	$	880,868	$	13,666	$	—	$	—	$	894,534

Repurchase Agreements, Securities Lending Transactions, and Repurchase-to-Maturity Transactions

Accounted for as Secured Borrowings

	Remaining Contractual Maturity of the Agreements
	As of December 31, 2016
	(Dollars In Thousands)
	Overnight and Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Repurchase agreements and repurchase-to-maturity transactions
U.S. Treasury and agency securities	$	357,705	$	23,758	$	—	$	—	$	381,463
State and municipal securities	—		—		—		—		—
Other asset-backed securities	—		—		—		—		—
Corporate securities	—		—		—		—		—
Equity securities	—		—		—		—		—
Non-U.S. sovereign debt	—		—		—		—		—
Mortgage loans	480,269		—		—		—		480,269
Total securities	$	837,974	$	23,758	$	—	$	—	$	861,732