DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017			For The Year Ended December 31, 2016			February 1, 2015 to December 31, 2015			January 1, 2015 to January 31, 2015
	(Dollars In Thousands)									(Dollars In Thousands)
Derivatives related to VA contracts:
Interest rate futures - VA	$	26,015		$	(3,450	)	$	(14,818	)	$	1,413
Equity futures - VA	(91,776		)	(106,431		)	(5,033		)	9,221
Currency futures - VA	(23,176		)	33,836			7,169			7,778
Equity options - VA	(94,791		)	(60,962		)	(27,733		)	3,047
Interest rate swaptions - VA	(2,490		)	(1,161		)	(13,354		)	9,268
Interest rate swaps - VA	27,981			20,420			(85,942		)	122,710
Total return swaps - VA	(32,240		)	—			—			—
Embedded derivative - GLWB	3,614			68,056			4,412			(207,018		)
Total derivatives related to VA contracts	(186,863		)	(49,692		)	(135,299		)	(53,581		)
Derivatives related to FIA contracts:
Embedded derivative - FIA	(55,878		)	(16,494		)	(738		)	1,769
Equity futures - FIA	642			4,248			(355		)	(184		)
Volatility futures - FIA	—			—			5			—
Equity options - FIA	44,585			8,149			1,211			(2,617		)
Total derivatives related to FIA contracts	(10,651		)	(4,097		)	123			(1,032		)
Derivatives related to IUL contracts:
Embedded derivative - IUL	(14,117		)	9,529			(614		)	(486		)
Equity futures - IUL	(818		)	129			144			3
Equity options - IUL	9,580			3,477			(540		)	(115		)
Total derivatives related to IUL contracts	(5,355		)	13,135			(1,010		)	(598		)
Embedded derivative - Modco reinsurance treaties	(103,009		)	390			166,092			(68,026		)
Other derivatives	50			(24		)	91			(37		)
Total realized gains (losses)—derivatives	$	(305,828	)	$	(40,288	)	$	29,997		$	(123,274	)

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, 2017
Foreign currency swaps	$	(867	)	$	(694	)	$	—
Total	$	(867	)	$	(694	)	$	—
Successor Company
For The Year Ended December 31, 2016
Foreign currency swaps	$	1,058		$	(60	)	$	—
Total	$	1,058		$	(60	)	$	—
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	)

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,
	2017				2016
	Notional Amount		Fair Value		Notional Amount		Fair Value
	(Dollars In Thousands)
Other long-term investments
Cash flow hedges:
Foreign currency swaps	$	117,178	$	6,016	$	117,178	$	132
Derivatives not designated as hedging instruments:
Interest rate swaps	1,265,000		55,411		1,135,000		71,644
Total return swaps	190,938		135		—		—
Embedded derivative - Modco reinsurance treaties	64,472		1,009		64,123		2,573
Embedded derivative - GLWB	4,897,069		134,995		4,601,633		121,752
Interest rate futures	1,071,870		3,178		102,587		894
Equity futures	62,266		154		654,113		5,805
Currency futures	1,117		2		340,058		7,883
Equity options	4,436,467		403,961		3,944,444		328,908
Interest rate swaptions	225,000		14		225,000		2,503
Other	157		200		212		149
	$	12,331,534	$	605,075	$	11,184,348	$	542,243
Other liabilities
Derivatives not designated as hedging instruments:
Interest rate swaps	$	597,500	$	2,960	$	575,000	$	10,208
Total return swaps	243,388		318		—		—
Embedded derivative - Modco reinsurance treaties	2,390,539		215,247		2,450,692		141,301
Embedded derivative - GLWB	4,718,311		246,755		5,962,044		237,122
Embedded derivative - FIA	1,951,650		218,676		1,496,346		147,368
Embedded derivative - IUL	168,349		80,212		103,838		46,051
Interest rate futures	230,404		917		993,842		6,611
Equity futures	318,795		2,593		102,667		2,907
Currency futures	255,248		2,087		—		—
Equity options	3,112,812		237,807		2,590,160		157,253
	$	13,986,996	$	1,007,572	$	14,274,589	$	748,821